The Real Deal New York

From the June issue: Spiking energy prices are powering a new wave of office construction in Calgary, Canada’s premier oil and gas metropolis. A city of 1.1 million people in the province of Alberta, Calgary, now boasts the lowest office vacancy rate in the world — about 3 percent, according to 2008 figures. Although these numbers represent an adjustment from last year’s historic low of 1.5 percent, both tenants and leasing agents said they are still feeling the crunch in a city where Class A office space presently goes for an average of $55 per square foot.