Shell Canada Leaving Calgary?
Posted Mar 31, 2007 @ 8:25 pm, Viewed by 3817 Visitors, Read 3971 Times.
(March 31, 2007) Shell Canada has been in the news recently as their parent company, Royal Dutch Shell Plc, has attempted to buy controlling interest in the Canadian division. Royal Dutch and its affiliates now own 740,294,180 common shares of Shell Canada or approximately 89.6% of the outstanding common shares of Shell Canada.
What's more interesting is a rumour that hit the streets of Calgary this past Friday: Royal Dutch Shell intends to move Shell Canada's head office out of Calgary once the share buyout is complete, possibly to Saskatchewan (Saskatoon?).
Considering that Shell Canada currently occupies 2 or 3 dozen floors of "A class" space in downtown Calgary, and that similar space is now leasing for north of $40 per square foot, this "rumour" might have some legs to it. This could well be the first high-profile company looking to move elsewhere as the price of Calgary commercial property rivals that of Calgary luxury real estate. Stay tuned .....
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Morgan - The cost of commercial space in Calgary is staggering .... the + $40/sq ft figure is only the tip of the iceberg. If you didn't already have space leased downtown and wanted "A class" floorspace, you'd likely be paying north of $50/ft. Consider that a large company like Shell - who have a couple of thousand employees - probably has 25 or 30 entire floors (20,000 sq ft per floor), even at $40/ft thats a whopping $24-million per month just to lease office space!
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Crazy, things are freakin pricey down there huh? We are at about 25 per square including tripple net, I imagine that kind of building is nicer than anything available in little Nanaimo. On an unrelated note, My sister lives in Calgary and has been talking about moving their family back here to the west coast, I am not sure if they have a realtor yet to help sell their home, but she is coming down next month so I will be sure to recommend you if they aren't already working with someone.