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To understand the depths of the discomfort battering Calgary’s downtown in the past four years, consider a few points.

In 2015, the most valuable building in the city was The Bow, the signature crescent-shaped skyscraper on Centre Street. It commanded an assessed property value topping $1.4 billion.

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By 2019, its value has fallen to $779 million, an 18.6 per cent drop in the past year alone, according to new civic data. In just four short years, its assessed property value (as of last July 1) has fallen by more than $650 million.

Poof, it’s gone, just like magic.

It’s not simply The Bow’s valuation that’s been pulverized by falling oil prices as the city’s energy-fuelled economy has decelerated.

The value of Bankers Hall is down 38 per cent during the same period, as is the Suncor Energy Centre. Both lost about 20 per cent of their value in the past year.

Scanning the downtown skyline reveals a number of the big office towers have seen their valuations similarly drop during the city’s annual property reassessment process. The decline is mainly caused by high vacancy rates, lower rents and the diminished price tag for buildings sold in the area.