Calgary downtown office vacancy rate on the rise

Lack of new capital in the oil and gas industry continues to limit growth, says CBRE

Calgary downtown office vacancy rate on the riseLack of new capital in the oil and gas industry continues to limit growth in Calgary’s struggling downtown office market, says commercial real estate firm CBRE. The company’s latest report says the Calgary downtown office market experienced 192,548 square feet of negative net absorption (the change in occupied space) in the third quarter. That follows…

Calgary suburban office space vacancy drops

CBRE report says flight to quality trend driven by access to amenities, transit, parking availability, location and inviting spaces

Calgary suburban office space vacancy dropsCalgary's suburban office market experienced significant positive absorption in the third quarter. The 229,745 square feet absorbed lowered the overall vacancy rate, says a new report by commercial real estate firm CBRE. The vacancy rate decreased to 20.6 from 21.5 per cent. “Flight-to-quality continues to be a dominant theme in the Calgary office leasing market,…

Multi-suite residential rental market investment at record levels

Technology-based businesses and shared workspace companies remained at the forefront of Canada's office space demand: report

Multi-suite residential rental market investment at record levelsCanadian commercial investment property experienced strong sales in the second quarter of this year, with record-high levels in the multi-suite residential sector, according to a new report. The Canadian Economic Outlook and Market Fundamentals Report by Morguard Corp. said investors looked in the multi-suite residential rental market to increase their exposure to sectors that had…

Calgary commercial real estate transactions dip in Q2

Overall investment volume was down 56 per cent from the same quarter last year

Calgary commercial real estate transactions dip in Q2The second quarter of this year saw 99 commercial real estate transactions in the Calgary area, totalling $426 million and bringing the total investment volume for the first half of 2019 to $1.2 billion, a decrease of 26 per cent from the first half of 2018, according to a new report by the Altus Group.…

Charting a sound commercial real estate course in rough waters

Guy Huntingford of NAIOP Calgary talks about the resilience of local developers in the face of a changing economy

Charting a sound commercial real estate course in rough watersGuy Huntingford is director of strategic initiatives at NAIOP Calgary. What is NAIOP and what does it do? Huntingford: NAIOP Calgary is a chapter of an international organization that’s headquartered in Washington D.C. NAIOP is the commercial real estate development association. It’s the leading organization for developers, owners and related professionals in retail, office, industrial…

Calgary downtown office vacancy settles in the 24% range

Cresa says the amount of ghost space in the market – space leased but unoccupied – isn't included in the study

Calgary downtown office vacancy settles in the 24% rangeVacancy in Calgary’s downtown office market continues to remain at all-time highs, but it appears that it has hit a plateau at around 24 or 25 per cent, says a new report by commercial real estate firm Cresa. “Barring any major transactions or (mergers and acquisitions) activity, vacancy will likely remain here for the foreseeable…

Positive signs for Calgary office market

Avison Young report says office market recorded its fourth consecutive quarter of positive absorption in the second quarter of this year

Positive signs for Calgary office marketIt’s still a long way from recovery but Calgary’s office market has been taking steps in a positive direction. According to commercial real estate firm Avison Young, Calgary’s overall office market recorded its fourth consecutive quarter of positive absorption in the second quarter of this year. That hasn't happened since 2014. This trend carried through…

Downtown Calgary office leasing on the rise: CBRE

Downtown Calgary office leasing on the rise: CBREThe Calgary downtown office market experienced 144,812 square feet of positive net absorption in the second quarter of this year. That marked the second consecutive quarter of positive leasing activity, according to a new report by commercial real estate firm CBRE. “A significant portion of absorption came from WeWork leasing a combined 10 floors in…

Getting to the bottom of Calgary’s rising property tax problem

Brendan Neeson with Colliers International in Calgary explains why tax levels have shifted and what businesses should do about it

Getting to the bottom of Calgary’s rising property tax problemBrendan Neeson is senior director of property tax services with Colliers International in Calgary. How are non-residential properties taxed in the City of Calgary? Neeson: In my 13 years in the property tax business, this is the question I get most often. I could read you the exact definition from the City of Calgary assessment…

The power of bricks and mortar in a disruptive world

Eileen Halpin-Tarrant of Oberfeld Snowcap Realty talks about the bright future that innovative retailers are bringing to the marketplace

The power of bricks and mortar in a disruptive worldEileen Halpin-Tarrant is president of client services, broker of record (Ontario), and managing broker (British Columbia) with Oberfeld Snowcap Realty, Brokerage. What is Oberfeld Snowcap and what does it do? Halpin-Tarrant: Oberfeld Snowcap is a national real estate advisory firm focusing primarily on retail real estate and tenant representation across Canada. Our core asset and…
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