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…

Change is in the air for commercial real estate

Karen Barry of Barry Commercial Real Estate and founder of Beltline Cannabis Calgary talks about weathering tough times

Change is in the air for commercial real estateKaren Barry is president of Barry Commercial Real Estate and founder of Beltline Cannabis Calgary. What is the state of the commercial real estate industry in Calgary? Barry: As far as the commercial real estate industry, the area that I specialize in and Barry Commercial specializes in is investment sales. This is distinctively different than leasing. In…

Quarter of downtown Calgary office space remains vacant

The market is operating within a more consistent, quieter status quo, according to Cresa report

Quarter of downtown Calgary office space remains vacantWelcome to the new normal. That’s the message from latest downtown Calgary office market report by real estate firm Cresa. It looks at data and activity in the first quarter of this year. “A quarter of the downtown core remains vacant, job growth is flat, and general market sentiment remains tepid at best. Calgary is…

Calgary’s suburban office market stabilizing

Calgary’s suburban office market stabilizingThe suburban Calgary office market is showing some early signs of stabilization despite the continued challenges in the city’s economy. A report by CBRE says the market remained relatively flat throughout the first quarter of this year, experiencing only slight positive net absorption - the change in occupied space - of just under 15,000 square…

Calgary businesses carry heavy property tax burden

Shane Olin of Blackstone Commercial says city policies are crippling already-injured businesses

Calgary businesses carry heavy property tax burdenShane Olin is broker of Blackstone Commercial. What is Blackstone Commercial and what does it do? Olin: Blackstone Commercial is a commercial real estate brokerage and property management company. It manages one million square feet of commercial buildings and has offices in Saskatoon, Kelowna, Red Deer and Calgary. It has approximately 25 employees/associates in the…

Building neighbourhoods of the future

Josh White talks about Dream Development’s latest project and how Calgary is evolving to meet future needs

Building neighbourhoods of the futureJosh White is general manager of development of Dream Development. Tell me a little about Dream and the company’s presence in the Calgary market? White: Dream is a Canadian-based real estate company with more than $15 billion of assets in North America and Europe. We have several lines of business, including our global office REIT,…

Commercial real estate investment in Calgary, Edmonton forecast to decline

Moderate economic growth continues to be dampened by lack of pipeline capacity, according to CBRE report

Commercial real estate investment in Calgary, Edmonton forecast to declineInvestment in both the Calgary and Edmonton commercial real estate markets is forecast to fall significantly in 2019, according to a national market outlook report by CBRE. The report predicts Calgary investment will decline from $4.9 billion in 2018 to $2.8 billion in 2019. For Edmonton, the forecast is for a drop from $4.6 billion…

Pain in downtown Calgary office market continues

Calgary requires almost 20,000 jobs to get back to a vacancy rate of 10%, real estate firm Cresa says

Pain in downtown Calgary office market continuesWith a vacancy rate of 25.06 per cent at the end of 2018, Calgary still has a major vacancy issue in its downtown office market and relief will not come until sustainable, believable confidence returns to the city, says commercial real estate firm Cresa. In a year-end report, the company said market equilibrium, which is…

Ray of hope for Calgary suburban office market

Final quarter of 2018 was the most active since 2014, according to CBRE

Ray of hope for Calgary suburban office marketThe final quarter of 2018 offered some hope for the beleaguered Calgary suburban office market. According to commercial real estate firm CBRE, the suburban office market experienced 447,457 square feet of positive absorption in the quarter, marking the most active quarter since 2014. For the year, absorption was a positive 436,671 square feet. The suburban…