Core issues

Downtown office commercial market to see higher vacancy rates in 2017

Despite setting a third-quarter record with a reported $11.2 billion in sales, Calgary’s commercial real estate sector will likely see vacancy rates continue to soar this year and next, predicts real estate firm CBRE Ltd.

CBRE Calgary-based managing director Greg Kwong said the downtown market will feel it the hardest, with vacancy rates that are expected to close in on 30 per cent.

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City reveals design for Chinook Centre pedestrian bridge

Construction to start in September

The City of Calgary has unveiled the final design for a new $13-million pedestrian bridge over Macloed Trail by 61st Avenue S.W.

The new bridge will include accessibility features such as elevators and escalators, have a covered four-metre walkway and a connection directly into the second level of Chinook Centre.

According to the City, the overpass will create a safe, accessible and convenient crossing for the more than 2,000 pedestrians that cross over Macleod Trail every day.

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New housing construction down in Alberta

Provincial decline led the country

Spending on new residential construction in Alberta totalled $738.3 million in April, down from the $1.025 billion seen the previous April, according to the latest numbers from Statistics Canada.

The 28 per cent decline was the largest fall of any of the provinces, with decreased investment occurring in all dwelling types – although the decline was mainly due to lower spending on single-family dwellings.

In total, spending on new housing construction decreased in five provinces in April. Alberta was followed by Saskatchewan and Manitoba.

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Rental costs in Calgary subsiding

Index drops by 1.2 per cent in May

After a period that saw Calgary’s vacancy rates at virtually zero and rents among the highest in Canada, renters in the province’s two largest cities are now seeing the outcome of Alberta’s economic downturn in the form of lower prices, according to a new report.

The latest data from the Consumer Price Index shows renters in Alberta’s two major cities might be getting a break. The May 2016 index in Calgary has dropped by about 1.2 per cent from the peak it hit in September of last year. Rents in Edmonton have dropped by 0.3 per cent.

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City opens downtown off-leash park

New site opens at Cannaught Park

The City of Calgary has opened its first fenced inner-city off-leash area at Connaught Park.

“There are almost 650 dogs licensed in the Beltline, and during public engagement we identified a need for a safe and dedicated off-leash space in the area,” says Doug Marter, development manager for Calgary Parks.

Connaught Park, located at 11th Street and 14 Avenue S.W., was selected for its central location and because it was originally designed as a multi-use park, said the City.

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