Chinook Mall

Calgary mall makes top ten list

Destination malls like Chinook Centre provide more than just shopping

CF Chinook Centre in Calgary has made it on a list of the most productive shopping malls in Canada.

According to the recent Retail Council of Canada’s Canadian Shopping Centre Study, Chinook Centre was ranked seventh overall with sales per square foot of $1,057 for the 12 months ending Aug. 31, 2016.

Paige O’Neill, general manager of Chinook Centre, says the local shopping centre has some key elements that contribute to its success.

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For the people, by the people

Nominate a deserving people’s REALTOR® today

Honest. Dedicated. Personable.

While those adjectives may describe the perfect best friend, they also outline the character traits of the People’s REALTOR® – a prestigious award that recognizes real estate professionals whose client-first mentality shatters expectations.

Part of CREB®’s annual ROAR Awards, candidates for the People’s REALTOR® Award are nominated by the public for being the best of the best in the eyes of their clients.

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Suburban financial market faces significant challenges

Record vacancy rates predicted to trend upwards

Commercial real estate felt the pinch of a slumping economy in 2016 and Calgary’s suburban office market was no exception.

From headleases – between a landlord and a tenant – to subleases – where a tenant puts some of their excess space on the market – commercial real estate outside the core had its challenges.

“A significant amount of very, very large blocks of vacancies are available on the sublease market and the headlease market, for that matter, and we have not seen a great number of tenants going in to take those spaces,’’ said John Savard, principal, office leasing specialist with Bedrock Realty Advisors Inc.

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Too much of anything

Excess supply keeps housing prices low in Calgary’s apartment sector

It’s a seasoned phrase that harkens back to childhood memories of excess, but it’s hard to argue with the idea that too much of anything isn’t good for us.

The sentiment certainly holds true when considering the buffet of housing options in Calgary’s apartment sector. As most product types have started the slow churn toward more balanced conditions, apartment product is struggling to digest a smorgasbord of inventory.

“Overall conditions appear to be improving, but the market is still behaving a little differently on the apartment side,” said CREB® chief economist Ann-Marie Lurie. “Inventories are still rising as the growth in sales is not enough to compensate for further gains in new listings.”

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Calgary’s immovable skyline

No new downtown office towers for at least five years, say experts

Despite the number of construction projects currently on the go, it is unlikely Calgary’s downtown office market will see any new towers for quite some time.

Todd Throndson, managing director and principal for Avison Young in Calgary, says the millions of square feet of recently created new space, three new towers coming on line and a soaring vacancy rate will sideline any plans for more towers.

He says it will take several years – at least five – before the existing vacancy will be absorbed and a landlord will be prepared to take on the risk of constructing a new tower. Today, Calgary’s vacancy rate is about 25 per cent.

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