The Amazon effect

New HQ or not, e-commerce giant’s impact is already being felt

Let’s call it the “Amazon effect”: the cascading economic stimulation that comes from one of the world’s largest corporations taking up residence in your market.

It is an effect already being felt in the Calgary region after the announcement that the e-commerce giant will be opening a 600,000-square-foot distribution centre in Balzac – employing 750 full-time workers, and an additional 450 part-time or seasonally, by the end of 2018.

(more…)

Read More

Thinking big

Commercial real estate investment represents unique set of challenges and rewards

Investing in commercial real estate could be considered the major league of real estate investment.
The skills required are greater, but so too are the potential rewards.

Greg Kwong, regional managing director for commercial real estate company CBRE in Alberta, says there is really no strict definition of commercial real estate – it can be a major office tower in downtown Calgary, a fourplex apartment building or anything in between.

(more…)

Read More

Improving economy boosts Calgary’s retail sector

Calgary’s retail market is expected to remain vibrant over the next 12 months due to an improving economy and rising consumer confidence.

A report by Colliers International in Calgary says the shopping centre vacancy rate in the city is expected to drop slightly from 3.21 per cent to three per cent while streetfront vacancy rates are expected to stabilize and hover around the current rate of 5.75 per cent.

“We are still the number one province on a per capita retail (spending) basis by a significant amount above the national average,” said Robert Walker, senior vice-president/partner with Colliers International in Calgary. “That still shows me that despite the vast number of layoffs downtown, the people who are employed are still spending money.

“Our average weekly income is still the highest in the country by a longshot. So they’re still spending money.”

(more…)

Read More

StoneGate on arrival

New retail development to take shape near airport

A major regional shopping centre is being planned just north of Calgary’s airport, in a burgeoning district.

ONE Properties has plans to develop StoneGate Common as the retail portion of the overall StoneGate Landing project and turn it into a “signature” retail development that will serve northeast Calgary and the greater Calgary region from its location at 128th Avenue N.E. and Barlow Crescent.

StoneGate Landing, directly north of the airport, will include a 10-million-square-foot industrial park, a 2.5-million-square-foot suburban office development, hotels and auto dealerships on about 800 acres.

(more…)

Read More

Lots for lease

The suburban commercial real estate market has mostly avoided the high vacancy rates seen downtown, but levels are creeping upwards in suburban malls

The economic downturn of the past two years has had a widespread impact on Calgary’s retail sector with businesses in the core particularly hard hit.

Two years of a recession in 2015 and 2016 have taken their toll as thousands of people in the city’s central business district were victims of layoffs in the oil patch, which takes up the vast majority of space in the downtown office market.

With thousands of potential customers gone, retail stores and restaurants have felt the pinch.

(more…)

Read More