Down but not out

Downtown office market begins bounce back

People who have lived and worked in Calgary for a long time know that the downtown office market is a great barometer of what’s happening in the city’s overall economy.

For the past couple of years, record vacancy rates in the heart of the city have made headline news, not only in Calgary, but nationally.

However, a recent report by commercial real estate firm Avison Young suggests we’ve hit the bottom and there’s nowhere to go but up.

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Making a comeback

Calgary’s commercial real estate market could be poised for a rebound in 2018

All eyes will be on Calgary’s commercial real estate market this year, with hopes that the downtown office sector, which continued to struggle in 2017, will rebound in 2018.

The office market has grabbed everyone’s attention over the past three years, as vacancy rates have soared to historically high levels following the collapse of oil prices and the subsequent waves of layoffs that ravaged employment ranks in downtown Calgary. Thousands of people were cut loose, and a vast amount of office space suddenly became vacant in the downtown core.

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Canmore tackles affordability

Three companies to submit RFPs for Moustache Lands

The “moustache” that lies at the entrance to Canmore from Calgary will soon boast a residential development designed to alleviate the mountain resort town’s lack of affordable, available housing.

The four-acre (1.6 hectare) site — known as the Moustache Lands because the property is composed of loops created by the interchanges off the TransCanada Highway — is owned by the municipality, which has now shortlisted three potential developers to respond to a Request for Proposal (RFP).

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Suburban creativity

Commercial landlords thinking outside of the box in wake of high vacancy rates

Landlords in Calgary’s suburban office market continue to display increasing creativity in the face of rising vacancy rates that are not expected to stem any time soon, says a new report.

In a third quarter report issued earlier this month, Barclay Street Real Estate noted the overall vacancy rate in suburban Calgary rose by
1.1 per cent from the second quarter to 22.3 per cent. Research director Anthony Scott attributed the slight increase to the introduction of new inventory that came to market with significant unleased space.

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Calgary housing market ‘overvalued’

CMHC assessment unchanged from April

Calgary’s housing market continues to exhibit signs of over-valuation as economic and demographic fundamentals have altered demand, says a new report.

In its housing market assessment released this week, Canada Mortgage and Housing Corp. (CMHC) noted moderate signs of over-valuation tag due to labour market conditions that have been weak and the seasonally adjusted unemployment rate averaged 8.3 per cent, up considerably from the preceding 10-year monthly average of five per cent.

It’s the second time this year that CMHC has noted problematic conditions in Calgary’s housing market, the last time being in April.

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