community cornerstones

A look at Calgary and area?s rich history of both new and old corner stores. A6

Olds & Didsbury Feature

A12

sticks or stones?

What works best in your yard and garden

donna balzer A11

real estate news from industry experts

FREE apr 17 to apr 23 2015 issue 05-14 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca

cautious

commercial

Calgary?s core office market could see vacancy increases that endure even after a recovery in oil prices.

Cody Stuart Along with the uptick in the number of offices being vacated in the core, managing editor average rents have also declined, falling from $26.40 per square foot in the According to a new report from fourth quarter of 2014 to $24.93 in the commercial real estate firm first quarter of 2015, according to commercial real estate firm CBRE Limited. Cushman and Wakefield, the negative effects of the drop in oil prices ?We are nearly nine months into could remain for up to a year after a the decline in oil prices and the rebound. Calgary office market has responded as ?Although the brunt of the declining oil price was felt in Q1 2015, it is tor Ross Moore. ?Both sublet space and expected,? said CBRE research direc- expected that negative absorption will direct vacancy are on the rise, but have continue throughout 2015,? said the yet to reach levels recorded during the report. last drop in oil prices in 2008.? ?Net rates will drop in the CBD Commercial real estate firm Avison (central business district), while the Young has also noted many companies suburbs will be impacted to a lesser in the city with leases set to expire in extent. History would suggest that we the coming months are taking a ?waitand-see? approach, which has been can expect tenants to begin taking back space once oil prices strengthen and evident in the lack of activity in the the market regains confidence.? downtown core. As a result of declining oil prices ? ?The downtown office market is which have remained close to $50 US a very quiet business environment a barrel for West Texas Intermediate today,? said Todd Throndson, managing director of office leasing for Avison since mid-January after topping the $100 mark for much of 2014 ? the Young Calgary. report also speculates projects proposed for downtown could be put on commercial A3 hold until more anchor tenants are found. Through the first quarter of 2015, vacancy rates in the city have risen to 8.5 per cent, up from 6.3 per cent a year ago, with the downtown market Todd Throndson, managing director of experiencing 1.2 million square feet of office leasing with Avison Young, said many negative absorption ? the largest such Calgary companies are exercising caution number ever seen in the city, according in the commercial market in the wake of to Cushman and Wakefield. falling oil prices.

CITY OF CALGARYMLS

® NEW LISTINGS* MAR ?13 ? MAR ?15

3,191 3,476 3,714 2,998 2,725 2,773 2,794 2,521 1,825 971 2,396 2,711 3,319

MAR13 APR13 MAY13 JUN13 JUL13 AUG13 SEP13 OCT13 NOV13 DEC13 JAN14 FEB14 MAR14 APR14 MAY14 JUN14 JUL14 AUG14 SEP14 OCT14 NOV14 DEC14 JAN15 FEB15 MAR15

3,753 4,327 3,817 3,219 3,147 3,259 2,919

*All statistics based on monthly data compiled by CREB ® via MLS ® activity. Includes detached, attached and apartment.

2,093 1,381 3,288 2,950 3,136

Canadian starts ?steady? between February and March

CREB® STAFF

National

housing starts trended down slightly in March, easing to 179,016 from 180,236 in February, said the Canada Mortgage and Housing Corp. (CMHC). ?Despite recent month-to-month changes in the SAAR, the trend in housing starts, essentially held steady in March compared to February,? said Bob Dugan, chief economist with CMHC?s Market Analysis Centre. industry A3 cody stuart, Managing Editor

contents

news briefs

................................A3

five things

...................................A4 Multiple offers

edmonton

....................................A7 Suite support

mortgage rates

........................A10

pop the question

......................A13 Charles Cochrane

funky homes

..............................A14 Daring to be different

towns

...........................................A15 Increased inventory

map

................................................B1

open houses

...............................B23 @crebnow /crebnow crebnow.com

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