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HAUNTED HERITAGE

A6

M.D. of Foothills Feature

A11

ERNIE GARDY

403-651-3093

WWW.ERNIEGARDY.COM

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HOUSE OF REAL ESTATE

real estate news from industry experts

FREE oct 17 to oct 23 2014 issue 04-41 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca

COMING UP BIG

CODY STUART, Managing Editor

Calgary?s commercial sector still going strong

CODY STUART managing editor country in a number of key categories for 2014. Commercial leasing activity in the city is among the most active in Canada, with companies having snatched up 1.2 million square feet of space through the first nine months of 2014, according to commercial real estate firm CBRE Limited. Continued demand for commercial space in Calgary, meanwhile, has created one the tightest markets in Canada. As of the third quarter, the overall vacancy rate in Calgary?s downtown office market stood at just 9.1 per cent. Toronto had the tightest market in the country with a vacancy rate of 5.3 per cent. ?Downtown is (always) going to have a high demand,? said Rick The Calgary Tower?s new, muchdiscussed exterior lighting system may serve as more than an eye-catching attraction. It might also shine new light on the city?s burgeoning commercial sector, which, according to new statistics, is leading the

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® 1132 1174 1006 745 879 1209 1480 1611 1766 1638 1575 1517 Urbanczyk, senior vice-president of office leasing and sales with real estate firm JLL Calgary. ?The majority of oil and gas firms are here, law firms are here and we?re a transit-oriented city where it all funnels into the downtown. That?s just kind of the way it works. ?We don?t have hubs for transit outside of our downtown core, so I think that?s where you?re going to continue to see demand in our marketplace.? As for how much renters are shelling out to obtain space in Calgary?s thriving office market, the average Class A rent in the core is $33.40 per square foot, outpacing second-place Vancouver ($33.15 per square foot) and third-place Toronto ($27.31 per square foot). The average-sized tenant also continues to grow. Two to three decades

SEP12 OCT12 NOV12 DEC12 JAN13 FEB13 MAR13 APR13 MAY13 JUN13 JUL13 AUG13 SEP13 OCT13 NOV13 DEC13 JAN14 FEB14 MAR14 APR14 MAY14 JUN14 JUL14 AUG14 SEP14

*All statistics based on monthly data compiled by CREB ® via MLS ® activity. 1354 1336 NUMBER OF UNITS SOLD* SEP ?12 ? SEP ?14 1197 772 974 1230 1699 1736 2027 1769 1553 1477 1398 ago, only a handful of companies in the city would occupy 800,000 square feet or more, said CBRE Limited executive vice-president Greg Kwong. ?Now, there?s probably double that,? he said, noting downtown?s 10 largest tenants are responsible for nearly a quarter (23.56 per cent) of the occupied space. Meanwhile, continued demand for downtown commercial space has sparked a boom in new office construction. While the total dollar amount invested in Calgary?s commercial market during the first half of the year dropped to $1.4 billion from $2.1 billion in 2013, according to a report from Avison Young, more than 841,000 square feet of office space has already been added to the core this year.

CALGARY PRICE INCREASE LARGEST IN CANADA

CREB® STAFF

Strong

gains in Alberta and Ontario fueled a 0.3 per cent gain in Statistics Canada?s new housing price index in August ? the largest increase since January. Prices in Calgary?s census metropolitan area increased 0.5 per cent compared with July ? tops in Canada. MARKET A3 With 9.7 million square feet of office space proposed for the downtown core, the Calgary market could expand by as much as 25 per cent in the next several years. Another 3.8 million square feet is under construction, including the 760,000 square-foot TELUS Sky tower and 2.4-million-square-foot Brookfield Place development. Brookfield Place, at 246 metres in height, will be the tallest building in Western Canada when completed in 2017. It has already leased one million square feet of space to energy giant Cenovus, which is expected to move in by 2018. COMMERCIAL A3

CONTENTS

NEWS BRIEFS

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EVENT LISTING

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INDUSTRY

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A10

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A12

Jon Lea, Senior Transit Planner

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LEE EDWARDS

403-540-0540 lee@braggcreekrealestate.com

CANYON CREEK

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