April 15, 2015 | CREBNow
PTQ: Charles CochraneCharles Cochrane is CEO of Cochrane Developments Corp. (CDC), most recently behind the Meadows Mile Professional Centre overlooking Deerfoot Meadows.
Cochrane took some time to chat with CREB®Now about the state of Calgary's economy, hot spots for commercial developers and what he thinks is the city's best kept secret.
CN: What's new with CDC - Calgary?
CC: CDC is developing two lots on the Meadows Mile development. First, CDC is developing the Meadows Mile Professional Centre on Lot One. The Professional Centre is a condominium office and retail complex which caters to medical and professional clients. It will be located on the escarpment overlooking Deerfoot Meadows, with access off Blackfoot Trail.
The second phase of CDC's development on Meadows Mile will be an office and restaurant complex on Lot Two. There will be spectacular views from the restaurant and patio areas, and unique office condominium space for specialized user groups, all in an ownership model (condominium).
CN: How has the current economy impacted the commercial real estate market for CDC - Calgary?
CC: Indeed the current economic climate in Calgary will affect all business in some manner or another. However, our developments cater to professional and medical user-groups, which tend to be insulated from the current commodity malaise in Alberta.
Financing has become a more challenging process, due in part from the negative media coverage. Most prudent lenders and investors see the current economy as a temporary state that has historically recovered toward an even stronger marketplace.
CN: Where is Calgary's next hot spot for commercial developers?
CC: We feel the inner city will evolve into a more desirable location for developers, with a lower cost equation as the City grows.
CN: Does Calgary's commercial real estate market have a vacancy problem? An inventor problem? All of the above? And why?
CC: Our opinion would suggest that an oversupply of Type "A" office space in the core areas is evolving, which could create higher vacancy rates and inventory levels for 2016-17.
CN: What, if anything, do you think is Calgary's best-kept secret?
CC: The number and quality of the restaurants and eating establishments in our market. Many are some of the best in Canada.