Developers of The Bow building in Calgary's downtown core won't be going ahead with a planned second tower at this time.

Instead of building the proposed second tower, which was to be part of The Bow development project, the owners of the property will be building a public plaza.

While Calgary's commercial office market saw its vacancy rate on the rise in 2013, a new report shows the city will remain one of the most important players in Canada this year.

Dubbed "the nation's largest development market" in Avison Young's 2014 Commercial Forecast, Calgary is expected to see vacancy rates escalate in 2014 thanks in part to developers bringing new supply to the downtown core.