Apartment sector prompts optimism for buyers

After living in southwest communities of Midnapore and Evergreen for 27 years, transitioning to an apartment in Mission was an easy decision for Michelle Norman.

"Condo living was a very easy adjustment," she said. "I like the idea of being surrounded by a good mix of young and older residents as well as not having to worry about such things as yard work and snow removal."

Lower-class spaces feeling brunt of energy downturn

Vacancy rates in Calgary's downtown office market have hit historic highs in 2016, and commercial real estate experts are forecasting further declines moving forward.

According to a second-quarter market report by Colliers International in Calgary, the overall vacancy rate in the core has jumped to more than 22 per cent from 20.5 per cent the previous quarter – the equivalent of 618,716 square feet of office space.

Vacancy rates between classes varied, but were steepest in the B-class at 31.8 per cent and C-class at 28.1 per cent. AA- and A-class vacancies were also up from the previous quarter at 17.6 and 18.9 per cent, respectively.

Facade to respect original design

Trading one of Calgary's historic landmarks for another, Calgary Municipal Land Corp. (CMLC) – the organization responsible for transforming East Village into one one of the city's most sought-after neighbourhoods – has relocated its offices from the Hillier Building at 429 Eighth Avenue S.E. to the historic St. Louis Hotel right across the street.

In anticipation of the Grand Trunk Pacific Railway's arrival at Fort Calgary, Colonel James Walker developed the St. Louis Hotel in 1914. It underwent a major renovation in 1959, and in 2008 the City of Calgary designated the building as a Municipal Historic Resource.

Rooftop Plaza located at Fire Station 1

The City of Calgary officially reopened the Rooftop Plaza on Fire Station 1, located at 450 First St. S.E., providing a rejuvenated green space for Calgarians who live and work in the downtown core, and for visitors to the city.

The Rooftop Plaza renovation was undertaken to make much needed repairs to the Fire Station 1 roof and to breathe new life into the Plaza that had fallen into disrepair.

Commercial vacancy rates represent market outlook

Nearly one out of five floors in the office towers that make up Calgary's famous skyline now sit empty, according to CBRE, which anticipates vacancy rates to increase further in 2016.

"Oil and gas companies on every level – from junior start-up to intermediate to major companies – everyone has gone through some form of layoff and therefore and have excess space," said Greg Kwong, managing director at the commercial real estate services firm.

Calgary's downtown office market ended 2015 with vacancy rates topping 17.4 per cent – nearly double from 9.8 per cent in 2014, according to CBRE's 2016 Commercial Real Estate Market Outlook.

Vacancy rates spike as downturn makes its presence felt

Calgary's commercial sector has not been spared from prevalent weakness in the provincial economy, with prime spaces in the city left empty for most of 2015.

Vacancy rates in Calgary's commercial office sector increased by 5.8 per cent from the beginning of the year to the end, noted commercial real estate firm Avison Young. In downtown specifically, vacancy jumped 7.2 per cent, which accounted for approximately three million square feet.

In comparison, office vacancy rates tripled from four to nearly 12 per cent during the last economic downturn in 2008/09.

Will mega-project CalgaryNEXT be the anchor institution that breathes new life into the local landscape?

Urban planning enthusiasts call them anchor institutions – those landmark buildings in which cities are built around.

In Calgary, they dot our landscape: from the University of Calgary and Foothills Medical Centre in the northwest to Stampede Park and the Calgary Tower in the southwest — even the up-and-coming Seton mixed-use district in the southeast.

Calgary would be a very different — even lesser — place without them, says Colin Jackson, member of the senate at the University of Calgary and also chair of several arts and culture initiatives.

"A good way to think of them as anchor institutions is that they set the tone or give a feel to a neighbourhood," said Jackson, who has spoken on the subject in the past.

Could the CalgaryNEXT mega-project be next?

What's on the horizon for Calgary's skyline?

Despite much of the news coming out of Calgary's downtown being of the negative variety as of late, there are still developments moving forward. With construction cranes still littering the downtown skyline, CREB®Now takes a look at five developments coming to downtown Calgary in the near future.

The Hat
A 28-storey residential rental complex being built by Calgary-based Cidex Developments Ltd, The Hat will bring the first new rental accommodations to East Village. The family-friendly three-bedroom apartments will offer everything that a family needs, including on-site child care, all within easy walking distance.

Condo herb garden project sparks sense of community

If you want to know what's going on in your neighborhood, just lean over the fence and ask what's growing in the garden.

That's a British saying that's as true in a Kent country cottage as it is in a downtown Calgary condo.

But how do you find the space?

For Marion Tompkins, retired and living in an Eau Claire apartment tower, it meant re-imagining some under-utilized space right under her nose into a communal herb garden.

Calgary's skyline has come a long way since first being incorporated as a town back in 1884.

We took a look through our photo archives to come up with a few of our favourites: