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Stories Tagged - Brookfield Place

CBRE managing director Greg Kwong said Calgary's commercial market is likely to see vacancy rates peak in 2017. Photo by Wil Andruschak/for CREB®Now
News

Dec. 23, 2016 | Cody Stuart

Core issues

Downtown office commercial market to see higher vacancy rates in 2017

Despite setting a third-quarter record with a reported $11.2 billion in sales, Calgary's commercial real estate sector will likely see vacancy rates continue to soar this year and next, predicts real estate firm CBRE Ltd.

CBRE Calgary-based managing director Greg Kwong said the downtown market will feel it the hardest, with vacancy rates that are expected to close in on 30 per cent.

CBRE managing director Greg Kwong said Calgary's commercial market could have fared worse in 2015 if four major projects currently in construction would have all come on stream this year. Photo by Wil Andruschak/for CREB®Now
News

Jan. 12, 2016 | Lindsay Holden

Space to spare

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.

News

Oct. 16, 2014 | Cody Stuart

Coming up big

Calgary's commercial sector still going strong

The Calgary Tower's new, much-discussed 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 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.
News

Oct. 08, 2014 | Cody Stuart

'Excuse me while I kiss the sky'

* Part three of three in Calgary's Growing Up series

Calgary's commercial sector riding high with innovative designs, added amenities

It's tough to keep tabs on Calgary's skyline these days.

With new buildings breaking ground every week in an area already adorned with construction cranes, it's no surprise the city's commercial sector ranks as one of Canada's most active.

With 791,344 square feet of office space leased through the first nine months of 2014, and another 3.8 million of square feet under construction, it's not simply the amount of leasing activity taking place in downtown Calgary, but the stature of those building yet to be constructed.


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