apr 26 to may 2 2019 issue 09-16 editorial 403.781.1349 advertising 403.263.4940
real estate news from industry experts
SIGNS OF RECOVERY IN DOWNTOWN OFFICE MARKET MARIO TONEGUZZI guest columnist
T
he vibrancy of Calgary’s downtown office market is a good indicator of the health of the city’s economy, and since the oil price collapse that started in the latter half of 2014, they’ve both been struggling. Fewer jobs in the core has meant reduced need for office space among the big oil and gas companies in the city’s central business district. This has impacted all Calgarians and is expected to continue to do so for years to come. For many real estate experts, one thing is certain: there won’t be any new skyscrapers built in Calgary for quite a while. This was reflected in the results of a 2017 study of Calgary’s downtown office market by the Conference Board of Canada for Calgary Economic Development. “Even with persistently positive net absorptions (from 550,000 to 700,000 square feet), the downtown office vacancy rate is expected to remain above 20 per cent until 2023 and in double-digits until 2032,” the board’s report reads.
Featuring Chinatown’s new cultural plan, the pros and cons of inner-city living for young families, and more.
CODY STUART / CREB®NOW
CHESTERMERE
$579,900 | MLS®C4235834 240 Aspenmere Way - New “Glen Abbey” Triple garage. 3 bdrms, 2.5 baths.
$519,900 | MLS®C4206805 264 Aspenmere Way - New “Georgetown” 2060 sq ft, 3 bdrms, 2.5 baths.
LYALTA
$459,900 | MLS®C4217717 174 Muirfield Bv - “Backs on to Canal” 2 bdrm + flex, 1504 sq ft walk out.
John McLaughlin (403)560-4621
VACANCY 2
douglashomes.net
DOWNTOWN DISPATCH