sept 6 to sept 12 2019 issue 09-35
real estate news from industry experts
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Movers & shakers Trends in the Calgary commercial real estate market
MARIO TONEGUZZI guest columnist
T
he health of Calgary’s commercial real estate market is often defined by what’s happening with the city’s downtown office space. Certainly, the downtown office market has struggled in recent years, and continues to do so. At one point, the vacancy rate ballooned to historic highs near the 30 per cent mark and it now sits in the range of about 25 per cent. Greg Kwong, executive vice-president and regional managing director for commercial real estate firm CBRE in Calgary, says people need to understand that commer-
cial real estate has several facets that go beyond the downtown office market. Overall, there are “mitigating forces” on the growth of commercial real estate in Calgary because of unemployment, which is the biggest factor. When people aren’t working, it means they’re not occupying space. “If you myopically just look at the downtown core, yeah, we still have a high vacancy rate,” said Kwong. “From a high level, that’s not good.
PARADE of OPEN HOUSES COME AND JOIN THE EXCITEMENT! SEE PAGE 3 FOR LIST OF HOMES
AUGUST To read the full statistics package for August, go to creb.com
CALGARY REAL ESTATE STATS HIGHLIGHTS
$426,000 At $426,000, the unadjusted citywide benchmark price this month remained comparable to last month, but 2.6 per cent lower than last year’s levels.
TRENDS 2
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EMPLOYMENT NUMBERS HAVE BEEN IMPROVING, BUT MOSTLY IN INDUSTRIES THAT ARE TRADITIONALLY LOWER PAID.” ANN-MARIE LURIE
CREB® CHIEF ECONOMIST
2,665
UNITS
For the sixth consecutive month, year-over-year attached sales improved in the city. This has resulted in year-to-date sales of 2,665 units.
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FULL STATS LIST: PAGE 4
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Kincora Summit
On the Ridge
kirbycox.com $374,900
$489,900
2115, 402 Kincora Glen Rd
1407, 402 Kincora Glen Rd
Top floor 3 bdrm / 2 bath Upgraded 2 bdrm + den U/G parking, 18+, A/C, patio 3 balconies, 2 parking stalls MLS® C4262162
MLS® C4265045
$569,900
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98 Kincora Landing NW
Mint 3 bdrm + den, A/C Finished walkout, newer roof MLS® C4258939
#1 Team in Calgary for Royal LePage in 2018
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