Downtown Calgary’s commercial real estate market is swinging in favour of tenants as more office space gets freed up in the white-collar heart of the oilpatch. Weak oil prices have caused companies to cut their head counts in recent months, pushing vacancy rates into the double-digits.
Last month the retail team interviewed Annie Graham, the owner of the XO Treatment Room.
Vacancy rate declining in Class C office space
report from Barclay Street Real Estate in Calgary said downtown leasing may increase due to the flooding.
“We can anticipate movement among tenants seeking temporary space due to this disaster.
“Looking forward, business interruption insurance, property values, and the geographical location of available or existing space may be more carefully scrutinized,” it said.
David Wallach, president of Barclay Street Real Estate, has worked hard all year on his company wish list to add an experienced industrial sales team, reopen his Edmonton office and expand its property management services. At Tuesday breakfast at Belgo he was able to announce his advancement in all three, which took up a lot of his time, primarily in ensuring he was able to recruit the right people to work together in the competitive world of commercial real estate
Marriott International will open the company’s first Renaissance ClubSport hotel and fitness resort brand in Canada in Calgary’s Beltline district, just across the street from Stampede Park. The 160,000-square-foot, four-star hotel will consist of 200 rooms, a 60,000-square-foot fitness club and 55,000 square feet of retail space. Calgary developer New Urban facilitated the acquisition of the development site and it has signed a management agreement with Marriott to develop the hotel in the old Victoria Park neighbourhood.