During the second half of 2016, rays of light began breaking through the two-year gloom and had a positive impact on the Calgary commercial real estate market, according to a new report by Barclay Street Real Estate.
Calgary commercial experts say local retailers are becoming increasingly savvy in their fight for market share, challenging the traditional brick-and-mortar concept of doing business in favour of a pop-up model.
Competitive rates, low vacancy may benefit long run
During the fourth quarter of 2016, Beltline vacancy decreased by 1.8%% to end the year at 17.9%, says a new report by Barclay Street Real Estate. The quarter also experienced net positive absorption of 135,000 square feet, bringing full-year absorption to negative 41,000 square feet. Barclay says this is a significant improvement over 2015 when 429,000 square feet was returned to the market.
Calgary's industrial market shows signs of turning the corner
Real estate officials expect conditions to support turnaround in downtrodden commercial market
Turning the corner in the downtown Calgary office market? A growing sense of optimism that the worst of the economic downturn had past set in during the fourth quarter of 2016 as there was a number of large, full-floor lease and sublease activity near the end of the year in the Calgary downtown office market, according to a report by Barclay Street Real Estate.
To the end of September 2016, a total of $1.3 billion had been transacted in Calgary commercial real estate, nearly eclipsing the $1.5 billion invested in all of 2015, according to Barclay Street Real Estate.
Investor sentiment about the Calgary market showed signs of renewed confidence into the third quarter of this year, says a new commercial real estate investment report by Barclay Street Real Estate. The Q3 report says total dollar volume invested reached $1.3 billion in the first nine months - just shy of the $1.5 billion transacted for all of 2015.
In a report, Barclay Street Real Estate noted that the overall office vacancy rate in the Calgary suburbs is 22.3 per cent, up 1.1 per cent from the second quarter of this year, but the Class A vacancy is 23.5 per cent. The agency suggests that landlords may soon face some tough decisions.