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The depressed state of the Calgary office market evokes memories of the city’s situation seven years ago. What’s still unknown is if it will recover as quickly this time around. “What is very similar in comparing January 2009 to January 2016 is the amount of inventory in the office market that was under construction,” said Dan Harmsen, vice-president and associate broker for Barclay Street Real Estate, which recently released reports on Calgary’s downtown, Beltline and suburban office markets for the final quarter of 2015.

Calgary’s retail real estate market remained resilient during 2015 despite the drop in discretionary spending, says a new report by Barclay Street Real Estate. The overall vacancy rate rose to 2.7 per cent, up by 0.4 per cent from 2014. “The major impact on vacancy stemmed largely from successive retail chain store closures with Big Box space, which had been essentially zero for years, suddenly coming to market as Target Canada exited after two years of successive losses and Best Buy began a rebranding campaign that included closing down its sister brand Future Shop,” said the report.

The recent Business in Calgary Leaders dinner saluted those in our community who strive to make Calgary the best city on earth in which to live. From home building and land brokering, to restaurants and clothing retail, the list of those honoured this year reads like a who is who in myriad industries.

In the suburban office market for quarter three, Barclay Street Real Estate highlights that overall vacancy rates have come down, decreasing from 12.67% in Q2 to 11.08%. There has been a tightening of all four quadrants within Calgary with the exception of the NW which saw the only increase in vacancy.