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.
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.
The Calgary Beltline market continues to remain balanced despite an increase in overall vacancy rates from Q2 - up to 9.86 percent from 8.34 percent - with total vacancy now measuring approximately 715,252 square feet (sf) across all building classes. As a result of declining oil prices and global GDP growth rates, Barclay Street Real Estate forecasts that there will now be a slight increase in vacancy for the balance of the year, resulting in a mild downward pressure in rental rates.
Barclay Street Real Estate is celebrating its 10th anniversary carrying the Barclay Street name. Having worked under other names in the past, the team members at Barclay Street have supported the Alberta market for over 40 years, providing expert advice to local markets.
Barclay Street Real Estates' Second Quarter Market Review highlights that downtown Calgary is becoming a hot bed for new office construction as overall vacancy went down to 6.91 percent from 2014 First Quarter 7.00 percent.
Barclay Street Real Estate saw a decrease in Second Quarter vacancy for the Beltline market, decreasing to 8.34 percent from 9.28 percent at the end of Q1 2014. The amount of available vacancy in the Beltline, across all classes, measures approximately 604,910 sf, 50 percent of which is B class.
The Second Quarter for Suburban Calgary's market saw 2.1 million sf of vacancy across all building classes, with the majority of opportunities measuring less than 6,000 sf.
Barclay Street Real Estate is proud to be awarded the 2014 Consumer Choice Award (CCA) for Business Excellence in the category of Commercial Real Estate for southern Alberta. This award is presented to an elite group of business owners and entrepreneurs recognized by consumers for their business excellence through third party market research collected by Leger Marketing.
In this issue:
- Barclay Street Wins the 2014 Consumer Choice Award.
- Meet the Team! In this issue get to know Pat Farrell, Senior Building Operator.
- Proposed Climate Changes and the Affect on Your Building’s Envelope.
In this issue:
- Barclay Street Unveils Health and Safety and Environmental Initiatives to Clients
- Meet the Team! In this issue get to know Olga Leonova, Property Manager.
- Is Your Building More at Risk for Spreading Disease?