Canadian Office Space Market - Page 6

Spring2008 · #**101** Posted **Oct 5, 2011, 2:11 PM**

Downtown Calgary's vacancy rate is only 6.4% as of q2 and dropping fast!! Class A sitting around 4% downtown, those are the only numbers that matter for those of us anticipating more office towers starting downtown in the near future.

Calgarian · #**102** Posted **Oct 5, 2011, 2:16 PM**

Yeah there are lots office projects starting up, and it sounds like 2 possible high-rises already, and the Bow isn't even finished yet.

caltrane74 · #**103** Posted **Oct 5, 2011, 2:20 PM**

Quote:

Originally Posted by Spring2008

Downtown Calgary's vacancy rate is only 6.4% as of q2 and dropping fast!! Class A sitting around 4% downtown, those are the only numbers that matter for those of us anticipating more office towers starting downtown in the near future.

Did you want to provide a link to where you got that number, for those of us that like to rely on things other than "word of mouth"?

Spring2008 · #**104** Posted **Oct 5, 2011, 2:34 PM**

^If u really want to see it google calgary q2 office market 2011....Really easy to find and the reports have been out for months now. Vacancy i would imagine is lower now.Going to work, could post tonight

LeftCoaster · #**105** Posted **Oct 5, 2011, 2:49 PM**

Guys you need to keep in mind these numbers are all approximations.

CBRE will have a different number than Cushman who will have a different number than Colliers.

What is important are the trends not the asinine 4.6% Vs 5.2% arguments.

shreddog · #**106** Posted **Oct 5, 2011, 3:07 PM**

Quote:

Originally Posted by LeftCoaster

...What is important are the trends not the asinine 4.6% Vs 5.2% arguments.

And don't forget rental rates

Spring2008 · #**107** Posted **Oct 5, 2011, 3:12 PM**

http://www.calgaryherald.com/story_p...curriebarracks

The 6.4% vacancy rate downtown is actually the most recent figure from last month. It was 7.1% q2 2011. Q2 2011 class A vacancy was around 4.5% q2, prob even lower now. Find a link later for that.

Regardless Calgary has absorbed record amounts of office space these past 2 years, just a fact. Just awhile back people were mostly predicting 20% vacancy around this time.

LeftCoaster · #**108** Posted **Oct 5, 2011, 3:16 PM**

Quote:

Originally Posted by shreddog

And don't forget rental rates

Rental rates, absorption, vacancy, tenants on the streets and many more are all vitally important, I'm just trying to say the minute details are not what is important. Every brokerage has their own metrics and definitions that make minutiae a waste of time.

The important thing is the overall picture and the trends.

Luckily for Canadians almost every market in the country is looking quite healthy.

WhipperSnapper · #**109** Posted **Oct 5, 2011, 10:13 PM**

Quote:

Originally Posted by Spring2008

http://www.calgaryherald.com/story_p...curriebarracks

The 6.4% vacancy rate downtown is actually the most recent figure from last month. It was 7.1% q2 2011. Q2 2011 class A vacancy was around 4.5% q2, prob even lower now. Find a link later for that.

Regardless Calgary has absorbed record amounts of office space these past 2 years, just a fact. Just awhile back people were mostly predicting 20% vacancy around this time.

I was one that assumed 20% was a more likely outcome for the Calgary market. However, I also couldn't imagine Vancouver, Montreal and Toronto experiencing the booms in new construction that they are. You win some and you lose some. One thing that I'm wary about is the amount of vacant space that has been pulled from the market to upgrade, as a reserve, etc. The space being upgraded will eventually be back on the market and another dip in the economic could send sublet space beck into the stratosphere.

Doug · #**110** Posted **Oct 6, 2011, 5:53 PM**

Oxford Properties plans 25-storey tower for Calgary’s Eau Claire area

Class A office vacancy downtown dropped to 4.5 per cent in the third quarter of this year, from 12.5 per cent in the third quarter of 2010, according to commercial real estate firm CB Richard Ellis Ltd.

http://www.calgaryherald.com/busines...#ixzz1a1d5mQtf

freeweed · #**111** Posted **Oct 6, 2011, 6:31 PM**

Quote:

Originally Posted by LeftCoaster

What is important are the trends not the asinine 4.6% Vs 5.2% arguments.

Some of the arguments are 10% vs 6%... that's a bit more of a meaningful difference. Like nearly double.

Either way, expect a flurry of announcements over the next 3-6 months in Calgary. I can't speak for other markets as I don't follow them closely.

TallBob · #**112** Posted **Oct 7, 2011, 4:22 AM**

Now if the Shadow nazis would just go away....

craner · #**113** Posted **Oct 9, 2011, 6:12 AM**

God - we don't need another 25 storey tower - double that at least as a starting point.

TallBob · #**114** Posted **Oct 9, 2011, 7:04 AM**

Ya and Centennial III is a dog as far as I'm concerned. That is an area that has strict "shadowing" restrictions.

Wooster · #**115** Posted **Oct 9, 2011, 8:15 PM**

I don't think shadows had anything to do with Oxford developing at 25 storeys in this location - based on what's next door (Centennial I and II) they could likely have had at least 40 floors at this location and fall within shadowing rules.

I think Centennial III is a handsome design.

WhipperSnapper · #**116** Posted **Oct 10, 2011, 1:14 AM**

Quote:

Originally Posted by TallBob

Ya and Centennial III is a dog as far as I'm concerned. That is an area that has strict "shadowing" restrictions.

I don't share your sentiments. It's clean and simple and a huge leap forward on phases 1 and 2.

TallBob · #**117** Posted **Oct 10, 2011, 4:28 AM**

Wooster: I didn't realize they could go much higher in that spot. 40 floors would have been nice.

Coldrsx · #**118** Posted **Oct 10, 2011, 9:29 PM**

Going to be a beast though at 615k and only that height.

Wooster · #**119** Posted **Oct 11, 2011, 12:01 AM**

24,500 sq ft floor plates is pretty standard for a CBD. It's just short.

Spring2008 · #**120** Posted **Oct 23, 2011, 6:58 PM**

Calgary downtown vacancy now at 5.01%, A class vacancy at 3.78%, AA at 1.89%. Crazy to think Calgary has absorbed about 4millions sq feet of A/AA class office space downtown since Q4 2009 during the recession.........

http://www.cresapartners.com/calgary...t-downtown.pdf