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Cresa Alberta
606 Fourth
Suite 1400, 606 - 4 Street SW
Calgary, Alberta T2P 1T1
403-571-8080 tel
Email
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Contacts

Janet Hewitt
Managing Principal, Project Manager
Email
403.571.6019 tel
Kendra Pinder
Managing Principal
Email
403.571.8085 tel
Adam Hayes
Managing Principal, Broker
Email
403.571.8222 tel

Alberta



In 1993 a boutique tenant representation firm called Moss Realty Inc. was founded because no other firms were providing exclusive advocacy for tenants. For a decade our founding partners devoted all of their efforts to representing space users through the corporate real estate process. In 2003 Moss Realty Inc. was introduced to Cresa and with their mandates aligned, the Calgary office was born. Since then Cresa Alberta has evolved and along with having some of the most experienced senior principals in the industry we also have one of the largest and most active leasing groups in the city with 19 advisors and 26 employees. Even though the company has grown over the years the fundamentals that led to its early success remain unchanged. Do the right thing, listen, be entrepreneurial, think creatively and provide the highest level of service. Integrity and respect are the pillars of our organization and we promise our clients and prospects that who we are will define us more than what we do … always.

  • Calgary Downtown Office Market

    Q2 2018 Vacancy Summary - All Classes

    Supply
    43,526,162 SF
    Vacancy
    10,859,689 SF
    Absorption
    -367,786 SF
    Avg. Lease Rate
    $36.91 PSF
  • Calgary Beltline Office Market

    Q2 2018 Vacancy Summary

    Supply
    6.986,799 SF
    Vacancy
    1,581,409 SF
    Absorption
    -20,814 SF
    Avg. Lease Rate
    $30.37 PSF

Market Insights

Unless the function of an office as we know it is eliminated entirely, any commercial office market will never reach full vacancy. Despite advances in technology, artificial intelligence, and work structure, the presence of the office appears to be a very secure one. On the other hand, what is to stop a market from cratering to 30% vacancy? Or worse? Five years ago in Calgary, when office occupancy neared 97.5%, you would have been hard pressed to find anyone who foresaw a vacancy rate near 25% in the downtown core, but alas, here we are at the end of the second quarter of 2018 with a vacancy rate of 24.95%, having edged up 0.5% higher from the previous quarter. 

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Recent roadblocks for the TransMountain Pipeline expansion, coupled with ailing gas prices and limited foreign investment, have many Calgarians feeling like they are fighting an uphill battle, and the market for commercial office leasing is not all that different. 
Ultimately, it feels like the local market has stalled. Big hiring waves? Nope. New market players? Not so much. Industry diversification? Limited. The result: the first quarter of 2018 saw vacancy decline by 0.14% in the downtown market – the smallest fluctuation in over five years. After the vacancy acceleration between 2013 and 2016, the market seems to have leveled off, as small fluctuations over the last six quarters have left vacancy figures only 0.04% different than they were at the end of 2016.

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With 2017 in the books, we may have seen the bottom of the market, or at the very least, close to it. In the fourth quarter, Calgary experienced positive absorption for the second time in 2017; it was the first time in over three and a half years that positive absorption was not in direct response to the completion of a new downtown skyscraper. Positive absorption at almost every price point illustrated new activity in the market, as each of the AA, A, and C Class markets saw a decline in vacancy in the fourth quarter. However, despite positive raw absorption figures, 2017 was still a year of contraction in the market and total
downtown vacancy still dropped approximately 1% with the year finishing at 24.52%.

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Calgary has a vacancy problem. This isn’t new news, but it still resonates loudly. As of Q3 2017, there is 11.25 million square feet of vacancy in the downtown market and that number is not getting smaller. For the fifteenth time in nineteen quarters, downtown saw negative absorption for office space – this time to the tune of negative 479,411 square feet. With downtown vacancy reaching a new peak of 25.76%, we are trending closer to our year-end vacancy expectation of 26-27%. 

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Another quarter brings another increase in the vacancy rate for Calgary’s downtown core, taking the market to a new high of 24.74%. Absorption for the second quarter was negative 312,481 square feet, the bulk of which came in the B class market; quarter-to-quarter, this represents approximately a 1% increase to total downtown vacancy.

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Downtown Calgary’s overall vacancy remained relatively steady in Q1 and currently sits at 23.78%. Absorption in the first quarter was positive 1,322,676 square feet, which seems like a quarter of meaningful growth, but is due solely to the addition of Brookfield Place – East into inventory which will be opening Fall 2017.

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People

Syeda Ahmad Advisor, Project Management 403.571.8082
Greg Albright Senior Vice President 403.571.8223
Donna Lea Banks Senior Vice President 403.571.6018
Nicole Bennett Advisor 403.258.1872
Jessica Downie Advisor 403.537.2393
John Engbloom Principal 403.571.6016
Josh Hamill Principal 403.539.0889
Damon Harmon, CPA, CGA Principal 403.571.8221
Adam Hayes Managing Principal, Broker 403.571.8222
Janet Hewitt Managing Principal, Project Manager 403.571.6019
Dan Houston Senior Vice President 403.539.0893
Gary Jones Principal 403.571.8081
Josh Manerikar Senior Advisor 403.571.8227
David Miles Principal 403.571.8088
Doug Pilip Strategic Advisory Board 403.571.8228
Kendra Pinder Managing Principal 403.571.8085
Terri Raison Business Manager 403.539.0888
Melanie Singson Research Associate 403.539.0838
Adam Stewart Advisor 403.590.5704
John Stones Senior Vice President 403.571.8086
Willem Thoma Advisor 403.539.0894
Melinda Woo Marketing Manager 403.571.8087

Success Stories

Client Location Sq. Footage
Alberta Securities Commission Calgary, Alberta  70,000 
Carbert Waite LLP Calgary, Alberta  7,500 
Chevron Canada Limited Calgary, Alberta   
MEG Energy Corp. Calgary, Alberta  296,159 
Precision Drilling Houston, Texas  74,125 
Savanna Energy Services Corp. Calgary, Alberta  55,000 
Standard Land Company Inc. Calgary, Alberta  39,000 
Storm Resources Inc. Calgary, Alberta  13,269 
Tartan Engineering Calgary, Alberta  41,000 
The University of Calgary Calgary, Alberta  127,000 
Zargon Oil & Gas Calgary, Alberta  40,000 

Subleases & Sales

Property Available Space Rental Rate
Sublease: 409 Tenth Avenue SE, 6,891 sf
409 - 10 Avenue SE
Calgary, Alberta T2G 0W2
Main Floor: 6,891 sf Market sublease rates
Sublease: 1015 Fourth Street SW
1015 - 4 Street SW
Calgary, Alberta T2R 1J4
Suite 402: 2,496 sf Market sublease rates
Sublease: 1131 Kensington Road NW
1131 Kensington Road NW
Calgary, Alberta T2N3P4
Suite 200: 2,434 sf Market rates
Sublease: 2216 - 27 Avenue NE
2216 - 27 Avenue NE
Calgary, Alberta T2E 7A7
Showroom/Warehouse/Fenced Yard: 13,824 sf $8.20 per sf
Sale: 2340 - 1 Avenue NW
2340 - 1 Avenue NW
Calgary, Alberta T2N 0B8
Main Floor: 3,325 sf; Second Floor: 1,768 sf
Sublease: 4220 - 23 Street NE, Unit #8
4220 - 23 Street NE
Unit #8
Calgary, Alberta T2E 6X7
Office: 498, Warehouse: 900, Total: 1,398 sf Market sublease rates
Sale: 8615 - 44 Street SE/8616 - 40 Street SE
8615 - 44 Street SE
Calgary, Alberta T2C 2P5
21,800 sf
Sublease: Bankers Hall - West
888 - 3 Street SW
Calgary, Alberta T2P 5C5
Floors 17-19: 60,122 sf Gross rent, call for details
Sublease: The Bow
500 Centre Street SE
Calgary, Alberta T2G 1A6
32nd Floor: 34,000 sf; Can be demised Market rates
Sublease: Centennial Building
816 - 7 Avenue SW
Calgary, Alberta T2P 1A1
Suite 410: 1,160 sf; Individual offices available Aggressive sublease rates
Sublease: Centennial Place - West, 22nd Floor
250 - 5 Street SW
Calgary, Alberta
22nd Floor: 9,829 sf Gross sublease rates
Sublease: Chevron Plaza
500 - 5 Avenue SW
Calgary, Alberta T2P 3L5
Floors 5-6: Up to 24,535 sf $5.00 per sf/annum
Sublease: Devon Tower
400 - 3 Avenue SW
Calgary, Alberta T2P 4H2
Floor 11: 19,519 sf; Floor 12: 19,519 sf Op. costs only
Sublease: Edinburgh Place, 8th Floor
900 - 6 Avenue SW
Calgary, Alberta T2P 3K2
Suite 800: 2,057 sf; Suite 805: 3,754 sf $15.00 per sf, gross
Sale: Edinburgh Place, Floors 9-10
900 - 6 Avenue SW
Calgary, Alberta T2P 3K2
Suite 900: 5,223 sf; Suite 1000: 5,206 sf $15.00 per sf, gross
Sublease: First Alberta Place
777 - 8 Avenue SW
Calgary, Alberta T2P 3R5
12th Floor: 14,489 sf; Chalkline options available Aggressive sublease rates
Sublease: First Canadian Centre, 11th Floor
350 - 7 Avenue SW
Calgary, Alberta T2P 3N9
11th Floor: 16,734 sf Gross rents, call for details
Sublease: Palliser South
140 - 10 Avenue SE
Calgary, Alberta T2R 0A3
Floors 6, & 9: Up to 33,409 sf $20.00 - $22.00 per sf, gross
Sublease: Sun Life Plaza I - West
144 - 4 Avenue SW
Calgary, Alberta T2P 3N4
20th Floor: 12,492 sf Aggressive gross rental rates
Sublease: Sun Life Plaza III East, 9th Floor
112 - 4 Avenue SW
9th Floor
Calgary, Alberta T2P 0H3
9th Floor: 14,887 sf Market sublease rates
Sublease: Sun Life Plaza III - East, 20th Floor
112 - 4 Avenue SW
20th Floor
Calgary, Alberta T2P 0H3
20th Floor: 15,223 sf Market sublease rates
Sublease: Westmount Corporate Campus, Bldg #4
4820 Richard Road SW
Calgary, Alberta T3E 6L1
4th Floor: 12,017 sf Market sublease rates
Sublease: 1851 - 94 Street, Edmonton
1851 - 94 Street
Edmonton, Alberta T6N 1E6
Main Floor: 28,039 sf, Second Floor: 28,059 sf Market sublease rates
Sale: 9924-9932 - 29 Avenue, Edmonton Sale
9924 - 29 Avenue
Edmonton, Alberta T6N 1A2
31,548 SF
Lease: 9924-9932 - 29 Avenue, Edmonton Lease
9924 -29 Avenue
Edmonton, Alberta T6N 1A2
Suite 9924: 17,691sf; Suite 9932: 4,634 sf Market rates
Operating Costs in the Full-Rent Equation
Why a lower rental rate does not always equal the best deal. In Calgary, we are in a commercial real estate market of high vacancy and low rental rates – truly a tenant’s market – and one that is very well publicized. In this market, tenants have […] Read More

Career Opportunities

Cresa Alberta is pleased to offer the following career opportunities in their Calgary location:

Research Associate