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

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

Calgary



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

    Q4 2017 Vacancy Summary - All Classes

    Supply
    43,682,513 SF
    Vacancy
    10,710,644 SF
    Absorption
    417,120
    Avg. Lease Rate
    $37.61 PSF
  • Calgary Beltline Office Market

    Q4 2017 Vacancy Summary

    Supply
    7,025,468
    Vacancy
    1,493,879 SF
    Absorption
    -30,999 SF
    Avg. Lease Rate
    $30.60 PSF

Market Insights

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
Curtis McKillop Client Services Associate 403.571.8083
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: 85 Freeport Blvd. NE
85 Freeport Blvd. NE
Calgary, Alberta T3J 4X8
Main Floor Office: 8,160 sf; Warehouse: 11,040 sf Market sublease rates
Sublease: 409 Tenth Avenue SE
409 - 10 Avenue SE
Calgary, Alberta T2G 0W2
Floors 1-2 plus Basement: Up to 20,778 sf Market sublease rates
Sublease: 409 Tenth Avenue SE, 2 Floors
409 - 10 Avenue SE
Calgary, Alberta T2G 0W2
Main Floor: 19,100 sf OR 2nd Floor: 17,800 sf Market sublease rates
Sublease: 409 Tenth Avenue SE, 6,550 sf
409 - 10 Avenue SE
Calgary, Alberta T2G 0W2
Main Floor: 6,550 sf Market sublease rates
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
Sublease: 635 Eighth Avenue Place SW, Floors 7 & 9
635 - 8 Avenue SW
Calgary, Alberta T2P 3M3
9th Floor: Up to 12,073 sf; 7th Floor: Up to 12,064 sf Market sublease rates
Sublease: 635 Eighth Avenue Place SW, 15th Floor
635 - 8 Avenue SW
Calgary, Alberta T2P 3M3
15th Floor: 12,060 sf, can be demised Market sublease rates
Sublease: 1131 Kensington Road NW
1131 Kensington Road NW
Calgary, Alberta T2N3P4
Suite 200: 2,434 sf Market rates
Sublease: 2600 Portland Street SE, Unit #9
2600 Portland Street SE
Calgary, Alberta T2G 4M6
Unit #9: 5,966 sf Market sublease rates
Sale: 2601 - 52 Street SE
2601 - 52 Street SE
Calgary, Alberta T2B 1N3
41.45 acres
Sale: 8615 - 44 Street SE/8616 - 40 Street SE
8615 - 44 Street SE
Calgary, Alberta T2C 2P5
21,800 sf
Sublease: Bankers Hall - West, 34th Floor
888 - 3 Street SW
Calgary, Alberta T2P 5C5
34th Floor: Up to 14,360 sf, with several demising options available Gross rent, call for details
Sublease: Bankers Hall - West
888 - 3 Street SW
Calgary, Alberta T2P 5C5
Floors 17-19: 60,122 sf Gross rent, call for details
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 Market sub-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 3: 7,600 sf; Floor 11: 19,519 sf; Floor 12: 19,519 sf Op. costs only for deals with rent commencing in 2018
Sublease: Eau Claire Place II
521 - 3 Avenue SW
Calgary, Alberta T2P 3T3
6th Floor: 9,401 sf All offers considered
Sublease: First Alberta Place
777 - 8 Avenue SW
Calgary, Alberta T2P 3R5
12th Floor: 14,489 sf Aggressive sublease rates
Sublease: First Canadian Centre, Floors 11-12
350 - 7 Avenue SW
Calgary, Alberta T2P 3N9
11th Floor: 16,734 sf; 12th Floor: 9,059 sf Gross rents, call for details
Sublease: Kensington Professional Centre
1228 Kensington Road NW
Calgary, Alberta T2N 3P7
Suite 201: 2,553 sf
Sublease: Palliser South
140 - 10 Avenue SE
Calgary, Alberta T2R 0A3
Floors 5, 6, & 9: Up to 46,622 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: 8,982 sf Market sublease 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