The Upper Tollway Sub-Market is currently a hub of office real estate activity in Dallas and has become one of the most attractive sub-markets in the D/FW Metroplex.
Stark & Associates Retail Market Newsletter for the Northern Nevada Market. Local experts are bullish on Nevada...
AS WAS LARGELY EXPECTED, THE EFFECTS OF LOW PRICED OIL, COMBINED WITH A DRAMATICALLY CHANGED POLITICAL LANDSCAPE IN ALBERTA, affected investor sentiment and caused the investment market in Calgary to quiet significantly in 2015. In comparison to 2014 when $2.66 billion transacted across the Office, Retail, Industrial, Multi-Residential and ICI/Residential Land asset classes, approximately $1.5 billion was invested during 2015.
The Greater Calgary industrial market saw dramatic changes in 2015, with vacancy rising 53% year-over-year from 4.30% at the end of 2014 to 6.57% at the end of 2015. This marks a +15 year peak for Calgary’s industrial vacancy rate, which was previously set in Q4 2009 at 6.38%. Vacant space at the beginning of 2015 was 5,705,105 square feet, which rose to 9,079,126 square feet by the end of the year, an increase of almost 3.4 million square feet.
CALGARY’S RETAIL MARKET REMAINED RESILIENT DURING 2015, despite the drop in discretionary spending due to deteriorating economic conditions. 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 sustained losses and Best Buy began a rebranding campaign that included closing down its sister brand Future Shop. The country-wide closures included three in Calgary. By mid-year, Canadian Tire and Lowes had taken advantage of Target’s departure, purchasing all but one Target lease in Calgary but with four Big Box stores (the former Target store in Forest Lawn plus the former Futures Shop stores in Coventry Hills, Deerfoot Meadows and Sunridge) sitting vacant, Calgary’s overall retail vacancy increased year-over-year to 2.7% from 2.3% at the close of 2014.