Commercial real estate

Originally posted 20 June 2016

Recent Developments

Dream Office Real Estate Investment Trust has taken a very large write-down of its properties in Alberta. According to a CBC Digital Media report , this REIT is taking a significant write-down of  $748 million or 45 per cent of its Alberta holdings!  This must be disturbing news for not only Alberta landlords but also financial institutions, including banks, pension funds, insurers and ATB Financial.

Commercial real estate expected to surge1-3-18 EJ

Edmonton’s Ice District heats up with Stantec Tower13-2-18 GM

Bonnie Doon mall set for 30-year overhaul12-1-18 EJ

Project cancelled Lamb Development8-12-17 GM

Calgary’s condo overhang2-12-17 GM

Commercial real estate prospects ‘good news’2-11-17 EJ

Office vacancy rate dips for first time since 201218-10-17 EJ

Calgary’s downtown office occupancy creeps upward17-10-17 EJ

A glimmer of optimism in Calgary’s office space glut12-7-17 GM

Offices-Alberta vacancies increase10-7-17 GM

Empty office space growing concern3-7-17 EJ

A new attraction to rental housing17-6-17 GM

Office vacancy rate doubles12-5-17 EJ

‘Pretty dismal’ – Alberta hotels continue to reel from economic downturn and building binge13-5-17 EJ

Legal Notice Walton Group of Companies-9-5-17 GM

Walton Group files for creditor protection2-5-17 GM

Walton International Group receives creditor protection2-5-17 EJ

Empty Calgary office space may grow amid oil deals-report20-4-17 GM

Spanish energy giant plans to sublet Calgary offices6-4-17 EJ

Cenovus relocation delayed amid oil downturn3-4-17 GM


Commercial real estate values slashed12-8-16 EJ

Dream Office hit by Alberta oil woes12-8-16 GM

Commercial real estate is big business in Alberta. Calgary and Edmonton constitute two very large markets for commercial developers and landlords. Calgary’s downtown commercial real estate market is the second largest in the country and has been driven by the demands of energy companies and associated service firms including engineering firms, financial institutions and law and accounting firms. Edmonton’s real estate market is dominated by provincial government and provincial agencies leasing space.

A second facet of commercial real estate is the apartment rental business. Given the weakness in employment, landlords must be willing to provide incentives to attract renters or to maintain existing occupancy levels.


Artis readjusts REIT Alberta portfolio30-8-16 GM


Cenovus shops office space amid glut20-6-16 GM

Oil downturn finally hits Calgary’s core21-6-16

Seniors Home Vacancies down in Edmonton9-7-16 EJ

Landlords sweeten leases as Calgary towers empty15-7-16 EJ

Office tower projects delayed26-8-16 EJ



This entry was posted in Commercial on by .

About albertarecessionwatch

Former Director, Institute for Public Economics, University of Alberta and currently Fellow of the Institute. Former executive with Alberta Treasury Branches. Worked for the Alberta government for 12 years with Federal and Intergovernmental Affairs and Alberta Treasury. Areas of focus: financial institutions legislation and policy, government borrowing, and relations with credit rating agencies. Ph.D in Political Science (Uof A), Masters of Public Administration and BComm. (Carleton University). Author of Politics and Public Debt: The Dominion, the Banks and Alberta's Social Credit. Presently working on study of Alberta provincial agency board appointments.

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