{"id":835,"date":"2014-07-21T19:35:00","date_gmt":"2014-07-21T19:35:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2014\/07\/21\/calgary-development-hinges-on-economic\/"},"modified":"2015-06-01T19:41:00","modified_gmt":"2015-06-01T19:41:00","slug":"calgary-development-hinges-on-economic","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2014\/07\/21\/calgary-development-hinges-on-economic\/","title":{"rendered":"Calgary development hinges on economic and interest-rate vectors"},"content":{"rendered":"

By Robert Frank<\/b>
\nwww.sqft.ca<\/a><\/p>\n

Roman Drohomirecki believes that it\u2019s wait-and-see as to whether new office towers, beyond those already announced, will be added to the downtown Calgary skyline during the next few years.<\/p>\n

\u201cWe\u2019re bullish on Calgary,\u201d declared Ivanho\u00e9 Cambridge\u2019s co-COO. \u201cGiven the tight market, though, most of our growth is going to be organic. We\u2019ve got well-leased shopping centres that are generating great sales, so there\u2019s potential opportunity for expansion and redevelopment.\u201d<\/p>\n

\u201cNonetheless, the city has a history of frothy development. A lot of office towers have already been announced, and currently there is a bit of a prelease frenzy going on.\u201d<\/p>\n

\u201cWe\u2019re seeing there\u2019s a fair bit of sublease space available now that can fulfill short-term needs, so we probably won\u2019t see more announcements in the short-term.\u201d<\/p>\n

\u201cThe velocity of deals has slowed down dramatically,\u201d Drohomirecki also observed. \u201cWhen some of this new product hits the market in 2014, with more coming in 2016 and 2017, something will have to give a little. Although rates are holding at the moment, they may come off a bit.\u201d<\/p>\n

\u201cWe\u2019re already seeing some of that in Vancouver,\u201d he continued. \u201cThe deals that are happening mostly involve landlords who are trying to retain their existing tenants. They\u2019re pursuing renewals years in advance, to pre-empt the risk that the occupants of their buildings might start to look around\u2014provoking another development cycle.\u201d<\/p>\n

Drohomirecki underscored that interest rate movement is a key variable at the moment.<\/p>\n

\u201cIt\u2019s no longer a question of whether interest rates will move,\u201d he emphasized. \u201cThey will increase, and\u2014when they do\u2014how quickly they jump and how high they go before they plateau will shape our real estate investment decisions.\u201d
<\/i><\/p>\n

\nNote: This report appeared on page 42 of the Fall 2013 issue of Canadian Real Estate Magazine.<\/i><\/i><\/div>\n

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By Robert Frank www.sqft.ca Roman Drohomirecki believes that it\u2019s wait-and-see as to whether new office towers, beyond those already announced, will be added to the downtown Calgary skyline during the next few years. \u201cWe\u2019re bullish on Calgary,\u201d declared Ivanho\u00e9 Cambridge\u2019s co-COO. \u201cGiven the tight market, though, most of our growth is going to be organic. We\u2019ve<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-835","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nCalgary development hinges on economic and interest-rate vectors - Newscoverage<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newscoverage.org\/index.php\/2014\/07\/21\/calgary-development-hinges-on-economic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Calgary development hinges on economic and interest-rate vectors - Newscoverage\" \/>\n<meta property=\"og:description\" content=\"By Robert Frank www.sqft.ca Roman Drohomirecki believes that it\u2019s wait-and-see as to whether new office towers, beyond those already announced, will be added to the downtown Calgary skyline during the next few years. \u201cWe\u2019re bullish on Calgary,\u201d declared Ivanho\u00e9 Cambridge\u2019s co-COO. \u201cGiven the tight market, though, most of our growth is going to be organic. 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