According to JLL Canada, a firm that handles commercial real estate, the office market in downtown Calgary could see an expansion rate of 25% by the year 2020. This is based on both the proposed and the current projects that are in the works. The company issued a report called The Canadian Quartet: Playing on the World Stage and there were some very interesting facts and trends to be found in it.
The report takes a look at the Vancouver, Toronto, Montréal and Calgary commercial real estate markets. It shows that this sector of real estate in Calgary is becoming more popular for tenants and investors from Canada and other parts of the world.
If the current projects scheduled move forward, the inventory in the beltline and the downtown core would rise by 25% by 2020. Right now there is approximately 38.5 million square feet of Calgary office space in these areas. There is also 9.7 million ft.² of development permits that are currently waiting for approval in the beltline and in the downtown core.
On an international level, Calgary took the 41st spot for commercial real estate direct investment between the years 2011 and 2013. Calgary, according to the report, is the gas and oil capital of Canada and one of the Western Hemisphere's most important cities for energy.
This report also mentions the fact that things could turn out even better for Calgary if the LNG ports and the feeder pipeline system goes forward. This would mean substantial future prosperity for Calgary and its economy.
Expansion seems inevitable for the beltline and the downtown core of this city. It's quite evident now with the current construction that's ongoing and with so many proposals on the table just waiting for approval. There's going to be a lot more construction taking place in the foreseeable future.