Calgary’s tallest office tower officially opens

The Bow Building, the largest office building on Calgary’s skyline and tallest building west of Toronto, will be officially opened on Tuesday in a lavish ceremony.

Starting at 7 a.m., a visual presentation will begin on big screens set up outside the building, with the real show starting at 1 p.m. with a performance by First Nations drummers.

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New office tower to rise over Eau Claire district

CALGARY — One of Calgary’s fastest-growing thermal oilsands producers will be the lead tenant in a new 25-storey office tower announced Thursday by Oxford Properties Group.

The 600,000-square-foot Eau Claire Tower is to rise over downtown Calgary and be connected to two existing Oxford towers with 11 of its floors occupied by MEG Energy Corp.

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Calgary leads country in head offices

CALGARY — Calgary has the largest number of head offices per 100,000 population in the country, according to a report released Tuesday by Statistics Canada.

The federal agency said the ratio in Calgary was 17.7 in 2011, followed by Toronto (12.6), Winnipeg (11.9), Edmonton and Montreal (both 10.4), and Vancouver (10.2).

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City office space plentiful, commercial not

It’s a tenant’s market if you’re on the hunt for office space; not so much if you’re looking for commercial premises.

These appear to be the findings of a vacancy rate study completed recently by Soderquist Appraisals Ltd. The Red Deer company has calculated that the local commercial vacancy rate is 4.08 per cent, while the figure for office space is 12.04 per cent. Both percentages are based on total area available in each category.

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Calgary downtown office market sees soaring vacant sublet space

CALGARY — A significant change has taken place in Calgary’s downtown office market with a whopping increase of sublet space in the first quarter of this year.

Commercial real estate firm CBRE Limited, in a report, said “sublet space, which businesses have decided to return to the market prior to the end of the agreed upon lease term, is indicative of a need to change course or seek new space for a variety of reasons.”

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Investment in Calgary office properties poised for growth

CALGARY — Calgary’s office property investment performance outshone all other sectors and markets by a significant margin over the past year, says Morguard Corporation’s 2013 Canadian Economic Outlook and Market Fundamentals report.

And Calgary’s office sector appears poised for another period of growth over the near term.

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Edmonton builders keen on new civic office tower

EDMONTON – The City of Edmonton received 15 formal expressions of interest to provide new office space for civic staff in downtown Edmonton.

More than half the proposals were for new office towers.

That reflects an increasingly tight market for office space and the lure of a major tenant, and could yield some creative ideas, say those in the industry.

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