CALGARY | Brookfield Place Calgary | 247M / 811 FT | 56 Floors

[Doug]

The first tower has Cenovus Energy signed up for 1m sq ft.

Calgary has one of the most volatile office markets on the continent so who knows what will happen to the vacancy rate. The current building boom is shaping up to be the second biggest on record, after the late 70's/early 80's. Under construction are:
-Brookfield East
-City Centre
-Eau Claire Tower

Planned to be u/c soon are:
-Bow South block
-3 Eau Claire
-Telus Sky
-Manulife

Approved and pre-leasing:
-Brookfield West
-Great West Life
-Palliser East
-Palliser West
-Century Park

If all of these are built, the downtown office space inventory would increase by around 8 or 9 million sq ft, which would be about a 20% increase.

[TallBob]

Chris: The office market is very good in Calgary, as the chart by Doug shows. But even if it tappers off a bit, even for 2-3-4 years that's ok! It's nice to have a little over-supply so smaller companies & others have some alternatives and can negotiate lease rates for say class "B" or "C" space. (usually companies looking for space when their lease is up, look to class "A") The two things you don't want see is 15% vacancy rate or on the other hand, 1/2% vacancy rate either. It's nice to have options... same also applies to residential to a point.

[LeftCoaster]

I'll echo what others have said. Calgary's office market is very volatile but massive and on average growing like stink. It showed negative absorption in the last two quarters but I'd say myself and most others are still quite bullish.

No doubts this one and City Centre will lease up. They are big boys though so hopefully the market gets a bit of time to absorb it before many other big projects hit the dirt.

[chris]

I wasn't worried too much about City Centre - that thing is already under construction. This project isn't under construction yet and what, there's 2 million feet of leasable space? I find it hard to find an anchor tenant now that the market is cooling down, no??

[drto]

See Doug's post above.
Cenovus has already signed up for 1 million of Tower 1's 1.4 million sq feet

[Bigtime]

Originally Posted by chris

I wasn't worried too much about City Centre - that thing is already under construction. This project isn't under construction yet and what, there's 2 million feet of leasable space? I find it hard to find an anchor tenant now that the market is cooling down, no??

Any reports that indicate this? Everything seems to be full steam ahead right now.

[Surrealplaces]

Originally Posted by chris

I wasn't worried too much about City Centre - that thing is already under construction. This project isn't under construction yet and what, there's 2 million feet of leasable space? I find it hard to find an anchor tenant now that the market is cooling down, no??

That market will no doubt cool down at some point, but this is going ahead from the looks of it. With an anchor tenant taking up most of the tower, it's go time.

[Habanero]

Yep, getting the space leased is not an issue. This one is getting built. Phase II might be a while, but I don't care about it that much.

[nickheer]

Originally Posted by Bigtime

Any reports that indicate this? Everything seems to be full steam ahead right now.

Someone I know who would know about this says that the market is as hot as ever. Virtually no vacancy downtown.

[LeftCoaster]

Originally Posted by chris

I wasn't worried too much about City Centre - that thing is already under construction. This project isn't under construction yet and what, there's 2 million feet of leasable space? I find it hard to find an anchor tenant now that the market is cooling down, no??

Like many already said, this one is substantially leased up already. In fact it's in better shape than City Centre.

The current office market is in limbo, nothing is bad, just a lot of uncertainty over Keystone, Northern Gateway and the general PPB of oil.

Long term the demand is there though

[Chadillaccc]

Again, this building is now under construction. It needs to be moved to that section. Thank you.



A detailed close up of progress from this afternoon.






By Chadillaccc, on Flickr

[Deepstar]

The consensus is that this one has started and that it is indeed getting built, but buildings don't usually get moved to the construction thread until a crane or crane base is there.

Calgary's next building to get moved will be First which is just putting in a crane base, followed by Mark (sometime in the next 2-3 weeks), and then Aura II and Eau Claire tower (6-8 weeks) then comes Vogue and Brookfield Place

Originally Posted by Chadillaccc

Again, this building is now under construction. It needs to be moved to that section. Thank you.

[LeftCoaster]

No it is not under construction.

I'll post this here so everyone can see the actual guidelines on considering something U/C, not just the modified rules used in the Canada section.

I've bolded, italicized and made larger the part most people seem to have trouble with.

Originally Posted by M II A II R II K

If a proposal starts construction but goes unnoticed by the moderation team, feel free to post in here to request it be moved.

Site preparation or merely just digging the foundation doesn't count as contruction starting, since digging a hole is just that, digging a hole. And plus any construction taking place within a foundation that pertains only to the excavation doesn't count either, since that's not construction for the actual building itself.

• Foundation work includes the implementation of permanent foundation components such as the drilling of caissons, etc.

• Top down construction involving piling doesn't require a foundation to have been dug for a building to be considered under construction.

A tall building is considered to be ‘under construction’ when site clearing has been completed and foundation / piling work has begun.

[Couchie]

This ain't a construction site. This here be a hole-diggin' site!

[Cowtown_Tim]

It's getting built, and yeah, basically it is u/c, but for this site, it get's moved once a crane is on site and foundation work has started.

Originally Posted by Couchie

This ain't a construction site. This here be a hole-diggin' site!

[Innsertnamehere]

^the general rule is once you see some concrete it can be moved.

[Surrealplaces]

It'll be moved eventually....folks just have to be patient

[Design-mind]

Love the sound of two caisson drills hammering away at the earth below. Music to my ears!

[TallBob]

Well, I guess they're serious!! LOL

[Design-mind]

Originally Posted by Doug

The first tower has Cenovus Energy signed up for 1m sq ft.

Calgary has one of the most volatile office markets on the continent so who knows what will happen to the vacancy rate. The current building boom is shaping up to be the second biggest on record, after the late 70's/early 80's. Under construction are:
-Brookfield East
-City Centre
-Eau Claire Tower

Planned to be u/c soon are:
-Bow South block
-3 Eau Claire
-Telus Sky
-Manulife

Approved and pre-leasing:
-Brookfield West
-Great West Life
-Palliser East
-Palliser West
-Century Park

If all of these are built, the downtown office space inventory would increase by around 8 or 9 million sq ft, which would be about a 20% increase.

Very interesting tidbit. Put into a different perspective that would be equivalent to 3 One World Trade Centres.