Canadian Property Management - BC Edition - July/August 2009

THE B.C./ALBERTA EDITION

Volume 17 No. 2

CANADIAN PROPERTY MANAGEMENT MAGAZINE

July/August 2009

BOMA B.C. AwARDs Of ExCEllENCE North Vancouver Library won a BOMA Earth Award in the new building category

T

he commercial real estate industry gathered in May for the annual BOMA B.C. Awards of Excellence at the Hyatt Regency in downtown Vancouver.

This year a total of eight awards were handed out recognizing outstanding office buildings and building management, companies and individuals.

The judging process evaluates all facets of a building’s operations — health and safety, tenant relations, management, design, energy and more.

Receiving Earth Awards this year was North Vancouver City

THE B.C./ALBERTA EDITION

Library in the new building category while Park Place won in the existing building category.

Three outstanding buildings won TOBY Awards: Crestwood Corporate Centre, Manulife Place and Pacific Blue Cross.

Oxford Properties Group was recognized for the Tenant Improvement of the Year award.

The President’s Award went to Bunny Wortman of Colliers International for her outstanding service and commitment to BOMA B.C. And finally, Corporate Electric was singled out for its exemplary service during a massive power failure in downtown Vancouver. v 1

JULY/AUGUST 2009

10213_Van.BOMAad.0809.qxd:5553_Vancvr_BOMA_ad.2

8/5/09

9:50 AM

Page 1

Foundation of Strength With real estate management and investment offices in major cities across Canada, the United States and Asia, Manulife Financial owns and manages an impressive portfolio of more than 29 million square feet.

Combined with our long-standing commitment to quality and service excellence, Manulife has earned a reputation as an industry leader in real estate – which goes hand and hand with our dedication to environmental sustainability and the efficient operation of our properties.

In Vancouver, Manulife owns and manages Manulife Place at 1095 West Pender and 510 Burrard – two of the first buildings in Canada to be certified under BOMA Canada’s “Go Green” program and recipients of the 2006 BC Hydro Power Smart Excellence Award!

Manulife Place, proud winner of BOMA BC 2009 Building of the Year!

Manulife Place

510 Burrard Street

Proud winner of BOMA BC 2006 Earth Award

Proud winner of BOMA BC 2008 Earth Award and 2005 Building of the Year

For leasing information: Manulife Financial Vancouver Real Estate Office Manulife Place 1095 West Pender Street, Suite 100 Vancouver, B.C. V6E 2M6 (604) 438-2302

fROM ThE EDITOR

GREEN suCCEss

s

ummer is a great time to tackle renovation projects. With the recent federal renovation tax incentive and the tough economy, the value of home renovations continues to rise. I will be tackling my own kitchen renovation this month, contributing my share to the seven billion dollars worth of renovation business expected this year in B.C. This is not the first time we’ve undertaken renovations ourselves but it will be the first time trying to complete a project on time and on budget while caring for two young children. It will be challenging.

Of course, re-doing our kitchen means thinking about green options — paint, insulation, energy star appliances, lighting and the list goes on.

The focus on energy efficiency and other green principles is not going unnoticed by the commercial real estate industry. Investment in green retrofits is strong. And the people and companies who are taking a leadership role in green retrofits are being recognized for their efforts. Just take a look at the winners of this year’s BOMA BC Awards of Excellence.

Gracing our cover is the North Vancouver City Library, which won an Earth Award in the new building category in recognition of its successful sustainability initiatives. Among its impressive

features are 120 solar water-heating panels, geo-exchange system, a highly efficient envelope and lighting.

All the winners reflect an industry that is listening and responding to tenant demands. Reducing energy consumption and operating costs make sense for owners and make their buildings more attractive to tenants.

Read about all the BOMA Award winners in the following pages and maybe you’ll be inspired to make some changes yourself — no matter how small.

Continuing on the green theme, BOMA BC executive vice president Paul Labranche provides an update on the BOMA BESt national environmental certification program.

Cheryl Mah Managing Editor

4

THE B.C./ALBERTA EDITION

CANADIAN PROPERTY MANAGEMENT MAGAZINE

Vol. 17 No. 2

July/August 2009

10

Publisher DAN GNOCATO dang@mediaedge.ca Managing Editor CHERYL MAH Graphic Designers SHANNON SWANSON CORY DAWSON British Columbia/Alberta Sales DAN GNOCATO Tel: 604.739.2115 ext. 223

12

Contributing Writers PAuL LABRANCHE

President KEVIN BROWN Published and printed (four times yearly as follows: April, June/July, Sept/Oct., Dec./Jan.)

by MediaEDGE Communications Inc. 402-1788 West Broadway, Vancouver, B.C. V6J 1Y1 Phone: 604.739.2115 Fax: 604.739.2117 email: bcedition@mediaedge.ca Printed in Canada

ISSN 1915-6049

April 21 & 22, 2010

www.buildexvancouver.com

THE B.C./ALBERTA EDITION

IN ThIs IssuE...

BOMA B.C. Awards of Excellence ..................................................... 1 In the Headlines ............................................................................... 16 3

JULY/AUGUST 2009

BOMA B.C. 2009 AwARDs Of ExCEllENCE

ThE EARTh AwARD New Building NORTh VANCOuVER CITY lIBRARY Owned and managed by City of North Vancouver

J

PR

D

IN

l

ocated in the heart of Central Lonsdale, the North Vancouver City Library is a 36,000 square foot state-of-the-art building. The $36 million building offers a full range of mixed use space, including a wired business and career centre, market promenade, wireless cafe, rooftop and outdoor reading rooms, and an amphitheatre. Opened in September 2008, it has already won several awards recognizing its unique design features.

Designed by Diamond and Schmitt Architects and CEI Architecture, the North

Vancouver City Library is targeting a LEED Gold certification. Energy efficiency, a safe and healthy work environment, water conservation and good lighting standards have all been employed in the design and construction of the building.

The library utilizes a combination of natural ventilation, geo-exchange cooling and solar energy. The first sustainable district energy mini-plant in Central Lonsdale provides energy to the library, and the 120 rooftop solar panels on the library collects energy for the mini plant.

The Dedicated Outdoor Air System uses fresh air as needed based on room CO2 and temperature sensors.

The exterior is clad in high efficiency glass panels and windows. All light bulbs and fixtures have dimming and occupancy controllers, and use low wattage compact fluorescent or other high efficiency lamps.

The Green Team promotes recycling to tenants, organizes staff challenges, contests and workshops. Public recycling receptacles are on all three levels. Items include electronics and heavy cardboard. v

B m

MEDIA

THE B.C./ALBERTA EDITION

4

JULY/AUGUST 2009

JOIN MORE THAN 11,000 PROPERTY MANAGERS / BUILDING OWNERS / FACILITY MANAGERS

DEVELOPERS / BUILDING OPERATIONS & ENGINEERS / APARTMENT MANAGERS INTERIOR DESIGNERS / ARCHITECTS / CONTRACTORS / RENOVATORS

Buildex is about designing, building and managing real estate.

FEATURING

APRIL 21 & 22, 2010

VANCOUVER CONVENTION CENTRE

www.buildexvancouver.com

MEDIA SPONSORS

THE B.C./ALBERTA EDITION

5

JULY/AUGUST 2009 www.buildexshows.com

BOMA B.C. 2009 AwARDs Of ExCEllENCE

ThE EARTh AwARD Existing Building

PARK PlACE

Managed by Gwl Realty Advisors Inc.

l

ocated in the heart of Vancouver’s downtown financial district, Park Place is a signature office tower that has made energy conservation a clear priority. The 35 storey building has tinted-double glazed windows, T8 fluorescents in tenant suites, L.E.D. emergency exit lighting, a lighting automation system and motion sensors in the parkade.

A Steam Condensate Scavenging System pre-heats domestic hot water. An Evaporative Condensing System saves millions of litres annually.

Ramping of floor fan motors allows for slow loading and peak load reductions.

There are speed drives on the main cooling tower fan motors and chilled water pumps.

A more advanced H-HVAC automation system was installed.

Tenants are encouraged to recycle toner cartridges and batteries. Tenant giveaways include energy efficient light bulbs and recyclable bags.

There’s random testing for CO2 levels and a higher efficiency dust and particulate filter system.

At 698,000 square feet, this is the city’s largest office building. The 20,000square foot floor plates are some of the largest in Vancouver and are designed for both single and multi-tenant occupancy.

The 450-foot-high structure is clad in Spanish pink granite with flush windows of copper rose reflective glazing chosen to match the stone. v

THE B.C./ALBERTA EDITION

6

JULY/AUGUST 2009

BOMA B.C. 2009 AwARDs Of ExCEllENCE

TOBY AwARD

Suburban Office Park

CREsTwOOD CORPORATE CENTRE

Managed by Gwl Realty Advisors Inc.

N

C

restwood Corporate Centre is a nine building, Class ‘A’ office campus totaling approximately 750,000 square feet in Richmond. Crestwood Corporate Centre’s park-like settings have indigenous plants, fountains and trails. There are magnificent lobbies with natural light, day lighting control of perimeter lighting, and an automatic lighting control system.

The award winning business park features low flow and hands free plumbing fixtures, Direct Digital Control links mechanical systems, and high efficiency boilers and chillers.

Designed to accommodate a diverse range of high tech tenants, amenities include a fitness centre with programs like Boot Camp and yoga. Special events include Ice Cream Days and Christmas appreciation days. An entire block is closed for their summer event which entertains 3,000 people.

Team events raise money for charity, plus they are involved in Daffodil Days, Blood Donor Clinics and Food Drives. v

serving the lower Mainland since 1966

Dura Seal is a Specialty Contractor.

We have identified several niche areas within the high rise and low rise construction industry and developed the expertise to excel in those areas. Dura Seal specializes in:

PROfEssIONAl DuCT ClEANING • Residential • Commercial Dryer Exhaust Cleaning specialists Improve air quality for a healthier environment.

Reduce heating & air conditioning costs

s 7INDOW AND 'LAZING REPLACEMENT OR REHABILITATION s s 3EALANT AND #OATING APPLICATION s s "UILDING %NVELOPE -AINTENANCE s s #ONCRETE REPAIR AND INJECTION s

Call The Clean Team 604.270.8488 • 604.591.3484

Bonded and Insured

www.powervac.ca

#306 – 2071 Kingsway Avenue Port Coquitlam, BC V3C 6N2 Phone: (604) 472-1919 Fax: (604) 472-1917 Website:www.duraseal.ca Email: office@duraseal.ca

PLATIN

THE B.C./ALBERTA EDITION

8

JULY/AUGUST 2009

Network. Educate. Discover.

Register online for FREE tradeshow access and great rates on over 40 seminars.

THE

10

TH

ANNUAL FEATURING

TRADESHOW & CONFERENCE NOVEMBER 3 & 4, 2009 BMO CENTRE, CALGARY www.buildexcalgary.com

Buildex is about designing, building and managing real estate.

For more information on exhibiting, contact Paul Maryschak at pmaryschak@mmart.com or 403.290.1080 press “3” or Wolfgang Ortner at wortner@mmart.com or 403.241.1088

PLATINUM SPONSOR

MEDIA SPONSORS

THE B.C./ALBERTA EDITION

9

JULY/AUGUST 2009

BOMA B.C. 2009 AwARDs Of ExCEllENCE

TOBY AwARD

100,000 square feet to 249,999 square feet

MANulIfE PlACE

Owned by Manulife financial Real Estate Western Canada’s Premier Janitorial Contractor

E

"We Do It Green" #105 – 240 4th Ave. S.W. , Calgary, AB T2P 4H4 Phone: (403)263-8170 Fax: (403)263-4189 101 - 245 Fell Avenue, North Vancouver, BC V7P 2K1 Phone: 604-985-7141 Fax: 604-985-8140

THE B.C./ALBERTA EDITION

10

xcellence in the areas of energy management, air quality, recycling, tenant awareness and heath and safety are just a few reasons why Manulife Place is a BOMA BESt level 3 certified building.

Located at 1095 West Pender, the building has reflective, double curtain wall glazing. Its lobby showcases a vaulted ceiling, granite, and a seamless glass wall.

Elevator lobbies are contemporary with stainless steel and granite. The gym’s change- rooms feature blow dryers and towel service. An amenity room with lighting sensors provides a lunch and lounge area with filtered water, recycling station and organics composter.

Washrooms have new tiled walls, silestone vanities, automatic faucets and soap dispensers, and low-flow toilets.

Energy highlights include a heat exchanger, upgraded Building Automation System, integrated lighting control system, twenty-two high efficiency motors, and variable speed drives on floor fans.

Tenants enjoy buffet lunches, Chinese New Year themed gifts and a dinner harbour cruise for key decision makers.

Look for Manulife’s 6-foot eagle which provides funds for a good cause.

Manulife Place, managed by Manulife Financial, is the company’s flagship office building in Vancouver. v JULY/AUGUST 2009

BOMA B.C. 2009 AwARDs Of ExCEllENCE

)NDOOR!IR 1UALITYAND 3USTAINABLE "UILDINGSGO HAND IN HAND )!1#REDIT!SSISTANCE FOR,%%$ŠAND "/-!"%3T )!1 -OULD !SSESSMENTS HAZARDOUSMATERIALS MANAGEMENT I E ASBESTOS GENERALOCCUPATIONAL HEALTH SAFETY CONSULTING

TOBY AwARD Corporate facility

PACIfIC BluE CROss

Managed by Gwl Realty Advisors Inc.

l

ocated on Canada Way and Gilmore in Burnaby, Pacific Blue Cross has received numerous community awards.

The building features T8’s and compact fluorescent lamps. Washrooms and the underground parkade have motion sensors. Installations include lighting control timers, a new boiler, and hot water tank.

Pacific Blue Cross overlooks beautiful landscaping. There is ample visitor and handicapped stalls, plus two levels of underground parking, which are swept several times daily. Building entrances have power doors for wheelchairs. Handicap washrooms are located on every floor.

An emergency generator is available in case of power outages. Emergency supplies include first aid kits, food and blankets on all floors — plus there is a first aid room.

Tenants benefit from a cafeteria and gym. Appreciation events include Ice Cream Day, a BBQ, Earth Day, and Christmas event. v THE B.C./ALBERTA EDITION

11

JULY/AUGUST 2009

BOMA B.C. 2009 AwARDs Of ExCEllENCE

TENANT IMPROVEMENT Of ThE YEAR AwARD OxfORD PROPERTIEs GROuP

O

xford Properties had 5,300 square feet of available space in the historic Marine Building in Vancouver, and were pleased to secure the Elephant & Castle Group.

Before the renovations the space had an open plan with the exception of a concreteencased safe and several offices.

The space was designed to complement and integrate architectural details from the Marine Building’s lobby, including the dark wall paneling and art-deco moldings.

Metal fabricators, tile makers, artists and millworkers were locally sourced to replicate materials and finishes from the 1920’s.

This modern renovation was seamlessly integrated into the classic art-deco finishing of the Marine Building.

The addition of the Elephant & Castle has transformed what was once a forgotten corner into a pivotal amenity. The 240 seat pub and restaurant is an authentic English pub concept that combines British classics with North American favourites. v

ROOFING CONTRACTORS ASSOCIATION OF BRITISH COLUMBIA

THE B.C./ALBERTA EDITION

12

JULY/AUGUST 2009

BOMA B.C. 2009 AwARDs Of ExCEllENCE

suPPlIER/CONTRACTOR Of ThE YEAR Companies must be nominated for this award, which is for BOMA supplier and contractor companies that repeatedly excel in exemplary service.

CORPORATE ElECTRIC

D

uring a massive power failure, Waterfront Properties, comprising 1.2 million square feet of office and retail space, was without power for three days. Corporate Electric went above and beyond during this emergency.

Corporate Electric provided 24/7 staffing on-site, added and removed devices as required, and provided communications for Cadillac Fairview’s incident command centre. They also assisted tenants such as the Vancouver Sun and Province whose operations were critical. Corporate Electric sourced out and installed an emergency generator that allowed the newspaper staff to continue working on two floors so that newspapers could be published.

Corporate Electric’s site-designated employee, who knows their tenants by name, thoroughly knew the property. Minimal supervision was required to help Cadillac Fairview through this emergency. v

ThE PREsIDENT’s AwARD

Each year, BOMA B.C. honours an individual for outstanding service and commitment to the organization.

BuNNY wORTMAN, COllIERs INTERNATIONAl

T

his year’s President’s Award recipient is a contributor of countless volunteer hours, including being an integral part of the Sponsorship Committee since 2002 by raising tens of thousands of dollars for the Corporate Sponsorship Program. Most of you will have seen her selling raffle tickets at the BOMA BC Christmas luncheon over the past six years. If you’re a golfer, there’s no mistaking her at the dinner seating sign up for the Golf Classic, which she has done for seven years. You will also see her selling the 50/50 tickets at that event v

THE B.C./ALBERTA EDITION

13

JULY/AUGUST 2009

CREATING A susTAINABlE ENVIRONMENT ONE BuIlDING AT A TIME

By PAul lABrAnCHE

T

he award winning BOMA BESt national environmental certification program for buildings has experienced nothing short of exceptional growth since its inception just six years ago.

To date, about 1,000 buildings have achieved BESt certification.

And what has been the most interesting observation so far is the variety of building types and classes as well as the participation occurring in every major market throughout Canada.

So what is BOMA BESt? The acronym stands for ‘Building Environmental Standards’. The BESt program is a unique combination of industry ‘best practices’ and performance measurement all in one easy to use on-line four level certification process. The best practices are defined at BESt Level 1 certification. This pre-requisite requirement is applicable to all building classes while the performance measurement aspect of the program kicks in at levels 2, 3 and 4. Currently, the higher levels are defined primarily for office application, however, BOMA Canada has recently introduced new specialized modules

Shaw Tower

for enclosed shopping centre malls; open air retail properties such as plazas; and light industrial properties may include warehousing, light manufacturing and flex space. Certification requires each building to undergo on-site third party verification and must be re-assessed every three years.

In the Vancouver market, BOMA BC has certified more than 200 buildings including the first ever residential towers managed

by Gateway Management Corp. Just recently, another milestone occurred when the Shaw Tower managed by Westbank Projects Corp. became the first building in B.C. to achieve a level four BESt certification. Only five other buildings in Canada are certified at this level which requires a 90 per cent or higher rating! All of these buildings are highlighted on the associations’ Green Buildings Foundation web site at www.greenbuildingsfoundation. Just look under ‘environmental certification’ for the listing.

As part of its goal to transform the existing buildings market towards energy efficiency through the BOMA BESt program, BOMA BC is establishing industry wide energy targets for the province.

These targets set a percentage reduction in energy consumption and Green House Gas emissions by 2015. This initiative will be in partnership with BC Hydro and the Ministry of Energy, Mines & Petroleum Resources. To help achieve the targets, four pillars that act as a framework have been identified: THE B.C./ALBERTA EDITION

14

JULY/AUGUST 2009

1. Energy conservation retrofit activity through a streamlined application process that connects a variety of funding partners; 2. Building owner/operator training and tenant engagement; 3. Demonstration projects and green leases; and 4. Energy benchmarking and energy use tracking. BOMA and BCH will be working collaboratively through an energy manager who will be responsible for coordinating the project.

On the carbon side of the ledger, BOMA BC has decided to position itself as an aggregator for the carbon credits that come with energy reduction initiatives. BOMA is now registered with the new Pacific Carbon Trust that will eventually accept and trade credits under the new provincial cap and trade legislation. This initiative ties nicely into the BOMA BESt program with its ability to track energy and validate savings through third party verification. The final piece of the puzzle for BOMA is to achieve tax incentives for buildings that demonstrate energy and environmental leadership. BOMA will be discussing ideas with the province this fall.

BOMA is leading the world in energy/ environmental stewardship for commercial real estate industry. The BOMA BESt certification program is a huge success and, perhaps surprisingly, achieving it without much fanfare. What’s not surprising is that BOMA would create industry standards based on a solid rational and pragmatic approach that delivers results — one building at a time.

Paul LaBranche is executive vice president of BOMA BC.

Tokue Suda Head Instructor, Abbotsford Judo Club

WE EARNED OUR BLACK BELT IN ENERGY CONSERVATION BEING POWER SMART MAKES BUSINESS SENSE Determined to improve their lighting, the Abbotsford Judo Club visited the BC Hydro Power Smart website for information. To their surprise, they ended up with more than just better lighting.

By replacing their old fluorescent lighting with energy-efficient fluorescents, the Club received a financial incentive through the Power Smart Product Incentive Program.

The new energy-efficient lighting has not only provided a revitalized environment to work and train, it is an upgrade that will pay off for years to come. The Club will be saving up to $600 a year in electricity costs.

BOMA BESt Certification levels

When it comes to conserving energy, the Abbotsford Judo Club truly

lEVEl 1 recognizes that your building has met all of the ten best practices — the minimum industry standard and pre-requisite.

Looking for new ways to highlight your business?

has it mastered.

Simply visit bchydro.com/incentives or call 1 866 522 4713.

lEVEl 2 certified buildings have achieved a 70-79 per cent rating using the BOMA BESt assessment tool.

LEvEL 3 certified buildings have achieved an 80-89 per cent rating using the BOMA BESt assessment tool. lEVEl 4 certification is the highest level of achievement. It is awarded to buildings that achieve over 90 per cent.

15

THE B.C./ALBERTA EDITION

JULY/AUGUST 2009

AD# P99607_Blackbelt_CPM

3 FILE NAME

JUN 2009

1200

P99607_Blackbelt_CPM.indd

100%

V1 DESCRIPTION

Integrated Production Studio NSP AD – Blackbelt

APPROVED BY BIG

IN ThE hEADlINEs

BuIlDEx CAlGARY CElEBRATEs 10 YEARs Alberta’s largest annual tradeshow and conference for the building industry is set to take place this November at the BMO Centre (formerly Roundup Centre) in Calgary.

Celebrating its 10th anniversary this year, the conference under the united brand name of Buildex for 2009 has amalgamated the three previous separate trade shows into one.

The two day trade event will feature more than 250 exhibitors and 40 seminars with leading industry professional speakers discussing trends and key issues facing the industry. Highlights include seminars on the real estate outlook for the Calgary market and energy retrofits for older buildings.

“Contrary to economic trends, we already have 14 per cent more exhibitors booked than the same time last year,” says show director Paul Maryschak. “This year should be particularly exciting with the internationally renowned Karim Rashid highlighting an exceptional line-up which also includes other international speakers as well as a few prominent Calgarians on what’s arguably the finest Buildex conference program to date. We are really looking forward to an exceptional 10th anniversary edition of this event.”

New to the show this year is an architecture photography competition where students and amateur or recently professional photographers have been invited to submit works of innovative and high profile architectural or interior design projects. Winning submissions will be showcased during the conference.

The annual Calgary Construction Association breakfast will kick off the event on November 3.

For more information and a complete list of speakers and sessions, visit www.buildexcalgary.com.

Left: Local talent Ken Richmond is the winner of Buildex Calgary’s inaugural photo competition with his shot of the 8 West building. All winning shots will be displayed on-site at Buildex Calgary on November 3 & 4 at the BMO Centre.

GROsVENOR BulDING sOlD Grosvenor Americas has sold The Grosvenor Building located at 1040 West Georgia Street in Vancouver. The 21-storey, 204,000 square foot, Class A office tower was developed by Grosvenor in 1985. Lead tenants include law firms Fraser Miller Casgrain, Edwards Kenny & Bray, and Hunter Voith Law Corporation, which collectively occupy 40 per cent of the net rentable area. Grosvenor Americas occupies the entire 20th floor and will remain a tenant after the sale. The building will retain its current name, The Grosvenor Building.

The building was purchased by Kingswood Capital Corporation, a Vancouver-based conglomerate active in a variety of businesses, including real estate investment and development, manufacturing, and financing.

The Grosvenor Building has floor plates of approximately 10,000 to 10,700 SF. The top five floors and several lower floors feature outside terraces. The property includes a 230-stall underground parkade with an attractive parking ratio of one space per 870 SF.

KEENAN JOINs AVIsON Michael Keenan has joined Avison Young’s Vancouver brokerage operation. Keenan will undertake selective office and retail leasing THE B.C./ALBERTA EDITION

mandates at Avison Young, while pursuing significant land assembly and value-add investment opportunities throughout the Metro Vancouver region and beyond.

Keenan has been in the real estate business for 28 years, initially with Knowlton Realty and most recently with CB Richard Ellis (CBRE) in Vancouver. Over the past three decades, he has established himself among the elite in the commercial real estate brokerage community, having successfully negotiated approximately $1.8 billion in leasing and sales transactions.

POOlE RETIREs Concert Properties co-founder Jack Poole has retired as board chair. Poole will continue as mentor and advisor to Concert in his new role as Chair Emeritus. Podmore, Concert’s president and CEO will assume the role of board chair and CEO. Dan Jarvis, who joined the company this past April, will act as vice chair and CFO while Brian McCauley has been promoted to the position of president.

Concert Properties celebrates its 20th anniversary this year. Owned exclusively by 19 union and management pension funds, Concert’s portfolio includes a wide array of development projects from rental housing, commercial and industrial properties, and 16

condominium housing to seniors living communities and resort developments in British Columbia, Alberta and Ontario.

CAlGARY OffICE CRIsIs According to a recent analysis by CB Richard Ellis, Calgary’s downtown office vacancy rate could soar to 18 per cent by 2011.

Calgary has 33 million square feet of inventory, but another 5.3 million square feet currently under construction. Its vacancy rate currently sits just under 7 per cent; with all of the new buildings, the total number of vacant square feet could soar to nearly seven million by October, 2011, CB Richard Ellis estimates.

In the fourth quarter of 2006, Calgary’s downtown office vacancy was a 0.5 per cent.

Cited as an example of the looming glut of supply was Eighth Avenue Place, with 1.1 million square feet under construction, it’s scheduled to be completed in early 2011.

It currently has no tenants.

However, Calgary remains among the world’s 50 most expensive office markets.

The city ranked 39 this year, with average costs per square foot of $54.57, down from $66.27. The only other Canadian city to make the Top 50 was Toronto, who ranked 46 with average rents of $51.82 (U.S.) per square foot, down from $62.44.

JULY/AUGUST 2009