(Source: Calgary Herald)
Commercial real estate investment in the Greater Calgary Area has fallen to its lowest level since 2001.
A total of 52 transactions over $1 million were recorded in the first quarter of 2009 totalling $229.5 million, according to research firm RealNet Canada Inc.
That total dollar volume has decreased by more than $400 million from the fourth quarter of 2008. Year-over-year, the decrease from the first quarter of 2008 to the first quarter of 2009 was over $1 billion.
“Despite a significant deceleration of investment activity, the retail sector posted a 36 per cent gain from the previous quarter,” said RealNet. “This was largely due to the $23 million sale of West Springs Village.”
Read Mario Toneguzzi’s full article “Commercial real estate investment lowest since ’01 in Calgary” in the Calgary Herald (May 27, 2009).