Construction Today - February 2011 - (Page 86)
Canadian markets such as Calgary have fared better during the recession than others in North America.
Commercial | CB RICHARD ELLIS CANADA
Weathering the Storm
CBRE FINDS DEVELOPMENT TO BE EASIER IN WESTERN CANADA DUE TO AN ISOLATION FROM THE SLOW ECONOMY. BY CHRIS PETERSEN
here’s no doubt that the real estate market in North America is in a slump, but there are areas of respite for developers who are sufficiently diversified. As the only commercial real estate company listed in the Fortune 500 and the owner of the largest property management portfolio of any brokerage company in North America, it’s safe to say that CB Richard Ellis (CBRE) falls into that category of developers. With operations around the world, the full-service commercial real estate firm has more than just North America on its plate, but even within that subcategory there are still pockets of growth. For example, western Canada has continued to more or less thrive as its neighbors to the south have dealt with crippling debt and
abnormally high vacancy rates. Vice President Chris Thompson of the firm’s Alberta office explains that the provinces of Alberta and British Columbia have fared better than could be expected, given the global economic slowdown. “Overall, it’s fair to say that the U.S. market was a lot harder hit than we were,” he says. At its worst, the region’s retail vacancy rate reached 3 percent from a low of 1.6 percent before the recession struck, but in recent months that has dropped to 2.8. A number of factors contributed to western Canada’s being shielded from the worst effects of the recession, according to Thompson. He says the region’s economy is largely exportdriven, for one, with much of the area’s products going to Asian markets not necessarily impacted as deeply by the economy as the United States and Europe. Additionally, Canadian banks have been more tightly regulated than their American
CONSTRUCTION-TODAY.COM FEBRUARY 2011
Table of Contents for the Digital Edition of Construction Today - February 2011
Construction Today - February 2011
Out of the Blues
Wall Works USA Inc.
Pacific Pile & Marine
Dufferin Construction – Highways 403 and 401 Projects
Natt McDougall Co.
Abhe & Svoboda Inc.
McKinney Drilling Co.
ODOT/Miller Cable Co. – Northeast Ohio ITS Project
Barnard Construction – Snoqualmie Falls Hydroelectric Redevelopment Project
C.A. Barrs Contractor Inc.
Charles Blalock and Sons Inc.
Parsons Brinkerhoff, Hatch Mott MacDonald, Skanska USA, Dragados USA and Tutor Perini – Alaskan Way Viaduct Replacement
William Charles Construction – I-39 Repaving
CB Richard Ellis Canada
The Cadillac Fairview Corp. Ltd./PCL Constructors Canada Inc.
Fargo Pacific Inc.
Critchfield Pacific Inc.
Harold O’Shea Builders
Culpepper Construction Co. Inc.
Golden State Framers
Hudspeth & Associates Inc.
IMC Construction Inc.
Jones Lang LaSalle – Empire State Building Renovation and Retrofit
Econo-Malls Management Corp.
Turner Construction San Diego – New Central Library
Trotter & Morton – University of Calgary
Collavino Construction Co. Inc. – One World Trade Center
Danis Building Construction Company – The Indu and Raj Soin Medical Center
F.J. Sciame Construction Co. – Abraham Joshua Heschel School
Eckman Construction – Pinkerton Academy Freshman Building
The Hagerman Group – Parkview Whitley Hospital
Whaler Industrial Contracting Inc.
Construction Today - February 2011