Calgary still hot for commercial developers

The economy may have been hit by the oil price slump but developers still view Calgary as a hot location for new commercial development. International property firm Grosvenor has just acquired its third site in the Beltline with plans for a mixed office and residential development. Agron Miloti of realtors Newmark Knight Frank Devencore told The Globe and Mail that Grosvenor was far from the only party interested in the site: “Competition is huge. Developers all over Canada are looking to invest in Calgary. The city’s on a down cycle as far as the economy goes, but demand for sites like these hasn’t waned at all.”

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