Downtown development slowing
Posted Mar 28, 2010 8:09 am.
This article is more than 5 years old.
Not long ago, six million feet of square feet was under construction in the downtown core.
Today, many of those cranes are gone with the recession clearly affecting the downtown building market.
From 2006, 17 condo units were put on hold or cancelled.
Greg Kwong, the regional director for CB Richard Ellis in Alberta tells the Calgary Herald, the recession basically killed millions of dollars worth of projects in downtown Calgary.
He says the trend affected the whole city but particularly downtown.
After a break of about 18 months, some condo projects are back but this time with lower pricing, thanks to the current economic situation.
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