CIBC predicts mild recession for Alberta this year

Alberta appears headed for a mild and temporary recession this year, says a new report from CIBC World Markets.

The report, released Monday, forecasts the province’s annual economic growth will change from Canada’s best in 2014 (4.1 per cent) to the second worst in the nation this year, at negative 0.3 per cent. Newfoundland’s forecast is the worst, with real GDP expected to drop to a negative 1.3 per cent this year.

Read this story HERE.

Mosaic Centre sets new bar in green office buildings

EDMONTON – Mayor Don Iveson wore a hard hat and work gloves Tuesday to install the final solar panel on a new office building that sets a benchmark for energy efficiency.

The Mosaic Centre for Conscious Community and Commerce, in Summerside, stands as “a testament to the fact that there is an intersection between commerce, between community, between our environment, and even beauty,” Iveson said at a celebration of the $10.5-million project.

“It even smells good,” Iveson said, standing in front of a three-storey wall of green plants in the building’s atrium.

Read this story HERE.

New chairman takes lead at developers’ group

Plosz is senior vice-president at Hopewell and has been with the company for 16 years. He takes over UDI-Calgary’s top seat from Karin Finley and steps in at a time when work in land development faces a number of moving parts.

Part of the shift is with questions around lot supply.

“The development industry would look at it and the home builders would look at it and say ‘this is how many lots we think we have’ and the city would look at it from their geodemographics group and say ‘this is how many lots we think you have,’ ” says Plosz. “There was no comparing notes to (ask if) they’re the same numbers.”

Read full article HERE.

Elevated LRT being considered for north-central line

An elevated train system — which would be 15 meters above ground in the city centre, crossing over top of Plus-15 walkways — is one of four options councillors will discuss on Wednesday as they consider the pros and cons of different design scenarios for the future north-central LRT line.

The section in question would run through the city’s core, from 10th Avenue S. to approximately 24th Avenue N., ultimately extending Calgary’s LRT system from the city’s far north to the southeast hospital.

Read more HERE.

Work begins on Bjarke Ingels’ pixelated tower in Calgary

Construction on Calgary’s newest skyscraper, the 66-story Telus Sky Tower, recently broke ground. The building, designed by Bjarke Ingels Group (BIG), is a 70,000-sm office and residential tower located adjacent to The Bow, a 237-meter-tall office block designed by Foster + Partners, according to Dezeen.

Telus Sky Tower will be the home of Telus, a telecommunication company, as well as 320 serviced residences. Additionally, there will be a 500-sm gallery for local artists and ground-floor retail.

Read more HERE.

City asks for public input on proposed downtown Galleria project

The city is looking to test the level of public support for the proposed $850-million Galleria project, a downtown arts and university complex kick-started with a promise of $50 million from city council.

An opinion survey was posted this week on the city website and two open houses will be held next week to discuss the massive project for the northeast edge of downtown.

Read more HERE.

Calgary industrial real estate market coming off a strong year

Leasing activity in Calgary’s industrial real estate market in 2014 was the highest it’s been in eight years.

A report by Colliers International in Calgary says there was just over five million square feet of absorption (the change in occupied space) last year — the highest yearly absorption since 2006.

Despite the high rate of absorption, only 500,000 square feet of new construction was added to the industrial inventory in the fourth quarter of last year, added the report.

Read more HERE.