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Calgary commercial real estate felt the pinch of lower oil prices during the first quarter, according to two new market reviews.

A RealNet Canada Inc. report Monday said 111 transactions of at least $1 million occurred during the quarter, down 28 from a year earlier. The total dollar volume — $753.1 million — was off by 11 per cent.

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Meanwhile, a report by Cushman & Wakefield said the premium office market in Calgary is already “reeling from the sudden impact of downsizing companies” as the city is on the brink of a recession due to gutted oil prices, with more pain expected.

Its Canadian office market outlook said that without a sustained oil price recovery Calgary’s premium office market will see vacancy climb from 4.7 per cent to 12.4 per cent by the end of 2015 and to 15.4 per cent by the end of 2016, figures not seen since the early 1990s.

In the first quarter, a record 1.23 million square feet of space was returned to market by retrenching companies, it said.