A marked increase in downtown Class A sublet office space in two key Canadian office markets-- Calgary and Vancouver -- is a harbinger of what to expect in most other leading Canadian office markets in 2009 and beyond, says commercial real estate firm CB Richard Ellis (CBRE) in its 2008 year-end report released Tuesday.
"We know that the fundamentals of the office market are going to decline, the real questions are where, when and how much?,"said John O`Bryan, vice-chairman of CBRE.
T he operator of Alberta`s electric power system is proposing a $1.38-billion transmission "loop" to add up to five times as much wind power capacity to the provincial grid over the next 10 years.
The Alberta Electric System Operator(AESO)is recommending the construction of a 240-kilovolt loop system to plug in up to 2,700 megawatts of wind power throughout southern Alberta. Wind now contributes about 500 MW of Alberta`s 12,400 MW installed capacity.
As the country`s finance ministers meet to plot an economic course, Premier Ed Stelmach warned Tuesday that deflated energy prices may technically send debt-free Alberta into deficit this fiscal year and force the province to tap its $7.7-billion rainy-day fund.
The premier`s economic forecast is a startling reversal of fortune for petroleum-rich Alberta, which analysts predicted only six months ago was on pace for a record surplus of nearly $12 billion this year.
1208REDR (Penhold) $2-million grant approved for Penhold multiplex
Nothing warms frozen fingers like an unexpected cheque. And when the cheque comes in the form of a $2-million grant, it`s going to warm those fingers really well.
Just ask Penhold Mayor Julia King.
The mayor`s toes and fingers were definitely a little icy after sod-turning ceremonies on a blustery Wednesday afternoon for the town`s new 65,000 square foot multiplex, set for completion in the spring of 2010.
A 300-lot residential subdivision proposed east of Bowden failed to clear first reading on Tuesday after Red Deer County councillors predicted conflicts with neighbouring farm operations.
There are three intensive livestock operations near the Davey Lake housing site, said Councillor George Gehrke, who was one of three councillors to reject first reading of an application to rezone 315 acres of agricultural land to allow for a multi-lot development.
Red Deer`s municipal planning commission has OK`d the site plan for an industrial building for Riverside Industrial Park.
The application, which was made by Timcon Construction Ltd., calls for a 9,070-square-foot building at 7465 45th Ave. Cl. Design drawings submitted with the application included six bays, each with a front entrance and rear overhead door.
The $150,000 price tag to restore a historic Edmonton barn has left some councillors complaining the project costs way too much hay.
The 1912-era Chandler barn will have its roof, foundation, wooden siding and windows repaired or replaced, but Coun. Bryan Anderson calls the budget "totally ridiculous," saying he recently helped build a new garage about the same size for only $15,000.
Edmonton has slumped to fifth spot in CIBC World Markets` economic ratings after ruling the roost last year.
The city`s index score of 15.5 -- a drop of 14.6 points -- is consistent with lost momentum generally in Western Canada, senior economist Benjamin Tal said Wednesday.
"A notable softening in labour market activity, population growth and housing market activity clearly played a significant role in the worsening position of these cities."
1208ALTA OPEC agrees to slash output, but oil sinks to $40 a barrel
OPEC oil ministers agreed to their deepest output cut ever on Wednesday, cutting 2.2 million barrels per day from oil markets in a race to balance supply with rapidly crumbling demand for fuel.
The 12 members of the Organization of the Petroleum Exporting Countries were also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel.
Penn West Energy Trust, Canada`s biggest conventional oil and gas income trust, said Wednesday it plans big cuts to capital spending in the first half of 2009 to deal with weak commodity prices and still-high operating costs.
Penn West did not say by how much it will cut its budget from the $525 million it spent in the first half of 2008.
F inance Minister Jim Flaherty has formally asked Alberta, Ontario and Quebec to contribute toward a government-backed $9.5-billion standby facility that would clinch a deal in the 16-month restructuring of wonky commercial paper.
The request was made in Saskatoon, where Flaherty met Wednesday with his provincial finance counterparts to discuss the coming federal budget and what should be done to deal with the global financial crisis.
A month after facing one of the biggest battles of his political career, Mayor Dave Bronconnier indicated Wednesday that -- barring unforeseen events--he will seek a fourth term in the mayor`s chair.
In a year-end interview with the Herald, Bronconnier noted there has been speculation over whether he would run for office at the federal or provincial levels or simply leave politics.
1208ALTA Albertans `misleading themselves` about the risks of house fires
More than two-thirds of Albertans don`t believe they`ll ever face a house fire, 90 per cent are comfortable with their risk levels and it often takes a destructive blast a few doors down for someone to start thinking seriously about routinely checking a smoke detector`s battery.
In fact, Albertans are worried more about fires starting at their neighbours` houses than their own, according to a re-cent poll for the Alberta government.
Travel - lovers of tony Bennett`s signature tune, take note: WestJet Airlines Ltd. is offering seasonal non-stop service to san francisco from Calgary starting in June.
Calgary to san diego is another seasonal non-stop service the Calgary carrier announced wednesday as part of its enhanced summer schedule. Both services are thrice weekly.
Bombarded with news of layoffs and business failures, Central Albertans could be forgiven for clutching their wallets and purses more tightly than usual.
But such economic woes do not necessarily reflect the situation here, and that`s prompted a local initiative to boost consumer confidence.
1208REDR (Blackfalds) Blackfalds tax hike 2.75 per cent
Blackfalds town council passed a $10.2 million operating budget that will increase the average homeowners` taxes by 2.75 per cent in 2009.
"We are accomplishing a lot with a tax increase of less than inflation," said Mayor Melodie Stol, who added the new budget will expand existing services and add a few new ones to meet the town`s growth needs, as well as allow for wage increases and debt repayment.
Homeowners, grab a calculator -- refunds, a drop in property assessments and a new waste utility will make the complex world of property taxes even more complicated next year.
The process already puzzles people; almost two-thirds of respondents to an August survey described the method of annually assessing property based on its estimated market value as "very confusing," said Rod Risling, assessment and taxation branch manager.
1208ALTA Province may have to dip into `piggy bank`
Don`t expect to see Alberta`s cabinet ministers carted away in handcuffs any time soon, even if the province`s spending outpaces its earnings in 2009-10, moving balance sheets into an illegal deficit.
Oil prices continued declining this week, hitting $36 US a barrel Thursday, compared to the $147 spike at the height of summer.
While the province still expects a $2-billion surplus at the end of this fiscal year, next year there will be trouble.
For the second time in less than a month Shawn Hewitt, a regional vice-president for The Home Depot, flew into Edmonton to open a new store.
But the hardware giant`s latest city store is decidedly different than the last one it opened in November.
That one was an infill store built in the middle of Westmount Centre -- Edmonton`s oldest shopping mall -- which had a section demolished to make way for the store.
