Oxford Properties has expanded its successful OxWorx flexible workspace program to a second Calgary office tower. (Courtesy Oxford Properties)
With the beleaguered Calgary downtown office market continuing to struggle with exorbitant vacancy rates, Oxford Properties Group, which owns five office properties in the core, is expanding its unique OxWorx program to attract tenants.
The initiative has been working. Oxford’s vacancy rate in its 4.5 million square feet of central business district office space is eight per cent – compared to an industry-wide vacancy hovering around 25 per cent.
OxWorx, a flexible office solution for tenants, began at Oxford’s Bow Valley Square last year. On March 1, it rolled out to the Millennium Tower, with further expansions also being considered.
“We just had a real success story in Bow Valley after we piloted and watched this concept,” said David Routledge, Oxford’s vice-president of real estate management west. “As we looked into our portfolio in the Eau Claire area, we just decided we would replicate and tailor it to this part of the downtown, and we kicked it off in Millennium Tower.”
Millennium Tower is about 436,000 feet. Bow Valley Square is about 1.4 million square feet.
How OxWorx works
Routledge said Oxworx offers all types of businesses a variety of customizable leasing options, making it possible for international corporations and local startups alike to thrive side by side in the heart of the city.
“The intent is to respond to the market. It is a flexible office solution in terms of providing our customers with shorter-term leases, varying sizes of office options,” Routledge told RENX. “The market in Calgary is changing in many ways. The energy industry has its challenges but we’re also experiencing good activity amongst smaller companies. Some are startups, some are professional firms, some are financial services firms.
“The thing that’s very interesting in OxWorx is some of the companies that are taking space with us are larger entities with a small presence in Calgary. We’re really just trying to respond to the market and provide a flexible office solution for people.”
Global software development company ESQ, for example, has chosen to locate offices in Oxford’s Calgary properties. ESQ has announced its Canadian support and software development branch, Cloudexa, will open soon in OxWorx at Bow Valley Square.
Bow Valley Square has 21 suites on two floors for OxWorx. In Millennium Tower. there are seven suites which occupy about half a floor.
“A new program for leasing”
David Routledge, Oxford Property Group’s vice-president of real estate management west. (Courtesy Oxford Properties)
“We’ve developed kind of a new program for leasing these smaller suites. What it is in a nutshell is, we’re leasing-flexible office premises on shorter-term leases. We typically look for a minimum of a three-month commitment and even more significantly is we’ve gone away from a traditional office lease and we’ve got a page-and-a-half licensing agreement, which is kind of all-encompassed in a six-page agreement,” said Routledge.
“So for a tenant looking for space it just creates a very flexible, easy-to-understand document. We also take payment on a credit card or ETF. We make all the transactional process very simple and straightforward and we’ve stripped away all the complexity that’s typically involved in a conventional office lease.
“We’ve made it very simple for people to move in quickly, get into business and our rent is kind of an all-inclusive number as well. We don’t have a bunch of fees for services in this space.”
A recent report by commercial real estate firm CBRE said Calgary’s downtown office vacancy rate is expected to rise to 29.1 per cent this year from 27.2 per cent in 2019.
“Stakeholders continue to look for solutions to the historically high vacancy rates in downtown Calgary. The repurposing of empty offices into other uses has been the most widely discussed solution; however, challenges with this strategy remain,” said the report.
“These include non-viable floorplates, complex construction and a lack of 100 per cent vacant properties. While few candidate buildings may proceed, the number of viable conversions is limited and will only have a minor impact on the 11.5 million square feet of vacant space downtown.”
Leasing prospects in Calgary
Routledge said Oxford is very focused on customer service and has spent much time “amenitizing” its buildings with conference facilities and a new concept called The Hub Tenant Lounge.
This sports area comes complete with foosball, ping pong, a pool table and gaming areas; a collaboration space with board games, cable TV and events for customers (including weekly coffee, wine and beer socials); and an unplugged zone for customers to unwind in a peaceful, soundproof library space.
“We’re just finding that by responding to the market in Calgary and investing in our buildings with new ideas . . . we’re getting really strong traction in the market. Overall we did about 500,000 square feet of new and renewal leasing in Calgary last year,” he said.
“And in Q1, we’re probably going to do about 75,000 square feet in new leasing in Calgary. We’re having good results in Calgary in spite of the challenges that are here.”
Does Routledge foresee the unique OxWorx project being rolled out to other Oxford downtown properties?
“It will be demand-driven. (It’s) hard to say at this point. We want to see how the marketplace reacts to it. We started it with Bow Valley with one floor and then expanded from there. We’ll go through the same sort of program at Millennium Tower,” he explained.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
