GenSet CP 1700 - Date/Photographer unknown.

25 November 2012

Canadian Pacific Railway Move from Downtown Calgary Good for Core Says Real Estate Board Prez

Calgary Alberta - The downtown departure of Canadian Pacific Railway will help both Ogden and Calgary's downtown core chug along, says the president of the Calgary Real Estate Board.
 
Canada's second-biggest railroad is planning to relocate much of its headquarters from downtown to the Ogden area of Calgary.
 
The move was made under a restructuring and cost-cutting plan that its new chief executive will detail to investors next month.
 
Employees will move out of the company's iconic glass building on 9 Avenue S.W., a move that Bob Jablonski, president of the Calgary Real Estate Board, said is a positive one.
 
"They are staying in Calgary, that's the good news," he said.
 
"And I think it would open up possibilities for other businesses to move to the downtown core so that's great because it's pretty short."
 
He said it will greatly help downtown's office vacancy rates, the second lowest in Canada behind Vancouver.
 
The move follows another departure from the core, Imperial Oil announced in September it plans to relocate its downtown offices to a complex located on a 20-acre site in Quarry Park.
 
"The real estate market is very good in Calgary and the commercial market is good as well, and any time there is an opportunity like this for other ventures to go in there that's great," he said.
 
"They are staying within the city, which actually helps both the community of Ogden and Quarry Park," Jablonski said.
 
"It's just a matter of looking at their financial situation and, do I want to buy, or do I want to rent, or lease something, so they chose to cash in their chips and leave."
 
Katie Schneider.