Bedrock calling the bottom of the commercial market

Calgary entered the 2018 commercial market with a cautious optimism. This is a relief from a two-year recession where vacancy rates increased from 8.52% at the beginning of 2015 to 27.06% by mid 2018.

Calgary Downtown Office Marketing Forecast report
Source: Colliers International Research and Forecast Report Calgary Downtown Office Market First Quarter 2018

West Texas Intermediate (WTI) has been trading between $60-70 a barrel since late December. However, Western Canadian Select (WCS) has been trading at a discount to WTI and exporting Alberta oil is proving difficult as pipeline approvals are delayed.  This has slowed the growth potential for Calgary’s energy based economy

We are predicting that the bottom of the commercial market will be in sometime this year. With that being said the market has experienced a flight to quality space. Top quality pockets of 5,000 sq. ft. or less are being quickly leased in the current market.

What does this mean to the office user?  If you intend to take advantage of the renter’s commercial market right now, this next 12-18 months may be the most opportune time to look for savings in your rental expense or that chance to upgrade to A quality space at rents tenant’s paid for C space in 2014 at 6% vacancy. The window is wide open now but maybe closing soon.

graph average asking rates for commercial real estate in calgary
Average asking rates for commercial real estate in Calgary.
Source: Avison Young Q1 2018 Market Report

Interested in seeing what’s out there? Contact us today and we’ll help you find the perfect deal for your business.

Bedrock Realty is Hiring a New Sales Assistant

Want to make extra money during your spare time? If you are a people person and have the gift of naturally engaging people, we are looking for you. Make extra money 2-3 hours a day from home! Pick your hours to work within regular business hours.

We are looking for a sales assistant who can make phone calls and promote our real estate brokerage business.

You must have:

  • Good communication skills
  • Excellent sales skills
  • A phone and a computer
  • Preferably: Experience in call centers

We pay $15/hour plus bonus if deals that you bring in are closed. Part-time. Flexible hours. Can work from home.

Excellent career opportunity. New real estate brokerage with large upside potential. Lots of projects in the pipeline. Be one of the founding employees in this exciting company. To learn more about us, please visit www.bedrockrealty.ca.

If you are interested in this job, please send a resume. Only for Calgary area.

Job Type: Part-time

Salary: $15.00 /hour

Bedrock Owner Shares First-Home Story With CREB Now

screen shot of an article on the website CREB Now, with a photo of a Calgary, Alberta, Canada neighbourhood and the headline, First Time Home Stories From Calgary's Business Community below the photo
On April 6, Bedrock Realty owner John Savard was interviewed by online magazine CREB Now about his firs- time home purchase.

In early April 2018, Bedrock Realty owner John Savard was included in an interview by CREB Now, a Calgary real estate magazine. Savard, along with other notable Calgary business people, shared the story of his buying his first home.

Below is an excerpt from the story. Read the full article.

Savard’s first home purchase was in Inglewood in 2001. He was 32 years old at the time. As a first-time buyer, he says he was lucky to have a REALTOR® that had closing skills when it came to the purchase, which was a “fantastic thing.”

“It was an up-down duplex, because the mortgage was a little expensive. I bought it with a basement suite and I rented out the garage. I had a roommate upstairs so I could afford my mortgage.”

Bedrock Realty Helps Build Well in Uganda

Bedrock Realty owner John Savard is pictured in front of a well being built in Uganda, with community workers behind him
Bedrock Realty owner John Savard is pictured in front of the well he recently helped build in Uganda with the Entrepreneurs Organization (EO).

John Savard, owner Bedrock Realty, recently paid a visit to Uganda, where he volunteered to help have a well built for the residents in the community.

Once operational, the well will supply fresh water to approximately 3,500 people. This will save these families from walking 6 km to fetch fresh water and save them about $30 USD per month. This is a large portion of their monthly expenses.

A huge thank you to the Entrepreneurs Organization (EO) and its members Shane Benis and his father Ben Benis who created this project! We are more than pleased to have been able to assist in this incredible goal!

Bedrock Realty Owner Featured in Business Magazine

Calgary commercial realtor and owner of Bedrock Realty, John Savard, was recently included in an article in Calgary Business magazine regarding the current state of the city’s downtown office vacancies.

Below is an excerpt from the article. Read the entire article here.

John Savard, principal, office leasing specialist with Bedrock Realty Advisors Inc., says tenants who had a line of sight on their long-term income streams in 2017 took advantage of low office rents and took out leases for as long as they could, signing seven-to-15-year-old deals.

“I don’t see anyone willing to pay economic rents,” he says. “We saw a lot of activity but that activity was based upon flight to quality. New sublease space coming to the marketplace. Unfortunately, I don’t see that the market has turned a corner yet.”

Thank you to Calgary Business and business reporter Mario Toneguzzi for including us as a trusted resource in your publication!

A screen shot from Calgary Business, an online magazine.

Calgary Commercial Realtor Featured in Business in Calgary Magazine

Calgary commercial realty company Bedrock Realty was recently featured in the May 2017 issue of Business in Calgary magazine. Below is the article, or see it for yourself in the online version of the magazine here.

Magazine clipping of Bedrock Realty in Business in Calgary magazine

A recession like the one Alberta has experienced over the past few years can devastate industries, communities, and corporations. It’s important to have advisors who understand the cycle and can help clients weather the storm. John Savard of Bedrock Realty Advisors is one of those resources.

In the 14 years that he has been working as a commercial and office realtor in Calgary, Savard has seen it all.

“I’ve seen a few different markets going from a balanced market to an extreme landlord’s market to a tenant’s market and back again. Now we’re fully in a tenant’s market,” he says.

That’s great news for Savard’s clients. He specializes exclusively in tenant transactions, eliminating the conflict of interest some competitors encounter when representing both sides of the coin.

“We believe we can only serve one master. We feel we can offer the best services to our local tenant clients because we don’t have anyone else’s interests at heart,” he says.

With the downtown vacancy rate sitting at around 25 percent, there is an immense amount of office space available and tenants have their pick. Savard uses his expertise and experience to ensure clients are getting the best deal possible regardless of what they need.

His clients fall into one of three categories: those seeking lease renewals, those looking for a new space or those subleasing. And in a recession market, early renewals are a great way to help clients improve their own bottom line.

“You don’t want to waste the opportunity that exists in a recession,” he says. “Now is a time to create significant value for your company by getting a much lower lease rate.”

Savard and his team at Bedrock have been successful in helping clients negotiate early lease renewals with landlords. By blending their current, likely higher, lease rates with ones more indicative of today’s market, clients enjoy an immediate reducction on in their real estate costs while landlords keep tenants in their buildings for an extended term. While rates will likely rise in the near future, the low rates are a great opportunity for Bedrock Realty’s clients today.

Over the past 14 years, John Savard has helped hundreds of tenants negotiate their perfect commercial space, establishing him as one of the top performing commercial brokers in the field. And as Calgary climbs out of this recession and grows stronger, thanks to his guidance and expertise, Savard’s clients will be stronger too.

Are you looking for that perfect office space? Check out our free Office Locator Tool to help guide you through the process quickly and easily! 

Bedrock Featured in CREB

John Savard was recently quoted in CREB Now as an expert in the office leasing market. Below is a portion of the article. Read the Full Article.

Commercial real estate felt the pinch of a slumping economy in 2016 and Calgary’s suburban office market was no exception.

From headleases – between a landlord and a tenant – to subleases – where a tenant puts some of their excess space on the market – commercial real estate outside the core had its challenges.

“A significant amount of very, very large blocks of vacancies are available on the sublease market and the headlease market, for that matter, and we have not seen a great number of tenants going in to take those spaces,’’ said John Savard, principal, office leasing specialist with Bedrock Realty Advisors Inc.
Suburban office vacancy rose 0.3 per cent during the fourth quarter of 2016 to 22.6 per cent, according to a recent Barclay Street Real Estate report.

John news-page-001
John Savard of Bedrock Properties Ltd., discusses Calgary’s commercial real estate market with CREB Now. Click photo to view full article.

 

Bedrock Feeds 600 Families in Philippines

As many of you already know, we here at Bedrock are very passionate supporters of the Antipolo Orphanage in the Philippines.

In December 2016, we travelled to the orphanage in Manila, where we helped feed 600 families in the city for Christmas. These people were the poorest of the poor in Manila, with many of the families struggling to eat and get even the basic necessities.

It was such a pleasure to be able to be there to help all these families. This is such a valuable charity that really makes a difference int eh lives of others.

If you’re interested in learning more about the charity or donating yourself, visit http://graceybwebber.com/home-of-love.

Below are some images of our trip here – we can’t wait to go back!

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Bedrock proud to help B&A Planning Group with Relocation

B&A Planning Group - Calgary Herald ArticleAs featured in the Calgary Herald this week, Bedrock Realty had the pleasure of helping B&A Planning Group take advantage of the current market and relocate their offices to an entire floor of the prestigious west tower of Penn West Plaza.

Read the whole article by David Parker in the Calgary Herald here.

Bedrock Supports Free the Children

free-children-water-walk-2016
On Saturday, Sept. 24 Bedrock Realty participated in the 5k Walk for Water in Chestermere.

On Saturday, September 24, the team at Bedrock Realty participated in the Walk for Water, a 5K walk in Chestermere in support of Free the Children. As part of We Day, this charity event helps raise money to build wells in third world countries.

For more information or to help support this wonderful charity, visit www.we.org/we-day/we-day-events.