| In the not-too-distant past, construction cranes used | | | | 2008 and resulting recession essentially killed |
| to be a ubiquitous sight in Calgary. During the real | | | | development for Calgary. He said that the call for |
| estate boom, some six million square feet of space | | | | new office and condo buildings was flat during the |
| was added to downtown Calgary's office market. | | | | past 18 months. He said he was amazed at how |
| Now, most of the cranes have gone away | | | | quickly the demand was extinguished. |
| downtown as the building fever has subsided, at least | | | | Two large projects, Eighth Avenue Place and The |
| for now. The economic recession has stymied or | | | | Bow, will be completed in the next two years. At |
| cancelled the construction of a number of residential | | | | more than a million square feet, Eighth Avenue Place |
| condominium buildings. It is estimated that 17 of | | | | is expected to be ready for its first occupants in |
| these projects have been affected since 2006. | | | | November. The Bow, a 1.7 million square-foot building, |
| Greg Kwong, CB Richard Ellis' regional managing | | | | will be completed in mid-2011. |
| director for Alberta, said that the economic crash of | | | | |