Developers of The Bow building in Calgary's downtown core won't be going ahead with a planned second tower at this time.

Instead of building the proposed second tower, which was to be part of The Bow development project, the owners of the property will be building a public plaza.

While Calgary's commercial office market saw its vacancy rate on the rise in 2013, a new report shows the city will remain one of the most important players in Canada this year.

Dubbed "the nation's largest development market" in Avison Young's 2014 Commercial Forecast, Calgary is expected to see vacancy rates escalate in 2014 thanks in part to developers bringing new supply to the downtown core.

Plans have finally been announced to redevelop Eau Claire Market.

Regina-based company Harvard Developments Inc. has been working with the City of Calgary and other community groups to create a final design for a mixed-use project totalling 2.5 million sq. ft..

"Redevelopment of the market and the property was always the objective from the time Harvard Developments Inc. and its partners made the purchase of Eau Claire in 2005. Our company is 113 years old and we believe in investing in communities and owning and maintaining those assets for the long term.