In its spring and summer newsletter, Avison Young said Calgary's commercial real estate sector remains resilient despite "growing concerns" about Alberta's future economy.

With the energy sector remaining cautious about weakening oil prices and the uncertainty surrounding the Keystone XL and Northern pipelines, as well as Alberta recording a sixth consecutive deficit this year, the newsletter says economic growth remains "decidedly positive".

According to the latest BMO Small Business Confidence Report, Canadian businesses remain confident in their business prospects and the state of the economy for 2013, with British Columbia and Atlantic Canada leading the way.

Based on their answers to a series of questions, the majority (62%) of business owners have a positive outlook for 2013. Again, businesses in Atlantic Canada (70%) and British Columbia (69%) lead the charge as the most optimistic.

Once regarded as the tightest commercial market in the country, things in downtown Calgary are beginning to change for prospective tenants.

According to a report from CBRE Limited, the first quarter of 2013 saw absorption in Calgary drop substantially, with 260,281 sq. ft. of sublet space returning to the office market. As a result, sublet space now accounts for 43.3 per cent of downtown vacant space, up from 8.7 per cent at this time last year.