* Part three of three in Calgary's Growing Up series

Calgary's commercial sector riding high with innovative designs, added amenities

It's tough to keep tabs on Calgary's skyline these days.

With new buildings breaking ground every week in an area already adorned with construction cranes, it's no surprise the city's commercial sector ranks as one of Canada's most active.

With 791,344 square feet of office space leased through the first nine months of 2014, and another 3.8 million of square feet under construction, it's not simply the amount of leasing activity taking place in downtown Calgary, but the stature of those building yet to be constructed.

Calgary's commercial sector still among nation's busiest markets

With cranes a seemingly permanent fixture of Calgary's growing skyline, it's of little surprise the city's commercial market has been one of Canada's busiest.

According to a report from commercial real estate services and investment firm CBRE Ltd., demand for office space in Calgary and Toronto has contributed to a decline in the national office vacancy rate, which fell for the first time in two years during the third quarter of 2014.

"The Canadian economy may not be firing on all cylinders, but the Toronto and Calgary office markets turned out quite a performance last quarter," said CBRE chairman John O'Bryan.

An additional $300 million in development and as many 500 new condos are slated for East Village after a partnership announcement between RioCan Investment Trust and Embassy BOSA including a Loblaws grocery store.

"Calgary is on the tipping point right now, with condo living becoming a more sought after alternative to suburban life," said Ryan Bosa, president of Embassy BOSA. "The future of Calgary is up not out, and developments like the East Village showcase how Calgary is creating vibrant, sustainable communities."

Quarry Park drawing big companies to its mixed-use community

While Calgary's downtown is home to some of the biggest companies in the world, Quarry Park in the southeast has become the new kid on the commercial block, and many of those same companies are deciding to call it home instead.

A gravel pit for 50 years, Quarry Park is emerging as one of Calgary's most up and coming "it" communities. In 2005 it began to form as a vision of Remington Development Corp. The mixed-use community includes homes, retail and commercial offerings.

CREB's first female board director discusses her life and her craft

Grace Turley was never one for barriers.

As a small child she would escape her family yard in order to explore the surrounding town of Ochre River, Manitoba. That sense of curiosity would lead her to the world of real estate years later when she settled with a family of her own in Calgary.

Upon seeing an ad seeking an "experienced real estate man", Turley applied anyways — and got the job.

Calgary's Chinook Centre is amongst the top 10 most productive malls in North America, according to a report from US publication Retail Insider.

Placing tenth overall and fifth in Canada, the southwest Calgary mall brought in $1,108 per sq. ft. in 2013. In 2012, Chinook Centre ranked seventh overall bringing in $1,055 per sq. ft. while retaining its status as the fifth most productive shopping centre in the country.

One possible concern pointed out in the report is the impact of the declining Canadian dollar on retailers north of the border. With dollar amounts for U.S. shopping centres in US dollars and Canadian centres in Canadian dollars, next year's ranking could change significantly.

With more than 200 transactions over the million-dollar price point in the first six months of 2013, Calgary's commercial market continues to be the subject of "cautious optimism".

Highlighting trends and developments in 11 major centres across Canada, the 2013 RE/MAX Commercial Investor Report found commercial inventory remained scarce during the first half of the year, particularly in the multi-unit residential, industrial, and retail sectors.

The country mouse is doing just fine.

In a report released from RE/MAX, Alberta, along with Saskatchewan, saw the biggest increases in farmland values in the country. According to the report, the high end of farmland values in Alberta increased from $6,500 an acre in 2012 to $8,500 an acre this year.

A report detailing Calgary's bustling downtown office market is suggesting a potential over-abundance of space could result in increased vacancy.

With as much as 7.5 million sq. ft. of space set to come to the downtown core over the next four to five years, a report from Cresa calls the potential impact of the current level of development "significant", adding to the possibility of increased vacancy in the area.

Space in Calgary's once constricted downtown office market could soon be a little easier to come by.

While ranked as the tightest market in Canada in a report from Avison Young, the vacancy rate in the downtown core could escalate alongside new developments set to enter the market.