`Calgary's downtown skyline will change once again with the expected 2017 completion of the 58-storey Telus Sky.

"The Telus team is tremendously proud of our longstanding history in Alberta and thrilled to announce the development of Telus Sky, which will stand as a lasting symbol of our passionate commitment to the Calgary community, our customers, our team members and to the province of Alberta," said Darren Entwistle, Telus president and CEO.

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".

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.

A RealNet Canada Inc. report says Calgary's 2012 commercial market saw an 80 per cent increase in investment compared to 2011.

Throughout 2012, the city saw 445 transactions over $1 million for a total of $4.84 billion.

Backed by continued expansion in the energy sector and lack of available space, rents in Calgary's downtown office market saw a massive surge in 2012.

According to commercial real estate firm Cushman & Wakefield's Office Space Across the World 2013 report, rents in the city's central core rose by nearly a third last year, and trailed only Bogata, Rio de Janeiro and Sao Paulo for rental growth in the Americas.

Calgary and Alberta's commercial markets have continued to make post recession headlines.

"The industry in Calgary has rebounded rapidly since the recession, bolstered by strong growth in employment, retail sales and investment in resource based supporting industries," said a BMO Economics commercial real estate outlook.

East Village is on its way to becoming one of Calgary's most sought after neighbourhoods.

"Starting this year it's fast forward again, it hasn't slowed down at all actually which is really great," said Susan Veres, vice president marketing and communications for the Calgary Municipal Land Corporation (CMLC).

"We finished the year last year (and) interest in the remaining parcels of land was really quite high so our focus last year and this year will be on commercial development, less on the multifamily side."

The City is drawing up urban design guidelines for large commercial sites, guidelines that could change the face of big box shopping in Calgary.

According to the City, the guidelines would provide consistent guidance to developers and City staff to help ensure large commercial sites create a pleasant public realm, allow for safe pedestrian and cycling movement, reduce the need for car travel within the site, are environmentally sustainable and can be adapted for other uses.