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Commercial real estate abounds in downtown Calgary

It is said that every dark cloud has a silver lining. Right now, the dark cloud looming over Alberta is a sagging economy due to the slumping energy sector. For the commercial real estate market, however, the lining is made of diamonds, as two major diamond miners have chosen to relocate to the city.

Dominion Diamond Corporation, a company that operates mines in the Northwest Territories, has decided to move its headquarters from Yellowknife to Calgary in mid-2017. The company expects to save money on labour and office rental fees as a result of the move. Another diamond company, De Beers, opened its Canadian headquarters in Calgary during the summer of 2016.

Large amounts of commercial space are currently available in downtown Calgary, largely due to gas and oil companies moving out in an effort to cut their own costs. Calgary Economic Development has been working hard to bring new tenants to the city, using attractive rents and appealing leasing arrangements as bait. The president of the group reports that it have leads on around 100 companies of varying size considering making the move to the city.

For a business looking to move to, or establish a presence, in Calgary, it would seem the conditions are favourable. However, it is still advisable for potential tenants to look carefully at any lease agreement before going ahead and signing on the dotted line. Consulting with a real estate law firm that is familiar with the commercial real estate situation in the province would be a prudent first move for anyone considering setting up shop in Alberta.

Source: Calgary Herald, "Diamond mining company moving head office to Calgary", Reid Southwick, Nov. 7, 2016

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