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Interest in commercial real estate coming from south of the 49th

It is well documented that the Alberta economy has been suffering in recent years. One need look no further than the vast amounts of commercial real estate and office space available in Calgary for proof. Surprisingly, new tenants may be on their way from the United States.

Perhaps in response to an uncertain political climate, many companies are looking north to set up shop, according to the President and CEO of Calgary Economic Development. Apparently the organization has been fielding an unusually high volume of inquiries from individuals and corporations about acquiring space in the city. The phenomenon has been likened to the crashing of the Canadian immigration website following the U.S. election in November.

Interestingly, some of the querying parties appear to be coming full circle. Evidently, a number of Canadian companies that had established themselves in places like California, are now looking to Calgary as rents continue to climb in hot spots such as Silicon Valley and the Bay area of San Francisco. Calgary is perceived as offering available space, favourable rents and a skilled labour force.

Choosing a space to establish a corporate office is not a simple process, nor can decisions be made overnight. It is wise to research the available properties and weigh all applicable pros and cons before signing any contracts. Partnering with a law firm experienced with commercial real estate transactions and the associated legalities in Alberta would be a prudent decision. Their skill and dedication may make the process flow more smoothly, and could help a potential buyer avoid any costly mistakes or oversights.

Source: metronews.ca, "American businesses eye vacant Calgary offices", Brodie Thomas, Jan. 16, 2017

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