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Is this the time to make a commercial real estate move?

Buying and selling property is a little bit like playing the stock market: there are no guarantees for success, only educated guesses and hopes for making the right move at the right time. Unlike in some parts of the country, the real estate situation in Alberta is not booming, and has been a bit hard to read of late. One industry insider is suggesting that now may be exactly the right time to take the plunge in the commercial real estate market.

The president of Orange Group Commercial Real Estate believes that the current economic climate in the province bodes well for corporate buyers looking for space. Office space is readily available in the urban centres thanks to a growing vacancy rate brought on by a depressed economy. As such, he feels this is the right time for a business that wants to move downtown to take a look at what's available.

Understanding the needs of one's business, and any deficiencies in one's current space can help to target new locations that may be more appropriate. Those looking to renew a lease might be able to leverage this information, or use it to make a choice on moving or renegotiating. He warns the process of researching new space can be slow, and recommends acting before an existing contract expires.

Buying or leasing commercial real estate comes with a unique set of challenges. A lot is riding on the outcome of decisions like these, which makes it important to go in prepared with knowledge and support. An Alberta real estate lawyer can help review contracts before they are signed to help ensure a smooth move to a new company home.

Source: CBC News - Calgary, "Tips for relocating your Calgary business during the economic downturn", March 15, 2017

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