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Commercial real estate: Lethbridge industry on the upswing

If the community of Lethbridge is any indication, business is starting to look much brighter. The Alberta community's industrial sector is starting to turn a profit once again. The commercial real estate market is beginning to look healthy.

An investment group recently sold an industrial warehouse in Lethbridge that it bought three years ago. The company made a gross profit of more than $2 million upon the closing of the deal. Experts are not surprised by that amount considering data that shows the recent strength in the industrial and commercial real estate markets in the southern Alberta community.

A commercial agency that collects such data says commercial and industrial investments in Lethbridge have increased this year. The average price for industrial base builds having increased to about $140 per square foot. It also states that more than half of 80,000 square feet of new industrial space in the first quarter was preleased, with 42,000 square feet already under construction.

The agency predicts that Lethbridge's industrial market should continue to rise during the rest of 2017. Prior to making the leap into investing in industrial and/or commercial real estate, Alberta investors, entrepreneurs and developers would be wise to seek the advice of a lawyer with extensive experience in all aspects of real estate. Navigating the legalities of real estate is complex, and the aid of a lawyer will make any transactions go much smoother, taking the stress off potential investors. No matter how appealing incentives look or sound, it's always prudent to move forward with caution before speaking to a lawyer regarding any possible real estate transactions.

Source: westerninvestor.com, "Lethbridge industrial market turning a strong profit", Accessed on Aug. 4, 2017

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