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Commercial real estate looking up in Alberta capital

In a recent report, a real estate researcher has indicated that a small increase in office vacancies in Edmonton's downtown core may be promising news for the potential expansion of existing companies. That's good news for commercial real estate in the Alberta capital seeing that the Conference Board of Canada (CBC) is earmarking Edmonton for 17,600 jobs in the business sector come 2021. According to the CBC, that will cut the vacancy rate to about five per cent.

Companies looking to expand in Edmonton will need the space to house new employees -- hundreds of thousands in square metres according to the real estate researcher. The office vacancy rate in downtown Edmonton last summer was 17.7 per cent, up slightly from a year previous. Edmonton's market is showing stronger numbers than Calgary. In the same timeframe, Calgary's downtown vacancy rate increased to 27 per cent from 22 and net rents decreased to $12 per square foot from $16. That number in Edmonton is $18.10 a square foot.

Edmonton and Calgary will feel the positive effects of Vancouver's likely expansion for the handling of container ships. That would increase inland business in Alberta's two major cities. The positives would be felt by the entire province.

Commercial real estate is both an exciting and daunting endeavour. Alberta residents looking to make deals in this sector may wish to consult with a lawyer who is seasoned in real estate law. A lawyer will ensure his or her client's best interests are protected in any deal involving real estate transactions, whether that client is a purchaser or seller. 

Source: edmontonjournal.com, "Edmonton commercial real estate prospects looking up", Gordon Kent, Nov. 2, 2017

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