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Commercial real estate rallies in Alberta capital region

The real estate market in Wild Rose Country has been pretty bleak. But there's some good news on the horizon for the commercial real estate sector in Alberta, especially for the capital region. A recently compiled report from a commercial real estate company lists positive numbers when it comes to office vacancy rates in Edmonton.

The office vacancy rate is expected to drop to 14.5 per cent -- 1.2 per cent lower than it was in 2018 and 1.4 per cent lower than it was in 2017. The industrial sector is faring just as well, according to the report. There were a number of commercial builds completed in the capital city last year while those vacancy rate numbers continued to improve. In fact, Edmonton's downtown core has seen an addition of more than 1.5 million square feet of premium office space since 2016.

What is very surprising to analysts is the amount of interest there seems to be in these new spaces. Many are looking at lease options for those new spaces despite the economic challenges faced in the province over the past few years. It seems as though companies want newer spaces and are happy with being given more options for their corporate spaces. Major new buildings in the downtown area include the Enbridge Centre, Edmonton Tower and Stantec Tower.

There are contractual obligations that go hand-in-hand with commercial real estate. An Alberta lawyer may be able to help a client with the legalities of these contracts, which can be replete with complex and often confusing legalese. Getting a lawyer's advice before signing lease agreements that often consist of thousands of dollars can be crucial.

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