Booming commercial real estate in downtown Edmonton – Edmonton

A group of commercial real estate development professionals say they are excited about the future of Edmonton and want others to see what goes on.

Kris Augustson, vice president of Remington Development Corporation, is one of the people who helps educate others about the opportunities out there.

“We really wanted to go in and show what is happening in the city today, highlight these major projects and provide background information on what the development community is seeing and some future trends and what we are forecasting for the future,” he said.

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NAIOP, the association for commercial real estate development, organizes virtual tours and expert panels for question-and-answer sessions throughout the week.

The group says one of the most successful sectors during the pandemic was industry.

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“It’s been a real winner in our region over the past 24 months just because of the real boom in e-commerce growth. People buy things online. They want things to be delivered to their door, ”said Bronwyn Scrivens, associate broker at Omada Commercial.

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Edmontoners are slowly returning to the office, new report shows

She found that some industrial spaces are even being turned into retail options for businesses like craft breweries.

“We used to have a lot of vacancies in our town and now they get blown pretty quickly,” she said.

The retail vacancy rate is currently 5.2 percent, which indicates a healthy market, according to John Shamey, Associate Partner of Cushman and Wakefield.

But he notes that retailers have changed with so many working from home.

“The suburban markets are more active than High Street, Whyte Avenue or Jasper Avenue, but I think that trend will change as people work from the office.”

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According to Cameron Martin, Senior Leasing Manager at Epic Investment Services, downtown vacancy rates are still just under 20 percent.

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But in the past few months, interest has been piqued as companies expect a return to the office.

“They’re looking and trying to secure their place so they have time to do a construction project, make the move smoother, and figure out the logistics,” said Martin.

These potential tenants are looking for prime space to attract and retain talented employees.

“Air circulation, cleaning, incidence of light, things like that are definitely very important. Then amenities, fitness centers, boardrooms, meeting rooms, ”he added.

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However, not everyone will do without the home office. Martin noticed an increase in the number of sublet rooms.

But these developers say the shift may not be as drastic as it was first predicted in 2020.

Anand Pye, executive director of NAIOP Edmonton, said Colliers’ numbers show we may have weathered the worst of the storm by now.

“Your most recent study showed that the number of people who needed less office space or who reported downsizing has fallen from 46 to 26 percent.”

Tickets for NAIOP events are available here.

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