Though energy prices may be dropping, Calgary’s commercial real estate market is expected to continue to maintain its strength over the next few years, according to a recent report from CBRE.
The global property firm has said that the long-term growth of the commercial, industrial and retail real estate market will continue its forward momentum, even though there may be a slight cooling off in the immediate future.
The company’s report also said there has been a steady increase in the construction of a wide range of different types of spaces – including industrial, office, retail, and hotels.
Further, the report indicates that the number of units rented continues to be particularly high, which results in a low vacancy rate. This translates into an increase in rental rates, and is proving attractive to investors both locally and abroad. In terms of square feet of office, commercial and industrial space per capita, Calgary is second only to Toronto.
This information is indicative of a strong economy beyond the real estate market, and is good news for firms such as Print companies, which provide services to the commercial, retail and industrial sectors.
It is expected that there will be a slight falling off of suburban, industrial and commercial renters in the city, which will mean that there will be a small drop in the number and value of real estate transactions over the coming year.Get a Free Quote for Print
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