The report sheds light on commercial real estate in just the greater Edmonton area. Click here to read the full report.
Edmonton saw a strong year-over-year increase in total dollar value of commercial property sales during the first half of 2017 as a result of the ongoing stabilization of the oil sector. Numerous large property sales during the first 2 quarters of 2017 contributes to a 39% increase in total sales value for commercial properties. The total value topped $1 billion at the mid-year point. This is the first time in three years for Edmonton!
Private investors are the most active buyers, while institutional investers have focused primarily on retail and industrial properties. Vacancy rates for retail properties is 5% while industrial properties sits at around 8%.
Total retail sales during the first two quarters of the year have gone up to $331,872,034 from the $158,933,000 sales in 2016.
Total sales volume for office buildings saw a significant increase of 202 per cent year-over-year during the first half of 2017. 1.8 million square feet of new office inventory is entering the market downtown, as well as a major provincial office relocation to a government owned campus on the southside of the city.
As the price of oil continues to slowly stabilize, Edmonton's commercial property market is expected to continue to slowly recover.
Let us know how you feel about the commercial market in Edmonton in the comments below.