One of the most widely anticipated research reports is Emerging Trends in Real Estate, co-published by PwC and the Urban Land Institute. For its 38th edition, the two organizations interviewed more than 500 professionals, ranging from private owners to large real estate investment trusts (REITs).
We’ve included a link to the full report at the bottom, but here are a few of the highlights specific to Edmonton:
- Edmonton’s GDP is expected to contract slightly in 2016, as low oil prices contribute to slower activity in a number of sectors. The local real estate market has softened as a result, but the city still remains stronger than other Alberta markets; infrastructure spending and the redevelopment of the downtown core have helped mitigate the impact.
- With ten years’ worth of office space coming onto the Edmonton market in the next few years, those involved in the commercial sector expect significant change. The new Class A space downtown may prove to be less expensive than suburban offices, and respondents anticipate that companies will leave their Class B or C premises for upgraded space in the core. A portion of older B and C stock is likely to be redeveloped into residential, as owners look to innovate in order to respond to a shifting market.
- Edmonton’s downtown rejuvenation is creating the kind of urban core community that could attract millennials and others eager to live close to work, shops, and cultural facilities. Retail properties are performing surprisingly well, considering the downturn in the oil patch. One respondent said that strip malls are still looking positive, and landlords report that tenants are signing long-term leases, suggesting an optimistic outlook.
The full report is available here.
Source: Emerging Trends in Real Estate
Chad GriffithsPartner, SIOR, CCIM
Chad is a partner with NAI Commercial Real Estate and focuses on the Greater Edmonton area. Chad entered the industry in 2004 and has completed over 400 commercial transactions with clients ranging from small, local companies to large institutional owners. Chad has been a top 15 producer with NAI Canada-wide since 2013.
Ryan BrownPartner, BCom, SIOR
Ryan is a partner with NAI Commercial Real Estate in Edmonton and is currently ranked nationally as one of NAI's top advisors. Having executed in excess of $100 Million worth of sales transactions and over 2 Million square feet of lease transactions, Ryan has developed a firm understanding of asset evaluation and an aptitude for building design, functionality, and long-term practicality.
Darcie is a licensed Commercial Real Estate Agent in the Province of Alberta with a focus on the Edmonton market and its surrounding areas. Darcie accomplishes custom solutions for her clients through her personable nature and results driven attitude. Darcie can help if you are looking to invest in commercial real estate or are looking for representation for a sale or lease transactions.
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