A group of commercial real estate development professionals say they are excited about Edmonton’s future and want others to see what is happening.
Kris Augustson, Vice President of Remington Development Corporation, is one of the people who help educate others about the opportunities that exist.
“We really wanted to get in there and showcase what’s going on in the city today, highlight these big projects and give some insight into what the development community is seeing and some future trends and what we are planning for there. ‘future,’ he said.
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NAIOP, the commercial property development association, organizes virtual tours and expert panels for question-and-answer sessions throughout the week.
The group says one of the most prosperous sectors throughout the pandemic has been industrial.
“This has been a real winner over the past 24 months in our region, solely because of the real booms in e-commerce growth. People buy things online. They want things delivered to their doorstep, ”said Bronwyn Scrivens, Associate Broker at Omada Commercial.
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She noted that some industrial spaces were even being converted back into retail options for businesses such as craft breweries.
“We used to have a lot of vacant housing in our city and now it’s done pretty much quickly,” she explained.
In retail, the vacancy rate currently sits at 5.2 per cent, which Cushman and Wakefield associate partner John Shamey says suggests a healthy market.
But he notes that there has been a shift in where retailers are very successful with so much work from home.
“The suburban markets are more active than you will see on High Street, Whyte Avenue or Jasper Avenue, but I think that trend will change as people work from their desks. “
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When it comes to office space, vacancy rates downtown are still just under 20%, according to Cameron Martin, senior director of leasing at Epic Investment Services.
But in the past few months, he said there has been significant interest in the interest, with companies anticipating a return to the office.
“They are looking and trying to secure their space so that they have time to do a construction project, to make the move smoother and to understand the logistics,” said Martin.
These potential tenants are looking for high-end spaces to attract and retain talented employees.
“Air circulation, cleaning, light penetration, things like that are really very important. Then, equipment, fitness centers, meeting rooms, meeting rooms, ”he added.
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However, not everyone will give up on home offices. Martin noted an increase in the number of sublet spaces.
But these developers say this change may not be as drastic as first expected in 2020.
Anand Pye, executive director of NAIOP Edmonton, said Colliers figures show we may have weathered the worst of the storm already.
“Their latest study showed that people who needed less office space or who said they were downsizing were down 26% from 46%.”
Tickets for NAIOP events are available here.
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