EDMONTON – Edmonton’s commercial development industry launched its own education, networking and advocacy group on Tuesday.
The newly formed NAIOP Edmonton chapter takes its name from a Washington, D.C.-based organization that began as the National Association of Industrial and Office Parks.
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Total sales of commercial and industrial land and buildings in Edmonton during 2012 was the highest in five years, according to a report released Friday.
There were 648 sales last year with a total value of $2.45 billion, just off the five-year high reached in 2011, said the Realtors Association of Edmonton commercial division in its inaugural semi-annual update on land and building sales activity.
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Commercial development accounted for about one-third of the value of construction permitted in January, according to month-end figures issued by the town.
Permits were issued for three commercial construction projects. The permit for a change in use and renovations for Hot Yoga Studio to locate in the neighbourhood mall at 117 Lakeway Blvd. was valued at $264,000. Tenant improvements were permitted for Prairie Dawgs in Hewlett Park Landing valued at $189,600 and for Liberty Tax Service in Ryders Square valued at $77,600.
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The First Quarter 2013 Canadian Real Estate Sentiment Survey, released today, reveals confidence is up among commercial real estate lenders from Q4 2012. The survey is conducted quarterly comparing the opinions of the top commercial real estate executives across the country. Bosses are asked about the current and future outlook on market conditions, lending conditions and asset values.
The survey indicates that the current state of the economic climate has contributed to the buoyed activity in the commercial real estate sector.
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CALGARY — The Greater Calgary real estate market accelerated its recovery from 2009, climbing by 81 per cent in terms of overall investment dollar volume in 2012 from the previous year, says a report by RealNet Canada.
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A sign erected at a new development on the west side of the city will stay there for a least six months, city council’s public works committee agreed Tuesday.
The sign, which is currently in front of a development on the northeast corner of 100 Avenue West and 116 Street, measures 35.72 square metres.
It is located on the south end of the property, which is kitty-corner from the Centre West Business Park.
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East Village is on its way to becoming one of Calgary’s most sought after neighbourhoods.
“Starting this year it’s fast forward again, it hasn’t slowed down at all actually which is really great,” said Susan Veres, vice president marketing and communications for the Calgary Municipal Land Corporation (CMLC).
“We finished the year last year (and) interest in the remaining parcels of land was really quite high so our focus last year and this year will be on commercial development, less on the multifamily side.”
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The city will study where and how retail and commercial developments of all sizes fit in Calgary’s market as bureaucrats expect applications to increase over the next years.
The Planning and Urban Development Committee approved administration’s plan to conduct a $350,000 study that will aid planners understand the financial and other impacts related to different forms, locations and scales of retail and commercial developments.
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The business makeup at Clearview Market Square is becoming clearer, although a couple of question marks remain.
Only three bays in the trio of multi-tenant commercial buildings in the shopping centre west of 30th Avenue and south of 67th Street have yet to be committed.
But all have pending deals related to restaurants: with two earmarked for a national restaurant, according to the leasing brochure for the property.
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CALGARY — Calgary’s commercial real estate market garnered significant international investment activity in 2012, says Avison Young’s 2013 Canada, U.S. Forecast which was released Thursday.
“Market conditions are expected to remain favourable in 2013, with the commercial real estate sector continuing to benefit from growth in the energy industry,” added the report. “The Conference Board of Canada forecasts Calgary to lead the country in economic development with an average annual growth rate of 4.1 per cent for 2013 through 2016. Multi-residential and office buildings are anticipated to be the assets sought most by investors, while developers will focus on adding much needed space to the retail market.”
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