Edmonton Commercial Real Estate

Alberta is said to lead Canada in economic progress by 2008 and onwards. One of its key cities, Edmonton, is already making headway in advancements, with 200% growth since 1996, the year when oil sands royalty changed. Oil sands production is said to contribute about $885 billion to Canada’s GDP for a 20-year period, starting in 2000. The employment impact here can reach up to 6.6 million. And Alberta, particularly Edmonton, has reaped the benefits.

Even when oil and gas is Edmonton’s leading industry, the city is the hub of other successful industries like manufacturing, finance, and nano-technology. The city houses the headquarters of some Canada’s leading companies, such as the Katz Group, Capital Health Authority, and PCl Construction Group Inc. And there has been a steady influx of in-migrants and immigrants to support the advancing industries in Edmonton.

Real estate has boomed steadily, alongside this economic growth. New housing rates and rent have increased up to 19% in 2007. From to 2007 to 2008, rate and rent have increased by 3% as of April 2008. Commercial real estate rates have increased by roughly 10%. Rental for commercial space in Class A category places in financial districts are between $21 and $30 per sq. ft.; while those in Classes B and C range from $10 to $16 per sq. ft. Class A commercial space in Edmonton suburbs range from $17 to $19 per sq. ft.; while others range from $11 to $16 per sq. ft.

There are several available commercial real estate in Edmonton, and now might be the best time to avail of these as rates are said to flatten out in 2008.

Interested in knowing your commercial real estate options in Edmonton? Click here.