According to new report by CBRE, a commercial real estate firm stated that vacancy rates of offices in Edmonton fell down for the very first time in half decade in Real Estate in Edmonton, down from 19.9% in previous quarter to 19.7% in summer 2017. You can know that How To Buy and Sell Real Estate: Buying Commercial Real Estate in Canada.
Last decline to this was during summer 2012, when percentage rate decreased from 9.9% to 9.3%.
CBRE also noted that development in Real Estate in Edmonton has been stemmed from activity in downtown core, where summer vacancy rate fell down from 20.6% to 20.3% , the very first in area since spring period 2015.
So region is expected to enjoy 2nd fastest economic growth in Canada during this year, CBRE also stated that this state may not last. You can know more about Commercial Real Estate Investing in Canada.
“Economic conditions continue to improve in August, Alberta government also announced that it is intent to adjust the future spending plans, as revenues in first quarter were less than what was forecasted in 2017/2018 budget,” as quoted by Postmedia.
“Uncertainty spending by government in Real Estate in Edmonton has much potential to alter the leasing activity in short term.”
During earlier this week, Conference Board of Canada projected that there is an increase in Edmonton’s GDP by 3.9% during this year as a result of the higher oil valuation along drilling plans and increased investment. Growth rate has been slower down by 2.2% in year 2018 because of impending hike of oil prices.