Cresa Alberta’s Post

The first quarter of the year saw positive absorption of 305,608 sf, much of which is due to a handful of notable transactions occurring in Class AA buildings. A good sign of steady deal activity that we believe will continue through the year. Q1 2024 overall vacancy has fallen to 24.91% from 26.17% at the end of 2023, and asking rates along with operating costs continue to rise steadily, particularly in the Class AA submarket. Click on the link below to download our report to read more about Cresa Alberta's perspective. https://lnkd.in/gBPij7Ei #CommercialRealEstate #OfficeLeasing #Cresa #CresaAlberta

In the first quarter of 2024, the overall vacancy rate slightly increased from 18.37% to 18.67%. The downtown office market vacancy continued to increase, much of it was attributed to the continued downsizing of existing large tenants in the market. However, there was a decrease in the suburban vacancy rate due to larger tenants consolidating and organic growth from smaller professional service tenants. Click on the link below to download our Q1 2024 Edmonton Office Market Report. https://lnkd.in/gMrvmgf4 #CommercialRealEstate #OfficeLeasing #Cresa #CresaAlberta

Overall vacancy fell to 3.42% in Q1 2024 from 3.64% in the last quarter of 2023. A year ago, we shared information on new industrial developments in the greater Edmonton area that were being built on spec, which covered the significant amount of new industrial construction underway, market drivers, economic outlook, and the impact on vacancies and industrial rates. In this issue of The Occupier, we discuss the absorption tracked from these new developments since Q1 2023.  Click on the link below to download our Q1 2024 Edmonton Industrial Market Report. https://lnkd.in/g3FVTuj6 #CommercialRealEstate #IndustrialLeasing #Cresa #CresaAlberta

The fourth quarter of the year finished off with a good deal of activity. Overall vacancy for Q4 fell to 26.17% with a whopping 1,242 082 square feet of positive absorption. This is in part due to one of the largest deals that has happened in the downtown core for quite some time. CNRL has completed a deal to consolidate and relocate into two different buildings. As optimistic as this decline in vacancy is, the space that CNRL will be leaving behind has yet to hit the market, which will offset the drop in vacancy we are seeing now. To read more about our perspective on the downtown Calgary office market, click on the link below. https://lnkd.in/gM6Sdiyq #CommercialRealEstate #OfficeLeasing #Cresa #CresaAlberta

Q4 2023 follows with a slight drop in vacancy from 3.51% in Q3 to 3.48% in Q4 with an overall vacancy of 3.64% that includes available sublease space. In the last issue of The Occupier, we shared information on the increase in property tax in Edmonton proper and the negative effect this will have for businesses. In this issue, we will be sharing significant news regarding a sweeping new zoning change that will affect businesses operating in Edmonton, and we expect for the better. Click on the link below to download our Q4 2023 Edmonton Industrial Market Report. https://lnkd.in/grKpD6ZN #CommercialRealEstate #industrialleasing #Cresa #CresaAlberta

We are proud to announce that Byron Wakeling has been promoted to Managing Principal! Byron joined Cresa Alberta in 2019 as a partner and has since shown dedication to the growth and advancement of our Edmonton office. He has been an instrumental part of our team as evidenced by his contributions and we look forward to his further success and fresh perspective in his new role. Please join us in congratulating Byron! #cresalberta #edmontonleasing #commercialrealestate #cresa 

This quarter has seen a slight decrease in vacancy down to 3.51% for the Greater Edmonton Area; this has come from a decrease and further absorption in surrounding municipalities as the trend for larger industrial tenants continues to move outside of Edmonton proper. In this issue of The Occupier, we invited Chris Buchanan, Director of Property Tax from Altus to provide an overview of the tax climate in Edmonton and how it pertains to industrial property users. https://lnkd.in/gi3CxyuM #CommercialRealEstate #industrialleasing #Cresa #CresaAlberta

Our Edmonton office is looking for a part-time Operations Associate to join our team. If you are detail-oriented, self-motivated, and enjoy working in a dynamic environment, click on the link below to learn more and apply. https://lnkd.in/gpsj6uEm #cresaalberta #edmonton #werehiring #commercialrealestate

The Edmonton office market displayed encouraging signs of activity in Q3, marking the first quarter of positive net absorption for 2023. This uptick in activity was observed across both the suburban and downtown markets, despite persistent challenges like high interest rates and escalating construction costs. Click on the link below to download our Q3 2023 Edmonton Office Market Report. #CommercialRealEstate #OfficeLeasing #Cresa #CresaAlberta https://lnkd.in/gbumCy-R