A group of commercial real estate development professionals say they’re excited about Edmonton’s future and want others to see what’s going on.
Kris Augustson, vice-president of Remington Development Corporation, is one of the people who is helping educate others on the opportunities out there.
“We really wanted to get in there and showcase what’s happening in the city today, highlight those major projects and give some background as to what the development community is seeing and some future trends and what we’re predicting moving forward,” he said.
NAIOP, the commercial real estate development association, is hosting virtual tours and expert panels for Q&A sessions throughout the week.
The group says one of the most successful sectors throughout the pandemic has been industrial.
“It’s been a real winner over the last 24 months in our region, just because of the real booms in e-commerce growth. People are buying things online. They want things delivered to their door,” said Bronwyn Scrivens, an associate broker with Omada Commercial.
She noted some industrial spaces are even being repurposed into retail options for businesses like craft breweries.
“We used to have a lot of vacancy in our city and now it’s pretty much getting blown through at a rapid rate,” she explained.
In retail, the vacancy rate currently sits at 5.2 per cent, which John Shamey, an associate partner with Cushman and Wakefield, says suggests a healthy market.
But he notes there’s been a change in where retailers are seeing a lot of success with so many working from home.
“The suburban markets are more active than you’ll see on High Street, on Whyte Avenue or Jasper Avenue, but I think that trend is going to shift as people work from the office.”
When it comes to office spaces, vacancy rates downtown still sit just below 20 per cent, according to Cameron Martin, a senior leasing manager with Epic Investment Services.
But in the last few months, he said interest has piqued, with companies anticipating a return to the office.
“They’re looking and trying to secure their space so they have time to do a construction project, make the move more seamless and figure out logistics,” Martin said.
Those potential tenants are looking for top-of-the-line spaces to help attract and retain talented employees.
“Air circulation, cleaning, light penetration, things like that are definitely very important. Then amenities, fitness centres, board rooms, meeting rooms,” he added.
Not everyone will ditch the home offices, though. Martin noted an uptick in the number of spaces being subleased.
But these developers say that shift may not be as drastic as first predicted back in 2020.
Anand Pye, executive director of NAIOP Edmonton, said the numbers from Colliers show we may have weathered the worst of the storm already.
“Their latest study showed that people needing less office space or who reported that they were downsizing is down to 26 per cent from 46 per cent.”
Tickets for NAIOP events are available here.
© 2021 Global News, a division of Corus Entertainment Inc.
Simplicity Changes the Real Estate Conveyancing Software Landscape in Ontario with Launch of Prolegis – Canada NewsWire
‘Simplicity is incredibly pleased and excited to offer Ontario real estate lawyers and conveyancers a fresh new choice in a legal software provider. Collaborating with our valued customers and a network of trusted stakeholders, we are building a better, brighter future for real estate legal professionals and Canadian homebuyers. At Simplicity, we envision a future where innovative technology is at the forefront of enhancing the customer experience in the real estate ecosystem. We are committed to helping advance technology utilization and adoption within the real estate sector by providing solutions that are user-friendly, easy to implement, and economical to acquire and operate.’ said Neil N. Babiy, Co-Founder and CEO of Simplicity Global Solutions Ltd.
About Prolegis Real Estate
Prolegis is a powerful, easy-to-use, cloud-based real estate conveyancing solution built for lawyers by lawyers. The solution integrates seamlessly with a real estate practice, providing a rich set of tools and information to help each user unlock exciting new levels of performance, customer engagement, and work-life balance.
Prolegis provides customers with exceptional value:
- Thoughtfully designed to save time with all the capabilities and key third-party integrations needed to convey a real estate transaction efficiently and economically.
- User flexibility to configure and organize work, communicate with clients, and manage the real estate transaction end-to-end from a single solution; anytime, anywhere.
- An extensive library of precedent document templates, powerful document and workflow management tools, community databases, stakeholder portals, and real-time support.
Prolegis Real Estate raises the competitive bar with its unique set of Communication, Practice Management, and Document Preparation tools which enable quick, easy, and accurate processing of real estate transactions.
Ontario real estate lawyers and conveyancers can click here to Learn More about Prolegis and to Book a Demo. Simplicity has highly skilled Customer Success Specialists in place across Canada to welcome new customers.
About Simplicity Global Solutions Ltd.
Simplicity Global Solutions Ltd. is a Canadian technology company offering innovative, secure, cloud-based solutions designed to inter-connect lawyers, real estate professionals, mortgage professionals, lenders, registry services, title insurers and the end consumer to offer quick, easy, accurate and secure sharing of information. Simplicity’s mission is to interconnect all real estate and lending stakeholders to enable the frictionless flow of information across the entire real estate and lending lifecycle to eliminate inefficiencies while improving productivity for consumers and industry participants.
SOURCE Simplicity Global Solutions Ltd.
For further information: Media and investor contact: Neil N. Babiy, Co-Founder and CEO, Simplicity Global Solutions Ltd., [email protected], (587) 899 1147
This Ontario city has the most overvalued real estate market in Canada – blogTO
Good luck buying a home anywhere in Ontario right now, as meteoric price gains and a historic inflation spike push housing markets in the province further out of reach.
And as bad as things are in the Greater Toronto Area in 2022, rampant speculation is not limited to urban centres. According to one housing market assessment, Peterborough is now the single most overvalued housing market in the entire country.
Moody’s Analytics has ranked Peterborough, Ontario, at the top of the list for most overvalued housing markets in the company’s fourth-quarter assessment of housing price valuations in Canada.
Peterborough’s 107.8 per cent valuation comes after years of substantial price growth for the municipality northeast of Toronto.
Though with an average annual household income of about $70,000 and the average May 2022 selling price climbing nearly 19.8 per cent to $836,843, the city’s market is firmly on the unattainable side of the scale.
According to RE/MAX Canada’s analysis of the valuation, recent activity “has first-time homebuyers priced out of the market, especially local buyers,” adding that “too many prospective homebuyers are still stuck waiting to achieve the dream of home ownership.”
Experts attribute Peterborough’s valuation to factors like rampant investor speculation, blind bidding, and low interest rates.
Despite all the doom and gloom, home sales took a nosedive in the region in May, sales falling at an annualized rate of 34.3 per cent with a year-over-year decline of 18 per cent and a 17.7 per cent dip below the ten-year average.
Though May home prices leapt significantly in May, this downturn in demand could soon translate to decreasing value.
A spike in supply could further ease conditions, though Kate Kidd, President of the Peterborough and the Kawarthas Association of Realtors, says “it’s going to take more than a few months of stronger supply to have any meaningful impact on the market balance in the long term.”
After Peterborough, Canada’s second most overvalued housing market was also found not too far from Toronto, with St. Catharines-Niagara’s market valued at 106.9 per cent.
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