Calgary’s industrial real estate market is seeing record high activity after a COVID-19 pandemic boost, which experts say could mean more job opportunities for residents and a growing tax base for the city.
Real eState
‘Record high activity’: Calgary’s industrial real estate market blossoming in 2022
Latest numbers show there is about 3.5 million square feet of vacancy in the city, representing a 1.5 per cent vacancy rate. By comparison, Toronto has a 0.9 per cent vacancy rate and Vancouver sits at 0.8 per cent
Ilya Raykhlin, an associate broker with Re/Max Commercial, said Calgary’s vacancy rate and location allow it to be an attractive alternative for companies needing space who want to look outside of major markets such as Vancouver and Toronto.
Raykhlin said absorption rates are hitting record high levels as are rental rates in the city. He said the only constraint on the market at this time is having enough infrastructure to keep up with demand, adding demand around the world increased during the pandemic and grew almost entirely around e-commerce as most of the world’s population took their spending online.
“Unlike other areas of the country, Calgary is not constrained by things like mountains or the ocean and we offer level topography with development-friendly soil conditions, so we’re just a natural location to develop these large footprint facilities,” said Raykhlin.
“Virtually every major retailer that has an e-commerce base component to their business is here or looking to be here,” said Kwong. “Most of them are located along the highway, Deerfoot Trail corridor, and you can see all the signs as you drive through and around those neighbourhoods.”
Kwong said Calgary’s industrial market has historically been centred on oil and gas but there has been a shift to tailoring to other industries, such as e-commerce. He said the continued growth of investment in the region means the city will benefit from a broadening tax base and Calgarians will have access to more employment.
While continued investment and attraction in the sector could be good news for residents and for the owners of industrial real estate, Raykhlin said it could spell higher rental rates for retailers and renters.
“It’s not going to be a favourable economic climate, in that sense, for the tenants,” said Kwong.
However, JLL data show Calgary’s rental rates currently remain fairly low compared to other major markets. Over the past quarter, Calgary saw an average rate of $9.93 per square foot, compared to Toronto where rent averages $15.32 per square foot, and Vancouver, where the average rate sits around $18.70 per square foot.
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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
The Canadian Press. All rights reserved.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
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