Calgary Commercial Real Estate is Booming
November 1, 2011 Leave a comment
Calgary Ranked 3rd in the World Now for Most Prosperous Urban Centre
Amidst the economic gloom shadowing most of North America, Calgary is standing out as an exceptional great place to be for business and for workers. Job growth is high, and companies (including energy companies) are finding that Calgary is the place to be. The vibrant, new downtown core, low tax rate, and the quantity of head offices in Calgary are the key reasons companies want to be here. Edmonton’s economic growth is strong too, but on a per capita basis, Calgary is defining itself as a leading centre for commerical and office real estate.
Calgary energy companies want space now and they’re securing it for future growth. 3rd Ave SW in Calgary commands the highest rents at almost $48 per square foot. Calgary has 9.3 head offices per 100,000 people while Toronto has only half of that 4.7 head offices per 100,000 population. Of course, Toronto’s population is many times that of Calgary’s.
With the energy companies holding lots of cash (oil prices are high) Calgary real estate and Edmonton real estate will see it hold its value and perhaps begin to rise fast in the next 5 years.
