(Posted on Dec 14, 2016 at 04:33PM by Michelle Bogle)
British Columbia commercial real estate developers are betting big on Calgary's economic recovery, spearheading the biggest speculative plays in Alberta’s Stampede City.
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Vancouver-based Hungerford Properties and Beedie Development Group have both started work on industrial and office developments in the neighbouring province.Â
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Hungerford’s Fairmore Business Park is one of three recent commercial condo developments by the company, and the only new office and warehouse project started in south central Calgary this year.Â
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Here’s a virtual tour of the project:
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Beedie Development Group also has three industrial condo developments under construction in the Calgary region, including its Highland Common Business Centre in suburban Airdrie, approximately 15 minutes from Calgary’s downtown.
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With pricing starting at $165 per square foot, Jorden Dawson, Beedie’s Director of Industrial Development in Calgary, said they are seeing a lot of interest and activity. “A lot of [Calgary] businesses see the value in owning their own facility,†he said in an interview with Business in Vancouver.Â
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Other investors are also showing interest in Calgary’s commercial real estate market as well. Total sales of commercial property in the third quarter of 2016 reached $671 million, which was a 46% increase compared with the same period in 2015.
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With a number of notable Vancouver-based speculators showing interest in developments beyond the borders of British Columbia, our team is keeping close tabs on the market. For more information, please contact our Vancouver office to speak with an associate or follow us on Facebook.
