There are 32 real estate developments planned for Edmonton and half of them are already under construction or are expected to start in 2012, according to a survey by Avison Young. The study found that Edmonton absorbed more than 585,000 square feet of office space in 2011, more than was leased up in the past five years combined and the highest rate of leasing activity since 2004.
The office vacancy rate in downtown Edmonton is now 6.1 per cent, with most of the empty space in Class A offices, which have a vacancy of 9.4 per cent, the survey found. Major downtown projects going head include 55,000-square-foot expansion of Enbridge Place downtown; and an 80,000--square-foot Medical Wellness Centre.
See the January 2012 edition of Western Investor for a complete report on Edmonton's commercial real estate outlook for 2012.
