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Top 10 Real INSIGHTS 2019 Edmonton Real Estate Forum Top 10 Real INSIGHTS 2019 Edmonton Real Estate Forum Powered by ISSUE 26 AltusGroup 2019 Edmonton ISSUE TOP 10 REAL INSIGHTS Real Estate Forum 26 1 2 3 INSIGHTS FROM EDMONTON ECONOMY DOWNTOWN OFFICE DEMAND FOR IN RECOVERY MODE VACANCY IS BEGINNING MULTI-RESIDENTIAL INDUSTRY LEADERS TO DROP DESPITE UNITS STRONG A growing population, a DURING THE CONTENT productive workforce and PROLIFERATION OF NEW PRODUCT Stronger employment growth FORMATION OF major investment and migration supported EDMONTON REAL are propelling the city’s Tech industry and building rental demand which is economy forward. conversions lead to positive forecasted to support rental ESTATE FORUM absorption as flight to quality rates through 2019. trend continues. 7 6 5 4 INVESTORS BULLISH LENDER SENTIMENT INDUSTRIAL TECHNOLOGY ON EDMONTON REMAINS POSITIVE VACANCY HAS BEEN CONTINUES TO INCREMENTALLY CHALLENGE THE Capital poured into As lenders plan to deploy commercial real estate in more capital to real estate RISING IN THE GEA STATUS QUO 2018 with investment volumes in 2019, many keen on Technology is attracting huge reaching a five-year high. Edmonton market. In Q1 of 2019, industrial amounts of capital from the vacancy in the GEA stayed real estate sector. at above 6% level, leading to a year-over-year increase of 0.6% - Altus Group. 8 9 10 GOVERNMENT POLICIES EDMONTON RETAIL DOWNTOWN For further details ARE SOMEWHAT SECTOR THRIVING INVIGORATED on these top trends FRUSTRATING BUT please visit the Real A growing economy and a Edmonton is in the midst of a ARE FOCUSED TO declining unemployment rate $5 B transformation of active Estate Forums Portal at PROMOTE GROWTH are supporting a vibrant retail development and investment realestateforums.com Municipal and Provincial Policies community in Edmonton. in downtown, made up of at work to support a growing office towers, restaurants, Edmonton. Could high commercial hotels, retail spaces, arts property taxes stifle their progress? and culture facilities and residences. Powered by To access the Real Estate Forum portal, please visit: www.realestateforums.com We welcome feedback. Please email: [email protected] AltusGroup Powered by REAL 2019 Edmonton HIGHLIGHT DETAILS INSIGHTS Real Estate Forum 1. EDMONTON ECONOMY IN RECOVERY MODE A new health-care facility has been proposed in southwest Edmonton at the Ellerslie Research Station on 127 Street NW. The 320-acre site will house A growing population, a productive workforce and major investment are between 350 and 500 inpatient beds and is located adjacent to the planned propelling the city’s economy forward. LRT expansion routes. The Alberta government has pledged $400 M for the The Edmonton Metropolitan Region, which accounted for 30% of Alberta’s project which is estimated to cost $2 B. Construction is scheduled to start GDP in 2016, is the second fastest growing region in Canada. in 2020 and anticipated to become operational in 2026. It contains 1.3 M people and 725,000 jobs. Population is forecasted to The Edmonton International Airport Authority has become an economic continue growing to 2.2 M in 30 years with 1.2 M jobs. driver in the GEA. As well as expanding its flight operations, it is developing its surrounding lands. Last year, a new Costco warehouse, the Premium Edmonton has one of the most highly trained workforces in Canada. Over Outlet Collection mall and the 800,000 sq. ft. Aurora Cannabis production 117,000 students are enrolled in its six post-secondary institutions. Growth facility opened at the EIA. The 135-room Fairfield Inn by Marriott Hotels as in enrolment has been supported by an increase in visa students which has well as Century Casino’s race track and entertainment facility is scheduled doubled in the last 10 years. to open this year. • Norquest College has almost doubled its student population in the past Edmonton Global has announced that it has received federal funding to five years and has been building to accommodate them. establish its International Investment and Trade Program to increase • Northern Alberta Institute of Technology (NAIT) is the largest foreign direct investment in the Edmonton Metropolitan Region. apprenticeship trainer in Canada with the capacity to train about 15,000 The Investment and Trade Program will boost the Edmonton apprentices annually in 33 trades. Metropolitan Region’s business growth and competitiveness by identifying • The University of Alberta is among the World’s Top 100 ranked global opportunities, attracting foreign direct investment, supporting high universities, with one of the top 5% ranked engineering schools in North growth SMEs and increasing market awareness of western Canadian America. products and services. Edmonton has had one of the fastest growing GDPs among cities in Canada in the past five years. Its GDP per capita is 38% above the national 2. DOWNTOWN OFFICE VACANCY IS BEGINNING TO average. The region has benefitted from a significant influx of residents and DROP DESPITE PROLIFERATION OF NEW PRODUCT is among the top three cities in Canada for population growth, net migration and average incomes. Tech industry and building conversions lead to positive absorption as flight to quality trend continues. Employment growth in 2018 in Edmonton has been stronger than other areas of the province, driven in large part by industries such as oil and Downtown office vacancy rates decreased from 16.8% in Q1 2017 to 14.5% gas extraction, educational services and public administration. Edmonton in Q1 2019. However, office vacancy rates in the Greater Edmonton Area added over 16,000 jobs in the first 10 months of 2018, representing an remained the same at 15.4% in Q1 2019, according to Altus Data Solutions. increase of 2.1% from the corresponding period last year. Average weekly Vacancy rates are down despite the completion of 592,970 sq.ft. of earnings have also gained momentum in 2018 compared to last year, new, high-quality office space at the end of 2018, most notably within according to CMHC. the Stantec Tower in downtown Edmonton last year, says Altus Group. The first phase of the Valley Line LRT project— the 12 stop southeast While still oversupplied, the Edmonton office market has shown signs of portion— is expected to open by the end of 2020. The Valley Line LRT improvement over the past 12 months. The Stantec Tower opened at the project is a long-term plan to expand Edmonton’s public transportation end of 2018. The building arrived to market almost fully leased where network with a 27-kilometre, 28-stop light rail transit route operating Stantec is the anchor tenant leasing 450,000 sq.ft.. between Mill Woods in the southeast and Lewis Farms in west Edmonton The Downtown and Suburban markets exhibited positive net absorption— via the downtown. 160,396 sq.ft., for the year. According to Altus Group, downtown buildings asking net rents averaged $17.68 per sq.ft. while buildings in the Greater Edmonton Area averaged $16.79 per sq.ft. in Q1 2019. The vacancy decline was largely driven by significant leasing activity in Edmonton’s downtown financial core where Class AA and Class A spaces continued to be in high demand to accommodate company growth, according to Cushman & Wakefield. This flight-to-quality trend, with Edmonton added increased emphasis on new products with large floor plates and top-rated over 16,000 jobs in amenities, is driving demand for new office space. the first 10 months of Contributing to the demand for office space is the tech industry, especially in the downtown core. 2018, representing an One big reason for the improvement in office demand is the growing increase of 2.1% from the presence of high-tech operations in the core, Edmonton Avison Young corresponding period managing director Cory Wosnack said. last year “Technology companies, software companies and gaming development companies, they are having a big positive impact on the office market,” he said. The conversion of some buildings to residential from commercial is also helping to bring down vacancy rates. Informa Canada has not made any independent investigation, verification or audit of any of the information contained in this document. Neither Informa Canada nor any third parties make any representations or warranties, express or implied, regarding the accuracy, timeliness, completeness or suitability of the information contained in this document. Your use of such information is entirely at your own risk, for which neither Informa Canada nor any third party is liable. Powered by REAL 2019 Edmonton HIGHLIGHT DETAILS INSIGHTS Real Estate Forum Lighthouse Hospitality Inc. is turning the 23-storey Enbridge Tower at The newly built luxury market is reported to be thriving as cannabis Jasper Avenue and 102 Street into a hotel, and Regency Developments investors and migrant speculators purchase more expensive homes and has demolished the 123,000 sq.ft. Bank of Montreal building with plans to may continue to drive this market into 2019. put up a residential high-rise. Colliers reports that there are currently seven residential projects underway Strategic Group is in the process of turning Harley Court on 111 Street and which are slated to add approximately 1,540 units to the downtown market. 100 Avenue and the Centre West building at Jasper Avenue and 108 Street An additional seven residential projects with a total of 3,200 units are in into a total of 388 apartment suites. preliminary stages. “You only need to do that about 10 times and you suddenly have a Great Gulf is proposing the construction of a tower in Frank Oliver Park rebalanced market,’ Randy Ferguson, COO of Strategic Group says. on Jasper Avenue in front of the Hotel Macdonald. Currently, the space is a privately-owned park. Great Gulf is proposing a commercial-residential Renovations at Harley Court meant tenants who had to leave took 40,000 tower that could be about 58 storeys containing 400 residential units.
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