Edmonton Takes the Lead As Canadian Real Estate Gets Busy
All indicators seem to suggest an extended growth period for the city of Edmonton.
Alberta remains the focus for commercial real estate investors today for good reason. While Calgary continues to lose ground to Edmonton in terms of growth, a building permit boom is putting the two cities virtually neck and neck, as between $5B to $6B in new permits were approved during 2013. This pales in comparison to what is ahead. According to the Executive Director of the Edmonton Construction Association, some $800 billion in construction projects are forecasted for approval over the next ten years in Alberta.
The Alberta government declared it will proceed with the modernization of 70 provincial schools. Premier Redford has also announced 3 new schools will be built in Edmonton. Good news is also being reported on progress for the new downtown tower, as Starbucks and Cineplex have announced new openings in Edmonton. Saks Fifth Avenue and Nordstrom have also entered the retail war, along with Walmart and Target. This foreshadows a trend of increasing demand in Alberta’s retail space.