Edmonton’s Expansion Reveals Prime Time For Commercial Real Estate Investment
There has been some criticism of Edmonton’s rapid expansion recently, but is it all bad or is this actually a signal that it’s time to invest in commercial real estate here.
There are many arguments about density and city planning in Alberta, and careful planning is good. In August researchers and coverage of recent planning strategy in the news heralded a series of great decisions which promise another 15 years of growth for Edmonton.
Of course not everyone is happy about the direction it is going in. Everyone may be pleased with the dramatic revamping of downtown Edmonton and the billions being plowed into development. It is bringing businesses, jobs, tourists and more young residents, and making it a far more fun and exciting place to live.
It is the argument over sprawl and density that’s the center of most of the controversy. Edmonton has done incredibly well to work on the infrastructure to enable expansion while retaining connectivity, especially with the LRT system. However, high density and building up is commonly considered as being more profitable for a city. This is because it makes public services cheaper to provide in the short term, while increase tax revenues.
In Edmonton some are complaining that sprawl and ‘Edmonton’s love affair with suburbs’ is taking things in the opposite direction. Perhaps some hybrid solution with higher density suburbs might be a better solution to keep everyone happy, but for now, and until downtown revitalization is complete Edmontonians and new residents are enjoying local suburban living.
Residents have been telling the Edmonton Journal that they get “more bang for your buck” out here. Looking at the big picture, the long term picture, this type of building and expansion can be better, at least in terms of lower crime, cost of providing services and in quality of lifestyle.
Of course those living outside of downtown will admit that they may still be underserved in some aspects today. In addition to school capacity and activities what they need are more retailers.