How the Worker Will Change Canadian Commercial Real Estate Returns
Big business and politicians can do quite a bit to change the landscape when it comes to growing or shrinking markets and their property values and investment returns, but at some point they are equally reliant on staffing to be able to see their objectives through. Without access to great talent an area will be choked when it comes to delivering on operational goals and innovation. Right now Canada is in a crucial transitional phase with lots of migration in the works. Where the workers are headed, and the best minds are headed will certainly determine where the best commercial real estate returns will be found ahead.
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Alberta has been drawing an enormous amount of new residents and workers over the last year, and it is a trend expected to continue as low unemployment continues in the province and weakness in property markets in other provinces becomes more visible.
There have certainly been many Canadian and International professionals and blue-collar workers drawn to the mighty Calgary over the last couple of years in search of great jobs, higher earnings and to set up shop in the busy urban center. This has absolutely helped fuel Calgary's growth over the last several years. However, this run could be hitting a brick wall.
The problem now facing Calgary is that workers need places to live, and affordable ones, and they aren't finding them. In contrast, Edmonton has a lot more to offer both renters and home buyers in terms of availability and what they get for their money.
On top of this, the massive redevelopment and infrastructure expansion going on in Edmonton from the arena to the LRT to new commercial buildings is helping to create a much more vibrant and attractive Edmonton.
Edmonton is already becoming a much cooler place to live. And this means attracting more bright young professionals, entrepreneurs and families, all of which are essential for continued growth and boosting the local economy.
Edmonton was recently dubbed one of best places in North America for head offices to locate by a highly respected U.S. analyst, and one of the co-founders of the hot new entrepreneur publication, G-Code Magazine agrees that Edmonton could easily prove to be one of the best cities on the continent for startups and small business growth over the next two years.