Edmonton’s office real estate market is experiencing a resurgence, says a new report from Avison Young.
The sector recorded 165,000 square feet of positive absorption in the third quarter, surpassing the 159,000 sf achieved in the same period in 2018, Avison Young said in its latest Edmonton quarterly office report. (Positive absorption means that more space was leased than vacated.)
Positive absorption of 86,000 sf on the South Side and 83,000 sf in the government district led to the overall total, said the company.
In notable transactions, educational users leased a total of 124,000 sf of former office space. Classical Academy Charter School took up 61,000 sf on a five-year lease of the former Service Alberta building at 3720 76th Avenue. Meanwhile, Norquest College expanded its downtown footprint by leasing 63,000 sf in the Intact building on Jasper Avenue.
“These two examples illustrate the transformation of underutilized office spaces to accommodate new purposes,” said Avison Young in the report.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.