Telus boosted its commercial real estate investments to $47 million in the fourth quarter of 2023.

The total marked an $11-million increase from the same period in 2022 The additional investment supported the construction of multi-year development projects, including the $100-million Telus Ocean office property in Victoria, B.C., and other commercial buildings in the province, the company said in its quarterly report.

Vancouver-based Telus completed $533 million in consolidated capital expenditures, including the $47 million for real estate, during the fourth quarter of 2023.

The telecommunications major warned that its future real estate developments may experience delays or cost overruns due to possible financing risks and uncertainty related to demand, occupancy and rental rates, especially following the pandemic. Also, planned lease commitments may not be secured.

Pictured: Telus Sky, Calgary