Commercial real estate activity in the City of Edmonton was weak in the first half of 2019 compared to the same period of 2018.
TN Network’s Mid-Year 2019 report shows a 25% drop in overall sales and a 40% drop in total dollar volume year-over-year. It says that weaker economic activity in the region is the main reason for the decline.
The previous year’s figures were also boosted by some significant sales including the $400 million Edmonton Tower.
Total land sales at mid-year 2019 were $224,889,164 from 74 transactions, down from $228,859,462 from 88 transactions in the same period of 2018.
Total building sales were $555,591,227 from 175 transactions, down from $1,082,145,037 from 246 transactions a year earlier.
That means total sales of $780,480,391 from 249 transactions, down from $1,311,044,499 from 334 transactions in H1 2018.
Total office sales were down 41% from 2018 with dollar volumes having sharply declined since 2017 dropping 84% in 2019 & 60% compared to 2018.
Office sales totaled $21,842,500 from 10 transactions in the first half of 2019 compared to $54,490,000 from 17 transactions in the same period of 2018.
Multi/Bay Warehouse total sales have decreased 41% compared to 2018 ($161,733,944 from 34 transactions) but the total sales are up 7% from 2017 & the total dollar volume is still well above 2017 numbers. However, the dollar volume decreased 61% from 2018.
Retail commercial transactions decreased by 72% in total dollar volume compared to 2018 and 79% from 2017.
Multi-family sales totaled $221,298,712 from 29 transactions, down from $336,541,988 from 33 transactions a year earlier but walk-Ups were one of the bright sports for the first half of 2019 with total dollar volume up 144% from 2018 while total sales increased by 14%.