Edmonton’s commercial/industrial property market enjoyed a particularly strong 12 months, outstripping more than threefold the previous year’s performance before the 2018 fiscal year has even ended, according to CBRE Limited.
The city added to the $38.6 billion worth of commercial transactions conducted across Canada so far this year, the Edmonton Journal reported.
Edmonton’s investment total clocked in at $3.3 billion in the third quarter, while Calgary enjoyed $3.8 billion worth of activity
Read more: Edmonton’s commercial market exhibits sustained strength – analysis
Edmonton, as well as Calgary, yielded these massively improved investment numbers through milestones such as the $3.8 billion acquisition of Pure Industrial Real Estate Trust (PIRET) by Blackstone at the beginning of 2018.
These mirrored the upward thrust of Alberta’s commercial/industrial segment, which is forecast to enjoy one of its best years on record, CBRE stated.
Apartments also proved to be a major factor impelling the national commercial market as a whole.
“Multi-family provides steady returns amid growing populations and rising rent costs in Canada’s major markets,” CBRE Canada Capital Markets president Peter Senst said.