(Source: Calgary Herald)
Calgary’s industrial real estate market remains active and is expected to remain stable over the next six to 12 months despite the current global economic turmoil, says a report by Colliers International.
The commercial real estate firm’s industrial forecast for 2009 said “with high volumes of new construction coming on-stream in the start of 2009, the forecast for speculative construction activity in the remainder of the year is expected to be relatively quiet.”
“For 2009 and beyond, we expect to see accelerated economic growth, albeit at a slower rate than the past five years and conditions that support healthy demand for industrial property.”
In Canada, the industrial real estate inventory for the major markets at the end of 2008 was nearly 1.5 billion square feet with 13.8 million square feet currently under construction. The national vacancy rate was 5.15 per cent at the end of the year, up from 4.6 per cent at the end of September.
Read Marop Tongeguzzi’s full article “Calgary industrial real estate market to to stabilize: Colliers” in the Calgary Herald (March 31 2009).