Different reports that were given in the commercial real estate segment in Alberta had different fortunes to show concerning the market. The money that was put into the Greater Calgary Area commercial real estate went up in the second quarter of this year to $909 million worth of sales dealings, going up from the first quarter by 104 percent. The office, retail and industrial sector benefited while the residential and ICI land and apartment sectors weren’t so lucky.
Most of the transactions that were done in that sector were derived from the 9 office transactions which amounted to $446 million and $417 million of that was what Imperial Oil Campus in Quarry Park agreed on selling.
The Director of Altus Data Solutions Canada, Paul Richter noted: “Overall investment levels in the first half of 2016 were similar to the first half of 2015, and well above the levels recorded in the challenged 2009/2010 period.”
The total sales of building in the commercial sector and of land went down by 7.7 percent over the years in the first half of this year. The sector that had the largest drag on the volume of the dollar and on activity was the land sector, which declined by 4.6 percent to $870 million.
On the other hand, the sales of building increase by 13.1 percent over the years with 187 sales amounting to $679 million. The sales of the commercial building have taken the lead by an incline of 47.6 percent year-over-year with industrial building following after increasing by 15.9 percent and followed by the large family market, which increased by 2.5 percent.