"After two years of record commercial real estate investment in Edmonton, investors slowed their collective pace to let some froth come off the market. All indicators – population growth, low rental vacancy and expected BOC interest rate reductions -point toward a positive balance of 2024." -- David Wallach, CCIM, Owner/Broker of Barclay Street Real Estate.
Investors in Edmonton’s commercial real estate (CRE) market took a step back during the first half of 2024. While investment dollar volume increased in the office property asset group, both the number of sales and dollar volume decreased among each of the retail, industrial, multi-residential, ICI/ residential land and commercial condominium assets. This brought year-over-year transaction numbers down by approximately 13%. Total dollar volume decreased year-over-year to a little more than $1.19 billion, a substantial reduction compared to mid-year 2023 investment.
