Member Press Release

First Office Building in Calgary to Accept Bitcoin for Rent Payment

Calgary businesses can now pay for office space using Bitcoin and other cryptocurrencies.

CALGARY, AB - The innovation of blockchain has now hit the Calgary commercial real estate industry, with local commercial real estate brokerage Barclay Street/TCN Worldwide bringing what is believed to be the first office rental opportunity to the market in Alberta for those who wish to pay rent using Bitcoin.

According to Barclay Street Vice President Dan Harmsen, "blockchain technology is soon going to have a significant impact on many financial transactions, including real estate deals. We want to be at the forefront as an innovator in the industry, and this is something that the market is going to demand. Calgary has a lot of technology companies and talent, and it only makes sense to introduce services that take advantage of emerging technologies".

Barclay Street is working with one of its clients, Real Equity Centre in northwest Calgary, which will be the first office building in the market to accept several different cryptocurrencies for rent payments, including Bitcoin, Ethereum and LiteCoin.

"We're firm believers in the future of cryptocurrency as both a technology and disruptor in the market, and we feel it's an innovative way to market our property to the types of tenants we are interested in working with," explained Greg Habstritt, President of Real Equity Centre. "We also want to promote and celebrate the strong technology industry we have in Calgary, and this is a great way to demonstrate that Calgary is a leading city in Canada for innovation."

When asked about the volatility and unpredictability of Bitcoin and other similar digital currencies, Habstritt outlined how this reality will be managed. "Our lease agreement will set out several protections for all parties that will provide for price certainty and will allow for currency fluctuations. It's really no different than a Canadian exporter who accepts payment in another currency and needs to hedge the currency risk against the Canadian dollar. We want to work with innovative companies that aim to be leaders in the Calgary market, and giving tenants more options in how they pay for rent is just common sense."

Harmsen adds, "with the current challenges facing the Calgary commercial real estate market, any technology or strategy that brings innovation and forward-thinking ideas to the table is welcome." He expects that with this initial offering of office space for Bitcoin, other property owners and industry participants will soon start to incorporate cryptocurrency into their leasing strategy.

PDF version of Press Release

 

FOR MORE INFORMATION CONTACT:


Dan Harmsen
Vice President, Associate Broker
BARCLAY STREET REAL ESTATE/TCN WORLDWIDE 
403-290-0178
dharmsen@barclaystreet.com

Chris Rundle
Associate
BARCLAY STREET REAL ESTATE/TCN WORLDWIDE 
403-290-0178
crundle@barclaystreet.com  

Greg Habstritt
President
REAL EQUITY CENTRE
403-215-7510
greg@realequitygroup.com