Commercial condos are in demand says Colliers

by Steve Randall05 Sep 2017
Offices owned by tenants in similar arrangements to residential condos are showing demand according to Colliers International.

The real estate firm says that even though sales of the units in Calgary have dipped, it is a supply issue rather than a lack of demand.

The firm says that sales of commercial condos, or industrial strata projects, have eased from highs of 90 in 2013 and 2015, and it expects just 35 this year.

But this was "due to a lack of available supply, not so much the increase in value," Paul Marsden, executive vice-president of industrial sales and leasing at Colliers in Calgary told the Globe and Mail.
He added that developers have been reluctant to build the units since the regional recession began with the oil downturn in 2014.

Vancouver has a strong commercial condo market said Marsden and the growth over recent years in Calgary has been an overspill from that market. He expects the market to gain traction.

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