Calgary’s industrial sector, comprised of 156 million square feet, has had remarkable activity since 2021. Moreover, 2022 is on pace for another impressive year of absorption, currently at 5.5 million square feet.
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Several members of our organization who work with legal clients around the country have responded to questions surrounding the current state of this industry.
As a result, leasing activity in the downtown core has been muted, whereas activity in the suburbs has increased, where a greater concentration of regional office users reside. Most firms surveyed expect a near-total return to the office in the future but are not ready to force the issue yet. Many hope to introduce a more flexible, primarily office-based, arrangement - citing challenges with work-from-home models.
Veteran real estate leader Greg Schementi has joined occupier-centric commercial real estate firm Cresa as president, based in Chicago. Schementi was hired last summer but only now takes the reins as certain employment restrictions have expired.
The Portland Metro remained sluggish in Q2 2022, coming off the heels of a slow Q1, with the continued challenges of Covid-19. Some submarkets, namely downtown Portland, continued to experience a significant increase in vacancy and negative net absorption, for the 10th straight quarter. We are still seeing tenants with impending lease expirations...[Read More]
The Greater Toronto Area (GTA) industrial market continues outperforming all other asset classes and remains one of the most competitive industrial markets in North America.