The Financial Post released an article this week basically detailing something that we locals have known for quite some time – that Edmonton is one of the biggest shopping hubs in the world.
But the most exciting news for retailers, shoppers, job-seekers (retail sector), and of course commercial Edmonton real estate agents, is that the retail industry continues to grow in Edmonton and because of severely limited vacancies in the Edmonton commercial real estate market, new retail developments are being added to the landscape of the city over the next year – over 3 million square feet worth of construction in fact.
The reason for this is three-fold. First of all, the population of Alberta, including Edmonton, continues to grow as households are attracted to the higher paying manufacturing jobs and lower taxes. This concentrated population holds more disposable income than the rest of Canada which then ignites the retail sector, proven by the fact that Alberta leads the country in retail sales and growth. Third, retailers are attracted to these statistics, especially retailers from across the border in the U.S. who come to town looking for vacancies to pack full of products and services. When these vacancies are hard to come by, they get built. All of a sudden construction companies and contractors are busier than ever and Edmonton real estate agents with interests in commercial properties in Edmonton start getting flooded with calls to help retailers fill the vacancies before the units are even completed. It’s a win-win situation for everyone.
Edmonton continues its dominance in the North America retail market not only with the North America’s largest shopping mall (West Edmonton Mall) and largest open air retail development (South Edmonton Common), but with an additional 3 million+ square feet of commercial property slated for the next year alone. Edmonton Realtors are sure to keep their hands full well into the near future. For inquiries regarding commercial property in Edmonton, contact our Edmonton Real Estate office today. And shopaholics – get ready for a wild ride.