Commercial vacancies loosen, remain stable

Red Deer’s commercial market has loosened slightly since last year but remains stable, says a local appraisal company.

Red Deer’s commercial market has loosened slightly since last year but remains stable, says a local appraisal company.

Soderquist Appraisals Ltd. has calculated the city’s commercial vacancy rate at 5.06 per cent, up from 4.08 per cent in 2013 and 3.73 per cent in 2012.

“The commercial vacancy levels have been reasonably stable during the 2012 to 2014 period,” said Soderquist CEO Mike Garcelon in a release.

“This suggests that this market is in balance and that at present there is strong demand for commercial space in Red Deer.”

The Soderquist release said the increase in the commercial vacancy rate this year is due mostly to the recent departure of Coast Wholesale Appliances from Gaetz Avenue Crossing and Sport Mart from Village Mall.

The survey, which Soderquist performs annually, determined this year that there is nearly 4.3 million square feet of commercial space in the city. Strip malls account for about 2.3 million square feet of this total, with enclosed malls adding 1.1 million square feet and power centres just over 900,000 square feet.

The appraisal company also looked at Red Deer’s office vacancy rate, which it found to be 10.22 per cent.

That was down from 12.04 per cent in 2013, the only previous year that Soderquist collected data for this category.

“Office markets are typically the slowest to recover from a recession,” said Garcelon. “Our study shows that the office vacancy rate continued to improve in 2013 and into 2014, which suggests that demand for office space in the Red Deer marketplace is growing.”

Soderquist attributed the year-over-year decrease in the office vacancy rate mainly to increased occupancy levels in Class 1 buildings, most notably Stantec Executive Place and Elements @ Rivers Edge downtown.

Soderquist, which is a full-service real estate appraisal and consulting firm, also conducts an industrial market survey each year. The results of that study are expected to be issued in September.

Just Posted

Man arrested in connection with violent home invasion

RCMP Emergency Response Team deployed

Gesundheit! Stifling a sneeze can cause injuries in rare cases, experts say

TORONTO — With cases of flu continuing to rise in Canada, there’s… Continue reading

‘Reprehensible’: Trudeau abortion policy raises ire of U.S. right

WASHINGTON — In what’s almost certainly a first in the lengthy history… Continue reading

Japan public TV sends mistaken North Korean missile alert

TOKYO — Japan’s public broadcaster mistakenly sent an alert warning citizens of… Continue reading

‘I shouldn’t have to have a husband:’ Winnipeg woman criticizes men-only club

WINNIPEG — A former chair of the Winnipeg Chamber of Commerce says… Continue reading

Replay Red Deer Jan. 14: Watch news highlights in pictures

Stories mentioned: Red Deer RCMP seize large quantity of cocaine: Read more… Continue reading

Advocate poll takers oppose plastic bag ban

Red Deer Advocate readers like their plastic bags. In an Advocate poll,… Continue reading

Photo: Chilly work in Veterans’ Park

What a chilly job but somebody has to do it.… Continue reading

Boy, 15, one of three hit in Vancouver shooting

Police believe a man in his 20s was the target of the shooting

UBCO psychology professor placed under supervision with focus on “boundary issues”

Dr. Stephen Porter has stepped aside from his teaching duties

Alberta elementary school teacher arrested on child porn charges

Investigators charged a 44-year-old Pincher Creek man with possessing, accessing, and distributing child pornography

Report: Health problems could arise as Alaska warms

Climate change in Alaska has the potential to create serious physical and… Continue reading

U.S. cold snap was a freak of nature, quick analysis finds

Consider this cold comfort: A quick study of the brutal American cold… Continue reading

Canadian Kennel Club seeking to add 12 more dogs to its pack

2018’s incoming class could include the Portuguese sheepdog, Tibetan mastiff, rat terrier and Spanish water dog

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month