Close X
Monday, December 2, 2024
ADVT 
National

Kelowna And Edmonton Set To Be 'Hot Spots' In Cannabis Real Estate: RE/MAX

The Canadian Press, 10 Oct, 2018 12:04 PM
    TORONTO — Two cities in Western Canada have been named the next commercial real estate "hot spots" for the cannabis market, according to a report.
     
     
    Real estate firm RE/Max Commercial says that Kelowna, B.C., and Edmonton are both expected to see positive commercial growth in the coming months as a result of cannabis legalization.
     
     
    Prices for commercial real estate in the southern B.C. city are anticipated to see an uptick, as approval for cannabis retail licences will be "extremely competitive" amid high demand once the substance becomes available.
     
     
    Kelowna, which is located in the Okanagan Valley, has already identified more than 900 potential zoned sites for dispensaries.
     
     
    Lease rates for industrial spaces in the area are also expected to rise as marijuana companies vie for more space to house their operations, says the annual Commercial Investor report.
     
     
    This increase comes after Kelowna's real estate market saw an eight per cent decrease in total sales value for its commercial property year over year.
     
     
    Meanwhile, it is anticipated that vacancy rates will continue to drop and lease rates will rise moderately for the remainder of the year in Edmonton thanks to the arrival of Aurora Cannabis.
     
     
    New construction, particularly in the Leduc and Nisku areas of the city, has been burgeoning amid the addition of a 74,322 square metre (800,000 square foot) medical marijuana production facility and a 37,161 square metre (400,000 square foot) auto parts and distribution warehouse from Ford Canada.
     
     
    "Cannabis is adding an additional demand segment to the overall market, for industrial or retail," said Elton Ash, regional executive vice-president at RE/MAX of Western Canada on Wednesday.
     
     
    "It's good news from a landlord perspective."
     

    MORE National ARTICLES

    Cooler Weather Allows B.C. Government To Cancel State Of Emergency

    Cooler Weather Allows B.C. Government To Cancel State Of Emergency
    The British Columbia government has cancelled the state of emergency it declared in August when hundreds of wildfires covered the province.

    Cooler Weather Allows B.C. Government To Cancel State Of Emergency

    Police Still Searching For Suspects In St. Catharines, Ont., Shooting

    Police Still Searching For Suspects In St. Catharines, Ont., Shooting
    The search for two young men believed to be behind a shooting that wounded three people in a small southern Ontario city stretched into a second day on Friday as investigators worked to identify the suspects.

    Police Still Searching For Suspects In St. Catharines, Ont., Shooting

    'I'M Truly Sorry:' Calgary Mass Killer Matthew de Grood Says He Suffers From Survivor's Guilt

    'I'M Truly Sorry:' Calgary Mass Killer Matthew de Grood Says He Suffers From Survivor's Guilt
    CALGARY — A Calgary man found not criminally responsible for the stabbing deaths of five young people four years ago told a review board he is sorry for what he's done and will do everything he can to make amends.

    'I'M Truly Sorry:' Calgary Mass Killer Matthew de Grood Says He Suffers From Survivor's Guilt

    'Farmer Wants A Wife:' Alberta Bachelor Stars In Belgian Reality TV Show

    'Farmer Wants A Wife:' Alberta Bachelor Stars In Belgian Reality TV Show
    MILLARVILLE, Alta. — Bjorn Bonjean didn't have trouble dating in southern Alberta, he just hadn't found the right woman when producers of a reality television show in Belgium came calling.

    'Farmer Wants A Wife:' Alberta Bachelor Stars In Belgian Reality TV Show

    NDP Veterans In Saskatchewan Challenge Jagmeet Singh Over Ban On Erin Weir Candidacy

    OTTAWA — Jagmeet Singh won't allow scorned MP Erin Weir to run as a New Democrat in the next election — a decision that has caused a rupture between the NDP leader and the party's long-standing members in Saskatchewan.

    NDP Veterans In Saskatchewan Challenge Jagmeet Singh Over Ban On Erin Weir Candidacy

    Policy Barring Non-Permanent Families From Canada Child Benefit Unfair: Report

    Policy Barring Non-Permanent Families From Canada Child Benefit Unfair: Report
    Non-permanent resident families living in Canada, including irregular migrants, are prevented from receiving the Canada Child Benefit — a policy that poverty advocates say is discriminatory should be changed.

    Policy Barring Non-Permanent Families From Canada Child Benefit Unfair: Report