Calgary Commercial Real Estate Price Per Square Foot
Introduction
Calgary is a city situated in the province of Alberta, Canada. It is a vibrant city with a growing population and a thriving economy. As the economy grows, so does the demand for commercial real estate. In this article, we will discuss the current price per square foot for commercial real estate in Calgary.
Factors Affecting Commercial Real Estate Prices in Calgary
The price per square foot for commercial real estate in Calgary is influenced by several factors. One of the primary factors is the location of the property. Properties located in prime areas such as downtown Calgary are more expensive than those located in the suburbs.
The type of property also affects the price per square foot. Properties such as office buildings, retail spaces, and warehouses have different price ranges. For example, office spaces in downtown Calgary are more expensive than warehouses located outside the city.
The condition of the property also plays a significant role in determining the price per square foot. Newer properties or those that have undergone recent renovations are more expensive than older properties that require significant upgrades.
Current Price Per Square Foot in Calgary
According to recent data, the average price per square foot for commercial real estate in Calgary is approximately $35. However, this figure varies depending on the location and type of property. For example, office spaces in downtown Calgary can cost up to $50 per square foot, while warehouses outside the city can cost as little as $10 per square foot.
The current economic climate and the COVID-19 pandemic also affect the price per square foot for commercial real estate in Calgary. Due to the pandemic, some businesses have closed down or reduced their operations, leading to a decrease in demand for commercial space. However, as the economy recovers, the demand for commercial real estate is expected to increase, leading to a rise in prices.
Conclusion
Calgary is a thriving city with a growing economy, and the demand for commercial real estate is expected to increase as the economy recovers. The price per square foot for commercial real estate varies depending on several factors, including location, type of property, and condition. The average price per square foot for commercial real estate in Calgary is approximately $35, but this figure varies depending on the factors mentioned above.