Conveyancing is able to remove stress that is involved in the process

As supply in the downtown sector continues to dwindle, companies will be forced to consider moving into different regions in search of office space. Larger tenants looking to relocate are finding few options, especially for larger contiguous blocks of space. Conveyancing process is well explained as transferring of property’s legal title from one person to another.

Landlords are interpreting these improved market conditions as an opportunity to raise their expectations. Edmonton’s office tenants have been spoiled for years by low rental rates, but in the future they will likely have to pay higher rates.Until now, Edmonton has been able to boast the lowest rates in Canada, but this won’t be the case for much longer. This improvement in the office market has lead to an extremely strong and active buyer’s market for downtown office product.

We have seen cap rates move from 9 - 10 per cent down to 7.8 - 8.3 per cent with several buildings recently sold to purchasers expecting big increases in rental rates. This activity will hopefully lead to landlords re-investing in their properties, providing an attractive and functional atmosphere in which to work, live and play.

The current overall vacancy rate in the downtown area is 5.34% with Class “A” buildings comprising 4.88% of that vacancy. The office market’s relative strength and stability should continue through 2005 and into the first quarter of 2006, when vacancy rates are projected to increase significantly due to the completion of the Government of Canada Building.

The currently vacant 175,000 sq. ft. Galleria Mall/ Scotia Tower was purchased by the Federal Government in 2002 and is undergoing a $21 million retrofit. The renovation is scheduled for completion and occupancy by the Government in early 2006.

Former Hudson Bay property in downtown Regina in 2004 and is currently developing a plan for its revitalization, which presently includes its redevelopment into office space. This property is expected to lease up substantially throughout 2005.