We are entering a truly exciting time for commercial realtors, developers, retailers, and consumers alike.
Edmonton, AB, Canada (PRWEB) August 09, 2012
The Financial Post released an article on July 24/2012 evidencing that the retail sector in Edmonton Alberta remains strong and will continue to grow in the foreseeable future. Edmonton leads the country in this noticeable pattern of growth due to a variety of factors. Not only is Edmonton home to North America’s largest shopping attractions West Edmonton Mall and open air development South Edmonton Common, making the city a destination point for those that place shopping as a priority in their vacation experience, there are economic factors at play here as well. The growth in retail development can be attributed to other factors beyond strong sales.
Labor costs are significantly lower in Edmonton due to a favorable tax structure with a flat rate of 10%, making the city an attractive destination for retailers considering a head office move in addition to setting up stores. Overall business taxes are lower in Edmonton as well. The combination of low corporate tax rates, lower property tax, and the absence of provincial retail sales tax, capital tax, and provincial payroll tax have made Edmonton a lucrative place to conduct retail business. Lower gas and energy tax rates and costs also help the bottom line for retailers. Combine all of this with the encouraging statistics on retail sales growth and you’ve got the perfect storm for retail success. This attention spurred recent demand for commercial real estate in Edmonton resulting in the current lack of vacancies available to new retailers and those seeking to upgrade in store size. This demand, combined by the lack in vacancy, has ignited new commercial development in Edmonton. By the end of 2013, well over 3 million square feet worth of commercial property construction will be completed. Realtors with commercial interests are planning well in advance to ensure clients find a match to suit their needs.
Jay Love, an Edmonton Properties realtor of home and commercial real estate group Team Love, comments “We’ve always been confident in Edmonton’s ability to be a mainstay in the retail landscape of North America. However, we can’t say that we anticipated such a tightening of commercial vacancies. Thankfully, the city responded accordingly to accommodate the growth. We are entering a truly exciting time for commercial realtors, developers, retailers, and consumers alike. Edmonton will solidify its dominance in the retail setting and the economy will benefit.”
Edmonton Properties realtors Jay Love and Shari love encourage retailers looking for commercial real estate in Edmonton to contact them right away to begin the process. Even with the new construction breaking ground as this article goes to press, the demand for Edmonton commercial real estate continues to grow, along with the sales.
ABOUT Edmonton Properties
Jay Love and Shari Love are a brother and sister team of Edmonton Realtors. This dynamic team of Edmonton Real Estate Associates is among the top Realtor teams serving Edmonton and surrounding area. Contact Edmonton Properties today.