RENX.ca – Mario Toneguzzi, Feb. 4, 2019
Calgary’s industrial market continues to be resilient in the face of a struggling economy which has hit hard in other sectors of the city’s commercial real estate industry, particularly office space. Calgary’s downtown office market remains a sore spot with an elevated vacancy rate of about 25 per cent. That’s the headline-grabber for media, but it has overshadowed the “good news” coming out of the industrial real estate market.
According to commercial real estate firm CBRE, the fourth quarter of 2018 was Calgary’s eighth consecutive quarter of positive net absorption — the change in occupied space. Also, the fourth quarter witnessed the greatest amount of new supply delivered in a single quarter since Q4 2015. “The Calgary industrial market is increasingly seen as a regional distribution hub. The regional Western Canadian marketplace is benefiting from sustained population growth and economic growth,” said Michael Hungerford, partner with Vancouver-based Hungerford Properties, which has significant industrial property in Calgary.
“In Calgary, there is supply of land, experienced developers, and quality infrastructure to support this growth. Moreover, the relative cost of living and available workforce is a compelling reason to locate in Calgary, rather than other regional cities.” Read more >
CREB Now, December 7, 2018
Named after the French novelist and playwright Honore de Balzac, the tiny hamlet of Balzac, located just north of Calgary, is so small that its population doesn’t even crack double digits. However, it packs a wallop when it comes to commercial development.
In fact, no one actually lives in the hamlet of Balzac, but the area represents one of Rocky View County’s main commercial and industrial areas. “For 10 years, Rocky View County has been pursuing a strategy to attract business and commercial development to the east Balzac area, with great success,” said Grant Kaiser, director of marketing and communications for Rocky View County.
Thousands of new workers are set to make the community their work-day home with the opening of the online commerce giant Amazon’s new 600,000-square-foot distribution centre in the business commercial district of Balzac.
“THE AREA HAS OUTSTANDING ACCESS TO ROAD, RAIL AND AIR TRANSPORT, AND IS VERY ATTRACTIVE TO THE KINDS OF BUSINESSES THAT NEED LAND.” – GRANT KAISER, ROCKY VIEW COUNTY
Mario Toneguzzi, Published on May 12, 2018
An area in Rocky View County, just north of Calgary’s city limits, that has seen stupendous growth over the past decade with giant warehouses and distribution centres, retail outlets and other commercial real estate developments springing from the ground. Basically, Balzac has gone from a gopher pasture to a much sought-after area that has attracted the likes of corporate giants Walmart and Amazon.
And there’s more to come. Research by the County indicates only 25 to 30 per cent of the land has been built out. So hold onto your hats, more’s to come.
I was curious what four of the top real estate people, who deal in the area, think of why Balzac has become a magnet for commercial real estate development… read more >
Bentall Kennedy shows confidence in local economy – Calgary Herald, September 28, 2017
Each day I’m asked if I see any signs of the local economy climbing out of this recession, and my answer is ‘yes’ — backed up by the amount of investment into this city by people and companies confident in its future. Several recent real estate deals and developments speak to this.
Bentall Kennedy, one of North America’s largest real estate investment advisers, with locally owned Highfield Investment Group and Hillwood Investment Properties of Texas, plans to build a 400,000-square-foot industrial facility in the High Plains Industrial Park at Balzac.
New warehouse build outside Calgary a sign of turning economy – Metro News, September 15, 2017
Calgary’s potential as inland port buoys commercial real estate market
Bentall Kennedy JV to build Calary industrial project on spec – Real Estate News EXchange, September 14, 2017
Bentall Kennedy, partnering with the Highfield Investment Group and Hillwood, is moving forward on a 400,000-square-foot facility in Balzac, situated in Rocky View County just north of Calgary’s city limits. The Calgary region’s first major speculative industrial development since 2015 is a clear sign the city has come out of its economic doldrums and is on the path of recovery, its backers say.
Interest strong in High Plains Industrial Park despite challenging real estate market – Calgary Herald, September 16, 2015
American developer building 500,000-square-foot distribution centre in Balzac area – Calgary Herald, October 7, 2014
Hillwood Expands into Canada, Europe – Commercial Property Executive, October 16, 2014
American company eyes Balzac – Airdrie Echo, October 14, 2014
Calgary industrial real estate market one of strongest in North America – Calgary Herald, December 4, 2014