The "flight for quality" provides a new opportunity to repurpose older buildings for non-office use in Edmonton
- Alberta's economy has long been tied to the performance of the oil and gas market, and a significant portion of office construction took place before the 1990s, with 57% of all office buildings constructed in Edmonton during this period.
- Recent years have seen a rise in the "flight for quality" trend, with employers preferring newer office spaces over those from previous decades. This preference is evidenced in the positive absorption seen since March 2020 for buildings of newer construction.
- We expect this trend to continue which has provided a new opportunity to repurpose older buildings for non-office use, such as for apartment rentals.
March 26, 2024
