Westerninvestor.com - Investor advice: It may be better to buy than lease in competitive Calgary

Following on the success of commercial strata in British Columbia, Alberta is seeing an expanding market in office and industrial commercial condo development across the city. Beedie Development Group and Hungerford Properties are both Vancouver developers that are taking their expertise eastward, leading the development for this asset class in Alberta.

“In the last five years, we’ve really seen the commercial condo sector take off,” said Paul Marsden, executive vice-president of industrial sales and leasing for Colliers in Calgary. “It allows small and medium-sized businesses to own their own real estate and build equity. For many of them, that’s their retirement. We are generally not seeing large businesses buying strata units. It’s hitting a middle band.”

Fairmore Business Park is one of three recent commercial condo developments by Hungerford, and the only new office and warehouse project in south central Calgary. It offers one of very few opportunities for businesses to buy new commercial space in the city. Just minutes away from downtown in a prime location, it has drawn a number of owner-operators looking to build equity in their business.

Read the full article here.

Buying Commercial Space a Dream Come True for Beauty Depot

Vanessa de Mello and Silvia D’Costa have just hit a big business milestone: they’ve purchased a brand new, 12,000 square foot building in Calgary to house the expansion of Beauty Depot and The Esthetic Institute Training Center.

At Fairmount Drive and Glenmore Trail in Calgary's burgeoning South Central neighbourhood, the new gleaming Hungerford Properties building in Fairmore Business Park is their dream come true. After 16 years in business, their new location is only two blocks south of their current location and still close to Chinook Centre, allowing for a much simpler transition to the new space.

“We were blown away by the exteriors,” says de Mello. “We are in the esthetic business and our clients are 98% female, so we wanted it to look nice with glass windows. We also thought the pricing was competitive and the location at Fairmore Business Park was perfect.”

With 20 - 30% business growth each year, de Mello knew the timing was right to buy their own building, allowing them to grow and expand further. “The service from Hungerford and our realtor was exceptional and the whole process has been easy. We’ve been very impressed with the quality of workmanship and we would recommend Hungerford as a builder and developer.”

There are only 3 warehouse bays remaining at Fairmore Business Park. Construction is now complete and move in ready. 

Five reasons to buy a Calgary commercial condo now

Are you leasing an office or warehouse space in Calgary? With interest rates at all time lows, now might be a good time to think about buying into your own commercial condo.

Commercial condos are an increasingly popular choice for savvy business owners who understand the value of building equity in their own company. In Vancouver and Toronto, the popularity of commercial condos is on the rise and availability is scarce. But in Calgary, there are more options for businesses wanting to buy into new, high quality, Class A commercial buildings.

In Calgary’s Meridian/Franklin area, for example, Hungerford Properties’ Nexus Business Centre is attracting companies like True Directional Services that purchased 4,100 square feet of office and warehouse space. After 5 years of renting, the directional drilling technology company felt that buying was the only option that made economic sense.

“With such low vacancy rates, rent in the Calgary market can be expensive,” says CEO Sean Senos. “Owning for my company means we can have more capital to invest in tools and growing the business, rather than throwing the money away at rent. It costs us 25% more to rent rather than to own.”

In addition to Nexus Business Centre, the top selling commercial condo in the Calgary market, there is Hungerford’s Fairmore Business Park, in South Central Calgary. Fairmore is a new 7-acre development located by Chinook Centre that is 48% sold and offers high-quality, Class A space in a brand new building.

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Construction is now complete on the first of four buildings at Fairmore Business Park

Construction is now complete on the first of four buildings at Fairmore Business Park, our new, 7-acre development in Calgary’s south central neighborhood. The second building will be complete by mid-July and the development is now 45% sold.

Canem, one of Canada’s largest electrical contracting firms, has moved their new Alberta headquarters to Fairmore’s Building 1, doubling their space to 25,000 square feet to accommodate their growing business. And other new businesses will be moving in over the coming months.

Canem regional VP, Andy Carr, regional GM, says the company is excited to start a new chapter in their 50-year history. Canem’s new office will not only double their space, but also showcase new trends in electrical innovations.

Canem has been in their current building just across the street for 30 plus years and the company was in need of an upgrade. The fact that they are moving into a brand new property in the same location is a huge benefit to employees who regularly need access to downtown, just a 10-minute drive. “Fairmore is located in a busy, affluent area that offers the city’s businesses a chance to grow in a brand new, Class A building,” says Michael Hungerford.

Fairmore Business Park is the only new office and warehouse condo project in south central Calgary, and one of the few opportunities to buy new commercial space in the inner city. It’s the first development in the immediate area in 9 years, says Collier’s Paul Marsden. “Canem is the first of many businesses that will be locating in the development. It’s a transitioning neighborhood with little land available for new development so what Hungerford Properties is offering is attractive to businesses, both big and small.”

Located centre ice in the south east neighbourhood at Macleod and Glenmore Trail near Chinook Mall, Fairmore offers excellent access to public transit within walking distance, as well as easy access to nearby amenities. Canem will be leasing its own stand-alone building, but there will be three additional for sale condominium buildings within the business park that will accommodate both office and industrial users.

Take a virtual tour of Fairmore Business Park, Calgary's brand new, top quality office and warehouse space.

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