Recently we had the opportunity to attend the RAE Commercial Breakfast, hosted by REALTORS® Association of Edmonton. In this event, industry experts shared valuable insights into Edmonton’s evolving commercial real estate developments, focusing primarily on the retail and industrial sectors.
This two-hour event was moderated by Adel Hanafi from the RE/MAX Excellence Commercial Division. Several panellists participated, including:
- Chad Griffiths, from NAI Commercial
- Nadder Jomha, from GH Construction
- Shiva Narayan, from EVER RED
- Trevor Illingworth, from the City of Edmonton
Here’s a summary of the key topics and questions raised during the event:
1. Zoning Bylaws: Impacts and Benefits: One of the primary discussions centred around the recent changes in zoning bylaws. These modifications have significant implications for the commercial real estate sector. Attendees highlighted both the challenges and potential benefits these changes present.
2. Streamlining the Regulatory Process: When it comes to regulatory approvals, many participants expressed a desire for further changes to streamline the process. Obtaining a development permit can often be a hindrance, so simplifying this pathway could encourage more investment and development. Participants discussed potential reforms that could facilitate a more efficient regulatory environment.
3. Interest Rates and Market Dynamics: The discussion also covered the impact of changing interest rates on the real estate market. With fluctuating rates, the dynamics between landlords, sellers, and renters have shifted. The challenge lies in balancing profitability for landlords while maintaining affordability for renters. Understanding these market forces is crucial for stakeholders across the industry.
4. The CMHC MLI Select Program and Multifamily Markets: Another topic of interest was the CMHC MLI Select program and its effects on multifamily markets. The initiative aims to make financing more accessible for multifamily properties, encouraging investment in this sector.
5. Advice for Entrepreneurs in Edmonton: For entrepreneurs looking to start a business in Edmonton, industry leaders offered some sage advice. They emphasized the importance of networking, understanding local market dynamics, and leveraging available resources.
6. Alberta’s Economic Outlook: As for Alberta’s economy, comparisons were made with the rest of the country. Despite a current unemployment rate nearing 8%, there are signs of resilience and growth. Panelists discussed expectations for the province’s economic performance through 2025, emphasizing sectors poised for development.
7. Defensive Strategies Across Industries: Participants also shared defensive strategies applicable across various industries. In a rapidly changing economic landscape, these moves can help businesses stay competitive and resilient. Flexibility and adaptability were highlighted as essential traits for success.
8. Valuable Data Sources: When it comes to industry standards, attendees pointed to valuable data sources such as CoStar and The Network. Access to accurate and timely information is vital for making informed decisions in real estate.
9. The Role of AI and Emerging Technologies: AI’s growing presence in the industry was another fascinating topic. Participants explored how emerging technologies can enhance efficiency, but also acknowledged potential challenges they may bring. Staying informed about these trends is critical for industry players.
10. Noteworthy Projects and Trends: Several noteworthy projects were shared during the breakfast, showcasing innovation and progress within the sector. Additionally, attendees discussed emerging trends, from sustainability initiatives to shifts in consumer behavior, shaping the future of commercial real estate.
11. Audience Questions and Key Concerns: The event also included a Q&A segment, where audience members raised important questions. One notable inquiry pertained to Alberta’s relatively high unemployment rate. Despite this, the discussion revealed that many sectors remain strong, providing hope for economic recovery. Moreover, downtown Edmonton developments were highlighted, showcasing the city’s commitment to revitalization and growth. These projects are pivotal in shaping the urban landscape and fostering community engagement.
Attending the RAE Commercial Breakfast offered a wealth of knowledge and insights into the current state of the commercial real estate industry. As we navigate these changes, staying informed and adaptable will be key to thriving in this dynamic environment. Whether you’re a seasoned professional or an aspiring entrepreneur, understanding these trends will help you make informed decisions in the months and years ahead.
If you’d like to dive deeper into these topics, feel free to reach out to an agent from our brokerage!