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Non-residential assessments

Property assessments are completed on an annual cycle using the market value standard for property. In determining non-residential property assessments, The City of Airdrie considers all three approaches to value, depending on the type of non-residential property:

  • Sales comparison approach: sales of similar properties
  • Income approach: capitalize the income being generated by the property using a capitalization rate
  • Cost approach: market value of land plus the depreciated replacement cost of the improvement

The City of Airdrie also reviews the following:

  • Non-Residential Sales (pdf)
  • Industry publications in support of the valuation parameters
  • Post facto sales for trending purposes
  • Non-residential sales from surrounding municipalities

The assessment department completes an annual vacancy study for non-residential properties, the current study can be found here:

2025 Vacancy Study (PDF)

When you connect your property to your myAirdrie account you can view your current assessment notice online.

 visit myAIRDRIE 

Commercial assessment parameters (2026 Tax Year)

PROPERTY TYPERENTAL RATEVACANCY RATEOPERATING COSTSNON RECOVERABLESCAP RATE
Multi Tenant CRU  $6 - $37 3%   $8 - $15 2%   6.00% - 8.25%
Restaurant   $13 - $33 3%  $10 - $15 2%  6.25% - 6.75% 
Stand Alone Retail  $9 - $31  3%  $7 - $11  2%  6.00% - 7.25% 
Automotive Service $10 - $15  3%  $5 - $12  2%  6.00% - 7.00% 
Service Station  $31 - $75  2%  $10 - $12  2%  5.50% - 7.00% 
Retail Condo  $13 - $28  3%  $11 - $14  2%  6.00% - 6.75%
Box Store  $14 - $15  1%  $6 - $9  2%  6.25% 
Fast Food $32 - $43  1%  $15  2%  5.75% - 6.00% 
Bank  $27 - $41  1%  $13  2%  6.25% - 6.50% 
General Office  $8 - $25  3%  $8 - $12  2%  6.75% - 7.25% 
Office Condo  $25 - $31  3%  $10 - $12  2%  6.25% - 6.75% 

Industrial assessment parameters (2026 Tax Year)

property typeRENTAL RATEVACANCY RATEOPERATING COSTSNON RECOVERABLESCAP RATE
Industrial Office $7 - $18 1% $6 - $10 2% 6.00% - 7.50%
Single Tenant Warehouse $6 - $17 1% $5 - $8 2% 5.50% - 7.50%
Multi Tenant Warehouse  $8 - $14 1% $3 - $6 2% 5.50% - 6.50%
Industrial Condo $12 - $19 1% $6 - $10 2% 5.00% - 6.50%

Multi-family assessment parameters (2026 Tax Year)

Property typevacancy RATEgross income multiplier
Walk-up Apartment 4.00% - 5.75% 10.00 - 12.00
Townhouse 2.00% - 8.00% 14.00
Three / Four-plex 2.00% 16.00
Property typebedroom typemarket rent
Walk-up Apartment Studio $1,200
Walk-up Apartment 1 bedroom $1,175 - $1,550
Walk-up Apartment 2 bedroom $1,300 - $1,825
Walk-up Apartment 3 bedroom $2,275
Townhouse 2 bedroom $1,875 - $2,200
Townhouse 3 bedroom $1,985 - $2,550
Three/Four-plex 1 bedroom $1,000
Three/Four-plex 2 bedroom $1,150
Three/Four-plex 3 bedroom $1,250