2018 Vacancy Study results
AIRDRIE, ALBERTA – The City of Airdrie recently completed its first comprehensive assessment of overall vacancy rates. Economic Development working with the Assessment department, conducted the study over the month of July of this year. The City currently has an overall non-residential vacancy rate of 5.5 per cent.
Airdrie’s overall commercial vacancy rate is 4.31 per cent, while industrial vacancy is slightly higher at 6.23 per cent. Susan Thompson, of Avison and Young Research, states that a balanced vacancy rate sits around 4 – 5 per cent for industrial, and commercial traditionally sits around 3 per cent, putting Airdrie in a healthy market.
See chart below:
|Total Sq. Ft.||3,099,825||5,672,206|
|Occupied Sq. Ft.||2,966,218||5,318,976|
|Vacant Sq. Ft.||133,607||353,230|
|Vacancy per cent||4.31%||6.23%|
|Overall Non-Residential Vacancy||5.55%|
Kent Rupert, Team Leader of Economic Development, explains “Airdrie has traditionally had a low vacancy rate in our industrial and commercial sectors but over the past couple of years with the provincial downturn and continued investment of new builds for commercial and industrial space, we have seen our vacancy rate become more balanced.”
In early July of this year, every commercial, industrial and special use property in the City was inspected to verify and determine if the space was vacant or occupied. Properties that were under construction as of July 1 were not included in the calculations.
According to Mike Boyd, Senior Assessor with the City of Airdrie “The vacancy study was conducted so that administration can gain a better understanding of Airdrie’s real estate market. Having this data will allow the City to analyze trends to determine the economic health of the non-residential market. Vacancy rates can also provide a glimpse of the potential opportunities of future development.”
The 2018 Vacancy Study will be conducted year over year and will be posted online at www.airdrie.ca/realestate.
City of Airdrie, Senior Assessor
403.948.8800 ext. 8431
Airdrie Economic Development, Team Leader