In what otherwise has been a pretty bleak economic climate in Alberta, there have been some glimmers of hope. Real estate transactions in some sectors such as investments in the commercial and industrial areas, have provided the business-minded in Alberta with some light at the end of a dark tunnel. And the commercial sector just continues to gain momentum in urban areas like Edmonton and Calgary.
Both Edmonton and Calgary set records in industrial real estate transactions in the third quarter of 2018, with figures of $3.3 billion and $3.8 billion, respectively. Pure Industrial Real Estate Trust was snapped up by Blackstone for nearly $4 billion back at the beginning of 2018 -- a transaction that could have figured prominently in the elevated figures in both urban centres. Those numbers put Alberta on the positively on the map, accounting for a generous portion of the more than $38 billion of commercial real estate deals in Canada in 2018.
Apartment buildings and other multi-family properties did well in 2018. Investors are looking to these properties to receive steady returns on their investments. This has been apparent all around the country. The populations continues to expand and there is an increasing need of rental properties.
Even amid what can be seen as a bleak overall market landscape, there are real estate transactions that continue to bolster the economy in Alberta and the rest of Canada. A real estate lawyer can help in the real estate realm in a myriad of ways. He or she can assist in land acquisitions, leasing, expropriation issues as well as reviewing contracts and closing deals.