First quarter office sales in Cow Town are looking pretty positive. The overall real estate market in the province and around the country has taken a pounding amid a global pandemic, but the first numbers in from the office sector in Calgary look pretty encouraging. Commercial real estate sales rose about 17% in the city in the first three months of 2020 compared to the same time in 2019.
Leading the way in sales was the Stampede Station office complex which sold for $35 million. Office buildings were most in demand, followed by industrial warehouses and land. Office sales in Calgary nearly tripled year-over-year reaching investments of more than $174 million. In addition fo the Stampede Station, other high-end commercial sales included 110-12th Ave., SW for $50 million and the $27.5 million sale of 6807 Railway St.
Most industrial properties were bought by purchasers who intended to use the properties themselves. The largest deal in this sector was the Telus Park purchase for a little more than $24 million. The 114,481-square-foot building on Centre Avenue NE, sold for $213.14 a square foot. Deals in the multi-family sector in Calgary took a bit of a nosedive in the first quarter with both dollar value and sales down year-over-year.
Whether Alberta residents are involved in commercial, industrial or residential real estate deals, a lawyer's part in these deals is integral. A lawyer's experience and acumen are necessary for the closing of these deals. In addition to handling the closing, a lawyer also does other things such as title searches and calculating land transfer taxes.