Hungerford Properties rejuvenates old Calgary industrial siteDecember 16, 2016 7:11 pm
Hungerford Properties plans to redevelop a 109,326- square-foot industrial building in northeast Calgary. Originally built in 1966 by the Alberta Liquor Control Board and formerly home to Southern Alberta Institute of Technology, the building has been sitting empty for the last two years.
“It’s a solid, well-constructed building that will be now getting a major facelift, offering industrial space at attractive rental rates,” said partner Michael Hungerford.
The makeover will compete in a tough leasing environment. Calgary’s overall industrial vacancy rate is now in the 7.5 per cent range, a record high, and total industrial absorption in the first half of this year was negative by more than 200,000 square feet.
Categorized in: Western Investor