Lethbridge ranked among Canada’s fastest-growing citiesMarch 24, 2017 4:05 pm
Confidence is growing in Lethbridge’s commercial real estate market, as the city was ranked by Avison Young as Alberta’s strongest municipal economy for 2017. Expansion projects in the city are capitalizing on Lethbridge’s enduring stability.
Avison Young’s 2017 market forecast made the claim in January, and real estate professionals and the city’s economic development office say it is holds true four months into the New Year. Unlike some areas in the Prairies, Lethbridge is less susceptible to boom-and-bust cycles linked to oil prices. Lethbridge is far more reliant on infrastructure and business investment growth and its booming agricultural industry, city officials say.
The Avison Young report noted that office and retail vacancy rates are declining, particularly in West Lethbridge. The University of Lethbridge is located in the area, bringing more new students in each semester.
“The majority of residential growth for the city has primarily occurred on the west side for the past several years, which has sparked commercial growth in these new neighbourhoods,” said Trevor Lewington, CEO of Economic Development Lethbridge.
Categorized in: Western Investor