CALGARY, CANADA-Barclay Street Real Estate Ltd. is the first Canadian company to join the Dallas-based TCN Worldwide network, a consortium of independent commercial real estate firms. Barclay, a full-service office, has been in business 35 years and also manages 1.6 million square feet of property in the Alberta province.
David Wallach, president of Barclay, tells GlobeSt.com that the commercial markets here are running hot because of the area’s oil and gas production. The province is the world’s second largest exporter of natural gas, and the fourth largest producer. Refineries are located in Edmonton, with the companies’ headquarters in Calgary.
Wallach says vacancies in Alberta have dropped down to 7% in office, with one million square feet absorbed in the second quarter. Retail is the same, he says, with below 2.5% vacancy. “Alberta is also leading the country in retail sales,” Wallach says. “Industrial is also doing well, below 4.5% vacant, and there’s a lot of demand.
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