At BOMA Edmonton and North’s 2025 Brokers Forum, three leading brokers shared a clear message: despite shifting market forces, Edmonton’s commercial real estate sector remains dynamic, diversified, and full of potential.
Bronwyn Scrivens, industrial specialist with JLL, highlighted one of the region’s most overlooked but promising sectors: cold storage. Edmonton’s location, logistics infrastructure, and strong agribusiness base make it ideal for new investment in temperature-controlled warehousing.
Scrivens noted that Edmonton has less than 3 million square feet of refrigerated or freezer space, much of it outdated and owner-occupied. Most facilities were built in the 1970s and 80s, making them inefficient and too small for modern automation. Meanwhile, Canada’s cold storage vacancy rate is below 2 percent. “Once new supply comes online, it disappears almost instantly,” she said.
Modern cold-chain facilities cost more to build—typically $350 to $500 per square foot—but the returns are strong. Tenants stay longer, rents are 40 to 60 percent higher than standard industrial space, and demand continues to grow as grocery delivery, pharmaceuticals, and meal-kit services expand.
Scrivens estimates that Edmonton could absorb 1.5 million square feet of new cold storage over the next five years. “We have the land, the power, and the connectivity,” she said. “What we don’t have is supply. That’s where the opportunity lies for BOMA members.”
In retail, Devan Ramage of Cushman & Wakefield described a sector in transition but far from slowing down. Despite rising costs, Edmonton continues to attract new tenants such as Chick-fil-A, Kinton Ramen, Splitsville, and Altea Active drawn by Alberta’s affordability and higher disposable incomes.
Construction costs are putting pressure on rents. “A few years ago, small inline retail space might have leased for $36 per square foot,” said Ramage. “Now, new builds start around $42 to $46, and drive-through pads can exceed $50.”
Some developers are delaying or cancelling projects because of higher construction and tax costs. As a result, second- and third-generation retail spaces are in higher demand, pushing suburban vacancy rates below 6 percent compared to 9.4 percent downtown and 6 percent on Whyte Avenue.
The most active tenants include fitness operators, medical professionals, quick-service restaurants, and grocery-anchored users. Daycares and cannabis shops have slowed.
Ramage also pointed to a structural shift that could open doors for local entrepreneurs. Walmart and Loblaws have begun removing restrictive covenants that once blocked competitors such as pharmacies, bakeries, or liquor stores from their sites. “That change will make room for more local and independent retailers,” he said.
Cory Wosnack, Principal and Managing Director at Avison Young, took a longer view of the office market, reminding attendees that market shifts are cyclical and often create new opportunities.
“Flexible work didn’t cause downtown’s decline—it made it visible,” he said. “Every few decades, downtown evolves.”
While national headlines focus on distress, local data tells a different story. Suburban office vacancy is down to 12.5 percent, the lowest since 2015, with Windermere at 2 percent and Summerside below 4 percent. Downtown is also transforming with new residential, educational, and cultural investments, including Warehouse Park, Event Park, and the MacEwan and NorQuest College expansions.
Price adjustments have opened the door for local investors. Office buildings that once sold for $472 million have recently traded for $237 million—about half their previous value. Most sellers were institutional investors based outside Alberta, while most buyers are local. “It’s not a collapse,” said Wosnack. “It’s capital repricing. Those buying now could become the winners of this cycle.”
He also challenged Edmonton to view its affordability as a cost advantage rather than a weakness. “If someone told you that for the next decade your city would be the most cost advantaged among your peers, what would you do with that opportunity?” he asked.
From cold storage to retail reinvention and suburban office renewal, Edmonton’s commercial real estate market is finding its footing through creativity and pragmatism. As Wosnack put it, “A vibrant office market doesn’t just refill cubicles—it rebuilds community.” With record membership growth at BOMA Edmonton and North, new developments across all asset classes, and a spirit of collaboration among investors and developers, the region’s commercial real estate story is one of transformation and quiet confidence.