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Construction at University District, Calgary Maintaining Momentum

Ever since Alberta received approval in 2016 for the University District’s plan in Calgary, construction’s been handled very efficiently and swiftly. All commercial and residential spaces, public areas, and parks are developing at unexpected rates, with huge progress being apparent to all, whether they are visitors or locals.

The multi-use community at University District is prepared to reshape the face of Calgary once it is ready.

Construction Work Staying on Schedule

Although most of Alberta’s been under lockdown since the coronavirus pandemic picked up speed, not all businesses have been set back. It was determined that the construction industry falls under essential services, which helped in allowing for uninterrupted progress at University District. Work is staying on schedule and is still expected that everything will be completed by the end of 2021.

The construction progress is building up some excitement in the community, with boosted numbers of daily visitors to the University District Discovery Centre. At the Discovery Centre, you’ll be able to see detailed plans and examine the neighbourhoods future design.

Retailers Setting to Open by Late August

University District in Calgary, being mixed-use property, Alberta will provide it with all the amenities needed for a thriving community. Shops, Social spots, and services will be accessible to everyone from residents and visitors.

Some service providers and retailers are already preparing to get down to business. By late August, we should see Scotiabank, Curious Hair Skin Body, Market Wines, Denim & Smith Barbershops, and Save-On-Foods open their doors to the general public.

Residential units like August by Avi, The Brenda Strafford Foundation’s Cambridge Manor, and Rhapsody by Gracorp predict their first residents will move in by fall 2020, which will help boost pedestrian traffic and attract more retailers.

Sustainable and Accessible Neighbourhood Design

University District is the first community in Alberta, and also the largest in Canada, to get the LEED-ND Platinum certification – international certification for commitment to Leadership in Energy and Environmental Design for Neighbourhood Development.

As such, the neighbourhood is designed to be accessible by all and sustainable. With everything within walking distance, residents and visitors are going to be encouraged to interact with the community and spend longer visiting restaurants, shopping malls, cafes, entertainment centers, and other spaces.

That is excellent for pumping up foot traffic and spending within the neighbourhood, making it appealing for retailers and business owners alike.

Summary

With the University District in Calgary quickly approaching its completion, it’s proving to be a wonderful investment opportunity. The project is generating interest and attracting prospective tenants and retailers. If you are curious about learning click here.

https://www.redevgroup.com/news-article/construction-at-university-district-calgary-maintaining-momentum

News

Ontario Government Reopens Commercial Real Estate Construction Sites

The local Ontario Government has confirmed its past statement that they expect the reopening of construction sites province-wide. The coronavirus pandemic has closed all malls, large retail stores, and various other activities, even including construction sites.

Some construction sites have been opened since April, but not all of them. However, this new announcement opened every construction project in May, including commercial buildings sites.

Construction is a Large Part of Our Economy

In 2016 alone, the whole Ontario construction industry employed over 500,000 people. This is including both non-residential and residential construction. But this isn’t just it. Many construction companies are building retail and commercial space which will help bring in new investments coming into the province.

Without construction, other businesses are suffering additionally. The President of Residential Construction Council of Ontario, Richard Lyall, stated that “It’s critical for the government to get the economy going again as construction is a huge part of Ontario’s economy.”

But Which Construction Sites are Reopening?

The announcement from the government includes the continuation of work on construction projects involving, commercial development, residential development, excavation, site preparation, digital infrastructure, telecommunication work, education, logistics & shipping infrastructure, and even more.

This is fantastic news for many people, as all CRE projects in Canada were sitting in waiting for some time now. Although no one is sure if stage one of phase 2 will end in approximately a three-week or a four week period, this is still positive news for many businesses. It shows that things are moving towards a more positive direction and that we can all expect the CRE construction to get back on track again.

Ontario Phase I reopening

This phase of reopening can exclude several businesses. Businesses like retail, indoor and outdoor household services, sporting clubs, golf courses, libraries, and more have been allowed to conduct business since the 19th of May; however, barbershops, restaurants, hair and nail salons are not included in this specific phase of reopening in Ontario.

Each sector and different businesses have different restrictions regarding reopening in order to remain vigilant in the event of another increase of coronavirus cases.

Daily there are more retail construction sites continuing their construction operations, including construction related to hospital work, retail space, and petroleum.

Cities like Calgary have already begun preparing to reopen their retail sector and their malls, so this is can be great news for Ontario and other provinces as well. Malls have opened their doors to customers and have to keep up on taking precautions so they can keep both their workers and customers safe.

Summary

This news is encouraging, especially for companies that have been looking to invest in CRE development. Canada is moving in the right direction and has been re-opening its economy more and more gradually each week. Our goal is to maximize investor returns and to keep communication open with every one of our investors to ensure our goals and objectives are aligned. We have a 3-step process to identify value for all our investments – from due diligence to a tax-efficient exit strategy.

For more, please visit:

https://www.redevgroup.com/news-article/ontario-government-reopens-commercial-real-estate-construction-sites

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Canada March 2020 Retail Sales: Who were the winners?

When looking at how fast stay-at-home orders came into effect, social distancing, work from home, and masks became more normal it’s no surprise that retail and stores took a hit in sales during March. Even with online orders and outside pick up to help ease people’s minds and keep everyone safe, many people are not shopping. You can see this fear and unease in people even in statistics, looking at retail sales data for March has had a significant decrease.

Retail Sales Data

Statistics Canada released record-breaking sales data for retailers in the country. The data is broken out by each sector and you can clearly see what has happened to non-essential businesses when they were forced to close their doors halfway through March.

Looking at the March sales data you can capture a glimpse into the panic during the first weeks of closure and see the overall decline in sales of 10 percent in March to approximately $47 billion, just as the lockdown was starting to take effect. According to the Financial Post, only 40% of retailers were closed for an average of five business days in March. However, 91% of clothing and other such accessory stores were closed for an average of 13 days.

What is the data showing and what does it mean? Although it looks like there was a decline of 10 percent in March, if we take out gasoline and auto sales, the stats actually reveal an increase of 2.8% in retail sales in March 2020, driven mainly by grocery sales. Grocery sales have had a significant increase, accounting for a third of retail in March.

April however is likely a different story as retailers were forced to be closed for the whole month. StatsCan is estimating that Aprils’ data will show approximately a 15 percent decline in sales.

Overall as businesses are closed in May as well, this back-to-back decline for such a long period of time will be new unchartered waters for all of us.

Who are the Losers and Winners during March 2020?

One thing is certain; many Canadians are itching to go back to normal, so the question is, where are we headed next?

The main deciding factor between winners and losers during this time is if it is an essential or non-essential retail business.

Retailers that sell things such as clothes, shoes, and luxury goods have been some of the hardest-hit, they lost half their retail sales if not more, as compared to last year during the same time. Retailers that did the best obviously include groceries, but also beer, liquor, and beverages; earning 20 to 30 percent more compared to March in 2019.

Other sectors that did well include health and personal care that had a 4.6 percent increase, e-commerce jumped up by 40.4 percent, and cannabis climbed up 19.2 percent.

The stark contrast in these numbers and each different market show a true divide between the retailers directly affected and those who actually boosted profits or faired well. As investors, we need to stay on top of knowing who were the winners, and who will continue to be to know exactly where to direct our investments.

Summary

As the data shows, Canada retail had varying outcomes during March 2020 but overall did okay. Losses were found in more luxury services and retail businesses but boosted in essential services. April will show huge declines in sales because of the month-long closure but May will hopefully show a bit of bounce back with retailers finding ways to still provide their services.

Which businesses will bounce back and who will drive the eventual economic recovery, is ultimately the largest question of all and what everyone will be watching for.

https://www.redevgroup.com/news-article/canada-march-2020-retail-sales-who-were-the-winners

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How COVID-19 Has Affected the Canadian CRE Market | Canadian Real Estate News

As you may have already read, the novel coronavirus has left an impact on industries around the globe with the Canadian real estate market being no exception.

These unprecedented developments have left several CRE investors pondering on the future of the market.

While the situation is very severe from a health stance, Canadian retail CRE investors are actually in a good place and would benefit from investing in commercial real estate during COVID-19. Here’s why!

Canada and COVID-19

The number of confirmed cases with COVID-19 are on the rise and this has sent some into a state of panic. Many fear that the worst is yet to come, and governments, healthcare officials, and businesses are doing all they can to stop the epidemic from spreading.

That means closing restaurants, schools, gyms, museums, and shopping malls around Canada. Many private and public institutions have officially shut down to flatten the curve and remain compliant with social distancing norms.

Industries Thriving in the Pandemic

While clothing retailers, restaurants, and coffee shops cannot help but to close their doors for the duration of COVID-19, Canadian CRE investors don’t actually have any cause for anxiety. Many commercial retail spaces are open to serve people who are in lockdown.

Grocery stores, pharmacies, medical supply shops, and medical offices are naturally getting more foot traffic, and this will go on for the duration of COVID-19.

They provide essential products and services, and even if a complete lockdown is ordered, as we’ve seen in countries such as Italy and Spain, and in various cities in both China and the U.S., these retail locations have remained operational.

The Future Is Hopeful

Regardless of the current situation, the future is bright for retail CRE. Those who invest in retail real estate now stand to benefit financially. At the moment, the costs of buying CRE are lower, and once the pandemic is put under control, retailers will jump at the opportunity to rent out spaces, open up shops, and regain financial stability just like what’s happening in China as many retailers start to reopen.

It’s expected that shopping at brick-and-mortar locations across Canada will improve to pre-Corona levels; especially restaurants, entertainment venues, gyms and discount retailers.

Conclusion

Investing in Canadian retail CRE could offer a big return on investment once the pandemic threat has passed. There are already reports analyzing “retail recovery following containment of COVID-19” as China has initiated its reopening. This confirms that while many around the world are currently experiencing restrictions, it will not last forever, and the future appears to be bright for those wise enough to make strategic investments now.

For more information, please visit:

https://www.redevgroup.com/news-article/covid-19-and-its-effect-on-canadian-cre

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The Canadian Real Estate Market is in a Golden Age

Canada has proven to be one of the best destinations to invest in global and domestic capital. When it comes to the 2020 Canadian Real Estate Market, this is the best decade to take advantage of commercial real estate properties in Canada and there are several reasons why.

First, Canada has the highest lease demand in its history. Rent levels are also constantly rising due to market expansion and increased opportunities. Companies renting retail space are also fulfilling their part of the deal by occupying more buildings than ever before.

Canadians aren’t only focused on booming metropolises like Toronto and Vancouver these days. Commercial real estate opportunities are constantly expanding into areas like Saskatoon, Edmonton, and Calgary, among other cities. Let’s analyze the important data of the 2020 Real Estate Market.

Statistics for Canadian Retail Estates

Record demand for properties in the Canadian Real Estate market is due to fluctuating societal changes, advanced technological developments, and various developing policies across several years. Large Canadian cities have become lucrative options for businesses, investors, and residents to take advantage of.

Generally, commercial real estate has been demonstrated as a stable and profitable investment for individuals. For example, the retail sector is changing its perspective and mindset on uses for certain spaces and prime locations. Brick and mortar stores are being transformed into pick-up stations for just about everything from food to clothing.

Food services and cooking facilities are gradually being set up for delivery-only meals, marking a new trend in cities like Toronto and Vancouver. Aging retail properties in the downtown and suburban cores of major markets are being rejuvenated through redevelopment plans.

National statistics for retail properties show that there will be about 4.31MM sq.ft of new supply in 2020 and total retail sales are going to increase by 2.9%. According to CBRE Research, total retail sales per capita are forecasted at $16,801 versus $16,480 in previous years. It is expected that retail in 2020 is expected to outperform its performance from last year.

Looking Beyond The Big Cities

The biggest real estate changes have historically happened in the largest cities. However, new data suggests that there is movement going on in smaller markets as well. These smaller cities are getting their spotlight due to broader workplace trends and global investments.

Domestic companies also engage the real estate market and compete with foreign capital. Their primary markets are Ottawa, Quebec, and the Waterloo Region. Projections show that many smaller markets will outperform their forecasts, including:

* Montreal by 13.8%

* Quebec by 10%

* Waterloo by 10%

* Ottawa by 8.5%

Regional Statistics

The Canadian Real Estate Market Outlook forecast shows that Calgary retail commercial retail investments are going to grow over $400 million compared to $386 million in 2019. Even though Calgary is a hot rental market for apartments, the trend is rubbing off on commercial retail as well, and there is noticeable growth.

On the other hand, the total retail sales growth in Saskatoon is projected to have a 3.7% increase in 2020 compared to a year earlier. Along with large mixed-use development projects for both commercial and residential space, it’s expected that the market will grow even further.

Conclusion

Canada is entering the new golden age of retail commercial real estate, and the numbers show it. All indicators are strong and positive. If you want to learn more about it, contact ReDev Properties today.

https://www.redevgroup.com/news-article/canada-cre-entering-golden-age

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Canadian CRE Market to Maintain its Edge in 2020 Per Morguard Reports

The Canadian real estate market is alive and well. In fact, it is anticipated to be as strong as ever in 2020 following its upsurge in 2019, per Morguard.

Morguard Corporation is a Canadian real estate company that publishes its predictions in the 2020 Canada Economic Outlook and Market Fundamentals Report. Below, I’ve highlighted the most vital forecast information from the Morguard report.

Canada’s CRE is on an Upward Trajectory

The retail facet of the CRE has displayed phenomenal growth in 2019 and continues to evolve in the new year. In the middle of last year, the national retail vacancy dived by 100 basis points to reach 5.8%.

By the by, numerous investors have seen big potential in Candian retail CRE assets, so much so that this nation has welcomed a staggering $3.1 billion investment in retail properties.

Given that this estimate is way above the long-term average, commercial real estate properties across Canada will continue to be seen as an incredibly formidable investment in the new decade.

Non-Retail CRE Also Sees Its Fair Share of the Action

Morguard has also forecasted that other commercial real estate segments in Canada will perform splendidly in 2020.

Housing

The housing market in Canada has finally achieved some stability after experiencing a sluggish 2019. Home sales and prices have steadily grown for 7 months consecutively in Toronto and Vancouver.

Over the span of the next 2 years, the national housing sector is anticipated to improve the real estate market significantly. The rental apartment industry has a track record of the biggest ongoing growth that will continue to generate positive numbers in 2020.

In 2018, the rental apartment sector generated a whopping $8.3 billion in multi-family investments. In 2019, the figure was approximately $4 billion in the first half alone.

Trends clearly show that more Canadians are downsizing and renting out their apartments. Morguard anticipates that rent rates will skyrocket with this growing demand.

Corporate

The Canadian corporate segment is claiming a slice of this pie. With a soaring performance last year, the nation’s tech industry is largely to be credited.

Till mid-2019, Canada generated $5.5 billion in the office segment in investments alone. During that time there was an 11% national vacancy rate. Today, Vancouver and Toronto display the lowest vacancy rates in North America as far as downtown office space is concerned.

In Alberta, Calgary has been experiencing low energy prices and skyrocketing corporate vacancy rates which are over 20% at the moment.

Industrial

The industrial sector in Canada showed record investments totalling $12.7 billion in 2018. This trend continued well into 2019 and is expected to do so in 2020 as well. The country is in need of more industrial spaces to meet the growing demand. During the first 6 months of 2019, the national availability was just over 3% which was the lowest in 20 years.

Conclusion

The CRE market in Canada has displayed an impressive performance in 2019 in spite of the international economic disputes and stunted GDP growth of 1.5%. Canada has one of the fastest-growing populations and this is one of the most essential factors that has aided the commercial real estate market in its steady growth.

The rental segment continues to hold its own and Canada will witness an influx of investors in 2020, per Morguard. CRE assets have made capital investments a very attractive proposition. All in all, the market is expected to be on an upswing in 2020.

For more information, please visit;

https://www.redevgroup.com/news-article/canadian-cre-market-to-stay-strong-in-2020-morguard-reports

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Hamilton City Centre Redevelopment Plan

Hamilton City Centre is presently in the process of being sold to IN8 and the process is expected to be fully finished by the end of this year. While the selling price has not yet been disclosed, experts say the property value is around an estimated $24.55 million. IN8 states that their vision is to make the city centre a place to live, work, and play; helping to stimulate Hamilton’s economy and downtown area.

Hamilton City Center

The city centre was built in 1990 by Cadilac Fairview. Previously called the Eaton centre it housed the popular Eatons department store. Eaton was just a tenant though, and so in 1999, they moved out of their space in the building. Throughout the years afterwards, the building owner has changed multiple times and time has taken its toll on the building. Because of this, the city centre has been due for revitalization and an update for a while now. Currently Hamilton City Center has a high vacancy rate but also has a few recognizable retailers as tenants as well. Tenants like Fairweather and Hart along with Thunder Bowling Alley and Crunch Fitness to name a few.

The design of the building is a bit lacking and dated, having a terrace that was intended for events, activities, and bands but soon plans and idealizations fell through and it is now mostly used by people just looking for a place to smoke. The lack of windows also hinders the appearance and environment of the building as well.

IN8

Waterloo-based IN8 has a history of doing redevelopment for mixed-used facilities for over 20 years. Their focus is “high-density urban intensification”. With around 16 completed mid to high-rise multi-residential projects, they have worked on various developments total more than 2,500 residential units, including the DTK condos; which will be the tallest tower in Kitchener standing at 39 storeys tall.

The Opportunities ahead

IN8 is interested in this building and Hamilton because of how many heritage buildings it has, the relatively low cost and affordability, the potential waterfront opportunities, the Hamilton LRT B-line with a planned rail transit line between Eastgate Square and McMaster University, and its location near GO transit which spans all across Toronto. With GO transit and the new B-line transit, there is a lot of potential for a lot of new residents, customers, and businesses.

IN8’s vision with this project is to revitalize the building, making it a place for people to live, play, work in the downtown core of Hamilton. A goal with this is to also incentivize people to work and live in Hamilton, so IN8 is planning on having both residential and commercial elements in the new development of Hamilton City Center.

The city of Hamilton wants development, both residential and employment growth in its downtown core and so is incentivizing businesses by having decreased development charges, heritage building grants, tax grants, and interest-free loans.

The development will take a while though, IN8 would like to take at least about 2 years to plan and research to find what is the best course of action with the building with construction starting in at least approximately 3 years. There is also a potential for parts of the building to just be revitalized and not fully demolished and remade. The Hamilton City Center is more than 3.54 acres with over 550,000 square feet of commercial area, so there is a lot to work with and IN8 says that it has more potential than to just be a tower.

Read more about the redevelopment, IN8, and the Hamilton City Center here:

https://www.redevgroup.com/news-article/hamilton-city-centre-proposed-redevelopment-plans

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Ontario Cannabis Retailers Opening Up to Selling Online and Over the Phone

One year after pot legalization and it seems Ontario has been struggling to uphold brick and mortar businesses. With a minuscule 24 stores fro the whole province many people still use the black market for their weed. Now the province wants to take more initiative to combat the underground market by increasing the amount and availability of approved retailers.

Selling Over the Phone and Online

It was announced on November 6th, 2019 that the government of Ontario. would allow stores to sell pot online and over the phone, buyers would then pick up their order in the brick and mortar store. Delivery is discouraged though for now, so the strict age verification process can be more easily upheld for both businesses and clients protection.

Edibles would also be allowed to be bought online or through phone since it recently became legal. There is a 60 day waiting period before edibles officially are on sale though, allowing time for sellers to have their edibles submitted and reviewed. Introducing this will almost certainly boost sales and access to legal weed, especially if the prices will be more competitive against the black market. Cutting out the black markets’ stronghold on cannabis sales will help to regulate to product and increase safety.

Pot Across the Provinces

Despite Ontario’s high population, Ontario is actually last in terms of the number of pot stores in the province. Province-wide there are about 24 stores for 14.57 million people. Northwest territories also has a low amount of stores, standing at just 5, but taking into account the population; that’s 1 store for every 9,000 people out of 38,780, significantly more population-wise than Ontario.

The ranking goes from Ontario, Saskatchewan, British Columbia, Newfoundland and Labrador, to Manitoba. The title for the province with the largest number of stores goes to Alberta with over 300 licensed private marihuana providers for 4.37 million people. Alberta’s industry is so strong that they have more stores than every other province combined and by 2012 the number of stores could even increase to 500.

This new initiative could open up the Ontario market and introduce more sellers in the province to help level the playing field a bit more. Because there is such a large discrepancy between Ontarios population and the number of pot stores province-wide the illegal underground industry is still very much thriving and the government wants to combat that in any way that it can.

Updated Legislation to Accommodate Growth

While Ontario seems to be falling behind, the government has made strides to update legislation and aid cannabis retailers to try to promote their growth and development. The plan is to increase the allowed amount of stores from 25 up to allowing 75 pot stores to open this fall. Having sales available over your phone and online will make the brick and mortar stores much more accessible and consumer-friendly in this age of online shopping and Amazon orders.

There is also the possibility of a new aspect of the cannabis industry to help it grow and fight against the illegal underground industry, with retail spaces for the products there is a chance of tourism. Just like a brewery or distillery doing tours and having back and forth conversations with the brewers working, it would provide a new experience for consumers while also providing an opportunity to educate on the product and growing process. These sorts of situations would be an advantage over the black market, providing a consumer-friendly environment and encouraging growth within the industry.

Read more about this new development for cannabis sellers here:

https://www.redevgroup.com/news-article/ontario-cannabis-retailers-to-sell-online-and-over-the-phone

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Sporting Goods Giant, Décathlon, Set to Open Store in Mapleview Centre, Ontario, in 2021

Looks like the residents of Burlington, Ontario have a huge reason to celebrate. Mapleview Centre will soon welcome yet another industry-leading brand.

In the Fall of 2021, the plaza will be opening its doors to Décathlon; the biggest sporting goods retailer in the world, marking the store’s second location in Ontario, with the first having opened in Ottawa in September 2019 as part of the retailer’s cross-Canada expansion.

Décathlon Has Had Quite the Prolific Journey Across the Globe

Having had its origins in France in 1976, Décathlon is on a mission to make its high-quality sporting line accessible across the globe. Ontario isn’t the only province on the list of Décathlon’s conquests. In 2018, the world-class retailer opened its first Canadian store in Brossard, Quebec. The French retailer has over 1500 stores sprawled across 52 countries.

Ivanhoe Cambridge, a real estate firm that owns the Mic Mac Mall in Halifax, has set aside 23,080 square feet of real estate for another Décathlon store.

Ivanhoe Cambridge and Décathlon revealed that the new store, opening in 2021, will occupy almost 5091 m2 or 54,800 ft 2 of the space in the lower level, formerly home to Sears.

Décathlon has also revealed that it plans to forge forward with this expansion and open stores in Calgary, Vancouver and the GTA in the very near future.

The retailer is making it a point to allow future customers to try their goods in a number of testing areas across the store so that purchasing isn’t a problem. At Mapleview, Décathlon will be occupying prime real estate seeing as the spot is a mere 45 minutes from downtown Toronto.

Mapleview is Taking Its Experiential Customer Focus to Greater Heights

Having had a humble start in 1990, Mapleview has made it a priority to enhance the customer journey and house some of the best brands in the world. Between 2008 and 2010, the plaza underwent significant renovations to improve its market and sales trajectory.

What stores call Mapleview home? Apple, H&M, Hudson’s Bay, Shoppers Drug Mart and Indigo to name just a few! Given its eclectic selection of shopping arenas, Mapleview has delivered a unique personalized shopping experience that one would be hard-pressed to find elsewhere.

Conclusion

Ontario has, without a doubt, become the hub for retail commercial real estate investors. Décathlon making its mark on Burlington will open the floodgates for countless world-renowned brands to chart a course for the province as well. The bottom line remains as sure as ever; the Canadian real estate market is on the up and up and promises to deliver value to customers and investors alike.

For more, please visit;

https://www.redevgroup.com/news-article/mapleview-welcoming-a-second-d%C3%A9cathlon-sporting-store-in-ontario

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Video Game Developer BioWare Stakes a Claim in Downtown Edmonton With Brand New HQ!

BioWare has big news! The video game development company that established its HQ in Edmonton, Alberta in 1994, has recently moved shop to the downtown Epcor Tower location. The company has risen through the ranks over the years to establish itself as a globally recognized name in the industry.

This recent move into their new downtown Edmonton headquarters, in a way, showcases Bioware’s focus on their employees, having grown from three to 300. This expansion is a welcome change as planting one’s roots in one of Canada’s major regions can only bode well for big investments in commercial real estate down the road.

New HQ, New Opportunites

In the new Epcor Tower, BioWare occupies 75,000 square feet on three floors. This affords them more room to flourish and grow, and even expand on their infrastructure. The company has upgraded to hundreds of gaming stations, arcades, recording studios and motion capture studios.

Because of this expansion, BioWare has achieved positive momentum in the CRE sector. This also gives them access to a more adept workforce and scale their operations to staggering proportions.

There was some speculation that BioWare was planning to move its headquarters outside Edmonton, but these have long since been dismissed. Considering that it is the mastermind behind some of the most legendary franchises; Dragon Age, Baldur’s Gate, Jade Empire and Mass Effect, it’s no wonder that the company has decided to stay put in the city where it all began.

Generous Tax Credits in Edmonton

Casey Hudson, Manager at BioWare, has stated that the Interactive Digital Media Tax Credit in Edmonton rendered the move tremendously easier.

This is a 25% refundable tax relief incentive that really proves Edmonton and Alberta’s dedication to drawing in and retaining corporations. With BioWare, the credit covered a portion of the building costs, allowing the firm to turn its attention to further expansions. The new move, reports Casey Hudson, has enhanced the work ethic greatly.

Conclusion

BioWare’s HQ shift has proven to be efficient and strategic in positioning the firm to acquire that vital competitive edge. The 25% refundable tax credit is nothing to sniff at, and has allowed the company to go cherry-picking from a wider talent pool, not to mention newer investment avenues.

This move heralds a new day for the CRE market as a whole as it has complemented the fast-changing downtown landscape.

Learn more right here:

https://www.redevgroup.com/news-article/new-bioware-headquarters-in-downtown-edmonton