“Too often we’re focused on the wrong data point.
If we only look at vacancy stats, we miss the rate of change. Comparing vacancy rates over time incorrectly describes the health of a market. Instead, we should be looking at the “people-rate of change.”
Today, there’s nearly 15 million sq feet of office space occupied in downtown Edmonton. Two decades ago, in what was described as a healthy and tight market, only 12.1 million sq feet were occupied. That means 14,000 more people are occupying downtown office space today.
In terms of residential, 37% more people live downtown, now topping 37,000 people, with many more to come in the months ahead.
Our two major downtown post-secondary schools have grown by 20,000 students since 2004. Impressively, NorQuest College and MacEwan University are continuing to grow steadily and will be teaching over 50,000 students by 2030. And we can’t forget about the many thousands of staff it takes to serve these students. All of whom are coming downtown.
When we look at the data points that matter, you can see that there’s been a lot more growth than most people realize.”
Cory Wosnak via Linkedin
Too often we’re focused on the wrong data point. If we only look at vacancy stats, we miss the rate of change. Comparing vacancy rates over time incorrectly… | 14 comments on LinkedIn
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