'It’s just very exciting': Vacancy rates for Lethbridge office and business spaces trending in right direction
Offices in Lethbridge, sitting vacant for years thanks to the pandemic and a sputtering economy, are starting to fill up.
A new report finds more leases being renewed with longer commitments, which is leading to a busier downtown.
Cookie Crimes Ice Creamery says opening downtown at the end of May has been fantastic for the company's bottom line.
"We've developed relationships with other businesses here on Sixth Street," said Cookie Crimes owner Diana Walburger.
"This is the best street for businesses, that's everyone’s opinion, so we're just happy to be part of a great community."
It appears more business want to be part of that community.
A new report from Avison Young says the office vacancy rate is under 14 per cent across the city and tenants are signing longer term commitments, especially in newer buildings.
A new report from Avison Young says the office vacancy rate is under 14 per cent across the city and tenants are signing longer term commitments, especially in newer buildings.
“Moving forward, highly differentiated, and best-in-class properties are seeing the most demand - a trend that we think will continue," said Shane Garner, of Avison Young in Lethbridge.
"Amenities have an increased importance to office users as company’s source out space to lease that offers more for their employees,”
Vacancy is higher downtown than in the suburbs, sitting at 17 per cent compared to 9.56 per cent, but new businesses are still popping up
"In the last couple of months we have seen almost nine or 10 businesses opening up, so we're seeing more people opening up and staying in the downtown than we're seeing people leaving," said Sarah Amies, community director for Downtown Lethbridge BRZ.
"I think it's a huge improvement over the last couple of years where things seemed to be looking fairly grim for the downtown."
Meanwhile, Walburger said she's looking forward to getting more neighbours, which includes Blanco, a new tequila and tacos cantina opening up just a few doors down.
"It's just very exciting and I wish everybody all the success," she said.
To learn more on the vacancy rates in Lethbridge, you can view the full Avison Young ‘Lethbridge Market Insights Report’ on their website.
CTVNews.ca Top Stories
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Prince William and wife Kate thank public for birthday messages for son Louis
Prince William and his wife Kate thanked the public for their messages which had been sent to mark the sixth birthday of their youngest son Louis on Tuesday.
She was the closest she'd ever been to meeting her biological father. Then life dealt her a blow
Anne Marie Cavner was the closest she'd ever been to meeting her biological father, but then life dealt her a blow. From an unexpected loss to a host of new relationships, a DNA test changed her life, and she doesn't regret a thing.
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
'Catch-and-kill' strategy to be a focus as testimony resumes in Trump hush money case
A veteran tabloid publisher was expected to return to the witness stand Tuesday in Donald Trump's historic hush money trial.
Quebec farmers have been protesting since December. Is anyone listening?
Upset about high interest rates, growing paperwork and heavy regulatory burdens, protesting farmers have become a familiar sight across Quebec since December.
South Korean sentenced to 14 months in jail for killing 76 cats
South Korean man has been sentenced to 14 months in prison for killing 76 cats in one of the country's most gruesome cases of animal cruelty in recent years.