“Five fastest growing census metropolitan areas located in the Prairies.
From 2011 to 2016, the population grew the fastest in the five CMAs located in the Prairie provinces: Calgary (+14.6%), Edmonton (+13.9%), Saskatoon (+12.5%), Regina (+11.8%) and Lethbridge (+10.8%). The three fastest growing CMAs were unchanged from the previous intercensal period.”
Source - Statistics Canada
AI Global Announces New Member Firm in Nicosia, Cyprus
2 February 2017, NAI Global, one of the world’s largest, most powerful global network of commercial real estate services firm, today announced its newest Member firm, NAI Cyprus.
NAI Cyprus has become NAI Global Member with 375 offices worldwide and more than 6,700 local market experts. Supported by the central resources of the NAI Global organization, NAI Cyprus is actively managed to combine in-market strengths and form a powerful bond of insights and execution to address your local and multi-market challenges globally.
Under the direction of Costas Zeniou, Transitional Country Manager, the commercial real estate advisory company brings in-depth knowledge of Cyprus’ complex, ever-changing market place and a wide range of commercial real estate services, including valuation services, lease advisory, property management, facilities management, real estate investment advisory, planning, tax, research, and more.
Over the last year, the first signs of stability in the Cypriot real estate market have appeared, as a consequence of the forecasted economic growth. Foreign investors’ interest, in line with the Cyprus Citizenship and Permanent Residency Schemes and the Tax incentives introduced by the Government seem to have boosted the market, however it continues to perform at very low levels compared to pre-recession period. ‘’We are certain that becoming a Member of NAI Global will enable us to continue to grow and improve through collaboration with real estate experts in other markets around the Globe, with a mission to succeed through our clients’ success, enabling them to make considerable improvements to their performance and to develop an organization that attracts and excites exceptional people.’’
Mauro Keller Sarmiento, NAI Global Executive Managing Director of International Business, stated: “We strongly believe that Cyprus offers many real estate business opportunities, not only domestically, but also due to its strategic location, globally. The island can act as a hub for investments between Europe, Middle East and Africa. The real estate market in Cyprus is going through a very interesting transformation following a significant crisis, but the island has shown strong economic resilience, which is a signal to investors for the potential recovery of the island in general and the real estate sector in particular. Recent interest from foreign investors is also significant for the advancement of the sector and the banking sector efforts to restructure their balance sheets through hands on real estate management, as well as government efforts and incentives such as Public Private Partnerships for the development of large projects and marinas, as well as the naturalization scheme, all bring a new dynamic to the island’s real estate sector.”
About NAI Cyprus
NAI Cyprus is a specialised commercial real estate advisor with unique combination of real estate and financial experience and expertise across a wide array of sectors.
Whether you need to value, lease, finance, and/ or manage property in your market or around Cyprus and the region, NAI Cyprus is your local point of entry into a world of cohesive, creative solutions in all real estate sectors. We go beyond in-depth real estate analysis to argue each case based on a depth of creative and structured thinking, a naturally innovative approach and a deep and wide contextual understanding of this complex sector.
Together, these values make NAI Cyprus different.
You are always welcome to visit our website at www.naicyprus.com or contact us at +357 22 000 090.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 6,700 local market professionals, managing in excess of 400 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global | +1 212 405 2500 | email@example.com | 717 Fifth Avenue, 12th Flr, New York City, NY
If you run a business in Edmonton, it is imperative that you’re familiar with your business classification under the Business License Bylaw and your building’s classification under the Zoning Bylaw. In fact, we get asked about the business license process so often that we wrote this article to help give insight on the topic.
To begin, the City of Edmonton clearly describes in the Business License Bylaw* that “No Person shall engage in or operate a Business in the City unless the Person holds a Licence authorizing the Person to engage in or operate that Business”. In the same bylaw they explain that a Business is:
(i) A commercial, merchandising or industrial activity or undertaking,
(ii) A profession, trade, occupation, calling or employment, or
(iii) An activity providing goods or services.” In other words, if you’re occupying a commercial or industrial space, you will need a business license.
Some businesses have fairly straightforward classifications (ie: Restaurant or Food Service), whereas others fall under general categories. For example, a company that warehouses and ships oilfield equipment would likely be in the following category:
General Industrial: Processing of raw materials; manufacturing, assembly, cleaning, servicing, testing, repairing, storage, shipping or distribution of commercial or industrial materials, goods or equipment.
Once the business use classification has been determined, it then must be matched with a compatible property. Every property will have a zoning classification3 attached to it with a corresponding set of permitted and discretionary uses. If the business classification is not listed as a permitted or discretionary use, a building permit simply cannot be issued. A building owner can apply to have a building re-zoned, but this process may take 6 months or longer. The process is known to be rife with fees, bureaucracy and uncertainty.
Assuming the business use classification fits under a permitted or discretionary use, a business license4 and / or a development permit can be applied for.
If the proposed use is the same as previous use, the application is called a “Continuation of Use” and a business license may be granted the same day. An example would be a new restaurant that is taking over a space that a previous restaurant had occupied. Please note that this might not be a “rubber stamp” if too much time lapses from when the last business left the property. However, if there is a change of use (ie: general retail going to an office use) a development permit will be required. It is important to note that even if the use is permitted under the building’s zoning classification, it does not automatically guarantee that a development permit and business license will be issued. For example, if the new use has a higher parking ratio than the previous use, a development officer may approve it or make it conditional to reviewing and approving a Parking Impact Assessment. In addition to a parking assessment, there may be additional studies that the City may require depending on the scenario.
If the proposed use is discretionary, there are even further requirements and additional time involved before a development permit can be issued. On a discretionary use, there is a possibility of being denied altogether for just as the name implies, approval is at the discretion of the development officer. An applicant will have the option of appealing to the Subdivision and Development Appeal Board but the process is cumbersome and does not guarantee a favorable outcome.
For permitted or discretionary uses alike, a development permit application5 has a number of requirements6 , including site plans, floor plans, parking layouts, neighbouring business names and the size of the space they each occupy. We have posted a link below to the full checklist of requirements. If any work is being completed on the property, a building permit will also be required. Activities requiring a building permit involves work varying from a wall being added to a complete overhaul of electrical, mechanical and plumbing. Furthermore, if a building permit is issued, it will be conditional upon safety and fire codes complying under current standards.
While the estimated time for full approval will vary depending on the use and the building, there are some general timelines to work off. If the proposed use is permitted under the property zoning, it may take anywhere from 1 day to 6 weeks to get full approval. If the proposed use is discretionary, it may take up to 12 weeks for full approval. Again, we emphasize that approval is not guaranteed.
We have prepared this article as an overview of the licensing and permit process but there may be additional regulations, fees or requirements that are evaluated on a case by case basis. Under each building zoning classification lies an entire set of development regulations for both permitted and discretionary uses so there is no “one size fits all” answer to every question. We always recommend that a buyer or tenant have formal discussions with a City of Edmonton development officer as a condition of a sale or lease.
A few final notes:
• The forms and information herein are current as of March 2016 but may be changed by the City of Edmonton without notice.
• Business licenses must be renewed every year.
• The office for planning and development is currently at the HSBC building in downtown Edmonton: Permits and Licensing Service Centre Sustainable Development 5th floor 10250 – 101 Street Edmonton, AB T5J 3P4
Chad Griffiths CCIM MRICS
Associate Broker, Partner
Commercial Real Estate Marketing is Going Virtual
With so many potential uses for virtual reality from entertainment, education, retail, medical, engineering and more; one major potential use is in real estate. Many luxury properties have been using rotating 360 degree camera walkthroughs for the past several years, but why is VR (virtual reality) going to be different? The simple answer is VR lets you go there.
Companies looking to buy or lease are finding it increasingly easy to take a peek at potential locations from their tablet or computer and soon many will have the ability to put on their phone and take a walk inside. With Google Cardboard, Samsung Gear VR, HTC Vive, Facebook owned Oculus and many other providers just coming on to the market in the last six months the adoption rate projections are impressive.
Goldman Sachs Research predicts that virtual and augmented reality will become an $80 billion market by 2025. $2.6 billion of that market will be targeted for real estate, for comparison the desktop PC market is roughly this size today. With most phones, within one year, being able to provide a low end virtual reality experience it is easy to see why adoption could be so fast when almost the entire population already will own the basic hardware; they just need to strap it to their face.
One of the biggest obstacles for widespread use in real estate remains the cost, which may limit the use to larger projects such as commercial real estate and high-end home sales. Designing a detailed VR experience for a proposed property can start in the tens of thousands of dollars. Initially we see the adoption in capturing existing properties as well as selling high end condo projects to be built.
While detailed specs, floor plans and photos have been the norm in online listings for years. Our local commercial brokerage has recently started to capture feature properties using a 3D camera which can be viewed by virtual reality devices or on your phone, tablet or computer. We see it as a way to engage potential customers to view a space easily and connect with us to view more. You can be at your computer in your office and be able to clearly see how big the boardroom is, what the finishes look like, how much natural light there is or what the view out your window might be. While we don’t think this will replace the need to have a physical tour, we want to provide new ways to engage tenants or buyers. Possibly someday soon we will meet you there, virtually.
Here are some examples:
Largest independent real estate network advances rank from 2015.
EDMONTON, ALBERTA – February 24, 2016: NAI Global, the world’s largest, most powerful network of owner-operated commercial real estate firms, earned the fourth spot in the 2016 Lipsey Survey of Top 25 Commercial Real Estate Brands. The survey was conducted among 100,000 commercial real estate professionals using a combination of ballot voting, phone interviews and focus groups to evaluate innovation, responsiveness and quality of service. NAI Global is the only commercial real estate network of independently owned and operated firms represented among the top five. NAI Commercial is based in Edmonton, Alberta is a Member of NAI Global, serving Greater Edmonton and surrounding areas.
“We are proud that the power of NAI continues to be recognized throughout the industry, with NAI being the only network of owner-operated brokerages that ranks among its corporately owned or publicly traded competitors. Congrats to our members and the other ranking brands,” said Chad Snow, Broker/President of NAI Commercial.
The survey is conducted by The Lipsey Company, a leading training and consulting firm specializing in the commercial real estate industry. The 2016 survey results can be found here.
About NAI Commercial
NAI Commercial is a market-leading, full service commercial real estate brokerage providing exceptional service and expertise in Edmonton since 1966. We are ideal partner given our depth of local market knowledge and unmatched access to a world of opportunity through the NAI Global.
To learn more, visit www.naiedmonton.com
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
NAI Global, the world’s largest, most powerful network of owner-operated commercial real estate firms, earned the top 5 spot in the 2014 Annual Lipsey Survey of Commercial Real Estate Brands. When conducting the interviews to identify the top global brands: Innovation, Responsiveness and Quality of Service was evaluated. See the results here.
Since last November our eyes and ears have been continually drawn to headlines with the latest predictions of how much lower oil will go and how much longer until increases return. Was the sudden drop a geo-political move? Will good times return by summer? How about Q3? As born and raised residents of oil country we had hoped someone here on the ground would surely know more than a stock analyst from afar. Sometimes we are too close and the realities of a worldwide commodity can’t be understood without looking at it from a worldwide perspective. After months of reviewing varying opinions, stock predictions and statistics we felt we should cover what is known from a larger perspective that we can all understand. The future of oil and its stability has direct effects on the real estate industry which we expect to see in various forms over the coming 18 months. So while predictions provide short term comfort, understanding the new landscape is the best medicine for our economy…
NAI Commercial Edmonton and NAI Advent Calgary is proud to announce the $4,000,000 sale completion of the Big Sky Industrial Centre located in Brooks, Alberta. The 69,300 sq. ft. (+/-) multi-bay industrial property is occupied by 15 tenants with over half of them being national/international companies. The sale was represented by Jim Barkwell of NAI Commercial Edmonton and Dan Goldstrom of NAI Advent Calgary.
NAI Global Expands Its Membership in France, Adding NAI Paris and NAI Kyrios
Welcome NAI Paris and NAI Kyrios!
NAI Global President Jay Olshonsky is excited to announce the addition of two new international Member firms, NAI Paris and NAI Kyrios, which will serve two of the largest metropolitan areas in France.
Jay Olshonsky noted, “France continues to drive Europe’s strong commercial real estate performance, with the Paris and Lyons markets attracting the most national and international investors. We are proud to strengthen the NAI Global footprint in these critical markets and provide our Members and their clients access to the world’s fourth largest location for Fortune 500 companies.”