LETHBRIDGE, Alta. –
The last several years have been tough on Lethbridge businesses both big and small but a new report suggests the buildings that businesses own are growing in value.
The report, published by Avison Young, said that investment in commercial real estate has been stagnant to start 2023, but anticipates an uptick during the second half of the year.
“We’re optimistic as 2023 rolls on that we see life coming back and commercial business coming back to the market. There’s a lot of good strong attributes to the community here in Lethbridge,” said Avison Young Lethbridge executive vice president Jeremy Roden.
New large scale projects on the horizon, such as the Agri-Food Hub at Exhibition Park, are adding to the optimism being felt in the business community.
“It’s going to spur on some excitement,” said Roden. “It’s going to spur on some opportunities for local business and national business. And so I think as we roll out 2023, certainly the second half and into 2024 there will be some new and exciting projects on the horizon.”
UPSWING
Some in the business community say that they don’t have to wait until the second half of the year for an upswing, they’ve already seen it.
“We’ve actually noticed a lot of businesses, especially in the downtown area looking for new spaces or moving from a different location,” said Herbal Apothecary co-owner Cami Tanner. “There’s a lot of new businesses opening up and a lot of traffic coming down to the downtown area especially.”
Some in the business community say that they don’t have to wait until the second half of the year for an upswing, they’ve already seen it.
MORE WORK AHEAD
The Lethbridge Chamber of Commerce still believes there is more work ahead in the economic recovery of Lethbridge.
But Cydni Bester, CEO of the chamber of commerce, notes there is a growing sense of optimism for the future not just locally but across the province.
“The Alberta chamber of commerce also recently just did a survey,” said Bester. “And the positivity rate last year we were at about 43 per cent, we’ve risen to 68 per cent. Businesses are starting to feel that forward momentum.”