GILLIAN SLADE
It could be seen as a sign of the recession, a buyer’s market, or negotiating grease for leasing commercial premises.
A drive through Medicine Hat's light industrial area in January revealed 30 premises empty, for lease or for sale. In February a drive through Redcliff, Brier Park, Crescent Heights, Medicine Hat downtown and along Dunmore Road showed about 71 premises in those categories for a total of 101.
Medicine Hat Mayor Ted Clugston says he’s also hearing about half a million square feet of vacant space.
“I don’t think it is a reflection of the business market in Medicine Hat," said Clugston. “It’s the oil and gas field service sector. We probably haven’t seen this since the 80s.”
Everything has a silver lining though and it is an opportunity for new businesses to move in and find space at a decent price, said Clugston.
In the last few years, at least 15 businesses have closed or drastically scaled back. There is ADM Flour Mill, Baker Hughes, Big Eagle Services, Finning, Flint Energy, Halliburton, Savannah Drilling, Weatherford, Sanjel, Golden Acre Garden
Sentre, Safeway Crescent Heights, Target, Victorian Order of Nurses, and VTI Coachlines.
For the owners of properties that now stand empty there are still utilities and property taxes to pay, making it a challenging time, said Clugston.
Val Felesky of Felesky Commercial Realty Ltd., who is handling a number of the buildings for lease, says it is not all bad news.
"Other than for oilfield shops, the vacancy in retail and offices is still quite manageable," said Felesky. "I've just sold (mid-January 2016) a building to a
manufacturing company, 10,000 square feet... this is for a new manufacturing industry."
There has not been a big change in turnover of small business bays for lease but oilfield shops are much larger, perhaps 30,000 or even 40,000 square feet, said Felesky. The number of spaces available has driven the price down and landlords are more willing to make a deal on price whether it is on a lease or to purchase.
"Three or four times in the past oil has tanked and everything has gone down but it always comes back up," said Felesky.
Clugston says for a while the sales market
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