Eastward Ho for Hungerford
Vancouver's Hungerford Properties continues its Calgary expansion campaign, with the firm last week launching Fairmore, its third commercial condo project in Cowtown in two years. The 165k SF development—a commercial business park with warehouse and office space located off Macleod Trail in Calgary’s Fairview neigbourhood—will include four buildings on a seven-acre site, with 24-foot clear warehouse ceiling heights. Hungerford partner Michael Hungerford notes commercial-condo ownership enables companies to invest in their own spaces, build equity and have more control over expansion.
In addition to Fairmore, Hungerford is developing the Nexus and Northwing business parks, two of Calgary's top-selling commercial condo projects in recent years, the company says. The area where Fairmore is being built has among the lowest vacancy in the city, according to a Colliers analysis. So Hungerford's introduction of new product—the only new office and warehouse space in south central Calgary—is a “smart investment," Colliers says. The development includes two office buildings with 24 units, a 12-unit warehouse and mixed-use building with retail space. Construction is slated for next summer.