Paying office rent using Bitcoin? Calgary may lead the way in Canada
Calgary is believed to be the first city in Alberta, possibly even Canada, to allow renters to use cryptocurrencies to pay for a commercial lease.
A northwest Calgary office building is now accepting Bitcoin, Ethereum and LiteCoin as rent payments.
“Crypto has really become mainstream,” said Greg Habstritt, president of Real Equity Centre.
Real Equity, along with commercial real estate brokerage firm Barclay Street, say this is the future.
“The practical reality is that blockchain in going to change almost every economic transaction we make going forward in the future,” Habstritt said.
Both acknowledge Bitcoin remains a volatile currency, but say there are systems in place to protect both the landlord and tenant from wild fluctuations.
“There’s going to be a little volatility and both parties have to accept that,” Habstritt said.
“We believe that forward-thinking companies in Calgary, especially tech related companies, are going to be able to deal with that volatility.”
It’s also believed the new payment options can help end the volatility in Calgary’s commercial vacancy rate, which has been at a record high.
“I think what it will do is showcase that Calgary is a burgeoning and growing tech hub and it’s open for business,” said Barclay Street vice president Dan Harmsen.
READ MORE: Calgary office vacancies up
Offers are now being accepted for the available building space.
If the new payment options work they may be rolled out to other landlords.
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