Experts are calling the new year a time of “price discovery,” as buyers and sellers try to sniff out what the market will bear. Ms. Mayes says that there’s cautious optimism that the year will go well for commercial real estate even though the Bank of Canada raised interest rates seven times in 2022, with more possible rate hikes to come.
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The rapid rise in the Bank of Canada’s policy rate slammed the brakes on commercial real estate investment activity in 2022’s second half, but better times await in 2023.
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Commercial real estate in Canada has seen an upswing in momentum this year after a downturn during the pandemic. Although investors remain circumspect and lenders are more cautious in the post-pandemic era, the outlook for Canadian commercial real estate is positive.
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A new report says the total value of commercial real estate sales in the Greater Toronto Area in the second quarter rose 43% compared with a year ago.
The report by Avison Young says sales of office, industrial, retail, multi-residential and industrial, commercial and investment (ICI) land across the region totalled $7 billion for the three-month period, up from $4.9 billion a year earlier.
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In 2021, the Canadian real estate market was marked by unprecedented lows in interest rates. As interest rates began to drop at the start of last year, home prices continued to climb. The housing markets in and around major Canadian cities such as Toronto, London, Mississauga, Barrie, Brampton, Vancouver, and beyond experienced extreme continued growth throughout 2021.
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The investment market was very hot last year. Leasing activity was down a bit in terms of velocity, and the length of lease companies were willing to commit to.
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Led by land sales and defying a global pandemic, commercial real estate sales in B.C.’s Lower Mainland reached $14.39 billion in 2021 and posted the second-highest sales in history, according to the Commercial Edge report from the Real Estate Board of Greater Vancouver (REBGV).
Back to normal? And what will normal be? It is almost 2 years since the onset of a world changing dynamic. Lock downs have altered our habits, changed how we work and created unprecedented low interest rates. While there have been short periods where the pandemic was not disrupting the economy and the well being of our society, learning how to live within the bubble has become a fact.
For tenants, workers and market watchers attempting to decipher the future of the office and the role it will play within their organizations and lives, there are increasingly clearer indications of what the future may hold.
Subleasing another group’s already built-out office space has proven to be an attractive short-term solution as companies cautiously return to the office and make plans for the future. Landlords are taking note and are beginning to retool their vacant spaces to better align with tenant needs and the predominant risk-averse mindset.
Canada is in the midst of a different kind of space race.
According to CBRE’s Canada Industrial Figures Q4 2021 report, demand for industrial space soared as the year came to a close, pushing availability rates to all-time lows while sending rents to record highs.
Toronto—According to Altus Group’s latest blog posts, the commercial real estate (CRE) market is on the upswing in Canada, with increasing transaction volume across most major markets and the continued return of investor confidence following the slowdown related to COVID-19 in 2020.
The economy is gathering steam as Canadians get vaxxed, according to CBRE’s latest stats report. Downtown office leasing is on the rise in major cities and sublease space is suddenly in high demand.
The commercial real estate company says the pace of office vacancy increases eased in every major Canadian city in the second quarter and industrial demand picked up.
Vancouver’s commercial real estate market, particularly its office segment, is well-positioned to capitalize on the economic recovery anticipated to take place during the second half of 2021, according to Avison Young.
Construction is planned to begin in 2021 and to be completed in 2025. The project will be anchored by a 70,000- to 80,000-square-foot municipal library, designed by Toronto’s Diamond Schmitt Architects, two residential towers and additional commercial/institutional space.
Grosvenor's new site near Brentwood is in the very early days of seeking approvals and about a decade from completion, but will be part of transforming transit hubs in Burnaby into a forest of towers.
Overall, Canada recorded a 13.6 per cent jump in multiple urban starts during the month, while single-detached starts fell 0.9 per cent.
Technology and data are finally shaking up the world of commercial real estate, allowing the industry to make more informed decisions, respond quicker to consumer trends, and take on more complex projects, says consultancy Altus Group.
Vancouver and Toronto had downtown office vacancy levels below 3 per cent, among the lowest in North America this year. Montreal and Ottawa have had a strong office year as well, buoyed by the tech sector that also elevated Toronto and Vancouver. Calgary and Edmonton continued to be saddled with high office vacancies, thanks to the stagnant energy sector.
Technology continues to change the way Canadians shop, while transforming how companies get products to Canadians. Massive demand for logistics and warehousing space is overwhelming the industrial inventories of the GTA and Metro Vancouver, in particular.