{"id":10342,"date":"2018-09-24T10:10:44","date_gmt":"2018-09-24T17:10:44","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10342"},"modified":"2018-09-15T09:44:22","modified_gmt":"2018-09-15T16:44:22","slug":"canadian-commercial-real-estate-reached-new-heights-in-the-2nd-quarter","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/canadian-commercial-real-estate-reached-new-heights-in-the-2nd-quarter\/","title":{"rendered":"Canadian Commercial Real Estate Reached New Heights in the 2nd Quarter"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian commercial real estate investment reached new heights in the second quarter, boosted by a pair of big acquisitions and by the lure of attractive, income-producing property.<\/p>\n<p style=\"text-align: justify;\">Transactions reached $16.5 billion. That\u2019s 38% more than the previous record, set in the first quarter of last year, and more than twice the five-year quarterly average, CBRE Group Inc. said in a report Monday. Deal volume for the first six months was $26.8 billion, a half-year record.<\/p>\n<p style=\"text-align: justify;\">Two large purchases that closed in the second quarter dominated the action \u2014 Choice Properties\u2019 acquisition of Canadian Real Estate Investment Trust, and Blackstone Property Partners\u2019 purchase of Pure Industrial Real Estate Investment Trust. Together the deals accounted for 45% of the total.<\/p>\n<p style=\"text-align: justify;\">Single-property purchases included Hines and Oaktree Capital Management\u2019s $107 million purchase of the First Tower office building in Calgary and Tigra Vista Inc.\u2019s $256 million acquisition of Toronto\u2019s Parkway Place. The average deal size was $9.4 million, up 67% from a year earlier.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat investors really want today, as we get longer into the cycle, is great real estate that will stand the test of time,\u201d Peter Senst, president of Canadian capital markets at CBRE, said in an interview. \u201cOn top of that, you\u2019ve got term and covenant, so if the market does change, you\u2019ve got something that can pay out dividends for an extended period of time.\u201d<\/p>\n<p style=\"text-align: justify;\">Toronto accounted for more than a third of all transactions in the quarter, at $5.7 billion. That\u2019s the city\u2019s highest quarterly investment volume ever and 20% more than the previous record, set in 2013. Vancouver had more than $3.2 billion in transactions, nearly double its five-year average. Toronto and Vancouver have had the two tightest downtown office-vacancy rates for four quarters in a row and the two lowest industrial-availability rates for six consecutive quarters in North America, Senst said in a statement.<\/p>\n<p style=\"text-align: justify;\">Industrial sales outperformed all other assets, largely due to Blackstone\u2019s acquisition of more than 25 million square feet of industrial properties across Canada and the US Deals in this segment represented 37% of investment volume, at $6 billion, another record. Apartment-building deals also performed well, with $1.9 billion in transactions, 40% more than in last year\u2019s second quarter.<\/p>\n<p style=\"text-align: justify;\">\u201cInvestors want multifamily exposure because it is a good long-term investment strategy,\u201d Senst said in the statement. \u201cNo matter the economic or political state, people are always going to need places to live, which translates to a consistent flow of income for investors.\u201d<\/p>\n<p><a href=\"https:\/\/business.financialpost.com\/real-estate\/property-post\/investors-lift-canadian-commercial-real-estate-to-record-quarter?\" target=\"_blank\" rel=\"noopener\">Investors Lift Canadian Commercial Real Estate to New Heights<\/a> by Natalie Wong | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian commercial real estate investment reached new heights in the second quarter, boosted by a pair of big acquisitions and by the lure of attractive, income-producing property. Transactions reached $16.5 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/canadian-commercial-real-estate-reached-new-heights-in-the-2nd-quarter\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10342","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Commercial Real Estate Reached New Heights in the 2nd Quarter &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/canadian-commercial-real-estate-reached-new-heights-in-the-2nd-quarter\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Commercial Real Estate Reached New Heights in the 2nd Quarter &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian commercial real estate investment reached new heights in the second quarter, boosted by a pair of big acquisitions and by the lure of attractive, income-producing property. 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