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B.C. GOVERNMENT — Data centres and student housing are among the hottest properties across the continent according to a recent Altus Group CRE report. Pictured is a rendering of a12-storey project currently under construction in Burnaby, B.C.has reported the cost of capital remains the top priority issue for the fourth consecutive quarter for North American commercial real estate investors, followed by concerns about insurance costs in the U.S. and construction costs in Canada.
The Altus analysts agreed there is concern over general market fundamentals, that many asset classes are overvalued and due for corrections, but that expected reductions in interest rates over the next year should create tailwinds for the industry. Tafaro said there are definitely pockets of softening in certain sectors and markets as the industry deals with some short-term oversupply, and the general consensus is that “we’ll get through this in the near term, and real estate will be poised for strong…growth in the next year or so.”
“Many institutions have already started to move back into acquisition mode, but nonetheless, I think it’s still going to remain an environment where you’re focusing on operations.” For the fourth consecutive quarter, industrial and multifamily asset classes are expected to be best performers over the next 12 months, with retail also expected to be as attractive as multifamily among U.S. respondents.
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