Two types of properties are seeing plenty of action that may surprise, experts say
“We sort of hit bottom in the first quarter of this year,” when national investment activity tapped out at just $8.5-billion, says Scott Figler, director of Canada research at JLL .
The Bank of Canada’s June 5 interest-rate reduction to 4.75 per cent from 5 per cent – the first cut in four years – “has also created more certainty on the investment side. We know that interest rates are not going up any more,” Mr. Figler says. “People say rents can’t go much higher,” he says, “but look at Manhattan [where the median rent is USThe coveted industrial asset class remains a best bet despite vacancy rates doubling in one year to 4.2 per cent, and a slight average rent decrease – the first in more than a decade – to $15.95 a square foot, according to the latest“Two years ago, we had extremely low industrial vacancy across the country,” he explains. “So, what happened? Developers started building like never before.
Despite the huge e-commerce presence in markets across the country, Canada’s retail vacancy rate fell last year to 1.6 per cent, its lowest level on record, according to Marcus & Millichap’s recent Canadian Retail Report. “The number of workers in offices is building every day,” he says. “It’s slow but super steady. Demand is going to start going up again.”
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