The e-commerce revolution has turbo-charged demand for warehouse space in Vancouver, where industrial rents spiked 16 per cent last year
Toronto’s industrial market was also strong in 2018, with rents surpassing $7 per square foot for the first time and new supply continuing to lag demand, according to CBRE’s outlook for Canada in 2019.Downtown Toronto had the lowest office vacancy rate in North America at 2.7 per cent at the end of the year with the average asking price for rent in top towers jumping 14 per cent to $35.37 per square foot.
Commercial real estate investment hit a third consecutive annual record in 2018 at $49.3 billion, 68 per cent above the 10-year average. Apartment vacancy rates in Vancouver, Toronto, Ottawa, Montreal and Halifax were below 2 per cent last year.Canada’s rental apartment sector could see the intro of co-living concepts, similar to student dormitories, as rents continue to rise in the biggest cities.
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