Growth & Opportunities
Q2 2022 Oakville, Burlington and Hamilton Market Report
Introduction
This quarter, along with a great sales quarter, our team has welcomed two talented Sales Representatives, relocated to a new office space, hosted two successful networking events. Let’s start off with some introductions – we are pleased to introduce you to Bob Robertson and Brandon Garth.
Bob Robertson, Associate Vice President
Focusing on Industrial, Office and Land assets within the Oakville, Burlington, Hamilton market, Bob drills down on the “How do we make this happen “ approach with Buyers/Seller. With over 23 years of experience, Bob is well respected within the brokerage community itself, working alongside with the team.
Brandon Garth, Sales Representative
Brandon is a competitive, driven salesperson primarily specializing in the land, industrial, and office asset classes in the Oakville-Burlington-Hamilton markets. Known as the guy who makes it happen, Brandon works diligently alongside his team to search out and capitalize on opportunities before others are even aware of them.
New Office
We have a new address! The Colliers Burlington office is joining the Colliers Project Leaders office off of Burloak Drive in the Burlington Business area.
Our new mailing address is:
Suite 300, 5515 North Service Road,
Burlington, ON L7L 6A6
Networking Events
After a very long break due to COVID, our team resumed our tradition of hosting regular ‘dealmaker’ networking events with other commercial real estate influencers that are active in our Halton and Hamilton region.
These partners include economic development officials, commercial bankers, appraisers, and consultants. While email, phone calls, and digital meetings are fine, nothing can replace the candor and connection of face to- face interaction, particularly over a great glass of wine on a patio!
Although we transact commercial real estate, getting there is all about information and relationships – and it is often these interactions that make the difference in assisting our clients. We thank all those that attended our Hamilton and Halton events.
Here a few snapshots from our most recent event. A huge thank you to everyone who came out to
Market Insights
Like Q1 2022, demand for industrial space is still high across the Greater Toronto Hamilton Area, leading to continued decreases in the amount of total available space on the market. Absorption jumped this quarter to close to 3 million square feet after small but positive gains in Q1 2022, making this the 24th consecutive quarter of positive absorption for the Industrial market. A large portion of the absorption this quarter came from pre-leased space in new supply projects which came to market in Q2 2022. In order to maintain quarterly positive absorption, new supply will be added to the inventory as the amount of available space for lease continues to drop.
Return to office reached its highest levels of the past two years, but office attendance is still below pre-COVID norms, especially in central business districts. The job market remained hot, with rising job vacancies, low unemployment and increasing wages.
Both tenants and investors have felt the impacts of the recent Bank of Canada interest rate hikes and their effects on consumer spending. Tenants who do not have immediate space needs are taking the “wait and see” approach to leasing, while higher interest rates have increased the cost of borrowing, leading to a smaller pool of buyers.