Overview

“Now is the time to take advantage of opportunities in a resilient market” — Philip Vargas, Market Data Coordinator

In this edition of our quarterly report, we will delve into some intriguing market trends and share our insights on the future of our markets. We always encourage you to reach out to our team for a more in-depth discussion on any market trends.

Introduction:

Our 2023 year started off at a slightly slower pace in the commercial real estate sector. However, since Q1, we have witnessed an uptick in activity, and demand has remained robust throughout the year. While the office market continues to face some challenges, we are still observing deals being done for the right spaces. The trend of workplaces adopting hybrid work policies and establishing satellite offices has driven the demand for smaller, more appealing spaces that cater to the needs of employees. Whether it’s brick and beam spaces or those with additional amenities, there remains a strong demand for unique office spaces. In regard to stats in Burlington and Hamilton, we observed decreases in availability, while Oakville saw an increase in available space.

On the other hand, the industrial market has remained consistently strong throughout 2023. Across all markets, available space has decreased, and rental rates have shown modest growth or remained stable. Sales activity has remained strong, although the current interest rate environment has led to a slight decline in the average sale price for industrial properties.