Q4 2023 Commercial Real Estate Market Report for Peel, Halton & Hamilton Region
Looking back at the close of 2023, we examine how the commercial real estate market fared in the last quarter and what we can expect moving into 2024.
Could Hamilton’s Development Charges Increase by 148%
Presently, the City of Hamilton is reassessing its development charges for the remainder of 2024. The proposed plan suggests a staggering increase in industrial development charges to $41.48—a 148.38% surge from the current rate.
2022 Year in Review
That’s a wrap on 2022. What a year it was. Our team welcomed three new members, we moved to a new office, hosted several events and started up a new newsletter.
Industrial Condo Conversion
In 2018, the owners of 1153 Pioneer Road in Burlington saw a huge demand for Industrial ownership for smaller owners, however, the Burlington market lacked available supply. Rather than building on raw land and going through a very costly and lengthy development process, they decided with the help of Colliers Team Murray & Faldowski to convert the building into a condominium where each unit could be sold separately to the market.
A Year in Review – 2021
Though coronavirus continued to stall the office market, industrial and land remained strong throughout 2021.