Canada’s commercial real estate market is rebounding faster than many industry experts projected several months ago. A September survey by PricewaterhouseCoopers and the Urban Land Institute found that executives predicted feeble returns and puttering activity all the way to 2011.
But, the commercial property market rebounded in September and a full out recovery is potentially underway. According to PwC partner Frank Magliocco, “Things have changed…Things just took off.” Real estate investment trusts are now holding about $1-billion of cash raised from increasing asset values and private buyers are snapping up properties in a race against public companies.
In the past month there have been three deals worth more than $100-million across Canada – an apartment portfolio in Vancouver, residential land and a downtown building in Toronto.