Due to a strong appetite for retail properties and an active real estate investment trust sector, commercial real estate investment sales dollar volume in Canada has already exceeded its 2009 year-end total, according to a new study from Avison Young.
By the end of the third quarter, over $12 billion in commercial real estate assets had changed hands – up 57% over the same nine-month period one year ago, the study shows. While retail has been the most sought-after property type among investors, Toronto has been the most activeÂ market, and Vancouver has been the most expensive.
"With the recent closing of the ING portfolio comprising some 400 industrial properties across the country and the Nortel campus in Ottawa, to name a few, we can expect overall investment volume in Canada to reach the $16 billion range in 2010 – barring any deal closings being pushed into 2011," says Bill Argeropoulos, vice president and director of research in Canada for Avison Young.
SOURCE: Avison Young