Canada state of the commercial real estate market recap

Altus Insights Podcast Series

Tune in to the Altus Insights podcast as we dive into the ever-evolving Canadian real estate market. Two months ago (March 2023), we witnessed the impact of higher-than-welcome inflation and rising interest rates on the economy.

Now, we're eager to explore what has changed with our special guest, Peter Norman, Chief Economist at Altus Group. Discover how the demand for office assets has unfolded amidst the ongoing transition to hybrid work models. Gain valuable insights into the industrial sector's challenges, including constrained supply and robust demand. Moreover, we'll examine how interest rates have influenced housing development and sales. Don't miss this engaging conversation as we delve into the state of the Canadian commercial real estate market.

Panelists in this episode:

• Peter Norman is a well-known professional land economist and forecaster and is Vice President and Chief Economist at Altus Group. Widely quoted in the Canadian media, Mr. Norman is a frequent expert witness on economic matters and leads a national team of economic consultants advising private and public sector organizations across Canada, providing economic intelligence and strategic information.

• Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

• Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

• 01:16 - What are some of the big trends we've seen since the last Canada State of the Market webinar in Q1 2023?
• 03:57 Where does office and industrial real estate stand today?
• 11:24 - What are the largest concerns in the market right now?
• 13:37 - Does a target of getting back down to a 1-3% inflation rate seem reasonable?
• 18:06 - Is more population growth a net positive or negative when in comes to housing concerns in Canada?