The expert opinion: commercial real estate this year is all about how creative and adaptive you can be. realestate realestatenews commercialrealestate
2:21 PM Feb 27, 2023
“Discovering the true value of real estate is taking longer,” Conrad explains. “I think that’s indicative of a lot of things in 2022: the mix of interest rate increases; high levels of inflation; uncertainty in the geopolitical environment in the world, causing everybody to take a step back.” Of course, within the sphere of commercial real estate, various segments are performing in drastically different ways. Industrial properties continue to be “the belle of the ball,” Conrad says, with near-zero vacancy rates in Toronto and Vancouver keeping competition and pricing healthy.
As for retail realty, while the segment has made significant strides since pandemic measures ended and people began returning to in-store shopping, investors are still seeking new ways to compete with e-commerce and bring shoppers back in full. Rising construction and labour costs are major financial factors that cannot be ignored when it comes to funding projects — a hurdle that Conrad says will remain prevalent for developers throughout the year.
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