Marcus & Millichap Releases 2024 Canada Investment Forecast Report
January 26 2024 - 2:43PM
Business Wire
Marcus & Millichap (NYSE:MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services has released its 2024 Canada
Investment Forecast Report. The report provides a detailed national
economic perspective and multifamily, retail, office, industrial
and hospitality sector overviews for major markets throughout
Canada.
“With inflation trending down and the labor market cooling, the
Central Bank is expected to begin cutting interest rates as early
as the second quarter,” said Mark Paterson, first vice president
and regional manager of Marcus & Millichap’s Toronto and Ottawa
offices. “This is likely to aid economic growth over the latter
half of the year and cause commercial real estate transaction
activity to gain momentum as underlying fundamentals across most
property types and markets remain healthy.”
Highlights of the report include:
- Canada’s population expanded at a record-setting pace as of the
third quarter of last year, growing 3.2 per cent annually amid
historic immigration. Combined with limited housing supply across
the country, multifamily performance will remain robust over the
coming year.
- Given record population growth expanding Canada’s consumer
base, a relatively healthy labor market and limited supply,
Canada’s retail property sector is well-positioned for 2024. This
is especially true for essential-based neighborhood retail as the
sector’s stability and its role in servicing communities seeing
strong population growth are resulting in healthy investor and
tenant demand.
- Industrial assets are expected to remain a preferred investment
option. While the national vacancy rate is forecast to trend up
further due to softening demand and elevated levels of new supply
coming to market, it is still notably lower compared to years past.
Tight vacancy, even in the face of substantial construction, is
reinforcing the sector’s strength.
Access Marcus & Millichap’s 2024 Canada Investment Forecast
Report here.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2022, the company had 1,904
investment sales and financing professionals in 81 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240126671101/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
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