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Canada Commercial Real Estate Market Competitive Analysis Report 2021-2028 | Growth Market Reports

Sheryl Dias
Canada Commercial Real Estate Market Competitive Analysis Report 2021-2028 | Growth Market Reports

The Canada commercial real estate market size is anticipated to register a considerable CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rising demand for commercial properties.


Commercial real estate is a type of property used entirely for business-related work or to provide a workspace instead of living space. Depending on the functions, commercial property is mainly divided into four classes namely office space, retail, multi-family rental, and industrial use. This four main classes of real estates are further fragmented into three classes namely class A, class B, and class C. Class A represents best properties in terms of location, quality of infrastructure, age and aesthetic. Class B includes properties, which usually goes for restoration.


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The COVID-19 pandemic outbreak had negatively impacted on the market. During the pandemic, emergency lockdown imposed by government body had forced to temporary shutdown of hotels, malls, resorts, and gaming facilities as part of policies to curb the virus spread. Additionally, adoption of work from home policy by many business organizations across the globe resulted in the temporary closure of offices, which considerably affected the market. The market is expected to recover soon due to subsiding COVID cases. 


Market Trends, Drivers, Restraints, and Opportunities

  • Increasing new construction activity as well as expansion of new startups and small enterprises are key factors driving the market.
  • Rising rate of expanding office spaces and convenient process of office lease renewals of the properties is projected to boost the market during the forecast period.
  • High initial cost for investment in commercial real estate acts as a major challenge that can restrict the market growth in the coming years.
  • Stringent regulations and lengthy process on the approval of commercial property is expected to hamper the market growth during the projected timeline.
  • Surging technological advancements, rapid growth of tech business, and increasing expansion of tech talent are anticipated to create significant growth opportunities for the market.


Market Segment Insights


Offices segment to grow at high CAGR

In terms of types, the Canada commercial real estate market is divided into hospitality, offices, multi-family, retail, logistics, and industrial. The offices segment is estimated to grow at high CAGR during the forecast period owing to the significant rise in the demand of office space from tech companies. Moreover, emerging trend of co-working for sharing office space is driving the segment growth further. On the other hand, the multi-family segment is anticipated to register significant growth during the projected period attributed to the lack of rental supply, growing population, and rising homeownership costs. Additionally, the segment growth is further accelerated due to increasing investment for multi-family assets by various governments, impacted by high rate of immigration to the country.


Compititive Landscape

Key players competing in the Canada commercial real estate market are Manulife Real Estate; WestBank Corp.; Maxwell Realty; Pinnacle International; Onni Group; and Amacon Developments. Companies are focusing on investment in new property builders to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquire new buyers.


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Sheryl Dias
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