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Canadian Commercial Real Estate Market Remains Steady in Q3 2023: Morguard
Canadian Commercial Real Estate Market Remains Steady in Q3 2023: Morguard Canada NewsW...
About this update from Morguard Corporation
[{"type":"text","content":"\n \n \n \n Canadian Commercial Real Estate Market Remains Steady in Q3 2023: Morguard\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Rent growth accelerated in the multi-suite residential rental sector during the third quarter.\n \n \n Industrial warehouse and logistics properties continued to attract market interest with relatively attractive selling prices.\n \n \n Class A segment of\n \n Toronto's\n \n downtown submarket recorded the strongest performance this quarter in the office leasing market.\n \n \n Commercial property investment sales activity remained muted, in line with a year-long trend.\n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n Nov. 14, 2023\n \n \n /CNW/ - The multi-suite residential rental sector saw rental demand outpace supply resulting in accelerated rent growth across the country during the third quarter of 2023, according to Morguard's 2023 Canadian Economic Outlook and Market Fundamentals Third Quarter Update (\"Morguard\") (TSX: MRC). By and large, the major Canadian commercial property sectors remained stable in the third quarter. Although\n \n Canada's\n \n economic growth is expected to soften in the near term, the Canadian economy is forecasted to strengthen from the second half of 2024 onwards.\n \n \n \"The industry has the potential to rebound in early 2024 depending on the central bank's rate decisions and the effects of the monetary policy,\" said\n \n Keith Reading\n \n , Senior Director, Research at Morguard. \"The alleviation of inflationary pressures and adjustments in interest rates will remain pivotal in shaping the trajectory of\n \n Canada's\n \n economy going forward.\"\n \n \n \n Multi-Suite Residential Real Estate\n \n \n The multi-suite residential rental sector experienced accelerated rent growth with the average asking rent for purpose-built units in the country's 35 top markets rising by 14.6% year-over year as of\n \n September 2023\n \n , a nine-month high, according to Urbanation Inc.'s Rentals.ca network. Stronger-than-expected job growth in early 2023, along with a...