Articles tagged with "Forecast"

The U.S. and Canadian leaders, Donald Trump and Prime Minister Mark Carney, are at odds over trade deal concepts, which could significantly impact Canadian commercial real estate. Differences in opinions revolve mainly around tariffs, with Trump favoring a straightforward tariff approach. Although differences remain, both leaders expressed optimism about reaching an agreement. The ongoing discussions could influence investment decisions, development projects, and leases across the Canadian CRE market.

The article discusses the potential economic implications of a new pipeline in Canada that could be funded by taxpayers. Economic forecasts and decreased oil prices make private investment unlikely, suggesting government intervention. Increased electric vehicle sales and global shifts towards renewable energy threaten future oil demand. The Trans Mountain project's challenges are highlighted, but potential economic benefits from energy exports are acknowledged.

The Calgary Municipal Land Corporation (CMLC) and the Calgary Stampede have partnered with Truman to develop a new hotel at Stampede Park, Calgary's Culture + Entertainment District. This 13-storey hotel, featuring 320 rooms and extensive amenities, is part of a broader effort to boost the area's appeal and address growing hotel demand due to increased visitors. The project represents a significant private investment in the area and reflects confidence in Calgary's development potential. Construction is expected to begin in late 2025 and complete in late 2028.

Private investors have increased their involvement in Edmonton's industrial property market, rising to 62% in the past year from an average of about 39% over the previous five years, according to Avison Young. Alongside these investors, companies buying properties for their own use also saw an increase, contributing to a more user-driven market. The industrial vacancy rate in Greater Edmonton fell to 4.2%, supported by strong tenant demand. This dynamic is seen as indicative of a rebalance towards market stability.

Calgary's office leasing activity increased significantly, with a 60% year-over-year surge, amounting to 1.6 million square feet in the first quarter. A decrease in sublease space and positive absorption contributed to reduced downtown vacancy rates. Despite the strong start, leasing activity might slow in the second quarter due to political and trade uncertainties. Office space conversions to residential and hotel uses also contributed to vacancy rate reductions in Calgary's downtown.