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Maritimes  + Finance  | 
Atlantic Canada's 2024 commercial real estate outlook remains "fairly optimistic" despite mounting economic challenges, says CBRE's managing director for the region.

CBRE: Atlantic Canada CRE Outlook Remains ‘Fairly Optimistic’

Atlantic Canada’s 2024 commercial real estate outlook remains “fairly optimistic” despite mounting economic challenges, says CBRE’s managing director for the region.

The investment safe havens of “beds, sheds and grocery/meds” will be in most demand in 2024, said Andrew Bergen in at a market outlook event that CBRE hosted in Halifax. But some contrarians will invest in the troubled office sector as downtown Halifax class A assets experience a flight-to-quality and the asset class displays resilience despite work-from-home trend impacts.

Investment volumes will end 2023 down 20% year-over-year from the $1.9 billion in assets traded, Bergen said. Multi-family continues to be the most traded asset class with new construction and class C buildings selling the most often.

Industrial assets are in demand but few investors are willing to sell following a year of unprecedented rent growth.

Meanwhile, retailers are lining up to capitalize on the region’s economic growth and increased population.

Photo: Courtesy of CBRE

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Inside The Story

Andrew BergenCBRE

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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