Key Insights
The Canadian commercial real estate market, valued at $77.09 billion in 2025, is projected to experience robust growth, with a compound annual growth rate (CAGR) of 7.59% from 2025 to 2033. This expansion is fueled by several key drivers. Strong population growth in major cities like Toronto, Vancouver, and Calgary is increasing demand for office, retail, and residential spaces. Furthermore, ongoing infrastructure development and government investments in urban revitalization projects are stimulating construction activity and attracting further investment. The increasing adoption of sustainable building practices and technologies also presents significant opportunities for growth within the sector. However, challenges such as rising interest rates, potential economic slowdowns, and fluctuations in global capital markets pose potential restraints to market expansion. The market is segmented by property type (office, retail, industrial, multi-family, hospitality) and key cities (Toronto, Vancouver, Calgary, Ottawa, Montreal, Edmonton, and the Rest of Canada). Toronto and Vancouver, as major economic hubs, are expected to dominate market share, although growth in other cities like Calgary and Edmonton is also anticipated, driven by regional economic diversification. The competitive landscape includes a mix of large REITs (e.g., Cominar REIT, Dream Office REIT, Allied REIT), real estate developers (e.g., Amacon, Pinnacle International, TAG Developments), and brokerage firms, indicating a mature and dynamic market structure.
The forecast period (2025-2033) anticipates continued expansion, driven by factors like increasing urbanization, technological advancements in property management, and sustained demand from various sectors. While interest rate fluctuations and economic uncertainties present ongoing risks, the long-term outlook for the Canadian commercial real estate market remains positive. The diverse range of property types and geographical distribution offer investment opportunities across various risk profiles. Specific growth within individual segments will depend on evolving market demands and localized economic conditions. Strategic partnerships and technological innovations will likely play a significant role in shaping the future of this dynamic sector.
Canada Commercial Real Estate Market: 2019-2033 Forecast Report
Dive deep into the dynamic Canadian commercial real estate market with this comprehensive report, covering the period 2019-2033. Uncover key trends, leading players, and lucrative investment opportunities across office, retail, industrial, multi-family, and hospitality sectors in major cities like Toronto, Vancouver, and Montreal.
This in-depth analysis provides invaluable insights for real estate investors, developers, brokers, and industry stakeholders. Benefit from data-driven projections and strategic recommendations to navigate the complexities of this evolving market.
Canada Commercial Real Estate Market Market Dynamics & Concentration
The Canadian commercial real estate market, valued at xx Million in 2024, exhibits a moderately concentrated landscape. A handful of large REITs, such as 6 Cominar REIT, 5 Dream Office REIT, and 7 Allied REIT, command significant market share, alongside prominent developers like 4 Pinnacle International, 1 Onni Group, and 8 TAG Developments. However, a substantial number of smaller players, including numerous real estate brokerage firms and numerous developers, contribute to market dynamism.
Market concentration is influenced by several factors:
- Regulatory Frameworks: Provincial and municipal regulations concerning zoning, building codes, and environmental standards affect market entry and expansion.
- M&A Activities: The last five years have seen xx M&A deals, with a noticeable increase in activity among smaller players seeking to consolidate their positions. Examples include Blackstone's acquisition of industrial properties and VICI Properties' foray into the Canadian gaming sector.
- End-User Trends: Shifting preferences towards flexible workspaces and experiential retail are reshaping demand across segments.
- Product Substitutes: The emergence of co-working spaces and alternative commercial property models presents challenges to traditional office spaces.
Innovation within the sector is driven by technological advancements, particularly in property management, data analytics, and construction technologies. Further, the increasing adoption of sustainable building practices influences market dynamics.
Canada Commercial Real Real Estate Market Industry Trends & Analysis
The Canadian commercial real estate market is projected to experience a CAGR of xx% from 2025 to 2033, reaching an estimated value of xx Million by 2033. This growth trajectory reflects several key trends:
- Strong Economic Fundamentals: A relatively stable economy, coupled with population growth and urbanization, drives demand across various property types.
- Technological Disruption: PropTech advancements in areas such as smart building technologies and data-driven asset management are improving efficiency and transparency within the sector. Market penetration of such technologies is increasing at a rate of xx% annually.
- Evolving Consumer Preferences: The growing demand for flexible workspaces and experiential retail experiences is reshaping the market. The rise of e-commerce continues to affect retail real estate, prompting a shift towards omnichannel strategies.
- Competitive Landscape: The market is characterized by intense competition among established players and emerging firms. This competition is driving innovation and attracting significant investment.
Leading Markets & Segments in Canada Commercial Real Estate Market
Toronto and Vancouver remain the dominant markets, driven by strong economic activity, robust population growth, and limited land availability. However, other key cities like Montreal, Calgary, and Edmonton also showcase significant growth potential.
Dominant Segments:
- Office: Toronto and Vancouver account for a significant portion of the office market, fueled by the presence of major corporations and financial institutions. The shift towards hybrid work models impacts future demand projections.
- Industrial: Strong e-commerce growth, particularly in Western Canada, fuels demand for industrial space, leading to rising rental rates.
- Multi-family: The continuous increase in population and changing demographic patterns drives demand for rental and condominium apartments across major urban centers.
- Retail: While facing challenges from e-commerce, retail real estate is adapting by focusing on experiential retail and mixed-use developments.
- Hospitality: Tourism recovery is positively affecting the hospitality segment, with urban centers experiencing a resurgence in hotel occupancy.
Key Drivers for Leading Markets:
- Toronto: Strong financial services sector, significant population growth, and government investments in infrastructure.
- Vancouver: Robust technology sector, immigration patterns, and limited land supply.
- Montreal: A vibrant cultural scene, a strong presence of multinational companies and a growing technology sector.
- Calgary & Edmonton: Energy sector influence and significant government investments in infrastructural projects.
Canada Commercial Real Estate Market Product Developments
Recent years have witnessed significant innovations in commercial real estate products and services, such as smart building technology, the integration of sustainable designs, and the development of flexible workspaces to meet evolving user needs. These developments enhance efficiency, reduce operational costs, and improve sustainability across the industry. The market strongly embraces technologies that enhance the tenant experience and improve asset management efficiencies.
Key Drivers of Canada Commercial Real Estate Market Growth
Several factors fuel the growth of the Canadian commercial real estate market:
- Economic Growth: Sustained economic growth increases business investment and drives demand for commercial real estate.
- Population Growth and Urbanization: Rising populations in major cities lead to a higher demand for housing, commercial spaces, and associated services.
- Government Infrastructure Investment: Government initiatives and investments in infrastructure significantly affect construction and development activity.
Challenges in the Canada Commercial Real Estate Market Market
The market faces challenges, including:
- High Construction Costs: Rising material and labor costs increase development expenses, potentially slowing down the supply response.
- Interest Rate Volatility: Fluctuations in interest rates impact borrowing costs for developers and investors.
- Regulatory Hurdles: Navigating complex regulations related to zoning, permitting, and environmental compliance can delay projects.
Emerging Opportunities in Canada Commercial Real Estate Market
Emerging opportunities include:
- Sustainable Development: The growing emphasis on environmental sustainability presents opportunities for eco-friendly buildings and development projects.
- Technological Integration: The incorporation of PropTech into development and operations can unlock new efficiencies.
- Strategic Partnerships: Collaborations between developers, technology providers, and investors can drive innovation and growth.
Leading Players in the Canada Commercial Real Estate Market Sector
- 6 Cominar REIT
- 3 Realtor, Developers
- 2 Harvey Kalles Real Estate
- 9 Goodman Commercial
- 3 Amacon
- 4 Pinnacle International
- 1 Brookfield Global Integrated Solutions
- Real Estate Brokerage Firms
- 1 Manulife Real Estate
- 10 Redev Properties*
- 7 Allied REIT
- 2 WestBank Corp
- 1 Onni Group
- 6 Knights Bridge Development Corp
- 5 Dream Office REIT
- Other Companies (startups associations etc )
- 2 Relogix
- 8 TAG Developments
- 7 Chard Development
- 4 Hausway
- 3 Maxwell Realty*
- 5 Anthem Properties Group Limited
Key Milestones in Canada Commercial Real Estate Market Industry
- June 2023: Prologis, Inc. acquires nearly 14 Million square feet of industrial properties from Blackstone for USD 3.1 Billion, reflecting the robust industrial real estate sector.
- May 2023: VICI Properties Inc. purchases Century Casinos' real estate assets in Calgary and Edmonton for USD 164.7 Million, highlighting investor confidence in the Canadian gaming industry.
Strategic Outlook for Canada Commercial Real Estate Market Market
The Canadian commercial real estate market offers significant long-term growth potential. Strategic investments in sustainable infrastructure, technological advancements, and effective risk management will enable investors and developers to capitalize on these opportunities. The focus on meeting evolving consumer preferences, adapting to technological change, and navigating regulatory landscapes will be crucial for future success.
Canada Commercial Real Estate Market Segmentation
-
1. Type
- 1.1. Office
- 1.2. Retail
- 1.3. Industrial
- 1.4. Multi-family
- 1.5. Hospitality
-
2. Key Cities
- 2.1. Toronto
- 2.2. Vancouver
- 2.3. Calgary
- 2.4. Ottawa
- 2.5. Montreal
- 2.6. Edmonton
- 2.7. Rest of Canada
Canada Commercial Real Estate Market Segmentation By Geography
- 1. Canada
Canada Commercial Real Estate Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of 7.59% from 2019-2033 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Evolution of retail sector driving the market; Office spaces in Toronto and Vancouver are increasing
- 3.3. Market Restrains
- 3.3.1. High interest rates tend to slowdown business growth; Increasing cost of real estate affecting the growth of the market
- 3.4. Market Trends
- 3.4.1. Evolution of retail sector driving the market
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. Canada Commercial Real Estate Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Type
- 5.1.1. Office
- 5.1.2. Retail
- 5.1.3. Industrial
- 5.1.4. Multi-family
- 5.1.5. Hospitality
- 5.2. Market Analysis, Insights and Forecast - by Key Cities
- 5.2.1. Toronto
- 5.2.2. Vancouver
- 5.2.3. Calgary
- 5.2.4. Ottawa
- 5.2.5. Montreal
- 5.2.6. Edmonton
- 5.2.7. Rest of Canada
- 5.3. Market Analysis, Insights and Forecast - by Region
- 5.3.1. Canada
- 5.1. Market Analysis, Insights and Forecast - by Type
- 6. Eastern Canada Canada Commercial Real Estate Market Analysis, Insights and Forecast, 2019-2031
- 7. Western Canada Canada Commercial Real Estate Market Analysis, Insights and Forecast, 2019-2031
- 8. Central Canada Canada Commercial Real Estate Market Analysis, Insights and Forecast, 2019-2031
- 9. Competitive Analysis
- 9.1. Market Share Analysis 2024
- 9.2. Company Profiles
- 9.2.1 6 Cominar REIT
- 9.2.1.1. Overview
- 9.2.1.2. Products
- 9.2.1.3. SWOT Analysis
- 9.2.1.4. Recent Developments
- 9.2.1.5. Financials (Based on Availability)
- 9.2.2 3 Realtor
- 9.2.2.1. Overview
- 9.2.2.2. Products
- 9.2.2.3. SWOT Analysis
- 9.2.2.4. Recent Developments
- 9.2.2.5. Financials (Based on Availability)
- 9.2.3 Developers
- 9.2.3.1. Overview
- 9.2.3.2. Products
- 9.2.3.3. SWOT Analysis
- 9.2.3.4. Recent Developments
- 9.2.3.5. Financials (Based on Availability)
- 9.2.4 2 Harvey Kalles Real Estate
- 9.2.4.1. Overview
- 9.2.4.2. Products
- 9.2.4.3. SWOT Analysis
- 9.2.4.4. Recent Developments
- 9.2.4.5. Financials (Based on Availability)
- 9.2.5 9 Goodman Commercial
- 9.2.5.1. Overview
- 9.2.5.2. Products
- 9.2.5.3. SWOT Analysis
- 9.2.5.4. Recent Developments
- 9.2.5.5. Financials (Based on Availability)
- 9.2.6 3 Amacon
- 9.2.6.1. Overview
- 9.2.6.2. Products
- 9.2.6.3. SWOT Analysis
- 9.2.6.4. Recent Developments
- 9.2.6.5. Financials (Based on Availability)
- 9.2.7 4 Pinnacle International
- 9.2.7.1. Overview
- 9.2.7.2. Products
- 9.2.7.3. SWOT Analysis
- 9.2.7.4. Recent Developments
- 9.2.7.5. Financials (Based on Availability)
- 9.2.8 1 Brookfield Global Integrated Solutions
- 9.2.8.1. Overview
- 9.2.8.2. Products
- 9.2.8.3. SWOT Analysis
- 9.2.8.4. Recent Developments
- 9.2.8.5. Financials (Based on Availability)
- 9.2.9 Real Estate Brokerage Firms
- 9.2.9.1. Overview
- 9.2.9.2. Products
- 9.2.9.3. SWOT Analysis
- 9.2.9.4. Recent Developments
- 9.2.9.5. Financials (Based on Availability)
- 9.2.10 1 Manulife Real Estate
- 9.2.10.1. Overview
- 9.2.10.2. Products
- 9.2.10.3. SWOT Analysis
- 9.2.10.4. Recent Developments
- 9.2.10.5. Financials (Based on Availability)
- 9.2.11 10 Redev Properties*
- 9.2.11.1. Overview
- 9.2.11.2. Products
- 9.2.11.3. SWOT Analysis
- 9.2.11.4. Recent Developments
- 9.2.11.5. Financials (Based on Availability)
- 9.2.12 7 Allied REIT**List Not Exhaustive
- 9.2.12.1. Overview
- 9.2.12.2. Products
- 9.2.12.3. SWOT Analysis
- 9.2.12.4. Recent Developments
- 9.2.12.5. Financials (Based on Availability)
- 9.2.13 2 WestBank Corp
- 9.2.13.1. Overview
- 9.2.13.2. Products
- 9.2.13.3. SWOT Analysis
- 9.2.13.4. Recent Developments
- 9.2.13.5. Financials (Based on Availability)
- 9.2.14 1 Onni Group
- 9.2.14.1. Overview
- 9.2.14.2. Products
- 9.2.14.3. SWOT Analysis
- 9.2.14.4. Recent Developments
- 9.2.14.5. Financials (Based on Availability)
- 9.2.15 6 Knights Bridge Development Corp
- 9.2.15.1. Overview
- 9.2.15.2. Products
- 9.2.15.3. SWOT Analysis
- 9.2.15.4. Recent Developments
- 9.2.15.5. Financials (Based on Availability)
- 9.2.16 5 Dream Office REIT
- 9.2.16.1. Overview
- 9.2.16.2. Products
- 9.2.16.3. SWOT Analysis
- 9.2.16.4. Recent Developments
- 9.2.16.5. Financials (Based on Availability)
- 9.2.17 Other Companies (startups associations etc )
- 9.2.17.1. Overview
- 9.2.17.2. Products
- 9.2.17.3. SWOT Analysis
- 9.2.17.4. Recent Developments
- 9.2.17.5. Financials (Based on Availability)
- 9.2.18 2 Relogix
- 9.2.18.1. Overview
- 9.2.18.2. Products
- 9.2.18.3. SWOT Analysis
- 9.2.18.4. Recent Developments
- 9.2.18.5. Financials (Based on Availability)
- 9.2.19 8 TAG Developments
- 9.2.19.1. Overview
- 9.2.19.2. Products
- 9.2.19.3. SWOT Analysis
- 9.2.19.4. Recent Developments
- 9.2.19.5. Financials (Based on Availability)
- 9.2.20 7 Chard Development
- 9.2.20.1. Overview
- 9.2.20.2. Products
- 9.2.20.3. SWOT Analysis
- 9.2.20.4. Recent Developments
- 9.2.20.5. Financials (Based on Availability)
- 9.2.21 4 Hausway
- 9.2.21.1. Overview
- 9.2.21.2. Products
- 9.2.21.3. SWOT Analysis
- 9.2.21.4. Recent Developments
- 9.2.21.5. Financials (Based on Availability)
- 9.2.22 3 Maxwell Realty*
- 9.2.22.1. Overview
- 9.2.22.2. Products
- 9.2.22.3. SWOT Analysis
- 9.2.22.4. Recent Developments
- 9.2.22.5. Financials (Based on Availability)
- 9.2.23 5 Anthem Properties Group Limited
- 9.2.23.1. Overview
- 9.2.23.2. Products
- 9.2.23.3. SWOT Analysis
- 9.2.23.4. Recent Developments
- 9.2.23.5. Financials (Based on Availability)
- 9.2.1 6 Cominar REIT
List of Figures
- Figure 1: Canada Commercial Real Estate Market Revenue Breakdown (Million, %) by Product 2024 & 2032
- Figure 2: Canada Commercial Real Estate Market Share (%) by Company 2024
List of Tables
- Table 1: Canada Commercial Real Estate Market Revenue Million Forecast, by Region 2019 & 2032
- Table 2: Canada Commercial Real Estate Market Revenue Million Forecast, by Type 2019 & 2032
- Table 3: Canada Commercial Real Estate Market Revenue Million Forecast, by Key Cities 2019 & 2032
- Table 4: Canada Commercial Real Estate Market Revenue Million Forecast, by Region 2019 & 2032
- Table 5: Canada Commercial Real Estate Market Revenue Million Forecast, by Country 2019 & 2032
- Table 6: Eastern Canada Canada Commercial Real Estate Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 7: Western Canada Canada Commercial Real Estate Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 8: Central Canada Canada Commercial Real Estate Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 9: Canada Commercial Real Estate Market Revenue Million Forecast, by Type 2019 & 2032
- Table 10: Canada Commercial Real Estate Market Revenue Million Forecast, by Key Cities 2019 & 2032
- Table 11: Canada Commercial Real Estate Market Revenue Million Forecast, by Country 2019 & 2032
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the Canada Commercial Real Estate Market?
The projected CAGR is approximately 7.59%.
2. Which companies are prominent players in the Canada Commercial Real Estate Market?
Key companies in the market include 6 Cominar REIT, 3 Realtor, Developers, 2 Harvey Kalles Real Estate, 9 Goodman Commercial, 3 Amacon, 4 Pinnacle International, 1 Brookfield Global Integrated Solutions, Real Estate Brokerage Firms, 1 Manulife Real Estate, 10 Redev Properties*, 7 Allied REIT**List Not Exhaustive, 2 WestBank Corp, 1 Onni Group, 6 Knights Bridge Development Corp, 5 Dream Office REIT, Other Companies (startups associations etc ), 2 Relogix, 8 TAG Developments, 7 Chard Development, 4 Hausway, 3 Maxwell Realty*, 5 Anthem Properties Group Limited.
3. What are the main segments of the Canada Commercial Real Estate Market?
The market segments include Type, Key Cities.
4. Can you provide details about the market size?
The market size is estimated to be USD 77.09 Million as of 2022.
5. What are some drivers contributing to market growth?
Evolution of retail sector driving the market; Office spaces in Toronto and Vancouver are increasing.
6. What are the notable trends driving market growth?
Evolution of retail sector driving the market.
7. Are there any restraints impacting market growth?
High interest rates tend to slowdown business growth; Increasing cost of real estate affecting the growth of the market.
8. Can you provide examples of recent developments in the market?
June 2023: Prologis, Inc. and Blackstone announced a definitive agreement for Prologis to acquire nearly 14 million square feet of industrial properties from opportunistic real estate funds affiliated with Blackstone for USD 3.1 billion, funded by cash. The acquisition price represents an approximately 4% cap rate in the first year and a 5.75% cap rate when adjusting to today's market rents.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 3800, USD 4500, and USD 5800 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Million.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "Canada Commercial Real Estate Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the Canada Commercial Real Estate Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the Canada Commercial Real Estate Market?
To stay informed about further developments, trends, and reports in the Canada Commercial Real Estate Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
