The Globe and Mail September 1, 2009
The worst is likely over, say the heads of four of Canada's largest real estate brokerages. Canadian commercial real estate now faces 12 to 18 months of slowly climbing back to normal activity.
And when recovery finally kicks into full gear the pace of activity - buying and selling, leasing and even construction - will likely be fast-paced, they add.
This recession, the four agree, has not been as devastating for the industry nor as transformative as those at the start of this decade and in the early 1990s. The difference, they say, is that we entered last fall's global meltdown without an oversupply of commercial, industrial and retail space.
As a result, even though the industry is smack in the middle of the trough that precedes the upswing, vacancy rates are relatively low and the downward pressure on rents is minimal. That means recovery will be launched from a stable platform and the first months - or years - will be not wasted on playing catch-up.
Here is what they have to say:
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