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Confidence in commercial real estate prices rises
April 21, 2010
The amount of money invested in commercial real estate in the GTA dropped by 11 per cent from the fourth quarter of 2009 to the first quarter of 2010 and transactions fell by 10 per cent, according to a report by RealNet Canada.
The numbers are being seen as positive because they show owners want to hold onto buildings instead of trying to sell them at a discounted price, as many sellers did during the recession. The last three quarters of 2009 saw sales growth in commercial real estate, including offices and industrial buildings.
"Nobody wants to sell in a rally," John O'Bryan, vice-chairman of CB Richard Ellis, told the Globe and Mail. "We're in a lull period here, where everyone wants to wait a quarter or two to see where things go. This is happening around the world as the recovery takes hold."
The Globe said the trend of slowing sales shows growing optimism that the real estate rebound is sustainable and property prices will continue to rise. This is in contrast to the previous forecast that a wave of discounted properties would hit the market as distressed sellers tried to clean up their balance sheets, the paper said.
"The concept of distressed selling just never materialized in Canada," Mark Rose, chief executive officer of Avison Young, told the Globe. "What the data tells me is that if you are looking to pay a distressed price for something, then please take it off your screen and get back to real investing."
Brokernews.ca
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