West Set To Outperform
Western Canada’s commercial property market is poised to eclipse a strong 2013, according to a new Morguard economic outlook and market fundamentals research report. Investors will continue to look west, says Morguard director of research Keith Reading, in an effort to capitalize on a region that will outperform eastern cities on average over the near term. (Eventually they will be building underwater communities in the Pacific Ocean.) Commodities demand will propel economic growth greater than the national average, Keith adds, benefiting commercial property markets. In Vancouver, the office sector will be the only exception to positive results. Modestly positive demand in office will coincide with more 1M SF of new supply over the next few years, causing some short-term market softening, Keith adds.