Transactions in Calgary’s commercial real estate sector reached $2.35 billion in 2017, slightly down from the previous year. But the number of investment sales grew by 25 per cent, according to a new report by Barclay Street Real Estate.
Total dollar volume in 2016 was $2.63 billion.
In 2017, there were 381 sales compared with 305 in 2016.
“Several significant shifts in investor focus were noted: … activity in the commercial office asset class was very strong, with the number of sales more than doubling. Overall dollar volume however, was approximately two-thirds of 2016 office investment,” said the Barclay Street Real Estate report.
“The industrial, multi-residential and residential land asset classes also saw increased sales, with dollar volume in the two land assets classes increasing by more than one-third each. Notably, retail investment decreased to 68 per cent of 2016 levels due to fewer purchases of $25 million and greater.”
“Residential land, multi-residential and industrial sales led Calgary’s commercial real estate investment market in a continued recovery during 2017. Multi-residential and residential land investments both grew more than one-third year-over-year, demonstrating the health and strength of the Greater Calgary Area,” said David Wallach, president and broker with Barclay Street Real Estate.