​research reports

Morguard’s recognized Research team provides quarterly and annual research reports for investors to make informed decisions on how real estate can make a significant contribution to an investment portfolio.

To download a Research report, click on the title of the desired report below.

 

2014 Q3 Update – Canadian Economic Outlook and Market Fundamentals

Canada’s commercial property market remained healthy over the third quarter, with plenty of capital looking for a home. Demand continued to outpace supply for the most part, holding prices near peak levels for the cycle. Cominar’s acquisition of a substantial portfolio of assets marked the return of capital market buyers who have been essentially sidelined for the past several quarters. In the nation’s rental markets, office demand continued to show signs of life marking the second consecutive quarter of gains as the national occupancy rate edged higher for the first time in two years. Demand remains healthy in the nation’s retail and multi-family asset classes while a development boom is underway in the industrial property market. Despite global headwinds, the near-term performance outlook for Canada’s property sector is positive, a forecast predicated on ongoing recovery in the U.S.

Download a copy of the 2014 Q3 Update

 

2014 Q2 Update – Canadian Economic Outlook and Market Fundamentals

Canada’s commercial property market held firm over the second quarter, a trend that is expect to prevail for the balance of the year. Demand continues to outpace the supply of high quality assets as core property values ranged close to the peak for the cycle.  Despite the continued absence of the public market buyers, demand remains healthy and stable as low interest rates and access to debt and equity funds continue to drive transaction activity. In the nation’s rental markets, office demand showed renewed signs of life in the second quarter, while a largely healthy demand trend continues to dominate in the retail, industrial, and multi-family asset classes. Despite global headwinds, the near-term performance outlook for Canada’s property sector is positive, a forecast predicated on ongoing recovery in the U.S.

Download a copy of the 2014 Q2 Update

 

2014 Q1 Update – Canadian Economic Outlook and Market Fundamentals

Canada’s commercial property market got off to a fairly positive start to the year. Investment demand was robust, with most offerings receiving healthy interest levels from private and institutional capital sources. While capital market players stayed on the sidelines to a large extent, bidding activity was healthy for “core” quality assets. As a result, pricing levels held at the cycle peak. The question of whether the current capital growth cycle had reached an end continued to occupy the minds of many industry participants. In the meantime, low interest rates and access to debt and equity funds continue to drive transaction activity. In the nation’s rental markets, office demand remained sluggish, against a backdrop of largely healthy demand in the retail, industrial, and multi-family asset classes. Despite global headwinds, the near-term performance outlook for Canada’s property sector is positive, a forecast predicated on ongoing recovery in the US.

Download a copy of the 2014 Q1 Update

 

2014 Canadian Economic Outlook and Market Fundamentals

The 2014 Canadian Economic Outlook and Market Fundamentals Research Report provides a comprehensive review and outlook for each real estate product class and each major metropolitan area across the country.

The steady run of strong investment performance for Canadian real estate continued during 2013, representing the fourth consecutive year of the recovery cycle. Interest rates and cap rates remained at or near secular lows, while leasing market fundamentals were stable in most markets across the country. The result was continued solid cash flows, income returns and capital appreciation in virtually every sector of the market. Investment appetite remained strong and the year proved to be one of the most active on record.

All eyes continue to be focused on the outlook for interest rates and their potential impact on property values. At the same time, investors are also sounding notes of caution about the levels of new supply that are on the horizon as a result of development activity in the residential and office sectors. Will the Canadian economy expand quickly enough to generate sufficient tenant demand to fill the available new space? Will operating incomes grow fast enough to offset any potential increase in cap rates?

Download a copy of the 2014 Research Report


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