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Canadian Commercial Real Estate Can Weather the Downturn-Study

Posted:25/11/2008 18:08 by Heddy Sorour
A survey of 11 of Canada’s busiest commercial real estate markets shows the country is well-positioned to weather the economic downturn. The study Outlook '09 and Annual Market Review by Cushman & Wakefield LePage covers the office, industrial, retail and investment sectors. "There remains little doubt that Canada is headed towards a recession stretching into at least the first quarter of 2009," said Pierre Bergevin, president and CEO Cushman & Wakefield LePage. "However, we don't expect to see any radical market corrections in Canadian commercial real estate – thanks to solid lending practices and conservative development strategies over the past decade." In past recessions the Canadian market has been beleaguered by over development and looser financial requirements on developers leading to oversupply of commercial real estate. "Canada's five largest markets were the tightest when compared to the ten largest markets in the US and, while we do expect to see vacancy rates increase because of lower demand and some new space coming onto the market, we don't expect that these conditions will seriously unbalance the market," said Bergevin in a news release distributed by Canada NewsWire. click here to return to the top of the page
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