Key Insights
The Canadian commercial real estate market, valued at $77.09 billion in 2025, is projected to experience robust growth, with a compound annual growth rate (CAGR) of 7.59% from 2025 to 2033. This expansion is fueled by several key drivers. Strong population growth in major metropolitan areas like Toronto, Vancouver, and Calgary is increasing demand for office, retail, and residential spaces. Furthermore, ongoing investments in infrastructure and a thriving economy contribute to a positive outlook for the sector. The increasing adoption of sustainable building practices and the growing emphasis on flexible workspaces are shaping market trends. However, challenges remain, including rising interest rates potentially impacting construction and investment activity, and the ongoing adaptation to evolving work patterns post-pandemic. The market is segmented by property type (office, retail, industrial, multi-family, hospitality) and key cities across Canada (Toronto, Vancouver, Calgary, Ottawa, Montreal, Edmonton, and the rest of Canada). The competitive landscape is diverse, encompassing large REITs like Cominar REIT and Dream Office REIT, developers such as Pinnacle International and TAG Developments, and numerous brokerage firms. The regional breakdown shows significant activity in both Eastern and Western Canada, reflecting the strong economic performance and population growth in these regions. Future growth will likely depend on the ability of developers to adapt to shifting market needs and successfully navigate macroeconomic conditions.
The forecast for the Canadian commercial real estate market indicates continued expansion through 2033. While the current economic climate presents certain challenges, the long-term fundamentals remain strong, driven by sustained population growth, urbanization, and ongoing investment in infrastructure projects across the country. The segmentation data provided highlights the diverse nature of the market, with opportunities across various property types and geographical locations. The presence of established players alongside emerging developers underscores the dynamic nature of the sector. Careful consideration of emerging trends, such as the increasing importance of ESG (environmental, social, and governance) factors in real estate investments, will be crucial for success in the years to come. Continued monitoring of interest rate fluctuations and adapting to evolving technological advancements within the sector are critical for stakeholders to maintain a competitive edge.
Canada Commercial Real Estate Market Report: 2019-2033
This comprehensive report provides a detailed analysis of the Canadian commercial real estate market, encompassing market dynamics, growth trends, key players, and future outlook. The study period covers 2019-2033, with a base year of 2025 and a forecast period of 2025-2033. The report utilizes data from the historical period of 2019-2024 and integrates insights from leading companies such as Cominar REIT, Goodman Commercial, and Dream Office REIT, among others. This report is designed for industry professionals, investors, and researchers seeking to understand the complexities and opportunities within this dynamic market.
Canada Commercial Real Estate Market Dynamics & Structure
The Canadian commercial real estate market is characterized by a moderately concentrated landscape, with a few dominant players and a large number of smaller firms. Market concentration varies significantly across segments (office, retail, industrial, multi-family, hospitality) and geographic locations. Toronto and Vancouver, for example, exhibit higher levels of concentration than other cities.
- Market Concentration: Top 5 players hold approximately xx% market share (Estimated 2025).
- Technological Innovation: Proptech adoption is increasing, impacting property management, leasing, and investment strategies. However, barriers to adoption include high initial investment costs and integration complexities.
- Regulatory Framework: Provincial and municipal regulations influence zoning, development approvals, and environmental standards, creating complexities for developers and investors.
- Competitive Product Substitutes: The rise of co-working spaces and flexible office solutions presents competition to traditional office rentals. E-commerce continues to transform the retail landscape.
- End-User Demographics: Demand is driven by diverse factors including population growth, urbanization, and changing work patterns. The shift towards remote work is impacting office space demand, particularly in certain sub-markets.
- M&A Trends: The number of M&A deals within the Canadian commercial real estate market fluctuated during 2019-2024, reaching xx billion in 2024 (estimated). Consolidation is expected to continue, particularly among smaller players.
Canada Commercial Real Estate Market Growth Trends & Insights
The Canadian commercial real estate market has experienced fluctuating growth over the past few years, influenced by economic conditions, interest rates, and evolving industry trends. The market size, measured by total transaction value, reached xx billion in 2024 (estimated) and is projected to reach xx billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of xx% during the forecast period (2025-2033). This growth is expected to be driven by several factors, including sustained population growth, increasing urbanization, and the ongoing expansion of key industries.
Technological disruptions, such as the adoption of PropTech solutions and increasing use of data analytics are transforming market operations, increasing efficiency, and enhancing decision-making capabilities. Consumer behavior shifts towards flexible work arrangements, e-commerce, and a focus on sustainability are reshaping demand across different property types.
Dominant Regions, Countries, or Segments in Canada Commercial Real Estate Market
Toronto and Vancouver consistently lead as the dominant markets within the Canadian commercial real estate sector, commanding significant market share. The industrial segment is experiencing particularly robust growth, driven by e-commerce expansion and increased logistics activity.
- Toronto: High population density, strong economic activity, and a diverse range of industries contribute to its dominance.
- Vancouver: Strong population growth, limited land availability, and a thriving tech sector fuel demand.
- Industrial: E-commerce growth and supply chain optimization drive demand for warehouse and distribution space.
- Multi-family: Urbanization and population growth fuel demand for rental apartments and condominiums.
- Key Drivers: Strong economic fundamentals, increasing population, infrastructure development, and government policies promoting sustainable development.
Canada Commercial Real Estate Market Product Landscape
The Canadian commercial real estate market is characterized by diverse property types, including office buildings, retail spaces, industrial properties, multi-family residential units, and hospitality assets. Innovation in building design, construction materials, and building management systems are enhancing energy efficiency, sustainability, and overall functionality. Technological advancements such as smart building technologies and data-driven analytics are improving tenant experience and operational efficiency.
Key Drivers, Barriers & Challenges in Canada Commercial Real Real Estate Market
Key Drivers: Strong immigration levels fueling population growth; increasing urbanization; expansion of key industries (technology, finance); government initiatives promoting infrastructure development; and growing demand for sustainable and technologically advanced properties.
Challenges: High construction costs; regulatory complexities and approval processes; limited land availability in major cities; interest rate fluctuations; and economic uncertainties impacting investor confidence. Supply chain disruptions have resulted in project delays and increased costs, impacting profitability.
Emerging Opportunities in Canada Commercial Real Estate Market
Emerging opportunities lie in sustainable building practices, innovative mixed-use developments, technology-driven property management solutions, and expansion into secondary markets. Growing demand for flexible workspace solutions and specialized industrial properties presents significant potential. Focus on senior housing and healthcare real estate represents a further area of opportunity.
Growth Accelerators in the Canada Commercial Real Estate Market Industry
Strategic partnerships between developers, technology providers, and investors are fostering innovation and streamlining processes. Government incentives aimed at promoting sustainable development and enhancing infrastructure are also accelerating growth. Expansion into secondary markets with untapped potential presents further opportunities.
Key Players Shaping the Canada Commercial Real Estate Market Market
- 6 Cominar REIT
- 3 Realtor, Developers
- 2 Harvey Kalles Real Estate
- 9 Goodman Commercial
- 3 Amacon
- 4 Pinnacle International
- 1 Brookfield Global Integrated Solutions
- Real Estate Brokerage Firms
- 1 Manulife Real Estate
- 10 Redev Properties*
- 7 Allied REIT**List Not Exhaustive
- 2 WestBank Corp
- 1 Onni Group
- 6 Knights Bridge Development Corp
- 5 Dream Office REIT
- Other Companies (startups associations etc )
- 2 Relogix
- 8 TAG Developments
- 7 Chard Development
- 4 Hausway
- 3 Maxwell Realty*
- 5 Anthem Properties Group Limited
Notable Milestones in Canada Commercial Real Estate Market Sector
- June 2023: Prologis, Inc. and Blackstone's USD 3.1 billion industrial property acquisition highlights continued investor interest in the Canadian market.
- May 2023: VICI Properties Inc.'s USD 164.7 million acquisition of Century Casinos' assets demonstrates confidence in the Canadian gaming industry's real estate sector.
In-Depth Canada Commercial Real Estate Market Market Outlook
The Canadian commercial real estate market is poised for continued growth, driven by strong fundamentals and evolving industry trends. Strategic investments in sustainable development, technological integration, and expansion into new markets will shape the future of the industry, presenting considerable opportunities for both established players and new entrants.
Canada Commercial Real Estate Market Segmentation
-
1. Type
- 1.1. Office
- 1.2. Retail
- 1.3. Industrial
- 1.4. Multi-family
- 1.5. Hospitality
-
2. Key Cities
- 2.1. Toronto
- 2.2. Vancouver
- 2.3. Calgary
- 2.4. Ottawa
- 2.5. Montreal
- 2.6. Edmonton
- 2.7. Rest of Canada
Canada Commercial Real Estate Market Segmentation By Geography
- 1. Canada
Canada Commercial Real Estate Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of 7.59% from 2019-2033 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Evolution of retail sector driving the market; Office spaces in Toronto and Vancouver are increasing
- 3.3. Market Restrains
- 3.3.1. High interest rates tend to slowdown business growth; Increasing cost of real estate affecting the growth of the market
- 3.4. Market Trends
- 3.4.1. Evolution of retail sector driving the market
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. Canada Commercial Real Estate Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Type
- 5.1.1. Office
- 5.1.2. Retail
- 5.1.3. Industrial
- 5.1.4. Multi-family
- 5.1.5. Hospitality
- 5.2. Market Analysis, Insights and Forecast - by Key Cities
- 5.2.1. Toronto
- 5.2.2. Vancouver
- 5.2.3. Calgary
- 5.2.4. Ottawa
- 5.2.5. Montreal
- 5.2.6. Edmonton
- 5.2.7. Rest of Canada
- 5.3. Market Analysis, Insights and Forecast - by Region
- 5.3.1. Canada
- 5.1. Market Analysis, Insights and Forecast - by Type
- 6. Eastern Canada Canada Commercial Real Estate Market Analysis, Insights and Forecast, 2019-2031
- 7. Western Canada Canada Commercial Real Estate Market Analysis, Insights and Forecast, 2019-2031
- 8. Central Canada Canada Commercial Real Estate Market Analysis, Insights and Forecast, 2019-2031
- 9. Competitive Analysis
- 9.1. Market Share Analysis 2024
- 9.2. Company Profiles
- 9.2.1 6 Cominar REIT
- 9.2.1.1. Overview
- 9.2.1.2. Products
- 9.2.1.3. SWOT Analysis
- 9.2.1.4. Recent Developments
- 9.2.1.5. Financials (Based on Availability)
- 9.2.2 3 Realtor
- 9.2.2.1. Overview
- 9.2.2.2. Products
- 9.2.2.3. SWOT Analysis
- 9.2.2.4. Recent Developments
- 9.2.2.5. Financials (Based on Availability)
- 9.2.3 Developers
- 9.2.3.1. Overview
- 9.2.3.2. Products
- 9.2.3.3. SWOT Analysis
- 9.2.3.4. Recent Developments
- 9.2.3.5. Financials (Based on Availability)
- 9.2.4 2 Harvey Kalles Real Estate
- 9.2.4.1. Overview
- 9.2.4.2. Products
- 9.2.4.3. SWOT Analysis
- 9.2.4.4. Recent Developments
- 9.2.4.5. Financials (Based on Availability)
- 9.2.5 9 Goodman Commercial
- 9.2.5.1. Overview
- 9.2.5.2. Products
- 9.2.5.3. SWOT Analysis
- 9.2.5.4. Recent Developments
- 9.2.5.5. Financials (Based on Availability)
- 9.2.6 3 Amacon
- 9.2.6.1. Overview
- 9.2.6.2. Products
- 9.2.6.3. SWOT Analysis
- 9.2.6.4. Recent Developments
- 9.2.6.5. Financials (Based on Availability)
- 9.2.7 4 Pinnacle International
- 9.2.7.1. Overview
- 9.2.7.2. Products
- 9.2.7.3. SWOT Analysis
- 9.2.7.4. Recent Developments
- 9.2.7.5. Financials (Based on Availability)
- 9.2.8 1 Brookfield Global Integrated Solutions
- 9.2.8.1. Overview
- 9.2.8.2. Products
- 9.2.8.3. SWOT Analysis
- 9.2.8.4. Recent Developments
- 9.2.8.5. Financials (Based on Availability)
- 9.2.9 Real Estate Brokerage Firms
- 9.2.9.1. Overview
- 9.2.9.2. Products
- 9.2.9.3. SWOT Analysis
- 9.2.9.4. Recent Developments
- 9.2.9.5. Financials (Based on Availability)
- 9.2.10 1 Manulife Real Estate
- 9.2.10.1. Overview
- 9.2.10.2. Products
- 9.2.10.3. SWOT Analysis
- 9.2.10.4. Recent Developments
- 9.2.10.5. Financials (Based on Availability)
- 9.2.11 10 Redev Properties*
- 9.2.11.1. Overview
- 9.2.11.2. Products
- 9.2.11.3. SWOT Analysis
- 9.2.11.4. Recent Developments
- 9.2.11.5. Financials (Based on Availability)
- 9.2.12 7 Allied REIT**List Not Exhaustive
- 9.2.12.1. Overview
- 9.2.12.2. Products
- 9.2.12.3. SWOT Analysis
- 9.2.12.4. Recent Developments
- 9.2.12.5. Financials (Based on Availability)
- 9.2.13 2 WestBank Corp
- 9.2.13.1. Overview
- 9.2.13.2. Products
- 9.2.13.3. SWOT Analysis
- 9.2.13.4. Recent Developments
- 9.2.13.5. Financials (Based on Availability)
- 9.2.14 1 Onni Group
- 9.2.14.1. Overview
- 9.2.14.2. Products
- 9.2.14.3. SWOT Analysis
- 9.2.14.4. Recent Developments
- 9.2.14.5. Financials (Based on Availability)
- 9.2.15 6 Knights Bridge Development Corp
- 9.2.15.1. Overview
- 9.2.15.2. Products
- 9.2.15.3. SWOT Analysis
- 9.2.15.4. Recent Developments
- 9.2.15.5. Financials (Based on Availability)
- 9.2.16 5 Dream Office REIT
- 9.2.16.1. Overview
- 9.2.16.2. Products
- 9.2.16.3. SWOT Analysis
- 9.2.16.4. Recent Developments
- 9.2.16.5. Financials (Based on Availability)
- 9.2.17 Other Companies (startups associations etc )
- 9.2.17.1. Overview
- 9.2.17.2. Products
- 9.2.17.3. SWOT Analysis
- 9.2.17.4. Recent Developments
- 9.2.17.5. Financials (Based on Availability)
- 9.2.18 2 Relogix
- 9.2.18.1. Overview
- 9.2.18.2. Products
- 9.2.18.3. SWOT Analysis
- 9.2.18.4. Recent Developments
- 9.2.18.5. Financials (Based on Availability)
- 9.2.19 8 TAG Developments
- 9.2.19.1. Overview
- 9.2.19.2. Products
- 9.2.19.3. SWOT Analysis
- 9.2.19.4. Recent Developments
- 9.2.19.5. Financials (Based on Availability)
- 9.2.20 7 Chard Development
- 9.2.20.1. Overview
- 9.2.20.2. Products
- 9.2.20.3. SWOT Analysis
- 9.2.20.4. Recent Developments
- 9.2.20.5. Financials (Based on Availability)
- 9.2.21 4 Hausway
- 9.2.21.1. Overview
- 9.2.21.2. Products
- 9.2.21.3. SWOT Analysis
- 9.2.21.4. Recent Developments
- 9.2.21.5. Financials (Based on Availability)
- 9.2.22 3 Maxwell Realty*
- 9.2.22.1. Overview
- 9.2.22.2. Products
- 9.2.22.3. SWOT Analysis
- 9.2.22.4. Recent Developments
- 9.2.22.5. Financials (Based on Availability)
- 9.2.23 5 Anthem Properties Group Limited
- 9.2.23.1. Overview
- 9.2.23.2. Products
- 9.2.23.3. SWOT Analysis
- 9.2.23.4. Recent Developments
- 9.2.23.5. Financials (Based on Availability)
- 9.2.1 6 Cominar REIT
List of Figures
- Figure 1: Canada Commercial Real Estate Market Revenue Breakdown (Million, %) by Product 2024 & 2032
- Figure 2: Canada Commercial Real Estate Market Share (%) by Company 2024
List of Tables
- Table 1: Canada Commercial Real Estate Market Revenue Million Forecast, by Region 2019 & 2032
- Table 2: Canada Commercial Real Estate Market Revenue Million Forecast, by Type 2019 & 2032
- Table 3: Canada Commercial Real Estate Market Revenue Million Forecast, by Key Cities 2019 & 2032
- Table 4: Canada Commercial Real Estate Market Revenue Million Forecast, by Region 2019 & 2032
- Table 5: Canada Commercial Real Estate Market Revenue Million Forecast, by Country 2019 & 2032
- Table 6: Eastern Canada Canada Commercial Real Estate Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 7: Western Canada Canada Commercial Real Estate Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 8: Central Canada Canada Commercial Real Estate Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 9: Canada Commercial Real Estate Market Revenue Million Forecast, by Type 2019 & 2032
- Table 10: Canada Commercial Real Estate Market Revenue Million Forecast, by Key Cities 2019 & 2032
- Table 11: Canada Commercial Real Estate Market Revenue Million Forecast, by Country 2019 & 2032
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the Canada Commercial Real Estate Market?
The projected CAGR is approximately 7.59%.
2. Which companies are prominent players in the Canada Commercial Real Estate Market?
Key companies in the market include 6 Cominar REIT, 3 Realtor, Developers, 2 Harvey Kalles Real Estate, 9 Goodman Commercial, 3 Amacon, 4 Pinnacle International, 1 Brookfield Global Integrated Solutions, Real Estate Brokerage Firms, 1 Manulife Real Estate, 10 Redev Properties*, 7 Allied REIT**List Not Exhaustive, 2 WestBank Corp, 1 Onni Group, 6 Knights Bridge Development Corp, 5 Dream Office REIT, Other Companies (startups associations etc ), 2 Relogix, 8 TAG Developments, 7 Chard Development, 4 Hausway, 3 Maxwell Realty*, 5 Anthem Properties Group Limited.
3. What are the main segments of the Canada Commercial Real Estate Market?
The market segments include Type, Key Cities.
4. Can you provide details about the market size?
The market size is estimated to be USD 77.09 Million as of 2022.
5. What are some drivers contributing to market growth?
Evolution of retail sector driving the market; Office spaces in Toronto and Vancouver are increasing.
6. What are the notable trends driving market growth?
Evolution of retail sector driving the market.
7. Are there any restraints impacting market growth?
High interest rates tend to slowdown business growth; Increasing cost of real estate affecting the growth of the market.
8. Can you provide examples of recent developments in the market?
June 2023: Prologis, Inc. and Blackstone announced a definitive agreement for Prologis to acquire nearly 14 million square feet of industrial properties from opportunistic real estate funds affiliated with Blackstone for USD 3.1 billion, funded by cash. The acquisition price represents an approximately 4% cap rate in the first year and a 5.75% cap rate when adjusting to today's market rents.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 3800, USD 4500, and USD 5800 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Million.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "Canada Commercial Real Estate Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the Canada Commercial Real Estate Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the Canada Commercial Real Estate Market?
To stay informed about further developments, trends, and reports in the Canada Commercial Real Estate Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
