Calgary Commercial Real Estate Investment Improves
89 sales transactions over $1 million were recorded in Q2 2016, for a total investment value of $909 million.
CALGARY ‒ Altus Group, a leading provider of commercial real estate services, software and data solutions, today announced the results for the second quarter of 2016 for the Greater Calgary Area (GCA) commercial real estate investment market. Q2 2016 saw $909 million worth of sales transactions, a 104% increase over the previous quarter. Notable improvements were recorded in the Office, Retail and Industrial sectors, while declines occurred in Residential Land, ICI Land and Apartment.
Nine Office transactions worth $446 million were recorded amounting to almost half of all investment activity. The majority of transaction value was attributed to the Imperial Oil Campus in Quarry Park, an agreement of sale for almost $417 million between Remington Developments and Imperial Oil.
Retail and Industrial markets each built on the momentum recorded in Q1 2016 with further growth in investment volumes for Q2. The Retail sector recorded 17 transactions for a total value of $92 million, an increase from both Q1 2016 and Q2 2015. Industrial transactions were valued at $202 million, up 87% from Q1 2016.
In the Apartment sector, 11 transactions worth $34 million were recorded in Q2 2016, down 68% from Q1 2016. Residential Land transactions sales volumes dropped 42% from the previous quarter. The ICI Land sector saw 23 transactions worth $97 million down 5% from last quarter and down 4% from the same quarter last year.
“Overall investment levels in the first half of 2016 were similar to the first half of 2015, and well above the levels recorded in the challenged 2009/2010 period,” noted Paul Richter, Director, Altus Data Solutions Canada. “The Retail and Industrial sectors are showing signs of sustained growth approaching a full recovery to pre-2015 levels. Quarter-over-quarter activity throughout the remaining asset classes is uneven at best as the market continues through the current cycle.”
These results were previously released under the REALNET® Canada name, whose independent and comprehensive data, analyses and insights on the commercial real estate investment and residential development markets is collected and compiled using a nationally consistent research process established in 1995. Going forward they will be released by Altus Group, powered by a proprietary data platform led by Altus Data Solutions Canada. This team is the formal unification of leading Canadian real estate data companies previously acquired by Altus Group, including REALNET® Canada.
About Altus Data Solutions
Altus Data Solutions connects the Canadian real estate industry through the provision of data with unparalleled breadth, integrity and relevance, delivered through a proprietary technology platform with integrated analytics.
This unified data solution, combined with trusted industry expertise, empowers our clients to make faster, more informed decisions in a competitive and dynamic real estate industry.
About Altus Group Limited
Altus Group Limited is a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry. Our businesses, Altus Analytics and Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain market insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world’s largest real estate industry participants across a variety of sectors. Altus Group pays a quarterly dividend of $0.15 per share and our securities are traded on the TSX under the symbols AIF and AIF.DB.A.
For more information on Altus Group, please visit: www.altusgroup.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Director, Altus Data Solutions
(604) 683-5591 ext. 1697