Commercial Real Estate Trends Emerging in 2020
Updated: May 18, 2022
In a recent survey conducted with industry insiders and hotshots it was determined that there is currently a sense of unease among them in regards to the Canadian real estate market. The cause of their unease was determined to be caused by the different factors including customers expectations evolving and constantly changing, a change in their preferences and behaviours, the need to embrace new property related technology, policy changes and much more.
At David Ghavitian Inc we know many of these challenges which present themselves aren’t anything new. However, we also understand the rate at which everything is changing is fast. Although the industry has begun to respond to these factors, many organizations are still feeling the pressure. That’s why we at David Ghavitian Avocat Inc believe it’s time to change things and offer a new approach that places the customer experience and expectation at the forefront of everything we do.
One of the ways these factors are affecting the way people think is when it comes to commercial businesses, it’s no longer about the space you have, it’s about the service you offer.
Markets to keep an eye on in 2020
In 2020 the top 2 major real estate markets in Canada still continue to be Vancouver and Toronto in terms of investments and development prospects. Montreal continues to be on the rise. The real estate market has seen an increase in the past few years which have made purchasing commercial and residential property go up in value. Every city faces its own opportunities and challenges. At David Ghavitian Avocat Inc we are always following new real estate trends in order to ensure we stay ahead of the game.
The industrial property market has also seen healthy and steady growth. With national vacancy rates being quite low. This has caused rental rates to go up in cost. The current situation with the global virus affecting our daily lives it’s important to keep a close eye and see if and how this will impact the marketing in the coming months.
Residential property for rent
In 2020 the trend for renting a home over buying continues to increase. Whether it’s baby boomers who are looking to downsize their current homes in favor of renting or younger Canadians who are also finding it harder to save and invest in buying a home. Many of them are choosing to rent homes and apartments instead as a more affordable way of having their own place. Another factor to consider are new immigrants to Canada who also can’t afford to purchase their own home. In many cases they don’t have enough to cover the minimum down payment to receive a mortgage. Finally, there are those who live in poverty and depend on financial assistance to get by every month.
Commercial real estate for office use
Commercial office space rentals and commercial property purchases continue to see a steady growth in 2020. Canada’s continued growth in employment sector means more companies are looking for bigger and better offices spaces designed to meet their changing and evolving needs. At David Ghavitian Avocat Inc. we can help you find the perfect commercial real estate property for your company’s office space needs. We have successfully negotiated the purchase or lease agreement of commercial real estate office spaces for our clients.
Condos and luxury apartments
The demand for condos and luxury apartments is on the rise. In cities like Montreal, Toronto and Vancouver new residential towers are being built. The old dream of owning a home with a backyard and a 2-car garage is so 2000’s. In 2020 Canadians are looking to purchase or rent in luxury condos and apartment buildings. People are trading in backyards and a basements for amenities like indoor pools, party rooms, a gym, and 24-hour security.
So, where should Canadians looking to purchase or rent commercial or private property focus their time and energy on? At David Ghavitian Avocat Inc. We take all the guess work out of these questions and any other real estate questions or concerns you may have. Contact David Ghavitian Inc today to see how we can help and answer any questions or concerns you have about your real estate properties.
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