TORONTO, Ont. – June 10, 2025 – Green Street, the the leading provider of trusted commercial real estate intelligence and unbiased insights, has expanded its Canadian private market data capabilities across 10 key markets and four sectors: Apartment Industrial, Office, and Retail. The new enhancements empower customers to visualize essential fundamentals and valuation metrics through an advanced interactive mapping platform – augmented by forward-looking analytics and proprietary market data that can help you capitalize on emerging market trends.

Market participants can gain full context of the Canadian commercial real estate market through Green Street’s Data & Analytics solution which bridges the gap between public REITs and private CRE assets. Green Street’s public/private market expertise provides unique comparative insights that enable the uncovering of high-potential investment opportunities and strengthening of capital allocation and portfolio strategies.

Green Street’s new private market enhancements include:

• Market Data | Access market-level data and insights on asset values, cap rates, CPPIs (commercial property price index), proprietary submarket grades, and a host of macro and demographic data—available via interactive mapping and convenient Market Snapshot reports.

• Market Forecasts | Leverage  5-year forecasts for operating fundamentals under baseline and alternate macroeconomic scenarios, and historical time series to inform investment decisions.

• Sales Comps Property Profiles | Visualize recent, verified comps for properties and portfolios $5M+ (CAD) with detailed transaction histories, property overviews, and more.

• Data Delivery | Integrate Green Street’s proprietary data and insights directly into your models via Excel Add-In, Snowflake, and API to streamline workflows.
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“Since Green Street expanded our Research, Data & Analytics, and News coverage into Canada one year ago, across the 10 largest markets — Calgary, Edmonton, Halifax, Hamilton, Montreal, Ottawa-Gatineau, Quebec City, Toronto, Vancouver, and Winnipeg — our customers have increasingly sought deeper, more localized data sets to help uncover emerging growth opportunities,” said Fred Blondeau, MD, Head of Canadian Research at Green Street. “Our team is focused on providing the most accurate and actionable information and we’re excited to deliver these insights to support better investment and portfolio management decisions.”

To mark the 1-year anniversary of Green Street’s CRE solutions in Canada, we are offering a free 30-day trial of Green Street News starting on June 19. Visit the Green Street News Canada website on June 19 to reserve your spot on the free trial, and stay ahead of the curve with:

• Verified reporting on deals, leasing activity, and leadership changes

• Comprehensive coverage across Canada’s major markets and asset-classes
  
• Industry context you won’t find anywhere else, delivered several hours ahead of free news sources by Green Street’s seasoned journalists with deep industry ties

About Green Street

Green Street is the leading provider of actionable commercial real estate research, news, data, analytics, and advisory services in the U.S., Canada, Europe, and Australia. For 40 years, Green Street has delivered unparalleled intelligence and trusted data on the public and private real estate markets, helping investors, banks, lenders, and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusion-driven insights, and predictive analytics through a SaaS platform. To learn more, please visit www.greenstreet.com.

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TORONTO, Ont., February 26, 2025 – Green Street, the leading provider of trusted commercial real estate intelligence and unbiased insights, has expanded its Canadian market coverage with new private market research and data, plus expanded public market data and analytics. As part of this expansion, Green Street’s inaugural Canadian Outlook report has been released, providing a forward-looking view of supply and demand dynamics, operating fundamentals, valuations, and return expectations across four sectors: Apartment, Industrial, Office and Retail. Green Street is excited to bring the same high quality, independent, and unbiased market intelligence that is available in the U.S. and Europe, to Canadian market participants – all delivered through the advanced interactive mapping platform later this year.

“The inaugural Annual Outlook represents a critical part of Green Street’s Canadian research offering, following 2024’s publication of the Canadian REIT 101 and four initiation reports, discussing 14 large capitalization REITs now under coverage,” said Frederic Blondeau, Managing Director, Head of Canadian Research. “These actionable insights are the result of multiple synergies harnessed across Green Street’s global platform.”

Key takeaways from the Outlook report include:

• Apartment: The Canadian apartment rental market has benefited from the number of renter households growing at more than twice the rate of owner households between 2011 and 2021. The apartment sector has outperformed the other sectors between 2015 and 2024 from an M-RevPAF perspective. Fundamentals should also underperform in 2025 notably due to supply and affordability issues. That said, performance will likely be more in line with the other sectors starting in 2026.

• Industrial: Distribution centres/warehouses dominate the Canadian industrial pool. Although industrial rent growth and values have been exceptional since 2020 for most markets, 2024 industrial operating fundamentals experienced a notable deceleration, especially in Toronto and for large-bay products. M-RevPAF should be flat in 2025 and start picking up again in 2027.

• Office: The office sector’s unremarkable status quo is expected to persist in 2025. Office fundamentals have been poor for the past decade and improvements are not forthcoming. Tepid tenant demand and sluggish leasing activity should keep vacancy elevated and net asking rent flat. Green Street expects Canadian office fundamentals to lag other sectors over the next five years.

• Retail: The retail sector has been remarkably steady over the last two decades. Strong tenant demand and low supply are partially offset by a shallow tenant pool and tepid spending growth. Nevertheless, rent growth should mirror the rate of inflation. The retail sector leads Green Street’s M-RevPAF growth outlook to 2029 and the NOI growth only lags the industrial sector over the same period.

Green Street’s new private market solution in Canada covers the four sectors included in the Outlook, across 10 key markets: Calgary, Edmonton, Halifax, Hamilton, Montreal, Ottawa-Gatineau, Toronto, Quebec City, Vancouver and Winnipeg. The data covers key metrics, including proprietary market grades, fundamentals and valuation, macro and demographic data, baseline 5-year forecasts and histories dating back to 2015, and verified Sales Comps $5M+(CAD), with integration into customer’s daily workflows made easy through Green Street’s data delivery services.

Green Street’s expanded public market solution across Apartment, Industrial, Retail, and Senior Housing sectors, now includes easy cross-comparison of the 14 Canadian REITs under coverage via the Company Analysis tool and Detailed NAV models. Expanded coverage will soon include the Office sector with new REITs under coverage.

Green Street is recognized globally for its independent public and private CRE market expertise. The team is excited to deliver tools to help market participants uncover new investment opportunities and make more informed strategic and portfolio decisions within the Canadian CRE market.

About Green Street

Green Street is the leading provider of actionable commercial real estate research, news, data, analytics, and advisory services in the U.S., Canada, and Europe. For 40 years, Green Street has delivered unparalleled intelligence and trusted data on the public and private real estate markets, helping investors, banks, lenders, and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusion-driven insights, and predictive analytics through a SaaS platform. To learn more, please visit www.greenstreet.com.

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Turning to retail real estate fundamentals, new retail supply has recently been, and should continue to be, minimal in Canada. This is despite the surge in population seen in recent years, which has been beneficial to landlords. Therefore, retail real estate is effectively operating at frictional vacancy in Canada. In parallel, the expected rental rate growth is lower in Canada, a reflection of the slowing economy and Canadian households’ overall condition, which is impacting retailers. The retailer pool is shallower in Canada, constraining the ability to push rents. 

All things considered, market conditions are beneficial to retail REITs. In 3Q24, the sector’s covered names generated SPNOI ranging from 2% to 5%. The group should generate SPNOI growth rates between 2.5% and 3.0% on average in 4Q24 and in 2025. One significant sector risk is retail REITs’ focus on residential density within their existing portfolio. Mixed-use projects, specifically those with a large apartment/condo/townhouse component, are common. 

Current development activity is destroying value for every retail REIT. This is partly due to expected yields that were skinny at the onset and cap rates that have jumped during the development period. Retail market rents suggest new development will not pencil.

In addition, almost all retail REITs have identified additional density, mostly mixed-use with a significant residential component, to develop. However, if the cost of capital is development prohibitive for apartment REITs, then there’s no magic bullet to accretive development for the retail REITs either. Green Street estimates land values at a 10%-50% drop to published values for land that is under various stages of zoning, thereby further eroding net asset value. 

Most retail REITs are scaling down their mixed-use development activities in the near term and are addressing elevated leverage levels. This process should improve balance sheets, and ultimately profitability. 

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NEWPORT BEACH, Calif., November 5, 2024 – Green Street, the preeminent provider of trusted commercial real estate intelligence and unbiased insights, has expanded its public market research and data solution in Canada with new Retail property sector coverage. The initiation of seven new Retail REITs brings Green Street’s Canada coverage to 14 REITs operating across four major property sectors – Apartment, Industrial, Retail, and Senior Housing. In early 2025, continued investment in product innovation and sector expansion will deliver new Office coverage and additional REIT valuation data made available through Green Street’s platform.

Green Street’s Canada Research and Data offering delivers a report suite comparable to the U.S. and Europe models within Green Street’s state-of-the-art SaaS platform. REIT data includes weekly pricing sheets, investment recommendations, detailed NAV models, and data downloads with 75+ portfolio earnings and valuation metrics including 5-year earnings forecasts.

“The retail sector represents half of the REITs’ total market capitalization and a quarter of the total retail GLA. Covering the sector was the logical next step for the firm,” said Frederic Blondeau, Green Street Managing Director and Head of Canadian Research. “Investors are keen to understand retail REITs’ different business models, while the sector benefits from solid organic growth drivers.”

Complementing Green Street’s Canada Research and Data offering, Green Street News – Canada Edition – delivers comprehensive bulletins with exclusive scoops and market intelligence. Our esteemed team of journalists report on the biggest stories in Canada and cover key topics across all major sectors spanning 10 primary markets: Toronto, Montreal, Vancouver, Calgary, Edmonton, Ottawa-Gatineau, Quebec City, Winnipeg, Hamilton, and Halifax. For additional information on Green Street’s Canada coverage, click here for more product details.

About Green Street

Green Street is the preeminent provider of actionable commercial real estate research, news, data, analytics, and advisory services in the U.S., Canada, and Europe. For nearly 40 years, Green Street has delivered unparalleled intelligence and trusted data on the public and private real estate markets, helping investors, banks, lenders, and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusion-driven insights, and predictive analytics through a SaaS platform. To learn more, please visit www.greenstreet.com.

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NEWPORT BEACH, Calif., June 26, 2024 – Green Street, the preeminent provider of commercial real estate intelligence, is expanding its near 40 years of trusted expertise and unbiased insights into Canada. Green Street’s new Canada coverage will include exclusive News as well as Research and Data/Analytics, initially focused on the public market with a plan for private market data and insights to follow.

The Canada Research offering will ultimately include coverage of approximately 15 REITs operating in five property sectors – Apartment, Industrial, Senior Housing, Office, and Retail – with a report suite comparable to the U.S. and Europe models within Green Street’s SaaS platform. REIT data will include weekly pricing sheets, Buy/Hold/Sell recommendations, detailed NAV models, and data downloads with 75+ portfolio earnings and valuation metrics including 5-year earnings forecasts. The research and data product will ultimately expand to cover 10 private markets as well.

“We’re thrilled to have on board Fred Blondeau and Gaurav Mathur to lead our Canadian research, bringing their 30+ years of commercial real estate experience in Canada to further enhance our industry leading global research team,” said Cedrik Lachance, Director of Research. “Combining the analysts’ deep market expertise with Green Street’s independence, proprietary methodologies, and a proven track record – enables us to launch a differentiated product that adds value to the growing market and helps our clients generate alpha.”

Green Street News – Canada Edition delivers comprehensive bulletins with exclusive scoops and market intelligence from an esteemed team of journalists located across Canada reporting on all key property sectors and asset classes. T.J. Foderaro, Editor-in-Chief of Green Street’s News division, will oversee the firm’s 50+ global editorial team including: Jenna Cocullo (Montreal/Quebec all sectors), Zoe Demarco (Toronto Office & Hotels), Rahul Gupta (Toronto Industrial, Data Centres & Self-Storage), Laura Hanrahan (Toronto Multifamily & Retail), Matt Lamers (Toronto Financing & Industrial), and Jeremy Nuttall (Vancouver, Calgary & Edmonton all sectors).

Jeffry Stuek, Jr., Chief Executive Officer said, “Our presence in Canada is an exciting milestone for Green Street’s global expansion strategy. Our added insight, innovation, and capabilities will help us deliver on our mission to empower the global commercial real estate industry and expand our industry leading insight to continue providing value to our growing customer base.”

About Green Street

Green Street is the preeminent provider of actionable commercial real estate research, news, data, analytics, and advisory services in the U.S. Canada and Europe. For nearly 40 years, Green Street has delivered unparalleled intelligence and trusted data on the public and private real estate markets, helping investors, banks, lenders, and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusion-driven insights, and predictive analytics through a SaaS platform. To learn more, please visit www.greenstreet.com.

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Green Street

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In this post, we’ll be covering some of Green Street’s most interesting news stories and decipherable trends in Canada’s commercial real estate space focused on two different sectors – Industrial and Multi-family. And as the title implies, there is a certain “yin and yang,” for these two very differently performing sectors.  

Industrial Availability Yin 

Availability is on the rise in the Canada Industrial sector and many others. For the Industrial sector, specifically, availability has recently climbed over 5% as Green Street has covered in recent stories. But as supply begins to catch up with a previously sky-rocketed demand, there are now implications of the vast discrepancy beginning to close out in the sector (across multiple markets).  

Large portfolios have been purchased recently such as Epic, Woodbourne purchasing their new Montreal industrial portfolio in order to take advantage of this newly opened up availability. This could very well be a sign of new opportunities to come. It’s an interesting opportunity to see what the implications of rent rates could be for the Canada CRE market in general as the supply/demand window begins to close. Seeing that other large-form investors are making moves in the great white north, it’s worth participants from the public or private market at least paying attention to what’s happening in Canadian markets if it fits into your investment strategy.  

Multi-Family Availability Yang  

Multi-Family supply has been stifled as of late in multiple Canadian markets. Due to a lack of affordable housing and an equal lack in legislation dedicating funds to support new builds, the ability to acquire funding has been very hampered. This legislative gap has left many incomplete builds over the past 2 years, and many remain unfinished to this day given the unfavorable financing conditions. Because of this, demand is steadily outpacing supply.  

On top of this, as spoken to at the Western Canada Apartment Investment Conference, there has been an influx of inbound migration into Canada leading to an even further growing demand. Within this context there has been a lack of pre-construction purchases because incoming residents tend to rent before buying. In fact, sales have sunk nearly 45% in Q1 alone for the Canada Multi-Family sector, which could give landlords an opportunity to consider raising rents given spiking demand and low availability. With availability on the rise and the opportunities for divergent investments popping up more and more, large portfolios are being purchased in Canada by multiple firms and real estate investment trusts (REITs).  

Now that demand is likely to continue to climb with no immediate solution for supply, this means an even wider window of opportunity for rental rates to rise.  

Canada Articles 

You can read more of the stories themselves in these recently published Green Street News articles to get a bigger bite of the juicy details dripping from the Canada commercial real estate market:

• Vancouver industrial availability continues to rise: CBRE 
• GTA multifamily sales volume sinks 44.1% in Q1: Colliers 
• Key takeaways from the Western Canada Apartment Investment Conference 
• Epic, Woodbourne purchase Montreal industrial portfolio
• National industrial availability rate climbs to 5.1%: Altus 

Takeaways 

All these stories and more are available via our Green Street News offering which now provides multiple vantage points on the Canada commercial real estate market. Knowing which major actions are taking place in the market and who the key players are signals flags waving that can help give you a contextual and competitive advantage over the market. And when combined with Green Street research/data and our integrated platform of intelligence, the insights only become that much more powerful. 

Learn about Green Street’s Canada News and Research Offering to get access to breaking stories and unbiased data you can trust! 

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