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The Canadian CRE sector has been growing for years, managing to remain strong despite the ongoing pandemic. According to Andy Warren, a PwC real estate research director, Canada’s CRE executives are highly optimistic about 2021 as well.
In collaboration with Urban Land Institute (ULI), PwC conducted a survey on emerging real estate trends. Here are some of the most important findings from their report, which show that 2021 will be an excellent year for Canada’s CRE sector.
The Most Promising Commercial Real Estate Niche Assets
Canada’s most promising CRE niche assets include mixed-use commercial properties, single-family rentals, self-storage, life sciences, and production studios.
Mixed-use properties that combine retail with medical office, with traditional office or with housing will continue to thrive.
The single-family rental sector is expected to grow mostly because of the rise of remote work. People are looking for bigger properties to accommodate their home offices.
Many of those living in smaller multifamily and single-family homes are struggling with space, which is why the need for self-storage facilities is likely to grow in 2021.
Investing in life sciences will also remain strong next year, primarily due to the ongoing vaccine development for COVID-19.
Given the increasing demand for online streaming services, investing in production studios for TV and film will be quite profitable, too.