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Commercial real estate services, software and data solutions provider Altus Group has released the commercial real estate investment results for the second quarter of 2017, showing the impact of the sluggish economy in raw data. Overall investment volumes were down nearly 50 percent from the first quarter, and the number of transactions also declined by 19 percent.
"After a strong start to 2017 in Q1, market activity fell back again in Q2, suggesting a recovery that is still in its infancy," said Paul Richter, Director, Data Solutions, Altus Group. "However, the more even distribution of investment across asset classes seen in Q2 is a positive note and will help set the stage for a more sustained improvement as the Calgary market area continues through its current cycle."
Breaking investment down to the total dollar number by sector, the pie chart is much more balanced than it has been in previous reports, where one or two assets dominated overall investment volumes. The greatest contributor was the industrial sector with 23.7 percent of the dollar volume, followed by residential land and ICI (Industrial, Commercial, and Institutional). At a respectable 10.5 percent, the retail sector turned in the smallest contribution.
The apartment sector recorded an increase in deal count and transaction value, with 15 transactions adding up to a $92 million investment total. Over three times the dollar volume in the first quarter, the result also represents a boost of 168 percent from the same quarter in 2016. The residential land sector saw 13 transactions worth $97 million altogether, a slight drop from the previous quarter, but a significant 135 percent increase from the same quarter last year.
The news wasn't as good for the remaining asset classes. At $74 million, the office sector investment totals fell 84 percent from Q1. Totals for the industrial sector were down 39 percent from the last results, and the retail and ICI land sectors saw similar drops hovering around 15 percent. The numbers hint at the slow-moving pace of recovery and the caution being expressed by investors in the city.
