Just like mid-month, the end of December witnessed good transaction levels. No major deals took place in Hamilton, which could be a sign of things to come in 2023.
The largest transaction of the week took place in Cambridge, where Smartstop Self Storage purchased a 200,000 sq. ft asset for $36 million ($176/sq. ft).
The second largest transaction occurred in Thorold, where Bioveld purchased approximately 450,000 sq. ft of an industrial asset, with additional land, along the Welland Canal and will reportedly lease to the Hamilton-Oshawa Port Authority.
In Hamilton, the largest deal was for a 9,000 sq. ft office, which sold for $1.85 million ($206/sq. ft), which is about the typical value for most of the (very few) office transactions.
In the news, Hamilton‘s high-density sector is maturing, immigration to Canada hit a record in 2022, and the labour market crushed forecasts.
If you’re interested in learning what happened in Hamilton during 2022 and the trends heading into 2023, please join me at The Hamilton Commercial Real Estate Report: Year in Review at CoMotion on King at 115 King St. E. on January 25 at noon. RSVP today!
The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
News Headlines
Greenbelt infrastructure issues could delay homebuilders
The Toronto Star, December 30, 2022
Hamilton’s high-density sector is maturing
RENX, January 6, 2023
Hamilton Jamesville redevelopment stalled by CN appeal
The Hamilton Spectator, January 6, 2023
Labour market crushes forecasts, increases odds of rate hike
BNN Bloomberg, January 6, 2023
Record number of condos to hit Toronto market in 2023
The Globe and Mail, January 3, 2023
Immigration to Canada hits record in 2022
The Globe and Mail, January 3, 2023
Why those waiting for a return to normal commercial real estate will get left behind
The Financial Times, January 2, 2023