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Altus Group has released the commercial real estate results for Q2 2017, which saw 180 transactions worth $545 million. Though the numbers translate to a 37 percent decrease from the first quarter of this year, they represent an 18 percent increase from the same quarter last year.
The provider of commercial real estate services, software and data solutions captured the state of the market in 2017's second quarter, which was propped up by strong performances in the retail and industrial sectors. Those two sectors accounted for roughly two-thirds of the total dollar volume. Breaking it down further, the industrial sector experienced 50 transactions totalling $201 million, a 185 percent increase from the first quarter. The 27 transactions in the retail sector represent $164 million, a 34 percent increase from the last quarter. The next closest share of the dollar volume by sector, at approximately 15 percent, was the ICI land sector.
Decreases were recorded in the office, apartment and ICI land sectors. The office sector's 15 transactions were worth a total of $26 million, a drop of 76 percent from the previous quarter and 36 percent from the same quarter last year. The apartment sector witnessed 11 transactions at $37 million, which was also a substantial decrease of 89 percent from the previous quarter. The ICI land sector's $83 million paled in comparison to the last quarter, which was 50 percent higher in total investment dollar value.
"Several high value transactions bolstered the Edmonton market area’s Q1 results," said Paul Richter, Director, Data Solutions, Altus Group. "The absence of large deals in Q2 brings results back in line with what we have seen for the past several quarters in Edmonton."
