Listings will see exposure to wider audiences in the Americas and Europe
A commercial real estate information and analytics portal has signed a new global contract with CBRE for up to 7 years, ensuring even greater overseas reach for North America’s premier commercial property markets like B.C. and Ontario.
Per the terms of the agreement, CoStar Group, Inc. will be providing CBRE with wide-ranging information and listing exposure to thousands of commercial property professionals across North America and Europe.
CBRE users will also be able to access CoStar’s information across Canada and the U.K., the announcement added.
“We are honoured CBRE has entrusted CoStar with a vital part of its business and are thrilled to enter our first global agreement with the firm,” CoStar Group founder and CEO Officer Andrew Florance told the Financial Post.
Read more: Commercial sector thrives amid dwindling vacancy rates
Investment volume in Canada’s commercial real estate market will most likely remain elevated in 2019, according to a report by Morguard Corporation late last year.
“The market shows no signs of slowing, as investors continue to show interest in core and core-plus quality properties with strong tenant profiles in Canada’s major urban centres – while site intensification and repositioning opportunities continue to shape the Canadian real estate landscape,” Morguard director of research Keith Reading said.
The Canadian economy is expected to drive most of this strength, especially in terms of healthy employment numbers and increased consumer spending.
“Sustained economic expansion over the next few years bodes well for the Canadian commercial real estate sector as a service provider to the economy. Canadian commercial property sales activity will remain robust over the near term, against a backdrop of positive overall sector performance,” Morguard stated.
