Green Street Expands Public Market Offering and Launches New Private Market Data & Analytics Solution in Canada
TORONTO, Ont., February 26, 2025 – Green Street, the leading provider of trusted commercial real estate intelligence and unbiased insights, has expanded its Canadian market coverage with new private market research and data, plus expanded public market data and analytics. As part of this expansion, Green Street’s inaugural Canadian Outlook report has been released, providing a forward-looking view of supply and demand dynamics, operating fundamentals, valuations, and return expectations across four sectors: Apartment, Industrial, Office and Retail. Green Street is excited to bring the same high quality, independent, and unbiased market intelligence that is available in the U.S. and Europe, to Canadian market participants – all delivered through the advanced interactive mapping platform later this year.
“The inaugural Annual Outlook represents a critical part of Green Street’s Canadian research offering, following 2024’s publication of the Canadian REIT 101 and four initiation reports, discussing 14 large capitalization REITs now under coverage,” said Frederic Blondeau, Managing Director, Head of Canadian Research. “These actionable insights are the result of multiple synergies harnessed across Green Street’s global platform.”
Key takeaways from the Outlook report include:
- Apartment: The Canadian apartment rental market has benefited from the number of renter households growing at more than twice the rate of owner households between 2011 and 2021. The apartment sector has outperformed the other sectors between 2015 and 2024 from an M-RevPAF perspective. Fundamentals should also underperform in 2025 notably due to supply and affordability issues. That said, performance will likely be more in line with the other sectors starting in 2026.
- Industrial: Distribution centres/warehouses dominate the Canadian industrial pool. Although industrial rent growth and values have been exceptional since 2020 for most markets, 2024 industrial operating fundamentals experienced a notable deceleration, especially in Toronto and for large-bay products. M-RevPAF should be flat in 2025 and start picking up again in 2027.
- Office: The office sector’s unremarkable status quo is expected to persist in 2025. Office fundamentals have been poor for the past decade and improvements are not forthcoming. Tepid tenant demand and sluggish leasing activity should keep vacancy elevated and net asking rent flat. Green Street expects Canadian office fundamentals to lag other sectors over the next five years.
- Retail: The retail sector has been remarkably steady over the last two decades. Strong tenant demand and low supply are partially offset by a shallow tenant pool and tepid spending growth. Nevertheless, rent growth should mirror the rate of inflation. The retail sector leads Green Street’s M-RevPAF growth outlook to 2029 and the NOI growth only lags the industrial sector over the same period.
Green Street’s new private market solution in Canada covers the four sectors included in the Outlook, across 10 key markets: Calgary, Edmonton, Halifax, Hamilton, Montreal, Ottawa-Gatineau, Toronto, Quebec City, Vancouver and Winnipeg. The data covers key metrics, including proprietary market grades, fundamentals and valuation, macro and demographic data, baseline 5-year forecasts and histories dating back to 2015, and verified Sales Comps $5M+(CAD), with integration into customer’s daily workflows made easy through Green Street’s data delivery services.
Green Street’s expanded public market solution across Apartment, Industrial, Retail, and Senior Housing sectors, now includes easy cross-comparison of the 14 Canadian REITs under coverage via the Company Analysis tool and Detailed NAV models. Expanded coverage will soon include the Office sector with new REITs under coverage.
Green Street is recognized globally for its independent public and private CRE market expertise. The team is excited to deliver tools to help market participants uncover new investment opportunities and make more informed strategic and portfolio decisions within the Canadian CRE market.
To request a sample Sector Outlook report from Green Street, please click here.
To learn more about Green Street’s Canadian offerings, please click here.
About Green Street
Green Street is the leading provider of actionable commercial real estate research, news, data, analytics, and advisory services in the U.S., Canada, and Europe. For 40 years, Green Street has delivered unparalleled intelligence and trusted data on the public and private real estate markets, helping investors, banks, lenders, and other industry participants optimize investment and strategic decisions. The firm delivers exclusive market information, conclusion-driven insights, and predictive analytics through a SaaS platform. To learn more, please visit www.greenstreet.com.
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