Altus Newsroom

Liquidity has returned to the top end of the US commercial real estate market, as large single-asset deals notched their strongest growth rates in more than a decade and reclaimed nearly two-thirds of all investment dollars, according to third-quarter data from Altus Group.

In 2025, retail assets have stood out as some of the strongest growth opportunities in all of commercial real estate. Solid fundamentals met relatively affordable properties and pent-up capital in the wake of the pandemic, creating something of an investment boom.

Executive Chair and incoming CEO, Mike Gordon, joined BNN Bloomberg’s Morning Markets to spotlight Altus’ value creation plan, growth strategy and intentions to dual-list in the US market in 2027.

Commercial real estate is not just about buildings, it’s about jobs, investment and the vitality of communities. Looking ahead, projected federal policy changes to work and study permits are expected to significantly slow population growth, bringing it close to zero over the next three years and maintaining a moderate pace thereafter. Such a shift brings real consequences.

Greater Toronto Area (GTA) new home sales remain historically low, eclipsing the 1990s downturn, with July sales remaining at low levels not seen in decades, the Building Industry and Land Development Association (BILD) announced last week. “GTA new home sales in July 2025 extended the severe slowdown the market is currently in the midst of with another record low for the month,” said Edward Jegg, Research Manager at Altus Group.

The cross-border real estate landscape between Canada and the U.S. has undergone a seismic shift in 2023–2025, driven by escalating geopolitical risks and a recalibration of investor priorities. The Altus Group's Canadian Investment Trends Survey highlights that Canadian investors are capitalizing on undervalued domestic markets.

According to Altus Group’s Q2 U.S. Investment & Transactions Quarterly Report, commercial real estate investment has revealed a mixed picture for the second quarter of 2025, with overall transaction volumes climbing even as the number of deals declined.

European property values were up 0.6% in Q2 2025, marking the fourth consecutive quarter of improving values according to Altus Group’s Pan European Valuation report.

Canada’s industrial property absorption reversed its two-quarter growth streak as U.S. tariffs dampened investor confidence. In a report to be released later today, Altus Group found that Canada-wide, absorption entered negative territory during Q2 as the industrial availability rate simultaneously jumped up 50 basis points to 6.2%. These shifts came in the wake of US implemented tariffs on important Canadian industries such as steel, aluminum and automotive.

Martine Sirois, senior director of Altus Group, discussed the commercial real estate outlook for Montreal. She said the closing of The Bay represents an opportunity for increased revenues for mall owners in Quebec because the department store was paying very low rents. The closures also give developers the potential to densify their sites for uses other than retail. 

Looking back on 25 years of CRE transactions during a more than ordinarily tumultuous time, Altus Group has discovered a somewhat surprising trend. The median size of an asset sold has gotten smaller, but its value has grown, as judged by price per square foot.

Altus Group marked two decades of constant growth, adaptation and technological advancements within its business when it recently celebrated 20 years as a publicly traded company.

Commercial banks have lost 17% of their CRE loan origination share. That could make regaining their previous stature difficult as conditions change. However, Altus Group says there’s a flip side. Non-bank borrowers fall short in the eyes of borrowers in a number of ways that leave the institutions at a disadvantage.

Commercial activity has been mixed during the first quarter, according to Altus Group Ltd.’s quarterly report on CRE investment and transactions. The firm described the market activity as "generally subdued," although pricing trended higher and multifamily and office drew more capital than a year ago.

Unreleased data from Altus Group shared with Commercial Observer currently shows that, while there have been broad declines in investment transactions in terms of the number of deals and the value of assets, retail hasn’t been hit as hard as other sectors thus far.

Altus Group’s Ray Wong spoke with The Globe and Mail regarding investment activity for residential land.

Altus report shows that the UK overtook continental Europe with UK office values rising by 0.9%.

Altus Group’s Robert Santilli and Alice Dale spokes with Retail Insider on how food-anchored retail strips topped the list of the most sought-after property types, continuing a trend established in 2024.

Altus Group’s Chief Communications Officer Camilla Bartosiewicz discusses Altus Group’s 2024 Sustainability Report highlights and what to expect going forward.

Stephen Takacsy, president, CEO and CIO, Lester Asset Management, discusses his top stock picks, including Altus Group.