BC commercial real estate market to strengthen in 2011
For immediate release
BC Commercial Real Estate Market to Strengthen
Vancouver, BC – February 28, 2011.
The BC commercial real estate market should continue to strengthen through 2011, according to the new Commercial Leading Indicator (CLI) index developed by the British Columbia Real Estate Association (BCREA). The BCREA CLI rose 2.3 per cent in the fourth quarter of 2010 to an index level of 110.5, marking seven straight quarters of improvement.
The CLI peaked at a level of 115.9 in the second quarter of 2007 before the onset of the financial crisis pushed it to a low of 100.1 in the first half of 2009. In 2010, the index posted a more material recovery, albeit from a relatively weak level, and is still 5.3 per cent below its peak.
"Economic indicators that tend to lead activity in the commercial real estate market have posted strong growth over several consecutive quarters," said Brendon Ogmundson, BCREA Economist. "Based on these macro-level indicators, we would anticipate 2011 to be a strong year for the commercial sector."
The full BCREA
The BC commercial real estate market should continue to strengthen through 2011, according to the new Commercial Leading Indicator (CLI) index developed by the British Columbia Real Estate Association (BCREA). The BCREA CLI rose 2.3 per cent in the fourth quarter of 2010 to an index level of 110.5, marking seven straight quarters of improvement. Commercial Leading Indicator index is available at: www.bcrea.bc.ca/economics/2011-02CLI.pdf.|
For more information, please contact: Economist Direct: 604.742.2796 Mobile: 604.505.6793 Email: bogmundson@bcrea.bc.ca Brendon Ogmundson |
Damian Stathonikos Director, Communications and Public Affairs Direct: 604.742.2793 Mobile: 778.990.1320 Email: dstathonikos@bcrea.bc.ca |
More Info at: http://www.bcrea.bc.ca/news_room/2011-02-28CLI.pdf