Reflections on Last Year & a Look at 2019
For the past five years, I have been watching and covering the growth of the Niagara commercial real estate market. Last year marked a year of significance in the Niagara market, opening up many new opportunities for interested investors.
Our industrial market surged with the addition of major players like GE Welland. This has helped to make way for a healthy industrial market, with competitive industrial rates and a community of partners working strongly together.
Niagara Industrial Market on the Rise
The last two years have seen a steady increase in Niagara ’s industrial market, with investment in commercial and industrial building construction valued at $517 million. 2017 became a record-setting year for the market, nearly doubling the numbers from 2016’s $268 million.
All indicators show that these numbers continued to increase over 2018. Articles were released throughout the year including one asking if “Niagara is headed for industrial revival?” These articles pointed to increased opportunity and more jobs available for a growing population. There is an increasing incentive to convince others that Niagara is the place to build a business and a career. This uptick in development has allowed for competitive industrial lease rates and a low availability incentivising investment in the area.
The Niagara industrial market is at an all-time high. The time to invest is now.
It is an exciting time to be a part of a growing Colliers Niagara Team. 2018 has provided our group with feasible opportunities for growth, making way for exciting investment opportunities as the new year continues to roll into fruition.
On my personal team, we added Jamie Tardif. Jamie is a superstar assistant who significantly helps to facilitate all sale and appraisal work. Since we welcomed her on board, she has been a key player in keeping this office organized and prepared for any projects coming our way.
The sale of 243 Garrison Road in Fort Erie was a major win for our team. This fully leased property has a prime location along Highway 3, its 4,550 square feet of space is ideal for various multi-tenant opportunities, and is well designed to accommodate traffic as tourists make their way to Old Fort Erie and Crystal Beach. This sale has reminded our team of the importance of location. Garrison Road was a successful sale due to its high-traffic area, despite its location in the small town of Fort Erie. Additionally, the sale of this building was a strong investment opportunity with Subway being a solid and reliable retail tenant.
As the active representative for the Skrtich Living portfolio, we facilitated the sale of the former bank building at 47 Front Street South in Thorold. This 2,400 square foot historic building is nestled in the heart of a growing downtown Thorold. In facilitation of this sale, it was incredibly important for us to ensure the new owners saw this property as a unique restoration project, maintaining the integrity of the building while adding their own modern innovations and touches. The sale of this building also sheds light on the recent growth seen within the city, which stems largely in part of the massive wave of GTA residents on the lookout for a more affordable lifestyle in Niagara.
Invest in Niagara
This past year has shown us that the town of Pelham is a significant player in the commercial real estate market. Many mixed-use investment opportunities are open to the market, utilizing both the busy downtown core and the expanding East Fonthill Secondary Plan area, which is experiencing strong development and growth with new low to high-density residential, institutional (Meridian Community Centre), commercial, and medical office uses.
Fonthill has become an active area within the commercial market. We can expect to see greater growth and many investment opportunities within this area throughout the year. Areas for continued growth are seen along the bustling Highway 20, and along Pelham Street in the downtown area. Perhaps most paramount to these developments is the new town Meridian Community Centre, an incredible space which provides the community with new employment opportunities, as well as encouraging a family-friendly atmosphere.
2018 has shown us nothing but positive growth in the town of Pelham. With many re-developments already in the works, we can confidently tell you to keep your eyes open when it comes to commercial investments in Pelham and Fonthill for 2019.
Our team believes in Niagara. We have the opportunity to live and work in a strong and growing municipality, full of life and culture. By investing in commercial and industrial real estate, we are collectively investing in opportunity for a growing population.
Our team is committed to sharing the most profitable and reasonable investment opportunities in the region, to help you land your perfect property. To stay in the loop on Niagara commercial real estate, we are bringing back our monthly email newsletter. Here we will share with you the ups and downs of the Niagara market while keeping you up to date on our latest projects and investments.
With projects in the works and a clear outlook on the positive industrial market in Niagara, we are already confident in what 2019 has to offer.
Cheers to creating opportunities this year!