The commercial real estate market is making a steady recovery in the wake of the global economic recession, and many U.S.-based commercial real estate (CRE) brands have made the decision to expand to set up offices in Canada.
Currently, there are over 14 different CRE brands existing in Canada, including Avison Young, CBRE, Century 21 Commercial, Coldwell Banker Commercial, Colliers Int., Corfac, Cushman & Wakefield, DTZ, Jones Lang LaSalle, NAI Global, Newmark Grubb Knight Frank, Re/Max Commercial, Royal Le Page Commercial, and TCN Worldwide. Some of these CRE brands have a significant Canadian presence, with dozens of offices located throughout the country.
The CRE brands in Canada overlap with the top 25 U.S. brands profiled in a recent survey. The survey, conducted over a 12-year period, used a combination of ballots, focus groups and individual questionnaires to identify the country's top 25 CRE brands. Of Canada's existing brands, all are included in the survey's top-25 list for the United States.
However, two of the U.S.-based CRE brands — Cassidy Turley and Sperry Van Ness — do not yet have any offices set up here in Canada. With commercial real estate market sales on the rise, many industry leaders have begun to speculate when these companies might make the decision to enter into the Canadian real estate market. It will likely be sooner rather than later, as Canada's market was not as drastically impacted by the downturn of 2008-09 and continues to see healthy growth among most aspects of the commercial real estate sector.
Cassidy Turley is a privately owned real estate firm based in St. Louis, Missouri. Sperry Van Ness, on the other hand, is a commercial real estate franchisor with office locations in 33 U.S. states. Given Sperry Van Ness' status as a franchise, many CRE industry leaders are predicting that the company is likely to be the next to establish an office and join the ranks of the existing CRE brands already in Canada, as the barrier to entry would be a little less challenging than a private company like Cassidy Turley.
As a growing commercial real estate firm in the Winnipeg area, we will be closely watching these companies, as we expect one or both of them to begin launching offices throughout Canada in the years — or perhaps months — to come.