Contribution of the Office Real Estate Sector to the Canadian Economy
This report focuses on one component of the broader commercial real estate sector - the office real estate sector, and takes a comprehensive approach to assessing the economic contribution to Canada in 2013 associated with key activities in the life cycle of an office building, including:
• The construction of new office buildings (or major additions) including the planning and site development, hard costs (actual construction activity, such as materials and equipment) and soft costs (architecture and design, finance, consulting activities);
• Improvements to office buildings, which is the construction spending on an on-going basis for capital improvements to buildings and tenant improvements (the construction associated with accommodating the requirements of new tenants); and
|• The ongoing operations of office buildings, including building management (maintenance, leasing) and brokerage. |
The CRE sector is crucial to Canada’s economy and standard of living.The planning, design, development and construction of commercial real estate buildings, and subsequently their daily operations, generates significant amounts of economic activity. In addition, the sector provides workspaces for millions of Canadians and places for Canadians to shop, eat and play. While millions of Canadians come and go daily from buildings constructed and operated by the CRE sector, its fundamental value to our communities, the Canadian economy and our social framework can sometimes be overlooked.
REALpac Members: To retrieve your complimentary download of the Office Contribution Report, select the Member Resources item from the menu, sign-in, then select Research Reports.
Contact Julia St. Michael, Manager, Research & Environmental Programs, 416-642-2700 x237.