|The Contribution of the Commercial Real Estate Sector to the Canadian Economy|
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.
This major report takes a comprehensive approach to assessing the economic
contribution associated with key activities in the life cycle of a building, including:
• The construction of new 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 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 on-going operations of the building, including building management (maintenance, leasing) and brokerage.
Stemming from this report, REALpac has commissioned a series of sector specific reports based on 2013 data that will estimate the activity related to initial development, improvements and ongoing operations of the Multi‐Family Rental Sector, Retail, Office and Industrial sectors.
|Contact Julia St. Michael, Manager, Research & Environmental Programs, 416-642-2700 x237.|