Bad news in 2018 included the failure to get a pipeline built, the ‘no’ vote on the Olympics bid, 12 million square feet of vacant office space in the downtown and the resulting reduction in tax revenues. It was partially offset by the commercial industrial market, with companies like Amazon, Walmart, Lowe’s and Canadian Tire establishing distribution centres that, while not hiring a lot of people, represented growth.
For 2019, I would like to see a change in attitude of federal, provincial and civic governments towards business and the creation of jobs. The investment market is robust, so pension funds, private equity firms and individuals are buying real estate at suppressed prices. That will continue to be the bright spot in 2019.”