Toronto’s Top Buyers Drive Market Momentum In 2025
Toronto’s Top Buyers Drive Market Momentum In 2025
Toronto’s commercial real estate investment sales market has softened in 2025 compared to recent years.
However, this lower-sales trend is not uniform across all asset classes. The decline has been driven by a significant pullback in office transactions, which continue to face demand challenges from hybrid work and elevated vacancy rates.
In contrast, sales of retail properties have held up surprisingly well when considering the recessionary risks on the horizon and relatively tight capital markets. Furthermore, sales of industrial and multifamily properties, though down from the highs of their recent bull runs, remain consistent with pre-pandemic levels.
So far in the first half of this year, three buyers have emerged as the most active players in the Toronto market: Primaris REIT, Crestpoint Real Estate Investments Ltd. and Dream Industrial REIT. Together, they have invested more than $1 billion across 25 properties since the beginning of January.
Primaris REIT leads with $375 million in acquisitions attributed to a single portfolio deal that comprised seven properties. The vast majority of the transaction value, 95%, was allocated to retail, with the remaining 5% allocated to office. Additionally, Primaris REIT recently acquired Limeridge Mall in Hamilton, which falls outside of the GTA.
This retail mall sold for $416 million, further underscoring the REIT’s ambitious investment activity in the retail space, notwithstanding some negative sentiment associated with the recent closure of the Hudson’s Bay Co.
Crestpoint Real Estate Investments Ltd. follows with $373 million invested involving two transactions and seven properties. Crestpoint’s total spending so far this year has focused on industrial real estate. Its top deal was the acquisition of 7900 Airport Road in Brampton from Unilever for $253 million. Additionally, the firm purchased a six-property portfolio in Mississauga from Desjardins Insurance for $120 million.
Dream Industrial REIT rounds out the top three buyers of GTA commercial property with $316.7 million involving 13 properties in two transactions. A total of 5% of Dream Industrial REIT’s spending was allocated to land, with the remaining 95% to existing industrial buildings.
Its most notable purchase was of an 11-property portfolio in Eastern GTA from Pure Industrial for $257.5 million. The REIT’s other transaction consisted of two properties in Oakville, which were purchased from Crestpoint Real Estate Investments Ltd.
With the top three buyers responsible for 20% of year-to-date activity, compared to a five-year average of just 7.4%, the data points to a market where a small group of well-capitalized players are driving momentum amid broader investor hesitation.
Source CoStar. Click here for the full story.
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