2023 Commercial Market Report

The HM Commercial Report provides an in-depth analysis of the Commercial Real Estate Market in the Okanagan. In the 8th edition of this report we focus on five different sectors of the market: Land & Development, Investment, Retail, Office and Industrial.

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HM Crystal Ball – 2023

What strategies or initiatives do we have in place in the Okanagan to support a thriving economy? Thoughts from this year’s panel of industry experts.

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Land & Development – 2023

Although cranes on the horizon are traditionally a great indication of a strong market, in this case, the cranes do not tell the whole story. Most of these sites were acquired and conceptualized 2-4 years ago.

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Investment Report – 2023

The investment market continues to be deeply impacted by the difficulty in securing financing. High finance rates, patient vendors = lowest transactional volume in a decade.

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Retail Report – 2023

In 2023, Kelowna’s retail market continued to show it is alive and well, as evidenced by a further decrease in the vacancy rate to 1.65%, down from 2022’s already low number of 1.95%.

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Office Report – 2023

There was a general slowdown in the office market in 2023, however Kelowna is seeing our vacancy rates decline slightly from the previous year.

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Industrial Report – 2023

With the land shortage in the Okanagan, combined with strong population growth, this asset class remains our most active market with vacancy rate sitting at a historical low of 2.91%.

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HM Commercial Report Release Party

Every year we invite investors and industry professionals to our annual Commercial Report Release Party. Contact us to express your interest or for more information.

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We are committed to providing clients with an elevated experience and to delivering exceptional service and results. We are system and process driven and strive to be leaders and information providers in our local market. Specializing in acquisition and disposition of commercial real estate with over 40 years of combined experience. We do things differently and it works.

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