by Mo Monsef 
The 10 Biggest Commercial Real Estate Companies in Canada
Highlights:
- Overview: Introduction to the major commercial real estate players in Canada.
- Top 10 Companies:
- Brookfield Properties, Cadillac Fairview, and Ivanhoé Cambridge are leaders with portfolios worth billions.
- Manulife Investment, Dream Unlimited, and RioCan focus on diverse property types like office, retail, and mixed-use developments.
- Tricon Residential, H&R REIT, and Shoreline Real Estate have growing portfolios in mixed-use and industrial spaces.
- Altus Group stands out as a real estate data and consulting firm.
- Pricing: Property values range from $50 million to over $1 billion, depending on size and location.
- Conclusion: These companies shape Canada’s commercial real estate market, offering valuable opportunities for investors and tenants.
Commercial real estate in Canada is a booming industry, with several companies leading the market in office, retail, industrial, and mixed-use property developments. If you’re looking to explore the biggest players in this sector, here’s a comprehensive guide to the 10 biggest commercial real estate companies in Canada. Along with each company’s overview, we also explore pricing and market presence to help you make more informed decisions.
1. Brookfield Properties
Brookfield Properties, a part of Brookfield Asset Management, is one of the largest commercial real estate firms in Canada. It has an extensive portfolio across major cities and focuses on retail, office, and industrial properties. Brookfield’s market presence spans multiple continents, making it a global leader in commercial real estate.
Key Services and Areas:
- Retail Properties: Large-scale shopping centers and malls across Canada.
- Office Spaces: Class A office buildings in urban cores.
- Industrial Properties: Investments in distribution centers and warehouses.
Pricing/Market Value:
- Brookfield Properties manages over 80 million square feet of commercial real estate globally, with individual office towers priced in the hundreds of millions.
- The price for retail malls like CF Pacific Centre (Vancouver) can range from $500 million to over $1 billion, depending on location and tenant mix.
Why It’s Noteworthy: Brookfield is a dominant force in Canada’s real estate market, with assets valued in the billions of dollars, especially in large cities.
2. Cadillac Fairview
Cadillac Fairview, owned by the Ontario Teachers’ Pension Plan, operates a high-end portfolio of office towers, shopping malls, and mixed-use developments. Headquartered in Toronto, Cadillac Fairview is recognized for its iconic malls such as the CF Toronto Eaton Centre and has an expanding international presence.
Key Services and Areas:
- Office Leasing: Significant portfolio of Class A office towers.
- Retail Developments: Operates many of Canada’s top malls.
- Mixed-Use Developments: Increasing focus on projects combining residential, commercial, and retail spaces.
Pricing/Market Value:
- Cadillac Fairview’s properties, including malls like CF Eaton Centre, are valued at over $1 billion.
- Individual commercial office buildings can range from $100 million to $500 million, depending on the location and market conditions.
Why It’s Noteworthy: Cadillac Fairview is one of the largest real estate owners in Canada, with a portfolio worth over $30 billion.
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3. Ivanhoé Cambridge
Ivanhoé Cambridge, a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), manages an expansive portfolio of retail, office, and residential properties. It has a strong presence in Canada but also manages assets across North America and Europe.
Key Services and Areas:
- Office Buildings: Premium Class A office properties, particularly in Montreal and Toronto.
- Retail Centers: Includes high-profile malls and shopping complexes.
- Global Investment: Properties in the U.S., Europe, and Asia.
Pricing/Market Value:
- Ivanhoé Cambridge has assets worth over $60 billion globally.
- Major office buildings in cities like Montreal or Toronto are valued between $200 million and $800 million depending on the building’s size and location.
Why It’s Noteworthy: Ivanhoé Cambridge is one of the largest commercial real estate owners in Canada, with a diversified international portfolio.
4. Manulife Investment Management
Manulife Investment Management is a global financial services provider offering real estate investment products. The company manages a substantial portfolio of office, retail, and industrial assets, focusing on sustainable investment opportunities.
Key Services and Areas:
- Real Estate Investment Trusts (REITs): Offers opportunities to invest in commercial properties through REITs.
- Office and Industrial Properties: Manulife holds numerous office buildings and distribution centers, particularly in Toronto and Vancouver.
Pricing/Market Value:
- Manulife Investment Management’s real estate assets are valued at around $30 billion globally.
- Office buildings and industrial properties range from $100 million to $300 million.
Why It’s Noteworthy: The company’s diversified portfolio in both Canadian and international markets provides valuable opportunities for investors in the commercial real estate space.
5. Dream Unlimited Corp.
Dream Unlimited Corp. is a Canadian real estate development and asset management firm. It operates across multiple sectors, including residential, office, and mixed-use developments, with a strong presence in the country’s major urban centers.
Key Services and Areas:
- Office Leasing: Strong portfolio of office properties in key Canadian markets.
- Retail Developments: Includes mixed-use developments that integrate retail and commercial spaces.
- Industrial Projects: Expansion into industrial and distribution centers to cater to e-commerce.
Pricing/Market Value:
- Dream Unlimited’s total assets under management are valued at over $10 billion.
- Pricing for major office towers and mixed-use developments is typically between $100 million and $400 million depending on size and location.
Why It’s Noteworthy: Dream’s diverse portfolio and commitment to sustainable, mixed-use developments make it a key player in the Canadian commercial real estate market.
6. RioCan Real Estate Investment Trust
RioCan is one of Canada’s largest REITs and focuses primarily on retail and mixed-use properties. The company owns a variety of shopping centers and office buildings across Canada, with a growing emphasis on urban mixed-use developments.
Key Services and Areas:
- Retail Properties: Shopping centers and large retail hubs in major Canadian cities.
- Mixed-Use Developments: Increasing focus on developments combining residential and commercial space.
- Urban Projects: RioCan’s urban renewal projects are transforming Canadian city landscapes.
Pricing/Market Value:
- RioCan has a portfolio valued at over $15 billion.
- Large retail properties and mixed-use developments range from $100 million to $500 million, depending on the specific project.
Why It’s Noteworthy: RioCan is leading the charge in creating urban, mixed-use spaces that integrate residential and commercial elements.
7. Tricon Residential
While primarily a residential real estate company, Tricon Residential also holds commercial assets in mixed-use developments. The company focuses on providing integrated, sustainable living and working spaces across North American markets.
Key Services and Areas:
- Mixed-Use Developments: Combining residential and commercial spaces to create vibrant, urban communities.
- Retail and Office Spaces: Focus on innovative developments that integrate commercial and residential uses.
Pricing/Market Value:
- Tricon Residential’s total assets are valued at approximately $8 billion.
- Pricing for mixed-use developments typically ranges from $100 million to $300 million.
Why It’s Noteworthy: Tricon’s focus on sustainability and mixed-use developments makes it an important player in the changing real estate landscape.
8. H&R Real Estate Investment Trust
H&R REIT is a diversified real estate investment trust with a significant portfolio of office, retail, and industrial properties in Canada and the U.S. The company is increasingly investing in industrial properties to meet the growing demand for e-commerce logistics.
Key Services and Areas:
- Office and Retail Properties: Prime office spaces and retail properties in urban centers.
- Industrial Real Estate: A growing focus on warehouses and industrial facilities.
Pricing/Market Value:
- H&R REIT’s portfolio is valued at over $13 billion.
- Pricing for office buildings and industrial properties typically falls between $50 million and $300 million.
Why It’s Noteworthy: H&R REIT’s diverse portfolio and increasing focus on industrial properties make it one of the leaders in commercial real estate investment in Canada.
9. Altus Group
Unlike other companies on this list, Altus Group is a leading provider of real estate services, including property data, valuations, and advisory. It plays an integral role in Canada’s commercial real estate market by offering insights and technology solutions for investors and developers.
Key Services and Areas:
- Property Data and Analytics: Leading provider of real estate data, valuation services, and technology solutions.
- Consulting Services: Advisory and consulting for commercial real estate developers and investors.
Pricing/Market Value:
- Altus Group’s total market value is approximately $3 billion.
- As a service-based company, Altus’ value is more closely tied to its market share in real estate analytics and consulting, rather than physical assets.
Why It’s Noteworthy: Altus Group’s influence in the market is based on its expertise in data and analytics, helping investors make informed real estate decisions.
10. Shoreline Real Estate
Shoreline Real Estate is a niche player in Canada’s commercial real estate market, specializing in development, brokerage, and property management. It focuses on mixed-use developments, with a particular emphasis on sustainable projects.
Key Services and Areas:
- Mixed-Use Developments: Combining residential, retail, and office spaces in urban locations.
- Property Management: Provides comprehensive property management services.
Pricing/Market Value:
- Shoreline’s smaller portfolio is valued at around $1 billion.
- Mixed-use developments and office buildings typically fall in the $50 million to $150 million range.
Why It’s Noteworthy: Shoreline’s focus on sustainability and integrated developments makes it a unique player in the commercial real estate industry.
