Commercial property managers in British Columbia have increased their property holdings collectively by 12% over the past five years. In total, they manage 36.5 million square feet of industrial property, 28.8 million square feet of office space and 41.1 million square feet of retail space.
Most of the companies in the top 10 have increased the amount of property they manage over the past five years. Ivanhoé Cambridge Inc. experienced the largest growth among the B.C. property managers, expanding the square footage of its portfolio by 56% over the five years and raising its position on Business in Vancouver’s list of the top commercial property managers from sixth to second.
Bentall Kennedy (Canada) LP has the largest amount of property by area under its management and splits its investment relatively evenly across the three types of real estate. Others on the list tend to focus on either residential properties or office and retail spaces.
The average portfolio break--
-down for the 10 largest property management firms is 33% industrial, 31% office and 35% retail. Many of the property managers have a diverse portfolio with investments in all three types of land, but this isn’t the case for all 10.
The third-largest property manager, Beedie Development Group, has 98% of its investment in industrial real estate with the remaining 2% in retail. Some of the smaller property managers, including Gulf Pacific PropertyManagement, Pure Industrial Real Estate Trust and Shape Property Management, each primarily have investments in one type of real estate. •
