Real estate companies expand management portfolios

Median property managed by commercial managers grows for the first time in five years

Source: BIV Lists

After trending down for the past several years, the median real estate holdings for B.C.’s largest commercial real estate brokers has grown for the first time in at least five years, according to BIV’s Biggest Commercial Real Estate Brokers in B.C. list (page 14).

Over the past year, the median square footage managed by the top commercial real estate brokers grew 8.93 per cent from 4.9 million square feet in 2021 to 5.3 million square feet in 2022. This growth allowed the median to rebound to 0.8 per cent above 2018 levels.

The average real estate managed by the province’s top real estate brokers followed a slightly different trend by falling for two consecutive years, growing slightly in 2021 and then falling 0.6 per cent over the past year. This suggests that while smaller companies lower on the list increased their commercial real-estate portfolios, their larger counterparts contracted slightly.

1

Warrington PCI Management, No. 1 on the list, had the most significant five-year growth among the top five commercial real estate firms, boasting a 122.4 per cent increase from 7.7 million square feet in 2018 to 17 million square feet in 2022. This growth catapulted Warrington PCI Management from fourth on the list in 2018 to first in 2022.

No. 11-ranked Shape Property Management Corp. had the largest one-year jump: up 30.9 per cent from 4.05 million square feet in 2021 to 5.3 million square feet this year. •