The new buildings and many construction sites are hints of the robust economic activity in the region, but the 2022 CBRE industrial/commercial sales statistics released this week confirmed it was a record year for Windsor.
“It just goes to show the robust investor confidence in the Windsor market.”
Handysides said further evidence of that confidence is the Windsor market is dominated by private capital investment. Private investment is more concerned about risk factors than the public sector, but Windsor’s bright outlook has lessened those concerns.
“The market confidence that’s there now, we haven’t seen before,” Handysides said.
In comparison, Windsor saw 38 deals worth $117 million in 2017, 52 deals valued at $309 million in 2020 and 87 deals for $441 million in 2021.
While the NextStar Energy battery plant was recently honoured as the biggest impact business deal in Canada for 2022, it wasn’t even the largest land transaction in the Windsor region last year.
It came second to the $40 million paid for the Ambassador Plaza on Huron Church Road at Tecumseh Road West. The battery plant land purchase was for $33.5 million.
The other top four deals last year were $27 million for the former CS Wind plant and $24.3 million for an apartment building at 8717 Riverside Dr. E.
“It wasn’t who were the winners and losers; it was a matter of how big a winner each asset class was,” Collins said.
“The industrial and land sectors for multi-residential were the classes that led the way.”
Collins added there were a few large purchases of property made that are intended for single-family and multi-residential use. Several of those sales occurred along the County Road 42 corridor near Banwell Road.
“Some of those purchases along County Road 42 are strategic long-term hold purchases,” Collins said. “It shows confidence in the long-term trajectory of this area.”
“We’re expecting a choppy 2023 because of the interest rate uncertainty,” Collins said. “It’s not as easy to make sales today as it was last year.”
Handysides said the area is enjoying a healthy mix of investors.
