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Podcast: A market in motion with Mark Goodman, principal of Goodman Commercial Inc.

In this episode of the Commercial Real Estate Podcast, hosts Aaron and Adam welcome back heavy hitter Mark Goodman, principal of Goodman Commercial Inc. Join them as they discuss the current state of the Vancouver commercial real estate market.

Goodman reveals that his firm commands about 20% market share despite its size and reflects on the impacts of COVID-19, interest rate fluctuations, and the recent rise in nonprofit buyer activity.

The conversation also covers government initiatives for affordable housing, geopolitical factors influencing investment, and future cap rate predictions, highlighting the complex dynamics of Vancouver’s real estate landscape.

Here are the key talking points from the episode:
  • Vancouver multi-family investment activity overview
  • Looking at the market in a historical context
  • Market dynamics and the impact of interest rates
  • Examining the bid-ask spread
  • Buyer profiles and the BC Rental Protection Fund
  • Government initiatives for affordable housing
  • Impact of geopolitical factors on pricing
  • Future outlook
More about Mark Goodman…

With 23 years of experience, Mark Goodman is a leading expert in multi-family investment and development land sales in Metro Vancouver. He publishes the Goodman Report, the region’s premier resource for multi-family investment insights, relied upon by thousands of owners, investors, and analysts.

Mark’s impressive career boasts over $3.5 billion in sales and 700 transactions, making him a trusted voice frequently quoted in top media outlets like The Vancouver Sun, Globe and Mail, National Post, Business in Vancouver and Daily Hive.

Known for his innovative marketing strategies, Mark is dedicated to maximising client success through a comprehensive, results-driven approach to real estate transactions.

Quotes from the podcast:

“Despite being a relatively small firm, we control about 20% of the Vancouver commercial real estate market. This gives us a unique perspective compared to giants like CBRE and the Royal Bank of Canada. It really speaks to how specialised our approach is in this landscape.”

“When COVID-19 hit in March 2020, our firm was classified as an essential service. We could keep operating while many others were forced to shut down. This distinction allowed us to navigate the early pandemic market with a different strategy.”

“2022 marked a significant turning point as interest rates began to rise. By mid-2023, the market froze, with the Bank of Canada rate hitting 5%. It was a tough environment until we started seeing a recent resurgence in activity.”

“The bid-ask spread remains a persistent issue in our market. Sellers have to adjust their expectations if we want to see more transactions. Seeing some movement is encouraging, but we still have a way to go before we reach equilibrium.”

“We’re witnessing an interesting trend with nonprofits stepping into the market, largely due to the Rental Protection Fund initiative. This is not just a temporary shift; it’s reshaping our buyer profiles significantly.”

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