The commercial real estate market experienced a similar plunge to the housing market during 2009's global recession in the wake of the credit crisis in the U.S.
But like the housing market, the commercial sector, which includes office and retail spaces, had a stronger than expected year in 2010.
That momentum is projected to strengthen throughout 2011, according to a report released Thursday by CB Richard Ellis Ltd.
Some market observers had predicted a glut of vacancies in Canada's major business centres last year, but that didn't happen, said John O'Bryan, vice-chairman of CB Richard Ellis Canada.
We've had good news over the past twelve months with respect to interest rates, housing trends and employment gains, with many companies announcing plans for expansion, he wrote in the report.
"2011 may well be another good, stable year but should be viewed with cautious optimism in light of the concentration in employment growth on part-time jobs rather than the full-time positions that indicate confidence in long-term, sustainable growth."