Northmark Advisory

The Analysis
Others Don't
Know to Run

Northmark is a boutique advisory practice for investors who understand that the quality of a decision is determined before the deal is on the table — not during it.

Macro-Anchored
Every mandate begins with a rigorous reading of the rate environment and capital markets.
Asset-Grounded
Precise underwriting of cash flows, risk, and valuation across the full investment lifecycle.
Canada-Focused
Deep expertise across Toronto, Vancouver, and Calgary institutional CRE markets.
Cap Rate by Asset Class Q1 2026
Industrial
5.2%
Multifamily
4.8%
Office
6.8%
Retail
6.2%
BoC Rate
3.00%
▼ 25 bps
CPI (Jan)
1.9%
▼ 0.3pp
10Y GoC
3.24%
▲ 8 bps
Spread
+196
bps avg
Our Philosophy

The right answer
begins with asking
a better question.

Most advisory relationships start with the answer already assumed. A client arrives with a mandate — buy, sell, refinance — and the advisor executes it. Northmark operates differently. We begin upstream, with the conditions that will determine whether that mandate is correct at all.

"We don't validate decisions. We stress-test them — against the rate environment, the capital markets, the fundamentals, and the scenarios that haven't been modelled yet."

That distinction matters most in complex markets. The Canadian CRE landscape is navigating simultaneous pressure from rate normalization, repriced risk premiums, structural demand shifts, and tightening credit conditions. In that environment, the value of an advisor is not access to deal flow — it is the capacity to see the landscape more completely than the client can on their own, and to translate that clarity into a decision framework they can act from with confidence.

Northmark's foundation is economics — not as a credential, but as a method. Every mandate is anchored in a rigorous reading of macro conditions, applied to the specific asset, market, and capital context at hand. The result is counsel that is harder to reach, and more durable, than what conventional brokerage can provide.

What We
Deliver

Four integrated disciplines, deployed across the full investment lifecycle.

01
Investment Sales Advisory
Strategic disposition and acquisition counsel for income-producing assets and portfolios. We position capital moves within a macro context, not just a market comp.
Disposition strategy & pricing
Buyer targeting & qualification
Negotiation & execution
Portfolio repositioning
02
Underwriting & Valuation
Rigorous asset-level financial analysis grounded in current market data. DCF modeling, NOI underwriting, sensitivity analysis, and independent valuation review.
DCF & IRR modeling
NOI & cap rate analysis
Debt sizing & DSCR
Scenario & sensitivity work
03
Macro & Market Research
Proprietary research connecting macroeconomic conditions to CRE market dynamics. Submarket intelligence, sector outlooks, and rate-cycle positioning for capital allocation decisions.
Rate cycle & spread analysis
CMA submarket reports
Sector outlook briefs
Custom research mandates
View Analysis →
04
Capital Markets Consulting
Strategic advisory on financing structure, equity strategy, and capital stack optimization. We bridge the gap between asset fundamentals and capital market realities.
Debt structure advisory
JV & equity strategy
Lender & investor prep
Capital stack optimization

A Method
Built for
Complexity

Sophisticated mandates require a structured approach that accounts for what clients don't yet know to ask about. Every Northmark engagement moves through three deliberate phases — each one informing the next, none of them skippable.

01
Macro Orientation
Before any asset is evaluated, we establish the macroeconomic context that will govern the outcome. Rate trajectory, credit conditions, cap rate spread dynamics, and capital flow patterns are mapped and stress-tested. The environment tells us what the asset can and cannot be worth.
02
Asset Grounding
Rigorous underwriting of the specific opportunity — cash flow modelling, lease structure analysis, market positioning, and scenario construction across multiple macro paths. We don't underwrite to a base case. We underwrite to a range of defensible outcomes and identify where the real risk lives.
03
Decisive Counsel
A clear, unhedged advisory position with the full analytical scaffolding behind it. Not a summary of considerations — a recommendation, with the logic made explicit and the conditions that would change it identified in advance. Clients leave knowing what to do and why it holds.

For Investors
Who Require
Certainty

Northmark works with a deliberately limited client base. The depth of analysis we provide is not scalable to a high volume of mandates — and we don't try to make it so. What we offer is complete advisory attention, not a service line.

🏛️
Institutional Capital
REITs, pension funds, and asset managers requiring independent analytical depth on acquisition, disposition, or portfolio strategy — where internal resources alone are insufficient for the complexity of the mandate.
Family Offices
Private capital with direct real estate exposure that demands an advisory relationship built entirely on analytical independence — not transaction incentives or brokerage economics.
Private Investors
Sophisticated high-net-worth investors navigating hold/sell decisions, complex acquisitions, or portfolio construction in a market that punishes incomplete analysis.
Capital Partners
Lenders, equity partners, and fund managers requiring credible independent underwriting, market research, or transaction support where the standard of analysis must hold up to scrutiny.

Engage
Northmark

We take on a small number of mandates each year. If you are navigating a complex transaction, a capital allocation decision, or a question that hasn't found a satisfying answer elsewhere — this is where that conversation begins.

Location
Canada — Primary markets: Toronto, Vancouver, Calgary
Mandates
Advisory, research, underwriting & transaction support
Response
Within 48 hours for all enquiries

All enquiries are treated with strict confidentiality. We respond within 48 hours.