How CBRE’s Nikki Poole Found Her Niche in Newfoundland and Labrador Real Estate

When CBRE’s Nikki Poole moved from Ontario to Newfoundland 16 years ago, she was stepping into the unknown. But she didn’t let that deter her, seeing it as an opportunity to build relationships, sharpen her skills and carve out a place for herself in Newfoundland’s close-knit commercial real estate community.

Fast forward to today, and Poole’s just been named winner of BOMA Newfoundland’s Presidents Award, a recognition of the integral part she has come to play in the local community and real estate industry.

Poole helms CBRE’s St. John’s operation alongside Jerry O’Neill and Olivia Martin, specializing in landlord and tenant representation for office, industrial and retail properties. Operating out of CBRE’s newly constructed office on the St. John’s harbourfront, she is on a mission to help her clients seize opportunities across the province.

“I’m proud to be known as a person who will answer the phone and help people,” Poole says. “Especially since I’m not from here. I’ve had to hustle to build my network and make a name for myself.”

Doing Things Differently

Moving to Newfoundland in 2008 meant Poole had to learn different ways of operating. “Doing business in Newfoundland is distinct from any other part of Canada,” she says. “There are unique logistical challenges here, such as higher construction costs and limited product availability.”

At the same time, Poole, a University of New Brunswick graduate, found that working in a smaller market brought a sense of camaraderie and mutual support that she hadn’t experienced elsewhere. “Our business community is small but exceptional. Everyone knows each other so Board of Trade events can be more fun than kitchen parties. It enables us to better service clients too, since we always know who to call to get things done.”

Poole has had to develop expertise across various asset classes. “One day I’m helping local retailers find space, the next I’m negotiating office deals on behalf of large corporations. It keeps things from getting monotonous.”

“I always have my eyes and ears open so that I’m aware of every relocation, every shovel in the ground and every new store opening,” she adds. “Every sector is so broad so being curious and asking lots of questions is essential to succeed here.”

St. John’s Snapshot

The St. John’s office market saw vacancy reach 20.8% in the first quarter of 2024, with suburban Class A properties boasting the lowest rate of all segments at 9.0%. But Poole says the tide is turning for downtown office buildings. “In the past 12 months, we’ve seen renewed interest in downtown St. John’s as business leaders realize the value of vibrancy and amenities.”

The local CBRE office recently helped oil and gas company TechnipFMC move to a 13,000-sq.-ft. space downtown, with several other large tenants following suit, creating flight-to-quality opportunities for companies looking to locate in the suburban buildings many of those groups left behind.

St. John’s industrial availability rate reached 11.4% at the end of 2023, with Class A warehouse availability hovering near 0%. “Much of the remaining inventory is dated and no speculative construction is underway,” says Poole. “Industrial developers should consider our market as the opportunities here are abundant.”

Newfoundland’s retail sector is faring well, with Poole pointing to a flurry of local deals in St. John’s and surrounding areas. Like the rest of Atlantic Canada, Newfoundland’s tertiary markets are drawing retailer interest, especially from quick-service restaurant operators.

Poole has helped Dairy Queen expand its presence on the island with a new location in Grand Falls-Windsor in April and two stores currently under construction in Corner Brook and Gander. “Newfoundland is an emerging market so it’s a great place for out-of-province franchisees to carve out a niche,” says Poole.

Offshore Projects and Growth

Poole is optimistic about the province’s growth prospects. In January Newfoundland and Labrador’s population reached 540,552, the highest since 1998. “We’re seeing increased immigration and better retention of new Canadians coming here,” she says. “People are starting to see the benefits of Newfoundland living. On a sunny day, there’s nowhere better to be in the country.”

Another promising development is the selection of Newfoundland’s west coast for World Energy GH2’s Project Nujio'qonik, a wind-to-hydrogen development. The project remains in the planning stages but Canada has already signed an agreement with Germany to create a transatlantic hydrogen supply corridor. “This project will spur growth, create many jobs and generate commercial real estate opportunities,” says Poole. “It’s positive news for our market.”

Looking Ahead

Poole is confident about the future of Newfoundland and Labrador commercial real estate. She’s noticed increased land, building and investment sale opportunities. She believes the local market will see a boom once work begins on that offshore hydrogen project and while the oil and gas market maintains an optimistic future.

She hopes to continue growing CBRE’s business and expanding her team’s reach across the province. Poole also has plans to get a foothold in the multifamily market. “There will be more construction in the apartment and housing sector and that means there’s an opportunity for us to better service our clients in that field.”

“Our team is part of the tight-knit local real estate community while also having access to CBRE’s global network of resources. Clients looking to enter Newfoundland should reach out – we can help them navigate challenges and find the right opportunities in this market.”