Brexit unlikely to cause commercial property crash

Brexit unlikely to cause commercial property crash

The commercial real estate market in the UK is unlikely to crash as a result of the country’s referendum on EU membership, according to Capital Economics. But the result has “darkened the outlook for both the economy and the commercial property market, especially City offices, in the short term”, said property economists Ed Stansfield and Eduardo Gorab.

IPE Real Estate – IPE Real Estate – Wall St. Journal

Brexit! Everyone panic! (except New York)

The morning after Britain’s shock vote to leave the European Union, global markets are in freefall, with some economists already predicting a new global recession. But this worst-case scenario for Europe may actually work out in favor of the New York real estate industry – with one big caveat.

The Real Deal – 6sqft

Apple Self Storage: A family affair

Apple Self Storage can trace its roots back three generations of Allan family members to David Allan’s grandfather who came up with the idea of building a storage facility at the back of his dairy farm.  Today Apple Self Storage, like its owners is also in its third go round with the second rendition of the business having emerged after the tech crash at the end of the 1990s.

Property Biz Canada

UK leasing market faces ‘long goodbye’

The UK’s vote to exit the European Union has turned investors’ focus onto occupier prospects.  With economic confidence in the UK taking an immediate – “but not significant” – hit, CBRE’s head of research, Miles Gibson, says international occupiers will start formally considering whether they should move operations elsewhere to benefit from single market access.

IPE Real Estate – The Province – Bloomberg

Calgary retail vacancy one of lowest in N.A.

In contrast to Calgary’s soaring office vacancy rate, its retail vacancy rate remains one of the lowest in North America despite being at an all-time high. An 11.1 per cent retail vacancy rate in Calgary’s central business district (CBD) contributed to the city’s overall retail vacancy rate rising to an all-time high of 3.4 per cent.

Property Biz Canada

Behind ecommerce sites, a bull market in warehouses

With Amazon and other e-commerce sites continuing to take market share from malls and other physical retailers, U.S. mutual fund managers are upping their bets on an overlooked part of the online shopping boom: warehouses.  REITs that own the distribution centres required to fill orders are a growing favorite on Wall Street.

Globe and Mail

Halifax airport looks for retailers for future development

The Halifax Stanfield International Airport is hoping to be the next hot spot for all of Halifax’ consumer needs. The land to the left of the airport is being developed into commercial space designed for restaurants, retailers, hotels and offices. Currently there is 17.2 acres of land for the Core Commercial Lands project, with the potential for a further 4.2 acres for offices.

Metro News

Construction starts on Edmonton International Airport warehouse

Construction started Wednesday on an Edmonton International Airport distribution warehouse that marks the latest step in the area’s growth as a regional economic powerhouse. The $10-million facility is being erected south of the airport terminal by Annapolis, Md.-based Aeroterm.

Edmonton Journal

Hot market heralds tough times for Metro industrial tenants

Real Estate Board of Greater Vancouver figures indicate that Lower Mainland industrial sales held steady between the final quarter of 2015 and the first quarter of 2016, with 151 properties trading for $228.8 million.

Business in Vancouver

Boardwalk REIT acquires recently built Calgary community

Boardwalk Real Estate Investment Trust (BEI.UN-T) has acquired: Auburn Landing, a recently constructed 238 unit community in Calgary, Alberta.  Auburn Landing consists of two buildings with 111 – one bedroom apartments and 127 – two bedroom apartments and a total of 316 underground parking stalls.

Canada Newswire

Profile: Chris Anderson, president, Lee & Associates Commercial Real Estate (BC) Ltd.

Big deals, big dollars, big egos: these are what grab headlines when global capital flows roil local real estate markets. But equally important to local markets are the small brokerages like Lee & Associates Commercial Real Estate in B.C..

Business in Vancouver

Macy’s reveals CEO succession plans

Macy’s is getting ready to undergo some big executive changes. Longtime chairman & CEO Terry Lundgren will transition the position of CEO to Jeff Gennette in the first quarter of 2017. Lundgren will continue his work as executive chairman and work side-by-side with Gennette, who was elected president of the company back in 2014.

CP Executive

JLL CEO named a ‘highest rated CEO’ by Glassdoor

Two million company reviews were submitted to determine that JLL CEO Colin Dyer is one of Glassdoor‘s 50 ‘Highest Rated CEOs’ at large, U.S.-listed international companies. The full list was based purely on input from employees who voluntarily and anonymously submitted reviews of their companies on Glassdoor.

Marketwired

L’Oréal moves into new Hudson Yards headquarters

L’Oréal USA started the relocation of its 1,300 employees at 10 Hudson Yards, the 1.8-million-square-foot LEED Platinum tower in Manhattan’s West Side. The move comes after almost 60 years on Fifth Avenue and should be completed in a few months. The cosmetics giant will occupy more than 400,000 square feet of office space on ten floors of the new structure.

CP Executive

Pimco says ‘storm is brewing’ in U.S. CRE

U.S. commercial real estate prices may fall as much as 5 percent in the next 12 months amid tightened regulations, a wall of debt maturities and property sales by publicly traded landlords, Pacific Investment Management Co. said in  report published on Monday.

Bloomberg – Bloomberg

Featured Column

3 future #CommercialRealEstateTrends to watch

There have been many advancements over the past 20 years in commercial real estate trends and technology that have changed the way I work. We are able to provide our clients with relevant data which allows them to make better informed business decisions whether they are buying, selling.

Read more

Market Trends and Research

Quebec government engineers threaten to strike

A conflict opposing the Quebec government and its engineers will come to a head next week, when both parties meet for an intensive bout of negotiations.  About 1,400 engineers working for the government, who have been without a collective agreement since April 2015, have threatened to launch a general strike as early as July 11.

Montreal Gazette

Economist still sees suburbia in Toronto real estate future

By his own admission, Ryerson University economist Frank Clayton can be a contrarian. He doesn’t believe the suburbs are dead. He doesn’t think millennials will be the last generation to covet the sprawling space of detached homes in favour of high-rise living, and he doesn’t think all seniors want to move into condos.

Toronto Star

White House clears small, commercial drones for takeoff

Routine use of small drones by real estate agents, farmers, filmmakers and countless other commercial operators was cleared for takeoff by the Obama administration.  The Federal Aviation Administration announced the creation of a new category of aviation rules designed specifically for drones weighing less than 55 pounds.

Calgary Herald

REOC Financial Reports

	REITs & REOCs – First-quarter 2016 report
	RENX has prepared a table with a convenient list of the companies and a summary of links to their reports that will be updated quarterly. First-quarter results are now arriving. Canadian REITs & REOCs – First-quarter 2016 report

 

Real Estate Investment Trusts

Slate Office REIT closes public offering of units

Slate Office REIT (SOT.UN-T) has closed its previously announced offering of 6,530,000 trust units of the REIT at a price of $7.85 per Unit for gross proceeds of $51.3 million. The Offering was completed on a bought deal basis through a syndicate of underwriters co-led by TD Securities Inc. and BMO Nesbitt Burns Inc..

Marketwired

Nine Canadian REITs with strong yields, reasonable valuations

Canadian real estate investment trusts with strong yields and reasonable valuations.  Bonds have been a hot asset class of late with prices soaring over the past weeks and months. In Germany and Japan, bond yields have now declined to the point where they are now offering negative interest rates for bond durations out to 15 years.

Globe and Mail

Retail

Loblaws launches Edmonton’s first CityMarket grocery

A new name in Edmonton’s grocery marketplace debuts Friday with the opening of Loblaws CityMarket at the Brewery District. The store will be the grocery giant’s first CityMarket in Edmonton and only the second store in Alberta, following an opening in Calgary last January.

Edmonton Journal

New Development

Calgary developer’s raises hopes of more attractive architecture

Calgary developer Cidex Group bought up two key Edmonton sites this week, feeding hopes an increase in outside competition will raise the bar for building design here.  “I’ve been watching the Edmonton market for years and decided to make our move,” said Abed Itani, president of Cidex Group.

Edmonton Journal

GO Train service extended 20 km. to Bowmanville

GO Transit will extend its Lakeshore East train line by 20 kilometres from Oshawa to Bowmanville, with service scheduled to start in 2024.  The plan is to have four GO trains each morning and four each afternoon in and out of Bowmanville when the service starts in eight years.

Daily Commercial News

Sports Venues

Plans for Dartmouth Sportsplex makeover unveiled

A $23-million makeover of Dartmouth Sportsplex will include a double gymnasium, new front entrance and lobby, new community spaces, refurbished racquetball courts, new fitness-cardio rooms, and improvements to the swimming pool and slides. Details for the long-awaited revitalization of the 34-year-old Wyse Road recreation facility were unveiled on Thursday.

Chronicle Herald

Human Resources

Melcor announces resignation of CFO

Melcor Developments Ltd. (MRD.UN-T), an Alberta-based real estate development and asset management company, announced today that its Chief Financial Officer, Jonathan Chia, has resigned effective August 25, 2016 to join another company. Melcor will appoint Naomi Stefura as Interim CFO.

Other

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