Sidewalk Labs unveils ‘smart’ TO neighbourhood

Sidewalk Labs unveils ‘smart’ TO neighbourhood

A unit of Google’s parent company, devoted to urban innovation, has signed a deal to map out a new kind of neighbourhood on Toronto’s waterfront that could demonstrate how data-driven technology can improve the quality of city life. On Tuesday, Sidewalk Labs and Waterfront Toronto announced a partnership in which Sidewalk initially will invest $50-million US in a year-long planning process.

Globe and Mail – CBC – Globe and Mail – Globe and Mail

Ottawa partners with Gatineau on Amazon HQ2 bid

The National Capital Region’s two mayors sent off a collaborative bid to Amazon Tuesday, imploring the e-commerce giant to consider the benefits of locating its HQ2 in Ottawa-Gatineau. Ottawa Mayor Jim Watson and his Gatineau counterpart Maxime Pedneaud-Jobin met with Invest Ottawa’s Blair Patacairk at Bayview Yards to unveil their joint bid book for Amazon.

Ottawa Business Journal – Globe and Mail – Vancouver Sun – Ottawa Citizen

Montreal’s South Shore a bustling CRE hub

A combination of factors ranging from less traffic congestion to cheaper leasing costs are making the South Shore of Montreal a strong candidate for commercial development, heard conference –goers at a recent conference on Montreal leasing. The South Shore is “at the foot of Montreal without the traffic nuisances,” says Luc Sicotte, president and CEO of Landmark Properties.

Property Biz Canada

Toronto’s TBG Group passes from father to son, partner

While The Behar Group Realty Inc. (TBG) has just undergone a change at the top, the familiar names still involved aren’t planning any major deviations from the course the company has taken. “We wanted to celebrate our 25th anniversary with the official and successful transition of ownership from father to son,” said Avi Behar, who retains the title of CEO and becomes chairman of the board.

Property Biz Canada

Banking goes Zen with spa-like branches

Visiting an old branch of North Vancouver, B.C.-based BlueShore Financial, there was never any doubt it was a credit union. The fluorescent-lit offices featured tellers’ cages and a decor whose highlights were posters advertising current mortgage rates. There was little to differentiate the company from the competition.

Globe and Mail – CoStar Group

CRE industry slow to attract women in significant numbers

When CRE broker Tara Finnegan started looking for her first brokerage job in the early 2000s, managers were apprehensive about hiring a woman. “There was a bit of a fear around hiring women,” she said. “I was told (female recruits) would be trained, go through the whole process, and then leave to go . . . get married and go have children.”

Vancouver Sun

Landowner Group’s Calgary Sage Hill project clears hurdle

Calgary City Council has paved the way for the Landowner Group partnership to seek approvals for a medium to high residential density mixed-use development in the Symons Valley sector. The amendment to the Symons Valley Community Plan means Landowner Group – Genesis Land Development Corp., Anderson Builders Group and the City of Calgary – can proceed with securing land use and plan approvals for the project.

Property Biz Canada

Calgary to have Canada’s fastest-growing economy this year

Alberta’s economy is bouncing back, according to a new report that forecasts Calgary will be the fastest growing metropolitan area in Canada this year. The Conference Board of Canada’s latest report, Metropolitan Outlook: Autumn 2017, found Calgary’s GDP is on track to increase by 4.6 per cent this year, making it the fastest growing Canadian city among the 13 economies studied.

CBC – Canada Newswire – Ottawa Business Journal – Canada Newswire

Edmonton office vacancy drops for first time in five years

Edmonton office vacancy rates have dropped for the first time in five years as the region is poised for Canada’s second-fastest economic growth in 2017, a new report from real estate firm CBRE says. Vacancies were down to 19.7 per cent in summer 2017 from 19.9 per cent in the previous three months, according to the company’s office and industrial stats report released Tuesday.

Edmonton Journal

Demographics, technology changing face of Alberta’s workforce

The country’s businesses must deal with an aging workforce and growing technology requirements to stay competitive, the Business Development Bank of Canada says. A survey the bank released Monday indicated labour force growth is projected to shrink to nearly zero over the next decade, and most firms are taking steps such as offering more flexible working arrangements.

Edmonton Journal

Winnipeg’s Osborne Village in decline

Two weeks ago, Dr. Brian McWhirter went to work and find a makeshift campsite in his parking lot. Wet clothing hung from the exterior walls and a television and toaster were plugged into his power outlets.  McWhirter, the owner of Stradbrook Chiropractic Centre on Osborne Street, in the heart of Osborne Village, says the scene resembled a shanty town.

Winnipeg Free Press

Brookfield JVs on REIT with Abu Dhabi asset manager

Invest AD, the Abu Dhabi asset manager, will create a REIT in a joint venture with Canada’s Brookfield Asset Management to target investment opportunities in the UAE. Brookfield, which has US$250 billion of assets under management, is planning other real estate investments in collaboration with Invest AD in addition to the REIT.

The National

Blockchain can fix the real estate industry

Micheal Arrington, the founder of the tech news website TechCrunch, recently bought $60,000 flat in Ukraine. Under normal circumstances, the transaction would have involved a trip to the country and exchange of paper documents. However, Arrington didn’t set foot in Ukraine. Neither was any courthouse, bank or other financial institution involved in the purchase.

TNW

TH Real Estate, Aussie SWF sell Manhattan office

TH Real Estate and Australia’s sovereign wealth fund have sold a New York City office to Japan’s Unizo Holdings for $585 million Cdn. TH Real Estate acquired the 31-storey 685 Third Avenue office, which was virtually vacant, as a value-add investment in July 2010 from Pfizer for $238 million. Australia’s sovereign wealth fund, Future Fund, acquired a 49.99 per cent interest in the property at the same time.

IPE Real Estate

U.S. CRE execs wary of a possible bust

Slow but steady commercial sales have been dragged down by affordable housing regulations and an ongoing lack of trophy-building offerings. Building owners are reluctant to sell as they worry about reinvestment opportunities. The lack of specifics about President Donald Trump’s tax cut proposal, coupled with a long economic uptick and a booming stock market, has also made executives wary of a possible bust ahead.

New York Post – The Herald

Real Estate Companies

Workspace Property Trust files for IPO

A year after acquiring a nearly $1 billion portfolio of suburban office properties, Horsham, Pa.-based Workspace Property Trust on Monday filed to raise up to $100 million through an initial public offering. Workspace Property, which first filed a confidential S-11 registration statement on June 30, plans to list on the New York Stock Exchange.

CoStar Group

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Real Estate Investment Trusts

U.S. data centre REITs expected to keep delivering

U.S. data centre REITs are looking more and more like all-star players as customers expand the playing field for cloud computing, e-commerce, connected devices, high-definition video, self-driving cars and other data-dependent innovations. “We characterize the data centre REIT sector as being in the second or third inning, which implies there is significant future runway for growth in the sector,” says Diane Morefield, CFO at CyrusOne Inc.

National Real Estate Investor

Diversify internationally with Dream Global

The TSX’s lack of diversification across industries and economic sectors creates a higher degree of risk for Canadian investors. One of the best means of reducing that risk is to diversify internationally such as by investing in Dream Global REIT, which offers exposure to some of the most developed and strongest economies in Western Europe.

Motley Fool

Retail

Sears liquidation could ruin Christmas for other retailers

Sears Canada’s exit from the market in the critical fourth quarter selling period threatens to cast a pall over the coming holiday retail season as the company prepares for a mass liquidation of goods beginning Thursday. Sears Canada’s move stands to sap business from rival retailers such as Walmart Stores Inc., Canadian Tire Corp Ltd. and Hudson’s Bay Co.

Financial Post

HBC falls after shelved Nordstrom privatization plan

Shares in Hudson’s Bay Co, which is reviewing strategic options including privatization, fell as much as 5.5 per cent on Monday, after rival Nordstrom Inc’s failed attempt to go private spooked sentiment for other U.S. retailers, analysts said. HBC fell to the day’s low of $11.62, its lowest in nearly six weeks.

Reuters – Bloomberg

Loblaw lays off 500 office workers in cost-cutting drive

Loblaw Companies Ltd. says it is laying off 500 workers from its office operations. President Sarah Davis said the business faces growing pressures from both new costs and competition, and remains committed to reducing costs and running efficiently. Davis said Loblaw is making major investments in omni-channel, financial services and other growing areas and expects to create hundreds of near-term jobs.

Financial Post – Motley Fool

New Development

Cash incentives approved for Prince Albert luxury hotel

City council in Prince Albert, Sask., has voted to approve an incentive package and development permit for a new luxury hotel slated for the city. The city will give $700,000 in cash incentives to the developers of the planned new $15 million Premier Best Western Hotel, though the developers must pay all fees and infrastructure charges before receiving the grant.

CBC

Sports Venues

Sun Peaks kicks off residential expansion

B.C.’s Sun Peaks ski resort is adding 24 new, luxury residential units in the village centre, called Village Walk, its first major real estate expansion in nearly 10 years. Most of the buyers overall have been from Canada, the large majority of those from B.C., said Liz Forster of Sotheby’s Sun Peaks. The Village Walk townhomes, ready for occupancy by 2018, are priced in the $690,000 range.

Western Investor

Renovation and Restoration

Hilton Montreal/Laval Francais renovations complete

The Hilton Montreal/Laval today announced the completion of substantial renovations that have been underway for the past three years. The Hilton Montreal/Laval’s management invested close to $10 million in the modernization of the hotel in a complete upgrade of its facilities.

Canada Newswire

Pendray Inn and Teahouse remodel revisits the past

Around the Inner Harbour, Victoria’s hotels have been undergoing multimillion-dollar makeovers and modern reinventions over the last several years. But amid the rebuilds, a staple of Belleville Street has decided to double down on its past. The Gatsby Mansion, part of the Huntingdon Manor property, has been relaunched as Pendray Inn and Teahouse.

Victoria Times Colonist

Infrastructure

Windsor, Great Lakes ports enjoying one of best shipping years ever

Bad winters usually translate into good business for the Port of Windsor, and a big spike in 2017 sales of its No. 1 export — salt — is helping make this year one of its best ever. “We’re having a terrific year so far — shipping is up about 20 per cent till the end of September,” said David Cree, president and CEO of the Windsor Port Authority.

Windsor Star

Other

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