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Recent Articles

Vaughan building becomes coveted life sciences space

2 years ago

RENX   •   • 

Life sciences space is hard to come by in the Greater Toronto Area (GTA), but a newly renovated 25,000-square-foot building is now available to lease in Vaughan.

RENX   •   • 

Quebec City and developer Immostar will launch an industrial real estate pilot project for high-tech firms combining global best practices. “We will work with Immostar to develop something different,” said Loubna Sefrioui of the city of Quebec.

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Triovest has submitted plans to the City of Calgary for a major redevelopment  on Stephen Ave. dubbed the Stephen Avenue Quarter. The multi-phase proposal includes plans for office and residential towers, retail space and a hotel.

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Brookfield Asset Management Inc. (BAM-A-T) plans to spin off its asset-management business and simplify its structure with a new publicly traded entity that will control Brookfield’s fee-generating assets such as real estate, infrastructure, credit, private equity and renewable energy.

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Ontario’s largest residential construction strike in 20 years is growing quickly. Around 15,000 residential labourers walked off the job last week, alongside 6,000 commercial operating engineers. This week, 15,000 commercial, industrial and institutional carpenters and 7,000 drywall workers also went on strike.

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Buoyed by acquisitions and rising occupancy in its apartments, InterRent REIT said Tuesday it posted significant gains in several key financial indicators in Q1 of fiscal 2022 compared to Q1 2021. The firm owns 12,445 suites, up 8.5 per cent from a year earlier.

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OPINION: Public-transit projects are eminently political endeavours. Caisse de dépôt et placement du Québec has discovered that the hard way, after its messy removal from a proposed $10-billion light-rail transit project to link downtown Montreal to the city’s east end.

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La Cordée with a 60-year history in outdoor adventure retail in Quebec, which president Cédric Morisset describes as the Quebec version of MEC, has six locations and recently expanded its footprint with a new store in downtown Quebec City.

Fengate

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Walmart Canada has appointed John Bayliss, currently executive VP, as transformation officer and made leadership changes among its chief operations officer, chief merchandising officer and chief e-commerce officer as the retailer upgrades its customer experience in-store and online.

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Giant Tiger president and CEO Paul Wood has been named Distinguished Canadian Retailer of the Year by the Retail Council of Canada, recognizing his leadership resulting in outstanding business success, innovation and consistently demonstrating community commitment and support.

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The Stratford Festival’s transformed Tom Patterson Theatre has officially reopened to public performances after being stalled by two long pandemic years. In 2018, the facility — a former curling rink-turned-theatre — underwent a $72-million demolition and reconstruction, a project completed in 2020.

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Ivanhoé Cambridge to cut Montreal properties’ CO2 intensity 55%
$3.6B in EV upgrades for Stellantis’ auto plants
Niagara Peninsula seeks UNESCO Geoparks designation
The ESG Report: Aecon targeting net-zero construction practices

Aeropark Boulevard

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Industrial giant Prologis is trying to acquire fellow industrial REIT Duke Realty Trust in a deal valuing the latter at roughly $24B. Prologis first made a buyout offer in November The Wall Street Journal reports, but Duke did not engage.

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KKR is planning its first eight ground-up industrial real estate projects in four markets, totalling 1.8 million square feet. The firm has acquired over 45 million square feet of industrial real estate in the U.S. over the past four years.

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Investment giant Brookfield has inked a deal for its private real estate funds to acquire Watermark Lodging Trust for $3.8B. Watermark’s portfolio includes 25 U.S. hotels in 14 states totalling over 8,100 rooms. It owns luxury assets in gateway U.S. cities.

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Market turmoil has soured growth prospects in nearly every sector of the economy, including life sciences, biotech and lab real estate. After record-setting raises, cresting at $43.3B in 2021, the biotech industry started 2022 with fund managers altering investment strategies.

Procore

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RE/MAX Canada forecasts average residential prices in recreational markets will increase up to 20 per cent for the remainder of 2022. It says affordability, lifestyle, access to water, outdoor education and low-density neighbourhoods are drawing people from the major cities.

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The chill in Toronto-area real estate has spread to Ontario’s cottage country. In Muskoka, buyers are becoming more discerning with offer dates that come and go without any bids in some cases and some sellers are reducing their asking prices.

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A report from rentals.ca says 2,500 purpose-built rentals are expected in 2022, but that amount is “not nearly enough to satisfy the demand in a healthy market.” Contributing to demand are approximately 400,000 immigrants predicted to come to Canada in 2022.

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An Okanagan township that sold a man’s property at a tax auction over $6,700 in unpaid taxes – without any notice of the sale or the steps necessary to prevent it – must pay damages of $352,316. That’s more than double the purchase price.

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