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Foreign buyers dominate GTA, GGH Top-10 CRE transactions of 2023
Foreign buyers dominate GTA, GGH Top-10 CRE deals of 2023
Commercial real estate investment volume fell to a combined $28.5 billion in the GTA and GGH from $41.2 billion in 2022, according to Altus Group data. There was also a geographic shift in companies completing major acquisitions.
BGO inks 550K-sq.-ft. lease at trophy New Jersey tower
BGO has secured the largest office lease in the state of New Jersey during the past decade with the signing of Bank of America to a 550,000-square-foot commitment at its newly renovated Newport Tower.
Asking rents hit record high in December 2023: Rentals.ca
Rents for new listings continued to surge in 2023, with the average asking rent for all residential property types in Canada reaching a record-high of $2,178 in December 2023, according to a report by Rentals.ca and Urbanation.
Blackstone bids to acquire Tricon Residential in US$3.5B deal
Blackstone (BX-N) has announced it plans to acquire all outstanding shares of Toronto-based Tricon Residential Inc. (TCN-T) and take the firm private in a $3.5 billion equity transaction (all figures U.S. unless otherwise stated).
Van. office market report shows cautious optimism: NAI
An NAI Commercial office market report said Metro Vancouver continues to see a slight turn towards optimism and away from uncertainty. The report also cautioned monetary policy and continued geopolitical instability continue to shape economic and real estate developments.
Vancouver set to decide on Jericho Lands development
Vancouver City Council is scheduled to review and decide on the policy statement for the massive First Nations-led Jericho Lands neighbourhood development in West Point Grey on Wednesday, Jan. 24. The project envisions 13,000 homes for up to 24,000 residents.
Prica proposes 13-building mixed-use in Waterloo
Waterloo-based Prica Global Enterprises' proposed Steelcraft Lands Redevelopment would comprise 13 mixed-use buildings ranging from eight to 30 storeys in Waterloo. The PG Design Studio-designed project would offer 2,833 rental residential units and 56,554 square feet of commercial space.
Fitzrovia launches Elm and Ledbury rental community
Fitzrovia recently announced the launch of Elm and Ledbury, a flagship rental community ideally located near the intersection of Queen & Church in Toronto's prestigious Garden District. It is designed by architects Hariri Pontarini.
Morguard completes $410M sale of hotel portfolio
Morguard Corporation (MRC-T) announced the successful completion of its sale of a portfolio of 14 high-quality hotels for gross proceeds of $410.0 million. This transaction signifies Morguard's progress in optimizing its portfolio and sharpening its focus on core investments.
Ice District developments 'saviours' of downtown Edmonton
Edmonton's Ice District's new arena and related developments are “saviours,” says Puneeta McBryan, executive director of the Edmonton Downtown Business Association. The Ice District has spurred $4 billion in private sector investment downtown, Oilers Entertainment Group’s Tim Shipton said.
Don't expect rate cuts anytime soon: Tal
Investors are focused on the Bank of Canada’s policy rate and CIBC Capital Markets deputy chief economist Benjamin Tal advises: "I think that the market is right to assume that the Fed and the (BoC) are done raising interest rates."
CEBA fallout could hammer B.C. CRE: Colliers
The bill has come due for Canadian businesses to repay interest-free pandemic loans – a deadline that has the potential to rattle B.C.’s commercial real estate market, said Susan Thompson, associate director of research at commercial real estate firm Colliers.
Québec City Convention Centre earns Biosphere certification
The Québec City Convention Centre has been recognized as a site for sustainable tourism, becoming the first facility of its kind in North America to attain Biosphere certification. Biosphere measures how an organization adheres to the UN Sustainable Development Goals.
Quebec housing construction won't meet demand: APCHQ
Housing construction will be insufficient to meet needs over the next two years, according to forecasts from the Association des professionnels de la construction et de l’habitation du Québec (APCHQ).
Homebuilders, developers meeting Generation Z's priorities
“We certainly look at what the Gen Z group like and what they need and want,” says David Ju, vice-president at Concord Pacific, which has completed over 150 residential and mixed-use buildings and has more than 50 in development.
Real estate podcasts
Jeffrey Charles, Cavell Risk: Insurance's new frontier, CRE Podcast
Cindy MacMillan, Grosvenor: Learning to fall and always learning, People Who Perform
Niall Finnegan, Finnegan Marshall: The economics of building in Canada, CRE Podcast
Brookfield outsourcing U.S. office management to CBRE
CBRE Group is launching a third-party management platform aimed at institutional owners and its first client is Brookfield Properties and the entirety of its 65-million-square-foot U.S. office portfolio. Brookfield will maintain its focus on managing the portfolio's cash flow.
Google to invest $1B in London-area data centre
Alphabet Inc.’s Google said it is investing $1 billion in a new data centre in Waltham Cross, north of London, to help meet growing demand for its services. Google acquired the 33-acre site in 2020.
Reven Office REIT launches in U.S.
Commercial real estate veterans Ethan Penner and Chad Carpenter are launching Reven Office REIT, a U.S. office-focused real estate finance company. The newly formed company aims to raise $1 billion through a lead investor and a blind pool IPO.
U.S. student housing preleasing off to record start: Yardi
The student housing market jumped into the 2024-'25 leasing season on a high note, with December preleasing well ahead of last year's figure, according to the latest Yardi Matrix National Student Housing Report.
Industry Events
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Canada Real Estate Auctions
Dec 01 2024
to Dec 31 2024
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Global Property Market
Dec 03 2024
Metro Toronto Convention Centre, South Building
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Toronto Real Estate Forum
Dec 04 2024
to Dec 05 2024
Metro Toronto Convention Centre, South Building
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Quebec Apartment Investment Conference
Feb 19 2025
Palais des congrès de Montréal
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RealCapital
Feb 25 2025
Metro Toronto Convention Centre, North Building
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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