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Recent Articles

GCworkplace creates surprising CRE opportunities

5 years ago

RENX   •   • 

When the federal government initiated workplace modernization programs a decade ago, there were fears in Ottawa it would result in millions of square feet of empty offices. The opposite has occurred. Government-occupied space has increased by five million square feet.

RENX   •   • 

Barry Fenton and Mark Mandelbaum joined forces in 1999, acquiring land at Toronto’s Bloor Street West and Bedford Road to build the 32-storey One Bedford condominium. Thus, Lanterra Developments was formed; 15,000 condos later, they are still going strong.

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The Caisse de dépôt wants to divest itself of the World Trade Center of Montreal (MMCC), an office building from the assembly of historic buildings on the edge of Old Montreal, according to sources.

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Caisse (CDPQ) has a WeWork problem. Canada’s second-largest pension fund manager is among property owners and investors that face losses if WeWork can’t pay its bills. It has leased to WeWork nearly 300,000 square feet at 85 Broad St. in New York.

Romspen Commercial Lender

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RioCan REIT (REI-UN-T) is proposing to redevelop Shoppers World in Brampton with a neighbourhood of new high-rise, mid-rise, and townhome buildings designed by Quadrangle. A total of 4,090,286 square feet of space is planned across the site, including 947,000 of non-residential.

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Cannabis producer The Green Organic Dutchman Holdings Ltd. says it has taken its Ancaster, Ont., greenhouse off the market after attempting to sell the facility through a leaseback arrangement earlier this month. TGOD was asking $94.2 million for its 165,879-square-foot facility.

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In recent years, one of the biggest corporate office changes has been the move to “activity-based” or “flexible” working. In other words: open-plan offices; unassigned hot desks; break-out areas with sofas; and private booths for phone calls. Many seem dissatisfied.

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Tech companies accounted for a record 21 per cent of major office-leasing activity in the U.S. and Canada in the first half of 2019, according to CBRE. That’s up from 11 per cent when the firm first began collecting this data in 2011.

Captivate

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With Proptech, the ability to control lighting, heating and cooling or even oxygen levels in the office, building managers are able to meet the rising demand from tenants for better, healthier and more customizable workspaces.

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Victoria city council gave the go-ahead Thursday night to a contentious four-tower development that includes a new fire hall and 130 units of affordable housing. Dalmation Developments, a partnership between Jawl Residential and Nadar Holdings, plans towers of 12, 14, 15 and 17 storeys.

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The United Conservative Party’s first budget included slashes to capital transfers and grants, and delays in funding for transit projects such as Calgary’s Green Line LRT project, which was promised $1.53 billion from the province for Stage 1 of the project.

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It has many of the same builders, but the team behind Montreal’s future light-rail project – the Réseau express métropolitain – say they hope to learn from, rather than repeat, the mistakes of Ottawa’s troubled Confederation Line.

Calgary Real Estate Forum

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The Kapyong Barracks years-long legal saga could again be back in the courts, with the Manitoba Métis Federation asking a federal judge to quash Ottawa’s deal this summer to transfer the Winnipeg land to First Nations.

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Ritchie Bros.’ Edmonton team will be back in action Oct. 28 – Nov. 1, including a large quantity of industrial, residential, agricultural real estate. All real estate will be sold unreserved — no minimum bids or reserve prices.

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The City of Montreal will force about 24,000 property owners to replace their lead water lines, Mayor Valérie Plante announced Wednesday. The city has estimated 69,000 buildings have lead water lines, of which 21,000 will have been replaced by the end of 2019.

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While Walmart is currently the largest retailer, its reign may end in 2022, at which time market research firm Packaged Facts forecasts Amazon will surpass it, based on the expectation Amazon sales will continue to grow at a much faster rate.

Centurion REIT

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In total, 21,662 sales were concluded in Quebec in the third quarter of 2019, a Q3 sales record and a 16 per cent year-over-year increase. It was also the 21st consecutive quarterly increase in residential sales in Quebec.

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Business groups and citizens’ organizations presented clashing visions of Mayor Valérie Plante’s Bylaw for a Mixed Metropolis on Thursday at public hearings by the City of Montreal’s consultation bureau.

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The owners of 514 Wellington Cres. have officially launched a legal challenge against the City of Winnipeg order that stopped the demolition of the 110-year-old house. They plan to build three single-family homes on the property.

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Pierre Boivin dreamed of an airy, contemporary home for himself and his wife when he bought the Saint-François-d’Assise church in Quebec’s Eastern Townships in 2016.

RENX in Review: Our top commercial real estate stories

Most Viewed:  Toronto Don Valley hotel property sells for $102M

Editor’s Pick: IWG can’t grow fast enough, seeks Canadian partner: CEO

Industrial development: Broccolini submits concept for major Ottawa industrial build

Calgary opportunity: 525-suite Calgary ExecSuite apartment portfolio for sale

ICYMI last week: Greater Toronto office market offers Q3 surprises: AY

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