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Recent Articles

Downtown T.O. office sublease space quadruples in 2020

4 years ago

RENX   •   • 

The amount of office sublease space on the market in downtown Toronto has quadrupled during 2020 to almost 2.5 million square feet, with no short-term turnaround in sight. Across the GTA, sublease space has doubled to over five million square feet.

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Surrey’s downtown core is expanding with approval of two Concord Pacific residential skyscrapers comprising 1,014 units – including 374 two-bedrooms, 30 two-bedrooms-plus den and 30 three-bedrooms – doubling the previously approved density for the area. Concord will be charged $20 per square foot of bonus living space.

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GWL Realty Advisors‘ site plan approval application for an infill development project just north of Toronto’s High Park sees the three new residential towers reduced in scale but still contributing over 700 purpose-built rental units within an existing Tower-in-the-Park apartment complex.

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Developer Kush Panatch sold 30 of the 358 units at 50 Electronic Ave. in Port Moody, B.C., as part of a rent-to-own (RTO) program, whereby purchasers agree to pay below-market rent for two years until the sale of their unit completes.

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COVID-19 is accelerating the rising curve of online shopping and home delivery. CRE insiders, including developers, real estate marketers and city engineering departments are looking at what needs to change in future buildings and the potential delivery space around them.

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There is a commercially viable future for electric vehicle (EV) charging in the commercial real estate industry, but that day has yet to arrive says an executive with Cadillac Fairview, which has hundreds of EV chargers in its portfolio.

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Grocery-anchored retail plazas top the “best buy” list in Altus Group’s most recent quarterly survey of investment trends, in stark contrast to other types of retail properties, which 150 Canadian real estate executives tagged as their least preferred assets.

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With a 0.7 per cent vacancy rate – the lowest in North America – and average lease rates the highest in Canada, Victoria appears ripe for the type of speculative strata industrial development common in Metro Vancouver.

Centurion REIT

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New Port of Montreal president/CEO Martin Imbleau arrives as the company prepares to invest nearly $1 billion in its expansion in Contrecoeur. He will take the place of Sylvie Vachon, who announced her retirement after 11 years as CEO.

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Apollo Global Management Inc.’s (APO-N) proposed $2.1-billion takeover of Great Canadian Gaming Corp. (GC-T) is facing more opposition from shareholders who complain the price is too low given the company’s control over casinos in the Greater Toronto Area.

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Alimentation Couche-Tard Inc.’s (ATD-A-T) Q2 2021 profits increased year-over-year as shoppers consolidated shopping trips to convenience stores. The Circle K parent company says it earned US$757 million, or 68 cents per diluted share, compared with US$578.6 million, or 51 cents per diluted share.

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Kadestone Capital Corp., (KDSX-X), Canada Newswire
NexPoint Hospitality Trust, (NHT-U-X), Canada Newswire
Skyline Investments, (SKLN.TA), Globe Newswire

SVN Apartment University

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Calgary-based Avenue Living Asset Management announced the acquisition of Corinth Portfolio in Kansas City under its new U.S. Real Estate Trust for US$39.75 million, the largest investment in the company’s 15-year history. Corinth Portfolio is a 342-unit garden-style multifamily complex.

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Greybrook Realty Partners announced the successful closing of an equity investment by its managed issuer of US$15,465,000 to acquire and oversee the development of a prime parcel of land in Miami. Greybrook and PMG plan a mixed-use multifamily residential building.

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Days after Simon Property Group secured the green light to acquire JCPenney Co. in partnership with Brookfield Property Group, it is facing claims from a South Texas mall owner for allegedly performing anticompetitive practices precluding other operators from securing retailers.

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Dubbed Project Commodore, RXR Realty and TF Cornerstone’s mixed-use building planned for Manhattan would reach 1,646 feet tall and feature more than 2.1 million square feet of office space, a 500-room Grand Hyatt hotel and 43,000 square feet of retail.

Yardi Marketplace

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Toronto-based Urban Capital’s bid to tear down the former home of one of Bank Street’s best-known watering holes and replace it with a nine-storey mix of retail space and housing units will go before a city committee this week.

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Toronto’s softer condo sales and prices have so far remained at odds with the region’s blazing single-family home market. However, investment adviser Hilliard MacBeth said the single-family home market will inevitably be affected by the condo sector.

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Community legal clinics providing advice to renters are warning Ontario’s Landlord and Tenant Board is moving with a reckless speed to evict and a new digital-first approach to hearings is handing out “standard orders” and exacerbating an already inequitable process.

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The former RCMP detachment at 1310 Sparks St. in Sudbury is being acquired with the federal government providing $566,400 in funding. The City of Sudbury will build a small community housing building with up to 14 affordable housing units.

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