Hines creates new Canadian fund, to invest up to $2B

RENX  Residential, Commercial  •  Investment  •  Metro Vancouver, Toronto / GTA, Calgary, Greater Montreal

Global real estate firm Hines has created a closed-end fund for up to $2 billion in investment capacity dedicated to key markets in Toronto, Vancouver, Montreal and Calgary.

Office space at The Well 98% leased: Allied, RioCan

RENX  Residential, Commercial  •  Office  •  Toronto / GTA

The Well, one of Toronto’s largest ongoing downtown developments, has now leased 98 per cent of its 1.17 million square feet of office space, its developers say.

First towers rise in Langley $1B mixed-use development

Residential, Commercial  •  Western Investor

The first residential high-rises – 26 and 34 storeys, respectively – in the Township of Langley have broken ground in the billion-dollar, 74-acre Latimer Heights master-planned community by Vesta Properties. Latimer Heights also includes a retail village with 36,000 square feet of commercial space.

Carbonleo takes over management of Quartier DIX30

Residential, Commercial  •  La Presse  •  Canada Newswire

Carbonleo and its Quebec partners are buying back the shares held by Oxford in DIX30, a popular “lifestyle” shopping centre on the South Shore of Montreal. The objective is to add 4,000 housing units in coming years.

Downtown Montreal is booming: SDC

Commercial  •  La Presse

Pedestrian traffic data from Société de développement commercial (SDC) du Quartier Latin confirms it: Montrealers and vacationers are back on the streets and stores in the heart of the metropolis, providing a boon for businesses and the tourism industry post-pandemic.

Sponsored by FCT Protect your commercial investment with a Leasehold Endorsement

When should a Leasehold Endorsement be considered? The simple answer: anytime you have a leasehold interest.

Wholesale marketplace Faire opens Toronto office

Commercial  •  Globe and Mail (Sub. required)

San Francisco-headquartered Faire Wholesale Inc., with 250 staff (comprised mostly of engineers) in the Kitchener-Waterloo region, announced a new downtown Toronto office Thursday with room for at least 150 staff. Faire’s executives are confident it won’t stop there.

GSK Canada unveils new head office

Commercial  •  Canada Newswire

GSK Canada has opened its new headquarters at 100 Milverton Dr, in Mississauga, the city where the company has been located for over 30 years. The headquarters includes elements such as LED lighting with occupancy timers and water-reducing features.

Time to take another look at beleaguered REITs

Residential, Commercial  •  Globe and Mail (Sub. required)

CIBC REIT analyst Dean Wilkinson writes REITs are currently trading at a roughly 24 per cent discount to net asset value compared with the usual five per cent discount and a return to normal implies “healthy double digit upside” for the sector.

Drug giant opens $65M Winnipeg distribution centre

Commercial  •  Winnipeg Free Press

McKesson Canada has opened a 120,000-square-foot pharmaceutical distribution centre, tripling the size of its legacy operation in Winnipeg. The $65-million facility coincided with construction of another distribution centre in Edmonton that is three times the size.

The Industrial Real Estate Show › Podcast: Dealing with uncertainty in industrial real estate

Chad Griffiths: Partner, NAI Commercial

Value Village to open ‘boutique’ locations in Toronto

Commercial  •  Toronto Star

Second-hand clothing thrift chain Value Village is opening two uniquely branded stores in Toronto this summer. The new stores in Toronto’s west end will only carry clothing, shoes and accessories, and will be distinctly titled “Value Village Boutique.”

Office occupancy in New York finally hits 40%

Commercial  •  The Real Deal  •  Bisnow

New York City’s office occupancy has pushed past 40 per cent for the first time since the start of the pandemic. The Kastle Back to Work Barometer increased to 41.2 per cent; Kastle Systems measures office occupancy by entry into office buildings.

Lego to invest over $1B in U.S. brick plant

Commercial  •  Globe and Mail (Sub. required)

Toymaker Lego on Wednesday said it will invest more than $1 billion in a factory in Chesterfield County, Va., to shorten supply chains and keep up with growing demand for its coloured plastic bricks in one of its biggest markets.

$1.25B battery gigafactory set to rise near Phoenix

Commercial  •  Commercial Property Executive

KORE Power, the Coeur d’Alene, Idaho–based maker of high-tech batteries, will break ground this fall on KOREPlex, its planned $1.25 billion gigafactory in Buckeye, Ariz. The purchase of the 214-acre site, situated 40 miles from Phoenix, for $29 million was announced last August.

Rate hikes are impacting U.S. CRE

Commercial  •  Commercial Property Executive

The Federal Reserve made its boldest move to tamp down inflation with a 0.75 percentage-point rate increase, the largest since 1994. CRE economists and executives say the industry has already seen impacts from earlier rate hikes, including higher cost of debt capital.

Money laundering not to blame for Van. housing

Residential  •  Vancouver Province  •  Daily Hive  •  Western Investor

Even though B.C. real estate is “highly vulnerable” to money laundering, real estate agents report few suspicious transactions and the federal regulator should provide more guidance on what to report, according to B.C.’s report on money laundering released Wednesday.

Housing cooldown helps ignite rental market wars

Residential  •  Globe and Mail  •  Globe and Mail (Sub. required)  •  Financial Post

Soaring mortgage rates have blown up a foundational argument for owning a home versus renting. No longer is a monthly mortgage payment comparable to the cost of renting a place. Renters, even in expensive markets, are saving hundreds over owning.

London limits rentals to hosts’ homes

Residential  •  London Free Press  •  CBC  •  CTV

Starting Oct. 1, London will begin regulating short-term online rentals, including a new rule limiting such properties to a person’s own home. If you want to rent out a house, you’ve got to live there most of the time.

Key household debt-to-income ratio down in Q1

Residential  •  Toronto Star

Statistics Canada says the amount Canadians owe relative to their income pulled back in the first quarter from the record level set in the fourth quarter of 2021 as incomes grew faster than debt.