A new report by commercial real estate firm JLL indicates Canadians will return to shopping centres and physical retail sites on a “grand scale” this holiday season – which is great news for property owners and managers.
Not only does Vancouver, at 6.2%, have the lowest office vacancy rate of all major North American cities, demand has been even stronger than it was before the COVID-19 pandemic, according to Dan Jordan, a broker with Colliers in Vancouver.
Montoni Group has created a new partnership with Alberta Investment Management Co. (AIMCo) and another institutional pension fund to acquire a four-million-square-foot parcel of industrial development land in Saint-Bruno-de-Montarville in Greater Montreal.
Charlottetown Mall, purchased earlier this year by Pan American Properties and Killam Apartment REIT (KMP-UN-T), is getting a $100-million makeover and a new name: Royalty Crossing. The changes include the addition of office space and upgrades to the food court.
Partner, NAI Commercial
Canada’s warehouses are filling up with everything from furniture to alcohol, after B.C. floods washed out critical rail and road lines, further disrupting supply chains. Vancouver’s warehousing/trucking firm 18 Wheels Logistics has filled every inch of its existing storage space.
The federal and B.C. governments announced the creation of a joint Federal Provincial Supply Chain Recovery Working Group to restore the flow of goods. Those invited to participate include the Vancouver Fraser Port Authority and the Vancouver International Airport Authority.
SmartStop Self Storage REIT announced the opening of a five-storey facility in Scarborough in partnership with SmartCentres REIT (SRU-UN-T). It is SmartStop’s 19th owned or managed location in the Greater Toronto Area and 159th property in North America.
The City of Burnaby plans a $200-million, 200,000-square-foot-plus Cameron Community Centre which will become the civic heart of Lougheed Town Centre. The three-storey structure would include a 30,000-square-foot aquatic centre and a 10,000-square-foot fitness gym.
Cominar REIT (CUF-UN-T) has outlined the reasons Cominar’s unitholders should vote for the proposed arrangement in which a Canderel-led consortium would acquire its issued and outstanding units for $11.75 per unit. The vote is scheduled on or about Dec. 21.
REOC third-quarter financial results
Slate Asset Management announced today it has acquired a portfolio of grocery real estate assets in Germany for over $142 million Cdn. Slate acquired the portfolio in an off-market transaction from KRE GROUP at an attractive discount to replacement cost.
BSR REIT sells two Texas apt. properties for $147.9M
BSR REIT (HOM-UN-T) has sold Windhaven Park Apartments in Plano, Texas, consisting of 474 apartment units, and The Heritage at Hillcrest Apartments in Austin, Texas, consisting of 286 apartment units, for gross proceeds of $147.9 million US.
Some Chinese banks have been told by financial regulators to issue more loans to property firms for project development in efforts to marginally ease liquidity strains across the industry, two banking sources told Reuters on Monday.
Target (TGT-N) will no longer open its stores on Thanksgiving Day, making permanent a shift to the unofficial start of the holiday season that was suspended during the pandemic.
The Bank of Canada said investors have likely contributed to the rapid spike in home prices, exposing the market to a downturn where the fallout could spread to the overall economy and put Canada’s biggest cities at risk of correction.
Real estate brokers whose businesses were affected by a “learner misconduct” investigation at Humber College are questioning why it took months for the Real Estate Council of Ontario to act in the case.
The Nova Scotia government will help fund the construction of 178 affordable housing units in parts of the Halifax Regional Municipality and the Annapolis Valley. The province announced it plans to spend $6.4 million on housing projects in Lantz, Kentville and Halifax.
Children from many affluent families are receiving “significant funding” from the “Bank of Mom and Dad” for post-secondary education, a first home and new businesses, a study of high-net-worth households by IG Private Wealth Management has found.