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Wesgroup gets OK for Reign condos, eyes building 2 towers at once
Wesgroup eyes building both Reign condo towers at once
Wesgroup Properties is moving forward with a pair of residential towers in Burnaby’s Metrotown area after receiving final approval from the city last week to construct the second building. They will stand 38 and 35 storeys.
Managing existing portfolios top priority for CRE firms
Managing their existing portfolios will be the primary focus for 49 per cent of the Canadian commercial real estate industry executives who participated in Altus Group’s Q1 2024 Commercial Real Estate Industry Conditions & Sentiment Survey.
5,000 housing units proposed for Halifax’s Exhibition Park
Halifax-based BANC Group of Properties wants to build about 5,000 housing units in Halifax’s Exhibition Park lands. In November 2015, the province sold the 44-hectare Exhibition Park lands to BANC. The negotiated price was listed at $2.5 million.
Gas stations proving a tough sell
An all electric-vehicle future may still be a decade or more away, but the move away from gas-powered cars is already imperilling a staple for road-trippers and a profitable business for small-time owners and chains alike: the gas station.
Lower Mainland sees slowest CRE activity in four years
Last year, British Columbia’s Lower Mainland saw its lowest level of CRE activity since 2019, according to Greater Vancouver Realtors. In 2023, the Lower Mainland had 1,249 commercial sales, a 41.7 per cent decrease from the 2,144 sales in 2022.
Relief on the way for S. Okanagan industrial market
SNFLWR Investment Corp., plans a facelift for a former Penticton box-making facility it recently purchased. The building will be split into two 13,000-square-foot units and an additional 16,000 square feet will be built at either end of the building.
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Bank of Canada may wait until July to cut interest rates
Just a week before the Bank of Canada decides on interest rates new evidence has some economists questioning their forecasts on the first cut — and this time it comes from the central bank itself.
REALnorth fund closes on asset sales, begins wind-up
REALnorth Opportunities Fund announced it completed on March 28 the previously announced sale of its remaining properties pursuant to three separate definitive agreements and has begun the wind-up of its operations.
Canada falling behind EU, U.S. on sustainability reporting: ISF
Corporate sustainability reporting standards in the European Union (EU) could impact over 1,300 Canadian companies, and will put pressure on businesses and governing bodies in this country to meet those regulations, the Institute for Sustainable Finance (ISF) warns.
Big science facilities look for new deal with feds
With a federal budget looming, those who operate big science facilities in Canada are asking Ottawa to come up with a better way to keep those sites funded and operating and make the most of the billions it has invested.
Calgary's Fairmont Palliser marks 110 years
In the history of the City of Calgary, no other building compares with the life and times of the Fairmont Palliser hotel, which opened on June 1, 1914. The Palliser opened as an imposing eight-storey hotel offering 350 suites.
Could conversions help solve T.O.'s housing crisis?
OPINION: As one of North America’s older big cities, Toronto has a considerable number of historic buildings available for conversion. And it has decades of experience converting historic structures, including churches, to residential, as seen in the examples highlighted below:
Kelowna apt. building evacuated near UBC Okanagan
More than 80 residents of a low-income apartment building in Kelowna, who moved in just eight months ago, have been told to leave due to safety concerns over construction at a nearby UBC-Okanagan site.
CPP creates European student accommodation platform
CPP Investments has established an investment and operating platform focused on purpose-built student accommodation in continental Europe through its acquisition of Round Hill Capital's minority stake in Round Hill European Student Accommodation Partnership, and the acquisition of Nido Living.
Amazon leases 1M sq. ft. in suburban Phoenix
Amazon has signed a million-square-foot, full-building lease in metro Phoenix, according to the Phoenix Business Journal. The company closed a 10-year deal at the Paloma Vista Logistics Center in Buckeye, Ariz.
WeWork predicts $8B in rent savings post-bankruptcy
By abandoning about 150 locations and by negotiating with landlords to rewrite leases on 150 others, bankrupt co-working company WeWork will save more than $8 billion in future rent, a reduction of about 40%, it says in a statement.
Manhattan top U.S. market for office deliveries in 2023
Despite facing hurdles such as elevated interest rates and persistent challenges with construction materials and labor shortages, the U.S. office sector remains resilient in the face of adverse economic conditions.
NYC’s delinquent property taxes soar
More New Yorkers have stopped paying their property taxes — a troubling trend since the onset of the pandemic that city officials attribute to the end of a tax-lien sales program that punishes delinquency.
Goldman Sachs JV sells Hong Kong tower at $33M loss
Goldman Sachs and Hong Kong’s Kailong Group have sold a newly developed 25-storey office and retail block for around $33 million less than they paid to acquire the site seven years ago as property values slide.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
Vancouver
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Edmonton Real Estate Forum
May 08 2024
Edmonton Convention Centre
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Land & Development Conference
May 28 2024
Metro Toronto Convention Centre
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Montreal Real Estate Forum
Jun 06 2024
Montreal
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Southwestern Ont. Real Estate Forum
Jun 13 2024
RBC Place London
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