Insatiable demand for office and industrial space by investors and occupiers, and new approaches to the evolving retail marketplace continue to stoke Metro Vancouver’s commercial property market, local real estate experts say.
Another office tower could be coming to downtown Vancouver. A rezoning application has been filed by Integral Group, Reliance Properties and IBI Group Architects for Coal Harbour, It goes to an open house Jan. 22.
True North Square has attracted another Winnipeg business, with technology company Ceridian planning to move into 28,000 square feet of the downtown development. Ceridian will occupy the third floor of the podium at 242 Hargrave, the first of four new towers.
It wasn’t a smooth year for new home markets in Canada in 2018, though Altus Group’s outlook remains generally positive for the housing sector. Its New Home Outlook 2019 cites mortgage regulations, interest rates, taxes and development charges as key challenges.
After reaching an all-time high retail vacancy rate of 5.1 per cent in Q1 2018, the overall vacancy rate settled into the mid-four per cent rate through the second half of 2018. Sears Canada’s closure was mainly to blame.
An important first step in the redevelopment of east Victoria Park hit a snag Thursday after the City of Calgary’s planning commission sent municipal staff working on the project back to the drawing board.
The world’s largest YMCA — at 300,000 square feet — is set to open in Calgary’s southeast with a surf simulator, a full service library and host of other services. Reporters were given a sneak peek of the $193-million Brookfield Residential YMCA.
The simple brick house Stan Peedluby built at 14 Laxton Ave. in Toronto was not an award-winner or head-turner. In fact, strolling by today, the 1948 home manages to blend easily among its more elderly neighbours.
Agellan Commercial REIT (ACR-UN-T) Thursday announced its unitholders has approved an agreement to be acquired by an affiliate of its largest shareholder El-Ad Group, Ltd., Agellan had earlier valued the transaction at about $680 million.
RioCan Real Estate Investment Trust’s (REI-UN-T) is heavily exposed to one of Canada’s least-loved industries at the moment: retail. RioCan CEO Edward Sonshine himself admitted demand for retail space is unlikely to rise over the next 10 years.
Discounted by 41 per cent compared to its future cash flow value, there are nice and low multiples for Artis Real Estate Investment Trust (AX.UN-T): a price-earnings ratio of 7.6 times and price-to-book ratio of 0.6 times to be exact.
A group of Second Cup Ltd. franchisees is suing the Canadian coffee chain for $2.7 million, alleging the company’s actions have been detrimental. The current and past franchisees outline a long list of complaints against their franchisor in a lawsuit.
A surge in the assessed values of Victoria’s rental buildings, coupled with new rules around rental rates, could translate into reduced investment in existing buildings and fewer new developments, says the head of Landlord B.C.
Rents for Toronto condos are expected to ease in 2019 after surging the most in at least eight years in 2018. The average monthly rent in Canada’s biggest city jumped 9.3 per cent to $2,309 (Canadian) in 2018, according to a report from Urbanation.
City hall is closer to having clear, comprehensive rules about residential infill developments in Winnipeg. A preliminary report presented to the property and development committee earlier this week attracted developers, members of the real estate industry, architects and homeowners.
Eddie Lampert’s ESL Investments is sweetening its offer to keep Sears Holdings Corp. in business, outlining a US$5-billion plan to buy the retailer out of bankruptcy. The new bid is about US$600 million more than Lampert previously offered.
New York State Common Retirement Fund (NYSCRF) is backing opportunistic real esate funds managed by Niam and Brookfield Asset Management (BAM-A-T). The pension fund said it approved a $400 million US commitment to Brookfield Strategic Real Estate Partners (BSREP) III.
Chinese conglomerate HNA Group sold its stake in a Manhattan office building this week, a deal that led to US$41 million in losses for HNA and its U.S. partners and became the latest example of a Chinese business struggling.