Insatiable demand drove Vancouver CRE investment in 2018

RENX  Commercial  •  Office, Industrial, Retail  •  Metro Vancouver

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.

Thirty-one storey office tower proposed for downtown Vancouver

Commercial  •  Burnaby Now

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.

Ceridian to move into Winnipeg’s True North Square

RENX  Commercial  •  Office  •  Winnipeg

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.

2018 a ‘year of change’ in Canada’s new housing industry: Altus

RENX  Residential  •  Condominiums, Homes  •  National

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.

Calgary’s retail vacancy rate falls in second half of 2018

Commercial  •  Barclay Street Real Estate media release

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.

Calgary’s Victoria Park redevelopment plan hits snag

Commercial  •  Calgary Herald

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.

World’s largest YMCA set to open in Calgary

Commercial  •  CBC  •  Calgary Herald

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 beautiful legacy of architect Wilfred Shulman

Residential, Commercial  •  Globe and Mail

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 unitholders approve Elad Group takeover

Commercial  •  Business Wire  •  RENX

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.

What RioCan’s transformation means for investors

Commercial  •  Motley Fool  •  RENX

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.

Time to change your REIT’s position?

Commercial  •  Motley Fool  •  RENX

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.

Second Cup franchisees sue coffee chain

Commercial  •  Western Investor

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.

Assessments could trigger higher rents across B.C.

Residential  •  Victoria Times Colonist  •  BC Business

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.

Toronto condo rents poised to ease in 2019

Residential  •  Bloomberg

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.

Winnipeg moves to erase grey area of infill development

Residential  •  Winnipeg Free Press

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.

Altus, Desjardins predict sales will decline in Montreal

Residential  •  Montreal Gazette  •  Montreal Gazette

Lampert sweetens Sears bid to $5B-plus

Commercial  •  Bloomberg

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 fund backs Brookfield RE fund

Commercial  •  IPE Real Assets

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.

HNA loses $41 million on building sale near Trump Tower

Commercial  •  South China Morning Post  •  The Real Deal  •  South China Morning Post

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.

London office rents going in different directions

Commercial  •  Bloomberg

Demand for London’s best space is expected to push rents for those buildings up over the next few years, while second-hand offices may see falling rates, creating a two-tier market with big winners and losers.