A two-property office/flex space portfolio which includes significant future development potential is for sale in the west-end Ottawa tech node of Kanata North. 415 Legget Dr., and 2700 Solandt Dr. comprise a two-storey building of 194,662 square feet and 18 acres of property.
Bill Argeropoulos, Principal & Practice Leader, Research (Canada)
PRO Real Estate Investment Trust (PRV-UN-T) has entered into a binding purchase agreement for a 100% interest in five single-tenant light industrial buildings in Atlantic Canada totaling 430,000 square feet of gross leasable area for an aggregate purchase price of $42.5 million.
Vancouver-based Wesbild Holdings has proposed a four-year, $230-million redevelopment of Victoria’s University Heights shopping centre. The project includes 597 rental units, a B.C. Transit hub and more than 121,000 square feet of new commercial space, featuring a grocery store, pharmacy and restaurant.
The total bill for the Metropolitan Express Network has risen from $6.5 to $6.9 billion because of COVID-19 and certain adjustments made necessary after discussions with municipalities. Discussions are continuing between CPDQ and the manufacturer NouvLR.
The board overseeing construction of Calgary’s Green Line LRT says it will build the portion that runs from the southeast to downtown all at once. The previous plan called for the first phase to be divided into three segments.
Metrolinx president and CEO Phil Verster and Infrastructure Ontario president and CEO Michael Lindsay say they are going to focus on contract delivery, risk transfer and early contractor involvement as they deliver major transit projects across the province.
According to a recent study conducted by Colliers Canada (CIGI-T), 57 per cent of employers intend to implement a hybrid model, but 66 per cent of them remain undecided on how to execute it.
CIBC SQUARE is in the unique position of opening fresh, after the pandemic sufficiently subsides enough for government officials to declare it safe to do so — and JV partners Ivanhoé Cambridge and Hines haven’t squandered the opportunity.
The Commercial Leading Indicator, an index from the BC Real Estate Association (BCREA) that tracks economic measures that affect commercial real estate, rose from 144 to 150 in Q1 2021, representing the third consecutive increase as the economy recovered from the COVID-19-induced recession.
The accompanying tables show the Top-10 major upcoming recreational and retail, wholesale, warehouse construction projects in Canada. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.
Real estate podcasts
Michael Mintz, MD Squared Property Group: Building tenant relationships to improve engagement, Tenant Experience Network. Season 2, Episode 8
Todd Barclay, Restaurant Brands Canada: Restaurants’ lost year of business, Down to Business, Episode 104
Michael Williams, First National Financial: Finance in Quebec, CRE Podcast
The U.S. economy is in the midst of a healthy rebound from the COVID-19-induced recession and this economic growth has translated into gains in employment in office-using industries. NAIOP’s forecast centres on the assumption the rebound in real GDP will persist.
President Joe Biden is pushing to close a real estate tax break. Biden has proposed narrowing a provision that allows real estate investors to avoid capital gains taxes when they sell property when they use the gains to buy more.
After a shocking work-from-home phenomenon made the world question its office space needs, John Tenanes, vice-president of global facilities and real estate, says Facebook has no plans to pull back on an expanding global footprint.
RE/MAX Holdings, Inc. announced RE/MAX, LLC has entered into an agreement to acquire the North America regions of RE/MAX INTEGRA. The acquisition will bring nearly 19,000 agents and more than 1,100 independently owned and operated RE/MAX offices under the RE/MAX, LLC umbrella.
In the world of B.C. estate law, emotions are rising along with elderly relatives’ property values. Estate litigation lawyers are working overtime and solicitors writing wills are warning homeowners to take measures to lessen the chance of future disputes among relatives.
New condo sales are rebounding in many of the country’s major cities, as houses increasingly become more unaffordable and buyers race to purchase any kind of property for fear of missing out on the booming real estate market.
For the first time, the monthly benchmark value for a single-family house in the core area of Victoria has topped $1 million. The benchmark price for a single-family house in the core reached $1.036 million in May, up from $885,900 year-over-year.
The Ottawa Real Estate Board reports a 71 per cent year-over-year increase in homes sold in May, with 46 per cent of homes selling for more than $700,000. The average sale price for a residential-class property was $741,206 in May, up 35 per cent year-over-year.