Inflation wild card as pandemic recovery looms: Tal

RENX  Residential, Commercial  •  Investment  •  National

For much of his economic update during the virtual Land and Development conference this week, CIBC deputy chief economist Benjamin Tal had a familiar optimistic theme. But he also injected a stronger note of caution than in past updates.

Manga Hotels keeps faith in hospitality, downtown T.O.

RENX  Residential, Commercial  •  Apartments, Hotels and Resorts  •  National, Toronto / GTA, Atlantic Canada

Manga Hotels is in the early stages of its most ambitious growth phase, with one downtown Toronto property under construction and four more hotels planned. “We have faith in the city and have a long-term view,” said president and CEO Sukhdev Toor.

Centron’s second Oliver tower in works in Calgary

Residential, Commercial  •  Calgary Herald

Construction on Centron‘s second tower in its 862-unit Oliver mixed-use complex in Calgary is scheduled to begin on Aug. 1. The 35-storey second tower will join the first, which has risen to the 29^th floor of its 31 storeys.

Value: Weighed and Measured › If manufacturing is poised to rush back to N. America, it’ll look very different

John Clark: AACI, FRICS | Vice President, The Regional Group of Companies Inc.

Hospitality sector faces wave of bankruptcies: Chamber

Commercial  •  Globe and Mail (Sub. required)

The Canadian Chamber of Commerce is warning there could be a wave of bankruptcies among heavily indebted companies in the tourism, travel and hospitality sectors after government support programs wind down in the coming months.

T.O. gets pushback on effort to preserve old storefronts

Residential, Commercial  •  Globe and Mail (Sub. required)

Real-estate development professionals are warning Toronto’s program of conferring heritage protections on dozens of retail storefronts in historic neighbourhoods could stall investment in some of the areas most suited for adding residential density.

Ottawa approves warehouse, residential vacancy tax

Residential, Commercial  •  Ottawa Citizen  •  Ottawa Business Journal

Ottawa city council has approved Zena-Kinder Holdings‘ proposed warehouse and truck depot application for a 75-acre site in the South Nepean Business Park. Council also backed a new municipal tax on homes vacant for long periods in a single year.

Proposed Victoria distribution centre scaled back

Commercial  •  Victoria Times Colonist

The second floor of York Realty‘s proposed $65-million Victoria International Airport distribution centre has been eliminated after neighbours complained. Instead of a two-storey warehouse with upper-floor parking, the new plan is for a one-storey, 115,000-square-foot warehouse with an attached parkade.

Marshall Canada to open N.B. production facility

Commercial  •  Country 94

Aerospace and defence company Marshall Canada is planning to open a new systems production facility in Southern New Brunswick. Marshall Canada, which has offices in Abbotsford, B.C., and Ottawa, chose New Brunswick largely because of its location and labour force.

SM2 Capital gives Calgary’s Cash Casino new life

Commercial  •  Calgary Herald

SM2 Capital Partners’ Cash Casino in Calgary is set for a grand reopening Thursday with a large new poker arena with 12 tables, a VIP high-limit slot room, an Asian-themed 888 slot room and a large gaming area with 20 new gold-topped tables.

Crosstown LRT partners entitled to claim COVID relief

Commercial  •  Daily Commercial News

The Ontario Superior Court has ruled that a “stark” reading of Toronto’s Eglinton Crosslinx LRT project was unreasonable, opening the door for Crosslinx Transit Solutions General Partnership’s claim for relief due to COVID’s impact on the project’s construction schedule.

T.O. megachurch plans three-storey building

Commercial  •  Toronto Star

C3 Toronto, an offshoot of Australia’s C3 Church Global, plans a three-storey building with a 300-seat auditorium, a kids’ space, a rehearsal studio and a 1,500-seat place of worship for a Geary Avenue site it says it purchased for $13.5 million.

U.S. industrial prices suggest correction may be near

Commercial  •  Globest.com

U.S. industrial prices dropped 6.68 per cent month-over-month in May according to a Crexi National Commercial Real Estate report, forcing cap rates up slightly in response and suggesting the market may be correcting as the threat of COVID-19 wanes.

Top five U.S. markets for office transactions

Commercial  •  CP Executive  •  Commercial Observer

The metros below represent the top-performing markets for office transactions, based on CommercialEdge data. Transaction volume in each of these surpassed the billion-dollar mark, with the total amounting to more than $8 billion, 36 per cent of the nation’s total sales volume.

New York City to invest $1B in life sciences

Commercial  •  CP Executive

Mayor Bill de Blasio and the New York City Economic Development Corporation announced a plan to invest $1 billion in the booming life sciences sector over the next decade. The funding will include commitments to construction ($200 million) and nonprofit facilities ($300 million).

JLL Azara data and insights platform unveiled

Commercial  •  PR Newswire

JLL (JLL-N) announced the release of JLL Azara, a pioneering corporate real estate data and insights platform built by JLL Technologies that enables organizations to make proactive, data-driven portfolio, facilities, space and workplace management decisions.

Ottawa can build back better post-COVID: Welch

Commercial  •  Ottawa Business Journal

The 2021 Welch LLP Ottawa Business Growth Survey explored how the city can build back better – taking the lessons learned during the pandemic and applying them to create a stronger, more vibrant Ottawa.

T.O. sellers poised for a post-COVID-19 blitz

Residential  •  Globe and Mail

The pace of the Toronto-area real estate market has dropped a gear after a highly charged start to the year. Elli Davis, a real estate agent with Sotheby’s International Realty Canada, does not see a dramatic slowdown coming, however.

Western Wealth acquires Dallas’ Broadway Apartments

Residential  •  Western Wealth Capital media release

North Vancouver-based Western Wealth Capital (WWC) announced the closing of its 11^th Dallas-area real estate deal, surpassing a company milestone of $3 billion in total transactional value. The 288-unit multifamily apartment community of Broadway Apartment Homes was originally constructed in 1982.

U.S. demand for second homes cooling: Redfin

Residential  •  PR Newswire

The number of U.S. buyers who locked in mortgage rates to purchase a second home rose 48% year-over-year in May, according to a report from Redfin. It marks the first time in a year the annual growth rate has fallen below 80%.