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Vancouver office cost increase among world’s highest: CBRE
Vancouver office cost increase among world’s highest: CBRE
The cost to occupy downtown Vancouver’s top-grade office space surged by more than any other Canadian market, and topped all but six global cities since early 2018, CBRE says. Vancouver’s occupancy costs climbed by 12.9% since the first quarter of 2018.
CRE execs assess risks, rewards of industrial vs. retail assets
To many observers, the retail and industrial real estate markets are going in opposite directions in Canada. Five experts in their fields looked at the two sectors at the Land & Development conference in Toronto and revealed their thoughts.
Shopify to open U.S. fulfilment centres
• Ottawa Business Journal • Financial Post • Bloomberg
Ottawa-based e-commerce software giant Shopify (SHOP-T) has launched a network of fulfilment centres in the U.S. to expand its suite of offerings for merchants in the competitive world of online retail.
Canopy CEO ready to take on America
• Bloomberg • Ottawa Business Journal • Reuters
Bruce Linton doesn’t spend much time in his office at an old Hershey’s factory in Smiths Falls, Ont. He’s the founder and co-chief executive officer of Canopy Growth Corp. (WEED-T), the biggest pot company in the world.
Megaprojects set to reshape Ottawa
• Ottawa Business Journal • RENX
Cranes, dump trucks and scaffolding has become a near-ubiquitous feature of Ottawa’s urban landscape as new homes, commercial spaces and amenities are constructed to meet the needs of a city that’s projected to surpass one million residents in 2019.
Top 10 largest construction project starts in Canada
The accompanying table records the 10 largest construction industry project starts in Canada in May 2019. Also included is the latest trend graph on starts. This looks at 12-month moving totals of the civil and non-residential building categories in Canada.
Globe Airbnb series: 31,000 homes slashed from rental market
• Globe and Mail • Globe and Mail • Globe and Mail (Sub. required)
More than 31,000 homes across the country were rented out so often on Airbnb in 2018 that they were likely removed from the long-term rental supply, according to a groundbreaking study by McGill University researchers.
Caisse executive vows to ‘vehemently’ contest firing
Alfonso Graceffa, a former top real estate executive of the Caisse de dépôt et placement du Québec, vowed to “vehemently” contest his dismissal while offering to collaborate with police to clear his name.
Avison Young acquires Southwestern Ontario affiliate
Mark E. Rose, chair and CEO of Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has acquired Cambridge-based affiliate Ontario Commercial Real Estate Services now known as Avison Young Commercial Real Estate (Southwestern Ontario) Inc.
Squamish delays decision on Anthem’s mixed-use proposal
• Squamish Chief • RENX
Citing a list of outstanding questions, Squamish council has deferred on passing second reading for Anthem Properties‘ proposal for a major mixed-use development that would encompass three sites.
Winnipeg’s Rubin Block on national endangered places list
• Winnipeg Free Press • Canada Newswire
A south Osborne Street landmark – the 105-year-old Rubin Block – has been identified by the National Trust for Canada as one of two buildings in Manitoba on the agency’s top 10 endangered places list for 2019.
Onni Group acquires L.A. office campus for $630M
• CP Executive • RENX
Onni Group, a Vancouver-based real estate developer and operator, has acquired Wilshire Courtyard, a two-building office campus in the heart of Los Angeles’ Miracle Mile, from Tishman Speyer for $630 million.
Nexus yields eight per cent with price stability
• Globe and Mail (Sub. required) • RENX
Nexus REIT (NXR-UN-X) has a current yield of eight per cent and the unit price has been quite stable over the past two years. The monthly distribution appears sustainable with a conservative payout ratio of 81.5 per cent,
Lululemon men’s-only stores quietly close
Lululemon Athletica Inc. (LULU-Q) has quietly closed its men’s standalone stores in New York City and Toronto even as it plans to more than double its men’s business in the next five years.
Farm Boy adding to its store count
Farm Boy continues its expansion into the Golden Horseshoe with a store in St. Catharines scheduled to open next year. The nearly 25,000-square-foot store will anchor The Fourth Avenue West Shopping Centre,
Real estate prices put squeeze on B.C. stores
PODCAST: A labour shortage combined with high real estate costs is making it difficult for businesses in Surrey and Vancouver, say Elizabeth Model of the Downtown Surrey Business Improvement Association and Charles Gauthier of the Downtown Vancouver Business Improvement Association.
Ontario sets 2020 rent increase guideline at 2.2 per cent
The Ontario government has released its rent increase guideline for next year, setting 2.2 per cent as the maximum percentage a landlord can increase most tenants’ rent without approval from the Landlord and Tenant Board — the highest increase since 2013.
Lower Mainland condo buyers back out of contracts
• CBC
People previously lined up overnight to get their hands on pre-sale condominiums. Now that the housing market in B.C.’s Lower Mainland has cooled, some buyers are trying to back out of their contracts — unable to obtain the financing they need.
Flooding washes out Muskoka’s spring real estate market
• Globe and Mail (Sub. required)
Real estate sales in cottage country north of Toronto are off to a slow start this spring as rain, flooding and cool temperatures keep sellers and buyers out of the market.
Edmonton lifts affordable-housing moratorium in neighbourhoods
• CBC
Edmonton city council has lifted a moratorium on affordable housing in five neighbourhoods, convinced a new policy and approach will ensure non-market projects are distributed more evenly throughout the city.
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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