“Beds and sheds” are the trend for recession-proof, long-term investment, said CBRE executive Lance Coulson, who worked on the high-profile sale of 15 apartment buildings in Vancouver, which resulted in a joint venture acquisition.
In December, Dream Office REIT (DT.U-X) announced the largest project since the pandemic hit: a two-tower skyscraper at King and University that will combine offices, residences and retail. A decline of downtown Toronto? “Inconceivable,” says CEO Michael Cooper.
“(Queen’s Park’s GTA West superhighway plan) is a slam dunk for us,” says Avison Young‘s Bill Argeropoulos. “The new transportation corridor will open a lot of available land, and it’ll provide a release valve for the industrial land market . . .”
The impact of the COVID-19 pandemic on the retail industry could spur developers to think differently as to what ground-floor or podium retail space in multifamily and office towers might look like in the future.
Just over three years ago, developer HarveyCorp completed its first conversion of an industrial warehouse in Montreal into a custom-built research laboratory for a life sciences client. The building’s floor space was outfitted with dozens of research stations.
Brigil is purchasing the site of Ottawa’s former downtown Greyhound bus terminal and plans are underway to build luxury rental condos, office space, hotel buildings, restaurants and retail stores. The station is currently owned by the Crerar Group of Companies.
At First National, the year has started very quickly. After recording tremendous 2020 growth, highlighted by record total volume and record construction volume – including half a dozen financings of over $100 million – our sights are set on doing, even more, this year.
Commercial property data vendor CoStar Group Inc. has made a $6.9 billion all-stock offer for CoreLogic Inc. (CLGX-N), gatecrashing a $6-billion buyout deal between the real estate data provider and private equity firms Stone Point Capital and Insight Partners.
Brivia Group announced the start of construction of Phase 2 of LB9 rental project in Quebec City. The 15-storey, sleekly designed tower is located in the Lebourgneuf sector, a stone’s throw from the Vidéotron Centre.
Curated Properties’ proposal for South Parkdale could see a stretch of two- and three-storey homes replaced by a 16-storey apartment building at 2 Temple Ave. The development would introduce 273 units: 14 bachelor, 131 one-bedroom, 100 two-bedroom and 28 three-bedroom units.
OPINION: With PC Optimum, Loblaw can connect the dots and draw precise profiles of its customers. Having access to recent, real data of 18 million customers is a data gold mine and Loblaw is firing on all cylinders to monetize it.
Podcasts from the real estate world
Casey Witkowicz, RYCOM Corp., Brett Miller, Canderel: Tech strategies for real estate, CRE Podcast
Kyle Thorn, BentallGreenOak: Inside building operations, Highview Partners People Who Perform: Season 2 Episode 2
Robin Kelley, Groupe Denux: West Coast secondary market investment, CRE Podcast
BSR REIT (HOM-UN-T) announced it has sold Towne Park at Har-Ber Apartments in Springdale, Ark., for gross proceeds of $31.7 million. The gross sale price represents a 9.7% increase above the purchase price paid in October 2018.
Following a significant redesign in light of COVID-19, Matter Real Estate Group’s UnCommons $400-million mixed-use development in southwest Las Vegas has begun vertical construction on its first phase. UnCommons will include more than 500,000 square feet of office space.
Marriott International CEO Arne Sorenson, 62, who was undergoing treatment for pancreatic cancer, has unexpectedly died, the company said on Tuesday. He had earlier this month stepped back from full-time role for several months to treat the cancer that was diagnosed in 2019.
Holt Construction Corp. has appointed Patricia Zugibe as the first woman to lead the firm in its more than 100-year history. Zugibe will join chairman Jack Holt and president Christopher Asaro to lead the construction management and general contracting firm.
The Canadian Real Estate Association said Tuesday January sales were up 35.2 per cent year-over-year and up two per cent month-over-month. The increase came as the national sales-to-new listings ratio rose to 90.7 per cent — the highest level on record.
Vancouver Mayor Kennedy Stewart and rival NPA Councillor Sarah Kirby-Yung each brought motions to council last week aimed at prodding city staff to move faster on the approval processes for key priorities such as housing and small-business permits.
Of the top 10 most expensive cities in Canada to rent a one-bedroom apartment, half are in Ontario. According to PadMapper, Vancouver and Toronto still top the list as the most expensive cities to rent at $1,940 and $1,770. respectively.
Supply has gone up in Vancouver’s rental market, but affordable housing has yet to materialize. Vancouver vacancy rate last month was 2.6 per cent – the highest it’s been since 1999. The question is, will it translate into reduced rents?