The bad news is that in its Key Assumptions Survey Update, a majority of CRE executives canvassed by Altus Group are concerned an office space downsizing of 10 to 20 per cent could result from the pandemic. There is, however, good news.
The COVID pandemic has lowered demand for rental properties and thus what landlords are charging, but investors such as REITS looking to buy apartment buildings believe this is temporary, says Lance Coulson, an executive vice-president at CBRE.
The latest proposal by SmartCentres REIT (SRU-UN-T) for its 100-acre city centre development in the Vaughan Metropolitan Centre includes a 64-storey residential tower, a 21-storey class-A office tower and a seven-storey hotel at 175 Millway Ave.
Canada is becoming a global hub for real estate technology and innovation, and Proptech Collective has just released a report that offers insights into key trends, startups, investors and accelerators within the space.
Concord Adex, Canada’s largest urban community builder, will bring the Gloucester on Yonge to the market this winter. The luxury condo development will be the first tower in the country to benefit from Concord’s BioSpace virus and bacteria mitigation systems.
Genesis Land Development Corp. (GDC-T) has entered into a binding agreement to acquire approximately 157 acres in Calgary’s Belvedere community for $29.15 million. The lands are expected to yield over 1,200 housing units including single-family, townhouse and multifamily apartment units.
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.
When a pair of city committees suddenly voted last week that fields and forest on the outskirts should become Ottawa’s next major suburb, those hundreds of hectares were thrust into the limelight in a way not seen since the 1970s.
The Canadian Federation of Independent Business said only one-quarter of its members have used Ottawa’s revamped rent subsidy program, compared to two-thirds that have used a popular loan program that can be used for costs like rent.
Cineplex Inc. (CGX-DB-B-T) says it has once again amended its credit agreement with lenders. The country’s largest theatre chain says the third amendment allows for the suspension of financial covenant testing to continue until the fourth quarter under certain conditions.
REIT fourth-quarter financial results
Podcasts from the real estate world
Jaime McKenna, Fengate: Why sensors & data are worthy of technology investment, Tenant Experience Network. Season 2, Episode 2
Tom Dicker, Dynamic Funds: REITs in the investment world, CRE Library: Episode 48
Caleb Parker, Bold: Putting customers first when it comes to CRE, Tenant Experience Network. Season 2, Episode 1
Vancouver condo developer Mark John Chandler is “a financial predator,” a U.S. Federal Court judge said Monday while handing down a six-year sentence for real estate investment fraud. Chandler swindled 12 U.S. investors out of $1.7 million more than a decade ago.
Last week, flexible workspace operator Knotel announced it had filed for bankruptcy and that its assets were being acquired by investor and commercial real estate brokerage Newmark for a reported $70 million. In March 2020, Knotel was reportedly valued at $1.6 billion.
Brookfield Properties is expanding its Southern California footprint with the acquisition of a 15-acre development site in the Inland Empire West submarket. The site represents “a rare, shovel-ready opportunity” to construct a 332,000-square-foot class-A distribution building, according to Brookfield.
The launch of the third REIT in India last week by an entity of Brookfield Asset Management values the market capitalization of Indian REITs at over $8 billion. Analysts and bankers said investors have paved the way for more to come.
The Benvenuto Group has submitted a NEUF architects-designed proposal for a 21-storey residential rental building at 8 Brownlow Ave. in Midtown Toronto. A total of 167 new rental units are proposed, in a mix of 17 studios, 81 one-bedrooms, 49 two-bedrooms and 20 three-bedrooms.
The outlook for the GTA is healthy with strong buying intentions, a near-record sales forecast of more than 100,000, and a record average selling price over $1 million, according to the Toronto Regional Real Estate Board’s Market Year in Review & Outlook 2021 Report.
The Building Industry and Land Development Association and the Ontario Home Builders’ Association applaud the Ontario government’s decision to remove the construction-permitting restrictions and the prohibition on starting new renovations that were part of the emergency orders as of Jan. 13.