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PHI Hotel Group adds 5 Alberta properties, seeks more
PHI Hotel Group adds 5 Alberta properties, seeks more
PHI Hotel Group has aggressively expanded its Alberta properties recently, opening five hotels and looking for further growth. Sukhi Rai, president of Surrey-based PHI, said the new sites are in Edmonton, Calgary and Hinton.
Winnipeg’s skyline heading higher thanks to Artis
• Western Investor • RENX
Artis REIT‘s (AX.UN-T) new 40-storey mixed-use apartment tower has begun ascending and will assume the title as Winnipeg’s tallest building when it’s completed in a couple of years, leaving the current record holder – 33-storey 201 Portage – in its shadow.
GSO to open Toronto, San Francisco offices
Blackstone (BX-N) announced its global credit platform, GSO Capital Partners (GSO), is further expanding its North American origination effort to include two new office locations in Toronto and San Francisco.
Women, diversity and CRE: Is the talk turning to action?
The future of the workplace is inclusive, and women are slowly being embraced in CRE and development. “I have been trying, for six years, to figure out where the hell I belong…” said Misty Temelkovski, a sales representative with Colliers.
Malls and retailers look to co-working startups
• Globe and Mail (Subscription required)
Faced with rising e-commerce competition, retailers and malls are targeting a new type of tenant: office-sharing companies. Co-working startups are popping up in shopping centres and existing stores as landlords look to fill excess space.
Leisure 2.0 driving Vancouver mall redevelopment
Developers are pouring billions of dollars into projects across the Vancouver region that will reinvent the enclosed mall experience with dramatic spaces and a focus on consumers over goods, otherwise known as Leisure 2.0.
Montreal’s Chinatown is booming
Is the Montreal’s downtown building boom a threat or an opportunity for Chinatown? Community members are divided, with some saying it’s high time for the historic neighbourhood to get a reset, while others want a moratorium on development.
Axiom, Shape top off Burnaby’s tallest building
At a dizzying 614 feet, Tower Two is the tallest building in Burnaby (Tower One is the same height and is nearing completion). They are part of 11 residential buildings that will eventually be built on the site.
Sidewalk Labs in talks with infrastructure investors
• Globe and Mail (Subscription required)
Sidewalk Labs has been shopping for financing partners for infrastructure on Toronto’s eastern waterfront, entering into preliminary agreements with private investors and engaging in discussions with the Canada Infrastructure Bank about the proposed smart-city development.
Canada set to lose 9,000 churches: Heritage group
• CBC
The National Trust for Canada estimates 9,000 religious spaces in Canada will be lost in the next decade, roughly a third of all faith-owned buildings in the country.
Regina project suspended pending provincial auditor’s review
The Provincial Capital Commission (PCC) Board has decided to halt the CNIB/Brandt project in Regina’s Wascana Park until a provincial auditor’s report has been completed. Commercial development is prohibited in Wascana, but the concept was approved as philanthropic.
40% of Parks Canada real estate in poor condition
• CBC
About 40 per cent of Parks Canada’s buildings, forts, bridges and other items of real estate are unsafe or unusable, or require billions of dollars in major repairs, says a new report from an independent consultant.
Hudson Yards asking top dollar for offices
• Bloomberg • PR Newswire
Hudson Yards, one of Manhattan’s more inaccessible office locations, is quickly becoming its most expensive. “It used to be location, location, location; today it’s called place, place, place,” said Thomas Birnbaum, president of NYC Realty Advisors.
MIPIM: Investors need to treat tenants as customers
Institutional investors recognise they must treat real estate tenants as “customers” or risk diminishing their returns, it was revealed today at a closed-door investor summit at MIPIM, the annual RE-Invest summit in Cannes, France.
U.S. looks north for CRE investment dollars
• Commercial Observer • National Real Estate Investor
“I wouldn’t say (Canadian investors have) replaced the Chinese,” said Jerome Sanzo, of U.S. real estate finance at Industrial and Commercial Bank of China. “They were always very active, but you may see Canadian investors much more (clearly) now.”
19.2% of new Vancouver condo builds have non-resident owner
Nearly 20 per cent of Vancouver condominium apartments constructed in 2016-’17 have at least one non-resident owner, indicates new data from the Canadian Housing Statistics Program (CHSP). A non-resident owner is someone whose primary dwelling is not within Canada.
Home prices slide across prime global cities
A report published by The Economist indicates Auckland, Berlin, Hong Kong, London, Manhattan, San Francisco, Sydney and Vancouver have all seen home prices drop in recent years.
Middle-class homebuyers warm to modernist architecture
There are signs modernist architecture is finally finding favour with middle-class buyers. Across Toronto, flat-roofed, big-windowed, steel-framed dwellings are popping up as never before. Though they don’t always fit into their neighbourhoods, they are true to the times.
Toronto, Vancouver, Montreal best cities for public transit
Toronto, Vancouver and Montreal are the best Canadian cities for public transit, according to the first Transit Score ranking from Redfin, the tech-powered real estate brokerage. Transit Score rates locations based on how convenient they are to public transportation.
Industry Events
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May 07 2024
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