Vancouver shedding ‘small-tenant’ office market tag

RENX  Commercial  •  Office  •  Metro Vancouver

A few years ago, Bing Thom Architects conducted a study that found while the Vancouver region had a large concentration of head offices, they averaged around 60 employees. It seemed businesses in Metro Vancouver could only grow to a point.

Downtown Vancouver office vacancies soar: JLL

Commercial  •  Western Investor

Vancouver’s downtown office sector has seen sublease space increase by 347 per cent this year, pushing the vacancy rate from 4.2 per cent in Q2 to 5.7 per cent in Q3, according to a survey by JLL Canada.

Freed, Fengate propose Toronto four-tower project

Residential  •  Urban Toronto  •  RENX

Freed Developments and Fengate Asset Management‘s latest plan for 175 Wynford Drive, currently home to the Don Valley Hotel and Convention Centre, calls for four new Quadrangle-designed towers ranging in height from 45 to 54 storeys.

Minto plans 16-storey mixed-use high-rise

Residential, Commercial  •  Ottawa Business Journal

Minto Communities has proposed a 16-storey mixed-use high-rise with 251 residential suites in a mix of one- and two-bedroom units. The building on vacant land in Ottawa’s Glebe neighbourhood would also feature about 4,000 square feet of commercial space.

Firms selling art while cutting office space

Commercial  •  Globe and Mail (Sub. required)

The increase in working from home is playing out at banks, insurers, law firms and accounting practices that are home to some of the country’s largest art collections. Having far less office space means fewer walls to hang paintings.

How to control costs of cleaning near-empty offices

Commercial  •  Globe and Mail

It was a scene that seemed straight out of Ghostbusters. Early in the COVID-19 pandemic, Randy Burke was in the lobby of an office tower when three people in full hazmat suits with breather masks raced by.

Sponsored by First National Financial LP Covid-19 has changed Canada. Has it changed the apartment market?

On the eve of the CAIC conference, we asked Jeremy Wedgbury, Senior Vice President, Commercial Mortgages at First National to share his views on the state of the market and the outlook for apartment construction activity.  As a lender, how has First National performed?

Paul Frith honoured with CaGBC Toronto volunteer award

Commercial  •  Sustainable Biz Canada

When Paul Frith first became involved with the Canada Green Building Council (CaGBC) six years ago, he knew one person within the organization. Now he’s been recognized for his volunteer efforts with its Greater Toronto Area chapter.

Canadian retailer Swimco closing its doors

Commercial  •  Retail Insider  •  Edmonton Journal

Calgary-based retailer Swimco has announced it is closing its doors. Earlier this year, the 45-year-old national swimwear company had filed a Notice of Intention, under creditor’s protection, to restructure its operations as it responded to the COVID-19 pandemic.

Hand sanitizer demand fuels $75M plant expansion

Commercial  •  Ottawa Business Journal

Canada’s largest producer of fuel ethanol is launching a major expansion of its production plant in Eastern Ontario to meet surging demand for alcohol used in hand sanitizers, disinfectants and other products used in the fight against COVID-19.

Ottawa L5 testing facility gets $17M expansion

Commercial  •  Ottawa Citizen

Ottawa’s technology sector got a $17–million boost, while driverless cars inched a little closer to our streets, with the launch Tuesday of Area X.O, a renamed expansion of the Ottawa L5 development and testing facility in the city’s west end.

HBC launches new CRE investment business

Commercial  •  CP Executive  •  Forbes

HBC continues its transformation into its new incarnation — of a holding company structure centred on distinct portfolio businesses operating at the intersection of retail and real estate — with the launch of HBC Properties and Investments, a CRE and investments business.

Breather launches monthly membership program

Commercial  •  Financial Post (Sub. required)  •  Realty Biz News

Montreal-founded startup Breather is setting up Breather Passport, which will enable companies to purchase monthly passes instead of booking workspaces on a daily basis. The program provides companies access to hundreds of workspaces in the U.S., Canada and the U.K.

Brookfield to invest $2B in biggest Indian deal

Commercial  •  Bloomberg  •  Reuters  •  Bloomberg

Brookfield Asset Management will buy an Indian developer’s commercial properties for US$2 billion, the biggest real estate deal in the South Asian nation. Brookfield is acquiring 12.5 million square feet of rent-yielding offices and co-working spaces from RMZ Corp.

Howard Hughes Corp. debuts $723M trophy tower

Commercial  •  CP Executive

Chicago’s skyline gets an addition with the completion of 110 North Wacker, a 1.5 million-square-foot trophy office tower standing 55 stories. The Howard Hughes Corp. and Riverside Investment & Development announced the opening of the tallest new office building in Chicago in three decades.

CRE sweats another possible lockdown of NYC

Commercial  •  Commercial Observer  •  Bloomberg

As NYC infections begin to creep up, fears of a second wave have emerged. “It would set us back months. People would be afraid to come into offices, afraid to come into the city,” said real estate lawyer Jeffrey Citron.

Rentals to replace Vancouver liquor store

Residential, Commercial  •  urbanYVR

A six-storey rental apartment building on the site of the Cedar Cottage Neighbourhood Liquor Store is moving forward. GBL Architects has designed a six-storey, secured market rental building with 54 units. It will include ground-floor retail space and 54 underground parking stalls.

Vaccine should mark homeowner return to cities

Residential  •  Financial Post

Evidence suggests the lure for a high-density living might have suffered a temporary blow as homebuyers set eyes on dwellings in the suburbs and beyond as a result of COVID-19. The discovery of a vaccine will likely strengthen agglomeration forces.

Halifax market shows no signs of slowing down

Residential  •  CBC

Halifax’s housing market is booming this fall with little indication things will slow down this winter. Realtor Jules Chamberlain put a house on the market earlier this month for $649,000. It sold for $128,000 over the asking price after just four days.

Canmore poised to set record sales this year

Residential  •  Calgary Herald

Despite stalled real estate markets in many parts of Canada, the quaint mountain hamlet of Canmore is seeing a surge in sales, attracting buyers in droves, says realtor Clare McArdle of Kamenka and McArdle, Century 21 Nordic Realty.