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‘Amazon effect’ impacts East Ottawa industrial land
‘Amazon effect’ impacts East Ottawa industrial land
A swathe of East Ottawa land zoned for industrial or commercial development for many years is suddenly attracting interest from companies looking to expand, or move into the region. It’s the “Amazon effect” says an Ottawa brokerage marketing the properties.
Shopify buys U.S. warehouse tech firm for $450M
Shopify (SHOP-T) made a major move to beef up its nascent shipping and delivery network, announcing Monday a US$450 million deal to buy 6 River Systems. Ottawa-based Shopify earlier announced plans for a fulfilment network to handle warehousing and shipping logistics.
REITs see diversification as strategy for growth
As online sales blur lines between retail and industrial real estate, and demands for multifamily developments increase, more REITs are moving to diversify their portfolios. RBC Capital Markets‘ Pammi Bir moderated a panel dealing with this diversification at RealREIT.
Colliers Proptech Accelerator gets worldwide interest
Last year’s inaugural Colliers Proptech Accelerator program was such a success it attracted even more interest for the latest edition, which kicks off this week in Toronto. Colliers International‘s Zach Michaud said hundreds of companies from over 50 countries applied.
Inside Montreal’s air-transport command centre
On a dreary late August afternoon in Montreal, Mount Royal is shrouded in a veil of mist and fog. Inside a cramped room atop a downtown skyscraper, scores of engineers quietly stare at their computers.
Quebec plans for $775M container terminal
The Quebec Port Authority (QPA) is proceeding with plans to build a $775-million container terminal on the north shore of the St. Lawrence River that will be the most environmentally and technologically advanced cargo-handling facility in North America.
B.C. municipalities weigh in on industrial proposal
The MK Delta Lands application will head back to Metro Vancouver. This summer, the Metro board granted first and second readings to a land use designation change from agricultural to industrial. The proposal includes 2.2 million square feet of industrial space.
Summit acquires Calgary industrial site for $15.9M
• Canada Newswire • RENX
Summit Industrial Income REIT (SMU-UN-T) announced it will acquire 100 per cent of a new class-A light industrial property totalling 121,456 square feet, in the YYC Logistics Centre, an industrial park under development in Calgary. Summit will pay $15.9M in cash.
Squamish Nation petitions court on vacant land lease
A legal fight between the Squamish Nation and the feds over lease payments is providing a glimpse into a deal which sees the government pay 10s of millions in rent every year for vacant West Vancouver waterfront land.
Developer deals can be troublesome for churches
• Globe and Mail • CBC
The archdiocese that owns the 120-year-old Catholic cathedral in the heart of Vancouver is pondering a very 21st-century move: selling land around the church to a private developer to help pay a massive repair bill.
Campground owners denied small-business deduction
• Globe and Mail (Sub. required)
Campground owners across Canada could face much higher tax bills after a federal tax court recently rejected one Ontario company’s claim it should be eligible for the small-business tax deduction.
WM Fares unclear why crane collapsed in hurricane
WM Fares Group, the developer of a new building in Halifax where a large crane toppled during hurricane-force winds on Saturday, says the crane was “storm ready.” He’s not sure what caused it to collapse onto the under-construction building.
Residential REITs leading the pack
• Business In Vancouver • RENX
Residential REITs are leading the sector this year and apparently see opportunity in the Metro Vancouver market that has spooked most residential investors and developers. One of the big movers was Vancouver-based Pure Multi-Family REIT (RUF-UN-T).
Sandpiper sells Dream Hard Asset units
• Access Wire • RENX
On Sept. 6, Sandpiper Group disposed of 893,289 units of Dream Hard Assets Alternatives Trust (DRA-UN-T), representing approximately 1.31 per cent of the outstanding units. They were disposed of pursuant to DAT’s substantial issuer bid at an average price of $8.00, or $7,146,312.
WeWork IPO valuation likely below $20 billion
• Reuters
WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading shareholder SoftBank Group whose key group portfolio firms have tumbled in value.
Foreign investment in U.S. CRE drops nearly 50%
Foreign investment in U.S. commercial real estate plunged in the first half of 2019 as signs of a global economic slowdown made buyers more cautious. Deals totaled $16.9 billion, down from a record $32.7 billion year-over-year, according to a report by CBRE.
Airbnb-style rentals have no impact on hotels: Economist
The proliferation of Airbnb-style rentals hasn’t caused the decline in the development of traditional hotels in downtown Toronto, a land economist has told a provincial tribunal that’s hearing an appeal of the city’s short-term rental bylaw.
Housing starts climb 1.9 per cent in August
• CBC • Canada Newswire
Canada Mortgage and Housing Corp. says the pace of new housing starts in August climbed 1.9 per cent. The housing agency says the seasonally adjusted annual rate of housing starts rose to 226,639 units in August, up from 222,467 units in July.
Montreal housing sales up 10% YOY
• Globe Newswire • Globe and Mail (Sub. required)
In total, 3,527 residential sales were concluded in the Montreal Census Metropolitan Area in August, a 10-per-cent, year-over-year increase and the best result for the month since the Quebec Professional Association of Real Estate Brokers began collecting data in 2000.
Toronto garage listed for $590K
• CBC
A garage for sale near The Danforth is listed for $599,000. The listing for the 20-by-100-foot lot calls it a “rare opportunity for someone looking to build in desirable Danforth Village” that’s close to the subway line, schools, shops and restaurants.
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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