Lane has made major inroads in the commercial real estate industry since launching its workplace experience platform in 2014. The Toronto-based proptech firm has raised millions in funding to expand; Lane’s technology currently services over 250 million square feet of buildings.
Dream Industrial REIT (DIR-UN-T) will acquire two industrial properties in Germany and is in exclusive negotiations to buy assets in Netherlands and in Montreal. The two German properties will cost $56 million, the Netherlands and Montreal properties $52 million.
Brookfield Asset Management Inc. (BAM-A-T), one of the world’s largest real estate investors, is seeing higher demand for office space as workers return to socially distanced buildings, CEO Bruce Flatt said at the Bloomberg Invest Global virtual conference on Wednesday.
Office vacancy rates in Toronto and Vancouver climbed and rent prices declined during the first few months of COVID-19 as businesses tried to sublease space and conserve cash in the possible first signs of weakness in the country’s hottest markets.
Beginning on July 2, Edmonton developers, homeowners and businesses will be able to decide how much on-site parking to provide on their properties, rather than being required to provide a certain number of stalls as was the previous policy.
Don Krusel, executive director of a project to build a $775-million container terminal in Quebec City, says the port expansion will help Canada claw back business from U.S. harbours.
Guildford Brook Estates and architectural firm IBI Group have submitted a rezoning and development permit application to the City of Surrey to redevelop a city centre site into a 46-storey, mixed-use tower with a five-storey podium and 415 units.
The 144-room Element Toronto Airport has opened across the street from the Toronto Pearson International Airport’s Terminal 3. Located at 6257 Airport Road, the extended-stay hotel is operated as a Marriott franchise and is owned and managed by Easton’s Group of Hotels.
There is no better experience in the hospitality sector than opening a hotel, Fairmont Chateau Lake Louise general manager Gregor Resch says. It’s like opening a show on Broadway.
Health and nutrition retailer GNC has filed for bankruptcy in the U.S. and says it will close at least 29 stores in Canada as part of restructuring. The company will also attempt to get a Canadian court to recognize the proceeding.
COVID-19 has hit the civil aviation industry hard and with no real revenues coming in, Aéroports de Montréal says it won’t be able to contribute its part of the REM line as its forecasts do not see things improving soon.
REIT/REOC COVID-19 business updates
Black real estate executives, sharing their experiences of systemic racism, said Tuesday they’re seeking lasting change from the current spotlight on inequality in the U.S. “I hope deeply it’s a movement (and not a moment),” said Goldman Sachs’ Margaret Anadu.
Teachers’ Retirement System of the State of Illinois has added Brookfield Asset Management to its infrastructure manager lineup with a $250 million US commitment to Brookfield Infrastructure Fund IV-B, the global infrastructure fund which raised $20 billion in February.
The Ratings and Rating Outlooks for U.S. banks reflect asset quality deterioration and rising defaults for loans, with most downside risk for smaller and/or concentrated banks in CRE. Fitch views hospitality, retail and construction lending as most affected by COVID-19.
Venture capital funding of U.S. proptech companies dropped by 69 percent in the first quarter of 2020 compared to a year earlier. However, the drop may prove to be a hiccup, rather than an enduring trend.
After examining 61,000 “for rent” notices, the Regroupement des comités logement et associations de locataires renters’ rights committee is demanding that the Quebec government create a registry documenting rental prices and enforce rent control.
Metro Vancouver’s condominium rental market – which involves approximately 69,000 units owned by investors, according to Canada Mortgage and Housing Corp.(CMHC) – is riding out the pandemic well, but tenants are increasing taking over the driver’s seat.
With 866 new homes sold, it was the lowest May for total new GTA home sales since Altus Group, BILD’s official source, started tracking in 2000. May’s new home sales were down 81 per cent year-over-year and 76 per cent below the 10-year average.