Office sublease market growing in Toronto, Vancouver

RENX  Commercial  •  Office  •  National, Metro Vancouver, Toronto / GTA

The COVID-19 pandemic has led to an increase in sublease office space in major Canadian cities, particularly Vancouver and Toronto. Experts expect the trend to expand to other cities as occupiers assess the virus impact and future work habits.

Brookfield, AY, MasterCard execs tackle CRE challenges

RENX  Commercial  •  Technology, Human Resources  •  National

Three top executives discussed overcoming business challenges, diversity in the workplace, and the importance of technology with One11 Advisors’ founder and executive director Scott Morey during the annual ARGUS Connect virtual event.

Amazon to be largest office tenant in downtown Van.

Commercial  •  urbanYVR  •  RENX

QuadReal’s redevelopment of the former Canada Post building as 21- and 22-storey office towers will be occupied by Amazon Canada, making the latter the largest corporate tenant in downtown Vancouver with a total of 1.5 million square feet of space.

Strategic Storage, SmartCentres JV on GTA property

Commercial  •  PR Newswire  •  CP Executive

Strategic Storage Trust IV, Inc., announced the opening of its first property in the GTA. The new SmartStop Self Storage location, which is located at 145 Wicksteed Ave. in East York, was developed as a joint venture with SmartCentres REIT (SRU-UN-T).

House prices in largest cities expected to drop: CMHC

Residential  •  Global News  •  Globe and Mail (Sub. required)  •  Canada Newswire

Canada Mortgage and Housing Corp. expects a drop in home prices in the country’s biggest cities amid “severe declines” in home sales and construction. CMHC says the market likely won’t see a return to pre-pandemic levels before the end of 2022.

CRE Matters › Right-size at the right time: Subleasing in light of COVID-19

Madeleine Nicholls: Managing Director, GTA, Colliers

Pearson airport planning for post-shutdown crowds

Commercial  •  Toronto Star

Robots that clean surfaces. Fogging that cleanses departure waiting areas. Touchless entry points. A spray that disinfects as you leave. Whether you’re coming or going, your experience at Toronto Pearson International Airport is about to change in response to COVID-19.

Two architecture firms to design Calgary’s arena

Commercial  •  Calgary Herald  •  CBC

Global design firm HOK and local company DIALOG will design Calgary’s new $550-million arena, the Calgary Municipal Land Corp. announced Wednesday. The new arena will be part of planned redevelopment that includes a $500-million expansion of the BMO Centre.

Retailers expect 45% of June-August 2019 revenue

Commercial  •  Globe Newswire  •  Toronto Star

Colliers Canada data shows that while retail tenants anticipate their revenue will rebound as the economy reopens, they’ll only reach 45% of last year’s June-to-August sales revenue. Also, half of office tenants said they expect a decrease in need for space.

Ottawa programs hurt retailers and stimulus: CQCD

Commercial  •  La Presse

Canada’s Emergency Aid for Commercial Rent (AUCLC) and the Canadian Emergency Benefit (ERP) are “a bunch of problems!,” says Quebec Retail Council director general Stéphane Drouin. Many retailers have just realized they will not be eligible for the AUCLC.

COVID-19 threatens MEC’s survival

Commercial  •  Financial Post (Sub. required)

In early June, three weeks before MEC’s annual general meeting and hours before tallying the votes for the new members of the co-op’s board, the organization announced it needed more time “dealing with the acute challenges stemming from COVID-19.”

Indigo to feel COVID-19 effect for a year

Commercial  •  Toronto Star  •  Globe and Mail (Sub. required)  •  Canada Newswire

Indigo Books & Music Inc. (IDG-T)  expects at least 10 to 12 months of a “damaging set of conditions” from the COVID-19 pandemic, said chief executive Heather Reisman, the day after the company reported a fourth-quarter loss of $171.3 million.

Two million global restaurants on brink of collapse

Commercial  •  Toronto Star  •  Les Affaires

With each week, more data emerges to show how the COVID-19 pandemic is permanently reshaping the restaurant industry. Hundreds have filed for bankruptcy over the last three months, according to consulting firm Aaron Allen & Associates, and the situation is worsening.

Kushner retail condo headed for foreclosure auction

Commercial  •  Commercial Observer

The massive retail condominium owned by Kushner Companies at 229 West 43rd St. in Midtown Manhattan is headed for a Uniform Commercial Code (UCC) foreclosure auction scheduled for June 30, according to an auction notice from JLL, which is marketing the sale.

Facebook may lease Neiman Marcus’ Hudson Yards flagship

Commercial  •  Bisnow  •  New York Post

Facebook is reportedly considering leasing space in the Hudson Yards mall where Neiman Marcus opened its first New York City location. The high-end retailer has 188,000 square feet at the Shops at Hudson Yards, but filed for bankruptcy last month.

Vornado/Trump office towers may come to market

Commercial  •  Yahoo Finance  •  CP Executive

Vornado Realty Trust (VNO-N) is exploring the potential sale of two office towers – in San Francisco and Manhattan – it co-owns with the Trump Organization, a deal that could be complicated by the president’s ownership and an uncertain U.S. CRE market.

B.C. addresses sudden spike in strata insurance

Residential  •  Globe and Mail  •  CBC  •  CTV

B.C. won’t cap skyrocketing insurance increases for strata condo corporations, but NDP ministers say they are introducing new measures intended to reduce risk and hidden costs they say should bring the price down eventually.

Amdev proposes second residential tower

Residential  •  Urban Toronto

A rezoning application submitted to the City of Toronto by Amdev Property in December 2019 that proposed a 35-storey residential tower in Etobicoke’s Six Points neighbourhood, has been updated to include a larger land assembly and a second 38-storey tower.

Madison proposes 28-storey condo in Homewood

Residential  •  Urban Toronto

Madison Group has assembled properties in the growing high-rise cluster around Bathurst and St Clair Avenue West in Toronto’s Humewood area. Madison Group proposes a 28-storey condominium on the rectangular site.

The Condo Store plans summer offensive

Residential  •  Globe and Mail (Sub. required)

COVID-19 has roiled real estate markets by slashing sales activity, scrambling resale and rental pricing and disrupting construction timelines, but for The Condo Store group of companies, 2020 could end up being one of the busiest years on record.