Paragon poised to put Parq mark on BC Place

Paragon poised to put Parq mark on BC Place

Despite a scheduled fall opening, Paragon Development’s $640-million Parq Vancouver urban-resort development at BC Place remains more of a construction site than completed project. The project’s hotel partner, Mariott International Hotels (MAR-Q), has already started booking conference business for Parq’s hotels and conference centre, but Paragon CEO Scott Menke seemed unfazed during a recent tour. 

Vancouver Sun

Sandpiper – Vancouver’s triumphant proxy warrior

When a Canadian public company becomes the target of a proxy battle, it is usually a New York hedge fund or private equity firm leading the charge. But when Toronto’s Granite REIT (GRT.UN-T) was forced to shake up its board of directors recently, Vancouver’s Sandpiper Group was one of the activist shareholders behind the effort. 

Business In Vancouver

Chard Development rides Victoria’s economic wave

Victoria’s property development market over the last 15 years has experienced major swings. The economic tap tends to be either on, or it’s off. “The tap definitely feels on right now,” said David Chard, the president and CEO of Chard Development. The Vancouver-based development firm is currently surfing an economic wave in Victoria.

Property Biz Canada

B of C raises interest rate for first time in seven years

The Bank of Canada has raised its key interest rate as expected to 0.75 per cent — the central bank’s first move upward in the cost of borrowing in seven years. The bank’s target for the overnight rate moved up by one-quarter of a percentage point from 0.50 per cent.

CBC – Globe and Mail – Globe and Mail – Financial Post

Couche-Tard steps up Canadian invasion with another U.S. deal

A Laval-based company is trying to corner the corner-store market in the U.S. Alimentation Couche-Tard Inc. (ATD.B-T), the owner of Circle K stores in the U.S., is poised to expand its footprint to 48 U.S. states with the acquisition of closely held Holiday, a deal announced Monday. The transaction is valued by analysts at $1.5 billion to $2 billion.

Bloomberg – Winnipeg Free Press – Canada Newswire

TO’s TD Centre undergoing major facelift

Dora Yeoh runs her hand across a large granite desk in one of the six towers that make up the Toronto-Dominion Centre in the heart of Toronto’s financial district. As senior manager of tenant projects for Cadillac Fairview, Yeoh is overseeing a $250-million revitalization of the iconic cluster of skyscrapers 50 years after the first building was constructed.

CBC

Office development scarce along TO’s new LRT route

The tunnel-boring machines have passed beneath a midtown Toronto strip, with stations now to be built and tracks to be laid for the $5.3-billion Eglinton Crosstown light-rail transit line, slated to open in 2021. On the surface, at least, development has boomed as expected. But the boom includes almost no new office space.

Globe and Mail

A glimmer of optimism in Calgary’s office-space glut

The research arm of Jones Lang LaSalle Inc. believes the worst is over for Calgary CRE. Because of the high vacancy rate and a time lag between higher oil prices and changes in office rent, downturn commercial space will take longer to absorb, but there appear to be changes emerging in the local economy that point to improvements.

Globe and Mail (Subscription required)

BOMA to offer Fitwel certification in Canada

Commercial buildings in Canada will likely soon have healthier workforces, thanks to a strategic partnership between BOMA Canada’s BOMA Best certification program and the new Fitwel health-promoting building certification. Launched in February by the U.S.-based Center for Active Design, the Fitwel certification measures a number of evidence-based criteria in buildings to rate their effectiveness in promoting health.  

Sustainable Biz

Bosa celebrates Fairmont Empress Hotel renovation

When Nat Bosa paid $48 million for the Fairmont Empress hotel three years ago, he figured renos would come in at $30 million or so. The tab to completely refresh the 109-year-old property was double that, but it was worth it to Bosa. “I did not buy a hotel,” Bosa said. “I bought a national treasure and it belongs to everybody.”

Victoria Times Colonist

Home Capital names mortgage industry veteran new CEO

Troubled mortgage lender Home Capital Group Inc. (HCG-T) has chosen Yousry Bissada, a 57-year-old executive with experience in the mortgage industry, as its chief executive officer. Since 2011, Bissada has been CEO of Kanetix Ltd., a firm that sources insurance quotes and helps financial services firms with digital tools. He has also led a software provider to the mortgage industry. 

Globe and Mail – Financial Post – CTV

Canada’s rich diversity reflected in architecture

The diversity of Canada has been reflected in our architecture for longer than we’ve been a country. From the colourful homes of Newfoundland to the charming, historic French architecture throughout Quebec, from the earthy low lines of buildings outlined in the prairie sunset to the glass-clad skyscrapers in Vancouver reflecting coastal waters, Canada boasts diversity from coast to coast.

Globe and Mail

Canada’s most iconic buildings throughout the decades

Canada has designed, built and maintained some of the most stunning architecture in the world. From spaces where our government guides this great nation to skyscrapers that mark our major city’s skylines, Canada is home to some remarkable structures. We at Colliers decided to escort you through an architectural timeline of 150 years of Canada.

Colliers Canada Media Release – Daily Commercial News – Daily Commercial News

What happened when Walmart left West Virginia county

When Walmart left town, it didn’t linger over the goodbyes. It slashed the prices on all its products, stripped the shelves bare, and vanished, leaving behind only the ghostly shadow of its famous brand name on the front wall of a deserted shell. The departure from McDowell County was so quick telltale signs remain of the getaway.

The Guardian

U.S. office market rebounds in second quarter

Tenants within the U.S. office sector became a bit cautious during the winter, but leasing activity rebounded strongly in the second quarter, according to a new report from Cushman & Wakefield. Net occupancy grew, and nationally, landlords were able to push up rents to a new high. Furthermore, developers have ramped up construction.

GlobeSt.com

Featured Column

Regina’s office development policy would fail in Saskatoon, too

I had the pleasure of moderating the office panel at the Saskatchewan Real Estate forum in April. One of the topics that seemed to “gather legs” during our discussion was Regina’s current office development policy, as it relates to Saskatoon’s proposed office development bylaw.

Read more

Market Trends and Research

Q2 CRE leased space falls in GTA: TREB

Toronto Real Estate Board Commercial Network members reported more than 6.5 million square feet of industrial, commercial/retail and office space leased in Q2 2017. This result represented a 10.7 per cent dip in comparison to more than 7.3 million square feet reported leased in Q2 2016. Approximately three quarters of total space leased was accounted for by the industrial market segment.

GLOBE NEWSWIRE

Legal Corner

Sellers launch suit over B.C. land deal

A group of former property owners who sold a land assembly near the Langara Golf Course in December 2016 are suing the purported buyers of the lands, the real estate firm and the agent who brokered the deal over an alleged “secret agreement” that saw the properties flipped for a $1.6 million profit.

Business In Vancouver

Retail

Pressure mounts on HBC as shareholders back activist push

Several Hudson’s Bay Co (HBC-T) shareholders are backing an activist’s call to unlock value in the retailer’s estimated $10 billion-plus real estate portfolio, piling pressure on the company. Activist investor Jonathan Litt and his company Land & Buildings, who has a 4.3 per cent stake in HBC, called the Saks Fifth Avenue owner “a real estate company, full stop.” 

Reuters

Jean Coutu expects drug makers to settle price spat with Quebec

Pharmacy chain Jean Coutu Group (PJC.A-T) says it expects generic-drug manufacturers to reach a negotiated settlement with the Quebec government that will avoid tendering in what could be a blueprint for a pan-Canadian solution to lower drug prices. The company was forced on the defensive at its annual meeting by investors concerned about its growth prospects.

Globe and Mail

U.K. retail has biggest June sales rise in six years: Survey

British shops enjoyed their biggest rise in June sales in six years helped by warm weather and weak numbers in the same month last year. Britain’s economy has slowed as the rise in inflation since last year’s Brexit vote and modest pay growth have hurt consumer spending. Recent surveys have shown a sharp drop in consumer confidence.

Reuters

Architecture to shape the future of shopping

At a glance, many of the latest retail trends strike me as incongruous. Retail demand continues to grow, but retailers are falling short of sales goals and closing stores at an alarming rate. In 2017, Macy’s will close 68 of its 750 U.S. locations, Kmart/Sears will close 150 stores and JCPenney plans to close 140 locations. 

Building Design & Construction – Building Design & Construction; Part II

Restaurants and Eateries

Tims operators worry chain losing its Canadian culture

Tim Hortons coffee and doughnuts are about as closely linked with the Canadian identity as hockey and universal health care, but the institution is under attack. That’s the view of many of the chain’s franchisees, who are chafing under the corporate ownership of Restaurant Brands International Inc. (QSR-T), which also runs Burger King and Popeyes Louisiana Kitchen. 

Bloomberg – Financial Post

New Development

Ottawa planning committee OKs mixed-use tower

Kitchissippi Coun. Jeff Leiper couldn’t convince the planning committee Tuesday to reduce the height of a proposed Ottawa tower by chopping off the top five storeys. The owner of Kristy’s Restaurant was seeking the committee’s permission to build a 24-storey mixed-use complex. The initial proposal envisioned a pair of 16-storey towers.

Ottawa Citizen – Ottawa Citizen

Technology

Technology will transform CRE transactions

Moving forward, much of real estate technology will be focused on allowing more control and transparency in transactions for buyers, sellers and brokers, Steve Jacobs, general manager of the commercial real estate division of Ten-X, says. The firm recently released Offer Select 2.0, an enhanced version of its Offer Select technology launched in 2016.

GlobeSt.com

TO, Van. Trump hotels among 14 properties hacked

A security breach has compromised payment card and other information for those who made reservations at 14 Trump Hotel locations, including those in Toronto and Vancouver, over more than half a year. A notice posted on the Trump Hotels website says the breach affected the systems of Sabre Hospitality Solutions, which provides booking services.

National Post – Toronto Star

High-speed internet coming to 10 Manitoba FN

Ten Manitoba First Nations will get high-speed internet connections for the first time by 2019. The $305-million Connecting Canadians program was first announced by Stephen Harper’s federal government in July 2014, committing to boosting internet speeds in communities across the country by 2019.

CBC – Winnipeg Free Press

Other

	RENX has surpassed 10,015 Twitter followers
	Recent follower Spire Development Corp. is a fully-integrated real estate company offering services for office, retail, industrial projects.
	Follow RENXca, the most comprehensive news feed on Twitter for Canadian real estate professionals.