WeWork leases seven floors of Bentall III tower

WeWork leases seven floors of Bentall III tower

A New York-based company is turning a big chunk of downtown Vancouver real estate into shared office space for tech startups and freelancers. WeWork announced Wednesday it’s taking over seven floors in the Bentall III tower in a bid to attract 1,500 people to what it refers to as a “community of creators.”

Vancouver Sun

Canada approved for China-led infrastructure bank

Canada has been approved to join a controversial new international infrastructure bank led by China. The Asian Infrastructure Investment Bank says Canada, among 13 applicants approved for membership, says Canada will officially join once it fulfils its domestic requirements and deposits a first instalment of capital. Wednesday, Canada earmarked $256 million over five years to join the bank.

Toronto Star – Globe and Mail – Bloomberg – Reuters

Ottawa eyes more private cash in infrastructure push

The federal government is ramping up plans to attract private-sector money to major infrastructure development while tightening the funding that new municipal projects are eligible for. After pledging to spend more than $180 billion on infrastructure building and refurbishment through new and existing programs, Ottawa revealed an update to its investment targets in the 2017 budget on Wednesday.

Globe and Mail – BNN – CBC

Title insurance pioneer Patrick Chetcuti retires

Patrick Chetcuti, who pioneered the introduction of title insurance in Canada, has retired as president of FCT. Chetcuti founded FCT in 1991 after running a real estate law practice in Hamilton for 20 years. The FCT group of companies is based in Oakville and has more than 800 employees across the country.

Property Biz Canada

Ad agency McCann Canada rebrands itself

The 13th floor didn’t exist, in name, in this building before. When the elevator doors open there, the first thing visitors see are bronze letters embedded in the floor reading: “Truth Well Told.” It’s an unconventional, but definitely memorable, first impression for clients and employees entering the new Toronto offices of McCann Canada.

Globe and Mail

Canadian REITs vulnerable in shift to digital retail

It seems equity investors are warming to retail problems, not just by beating down the retailers’ shares, but also by whacking the REITs who own the properties these retailers are increasingly vacating. The bulk of 42 retail-focused REITs on U.S. and Canadian exchanges are down year-to-date, with many shares posting declines in the double digits.

Globe and Mail (Subscription required)

Urban Land Institute tackles development gender gap

The Urban Land Institute Toronto District Council is leading the charge to address the gender gap in the male-dominated property development industry. The Toronto council is in its fourth year of involvement with the Women’s Leadership Initiative, a campaign supported by Urban Land Institute councils across North America.

Property Biz Canada

White Rock beachfront merchants open for business

A group of White Rock’s beachfront merchants met recently with local commercial organizations to come up with ways to boost business along the seaside drive amid claims of tough times at the seaside destination. The slogan “The Drive is Alive” emerged from the meeting, said Ernie Klassan, White Rock BIA president, and owner of Ashberry and Logan floral designers.

Vancouver Sun

The beautiful journey of architect Jan Albarda

Jan Horatius Albarda, born in The Hague in 1910, trained as an architect-engineer at Technische Hogeschool Delft (now TU Delft), participated in a student rebellion, worked under a leader of the Modernist movement, designed approximately two dozen buildings in his native Holland and then moved to Canada.

Globe and Mail – Daily Commercial News

Hong Kong world’s priciest office market: CBRE

Three Manhattan submarkets in New York City are among the top 20 most expensive office rent markets in the United States in a new Global Prime Office Rents survey from CBRE Group. The survey named Hong Kong as the world’s highest-priced office market.

CP Executive – The Real Deal

New Global capital targeting CRE in decline: C&W

The amount of new capital available for global real estate investment in 2017 stands at $435 billion, lower than last year’s peak but the second-highest figure recorded since 2009. According to C&W China’s Great Wall of Money report, the total amount of funds raised for investing in real estate has fallen by 2% compared with 2016, the first drop since 2011.

CoStar Group

Payless reportedly filing for bankruptcy

Struggling discount shoe chain Payless Inc., is preparing to file for bankruptcy as soon as next week, according to sources. The company is initially planning to close 400 to 500 stores as it reorganizes operations. Payless had originally looked to shutter as many as 1,000 locations.

Bloomberg – Winnipeg Free Press

Jean Machine acquired by owner of Bootlegger, Ricki’s

Jean Machine has been acquired by the owner of retail chains including Bootlegger and Urban Barn. The denim retailer, which has 30 stores in Ontario, filed a notice of intention to make a proposal to creditors in January, owing secured lenders $6.3 million. It has been bought by Pacific West Commercial Corp.

Financial Post

An era ends for Starbucks and Howard Schultz

On April 2, 63-year-old CEO Howard Schultz is again stepping down from the helm of the company he built into a global empire. The first time he left, an overexpanding Starbucks (SBUX-Q) crashed into a sharp recession, and he returned to put the company back on the rails. This time, he leaves the CEO position as questions again loom. 

Seattle Times – Business Insider – Winnipeg Free Press – Chain Store Age

The Trans-Canada Highway: Canada’s main street

Almost 70 years after it was first conceived, the Trans-Canada Highway remains a historically significant engineering and construction achievement. At 8,030 kilometres in length, it’s one of the five longest highways on earth, stretching from Victoria to St. John’s. In typical Canadian fashion, the country seems to have downplayed the achievement.

Daily Commercial News

Featured Column

The need to make tax rebates for vacancies fairer for everyone

There is a perception among some municipal officials that commercial property owners, by and large, would rather have a tax rebate than a paying tenant.

Read more

Real Estate Companies

Trumps plot major hotel expansion

The Trump family is launching a new hotel chain in a bold expansion of a company critics say is already too big and opaque for an enterprise whose owner sits in the Oval Office. The chain, called Scion, will feature the first Trump-run hotels not to bear the family’s gilded name.

Winnipeg Free Press – NBC – MarketWatch

Ontario announces funding to aid greenhouses

Ontario’s government has announced a $19 million investment to help keep the province’s greenhouses competitive. Provincial Minister of Agriculture Jeff Leal made the announcement Thursday afternoon in Bowmanville. The money will help greenhouses expand and creating more jobs.

CBC

Real Estate Investment Trusts

Blackstone REIT stocks up on Blackstone affiliates

Blackstone Real Estate Income Trust, the new, non-traded REIT launched by the investment firm that broke escrow two months ago, is taking advantage of its access to the private equity giant’s institutional real estate investment platform. The REIT’s three latest acquisition involve other Blackstone (BX-N) affiliates. 

CoStar Group – CP Executive

Dream Office an income stock under construction

Dream Office REIT (D.UN-T) is one of my favourite companies primarily because it continues to trade at a discount to its total assets. And while the company remains an appealing pick for me, one theme which has popped up repeatedly in the most recent earnings call. 

Motley Fool

InterRent upgraded to buy on earnings growth

InterRent REIT (IIP.UN-T) was upgraded to buy from hold at TD Securities due partly to its best-in-class earnings growth outlook. Analyst Jonathan Kelcher, who also raised his target price on shares of the apartment owner in Ontario and Quebec to $9 from $8.50, is forecasting average adjusted funds from operations per unit growth of 11.6 per cent for InterRent. 

Financial Post – Property Biz Canada

Legal Corner

Groupe Pacific suing City of Montreal

In its $46-million lawsuit against the City of Montreal, real-estate developer Groupe Pacific charged Thursday the city used high infrastructure costs as an excuse to block construction of its 1,600-unit project and save the Meadowbrook golf course as green space. The city engaged in “disguised expropriation” to preserve the Lachine portion of the golf course, lawyer Martin Bernard said.

Montreal Gazette

Retail

British retail sales suffer biggest squeeze in nearly seven years

British retail sales shrank at the fastest rate in nearly seven years during the past three months, despite a pickup in February, adding to signs a major driver of Britain’s economy is faltering after last year’s Brexit vote. Major clothing retailer Next said it was “extremely cautious” about its prospects.

Reuters

New Development

Calgary Poplar Centre project ready to rise

Kelowna-based RISE Commercial Developments plans to build a retail/health and wellness complex at Macleod Trail and 53rd Avenue S.W. Norr Architects was hired to design Poplar Centre, a three-storey, 71,000-square-foot building on the site north of Chinook Centre. RISE is headed by Dr. Greg Appelt, who besides operating a practice in Kelowna is also a born entrepreneur.

Calgary Herald

New Ottawa Hospital site faces major cleanup

It will cost at least $11.1 million — and potentially more — to clean up contamination on the former Sir John Carling Building site before a new Ottawa Hospital can be built there. Public Services and Procurement Canada released a map of the land they plan to transfer for the new hospital.

Ottawa Business Journal

Mixed-use development coming to small B.C. community

The first new building lots in a 1,830-acre mixed-use planned community in the small bedroom community of Lantzville, B.C., are being marketed for sale this spring. The Foothills project, which will include 730 homes, a mixed-use village and a 900-acre park, is expected to be built out over 10 to 15 years. The developer is Lone Tree Properties Ltd. of Nanaimo.

Victoria Times Colonist

Renovation and Restoration

Iconic Edmonton planetarium historic resource

One of Edmonton’s most futuristic buildings has been protected for its historic value. City council on Tuesday approved the designation of the Queen Elizabeth II Planetarium as a municipal historic resource. The domed structure “is distinguished as an early example of Modern Expressionistic style in Canada,” the city said in a news release Wednesday.

CBC – Global News – CBC

Infrastructure

Ottawa commits funding for TransLink

The federal government committed approximately $2.2 billion in its 2017-18 budget to TransLink projects in Metro Vancouver, according to TransLink Mayors’ Council executive director Mike Buda, who was in the budget lockup in Ottawa. The budget text said “the government will invest $20.1 billion over 11 years through bilateral agreements with provinces and territories. . . “

Business In Vancouver – CBC

Edmonton LRT plans on track

The budget, which projects a $28.5-billion deficit in 2017-18, includes $20.1 billion over 11 years for public transit infrastructure across Canada. While Federal Infrastructure Minister Amarjeet Sohi wouldn’t estimate how much this will mean for Edmonton until detailed calculations have been completed, he told reporters it will be “significantly more” than the $496 million suggested by one interviewer.

Edmonton Journal

Ontario experts expect infrastructure growing pains

As Ontario rolls out its massive infrastructure development program, growing pains will be inevitable as owners, developers and other stakeholders tread on new ground. Infrastructure Ontario president/CEO Ehren Cory said that with larger infrastructure projects on tap the biggest issue is securing project management teams.

Daily Commercial News

Sustainability

Clean tech companies happy with Ottawa’s funding boost

The government of Canada will play the role of venture capitalist and booster to clean technology companies with billions of dollars in funding and outright share purchases budgeted over the next several years. Finance Minister Bill Morneau tabled the Liberal government’s budget Wednesday and listed “clean technology” and “clean resources” as two of six “economic sectors where Canada will lead the way.”

Ottawa Citizen

Technology

Ottawa’s Contextere takes on urban jungle

Don’t count Gabe Batstone among those who believe automation is the enemy of the blue-collar worker. The co-founder of Contextere, a new startup based at Invest Ottawa, says the oft-repeated claim technologies such as robotics and the myriad of devices connected to the Internet are going to make human labour obsolete is a misconception.

Ottawa Business Journal

Montreal to receive AI funding from Ottawa

A new artificial intelligence institute, funds for research to retain professors and a stimulating environment to attract students: this is essentially what Montreal will be able to do for its share of the 125 million announced for artificial intelligence by the Trudeau government on Wednesday. 

La Presse – Calgary Herald

Amazon to buy Middle Eastern online retailer: Sources

Amazon.com Inc (AMZN-Q) has agreed in principle to buy Dubai-based internet retailer Souq.com, one of the best-known names in the Middle East’s online shopping market, sources said Wednesday. Souq.com lays claim to being the largest e-commerce site in the Arab world.  

Reuters

Online car-buying startups emerge as dealer aids

The auto dealer looked like a ripe target for disruption when retailing moved online. However, after watching predecessors like TrueCar Inc. and Ford Motor Co. stumble in their attempts to bring more Amazon-like e-commerce to car shopping, a new wave of auto finance upstarts such as AutoFi has emerged.

Bloomberg

Other

How old are Montreal’s buildings?

INTERACTIVE: Montreal is celebrating its 375th anniversary, but very few vestiges of its early history remain. The number of standing structures from the time of Paul Chomedey de Maisonneuve and Jeanne Mance can be counted on two hands. 

CBC

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