On 10th birthday, Street View tips hat to Canada

On 10th birthday, Street View tips hat to Canada

It’s been 10 years since Google first launched Street View for Google Maps, and as it turns out Canada has been an important country for implementing and testing the technology since nearly the beginning. Canada in September 2007 became the second country to go online with Toronto, Montreal, Vancouver, Ottawa, Calgary, Edmonton, Quebec City and Winnipeg.

Financial Post

Taking a peek at Calgary’s global architecture

Will BIG‘s Telus Sky and Snohetta’s new Central Library put Calgary on the map of world design cities? Sure, Calgary isn’t a Dubai, New York City, London or Singapore — but when it comes to being on the world map, it’s come a long way in the past 20 years. Global design has changed the face of Cowtown. 

CBC

Big deals propel Calgary CRE activity higher

Commercial real estate activity in Calgary, driven by the office market, was up in the first quarter of 2017. A report from Altus Group’s Data Solutions showed the number of deals increased by 32 per cent over the previous three-month period and the dollar value edged over the $1-billion mark for the second time in two years.

Property Biz Canada

Nobu Toronto execs unfazed by RE bubble

Executives behind the star-powered Nobu Toronto development, which includes 660 condominium suites, a hotel, and the first Nobu Restaurant in Canada, say they’re not concerned about a real estate bubble in the city. The Nobu brand grew from a New York restaurant into a stable of high-end eateries and hotels around the world.

Toronto Star – Globe and Mail – Canada Newswire

Ivanhoe, Callahan acquire Manhattan office building

Montreal-based Ivanhoé Cambridge and investment partner Callahan Capital Properties have acquired the 30-storey, 1.12 million-square-foot 85 Broad St. in New York City for approximately $650 million US, or about $580 per square foot, from a joint venture between MetLife Real Estate and Beacon Capital Partners. MetLife previously owned the tower before bringing on Beacon in a $175-million, 50/50 recapitalization in November 2014.

CoStar Group – Canada Newswire

Cineplex grapples with major market changes

Cineplex Inc. (CGX-T) is battling streaming services and other entertainment industry competition by stepping outside the cinema. The movie giant recently announced plans for two expansions in B.C. Its West Vancouver theatre, a 44,000-square-foot, 11-screen facility on Park Royal shopping centre’s south side that will include VIP cinemas, is expected to open in late 2018. 

Business In Vancouver

CaGBC launches ‘ambitious’ Zero Carbon Building Standard

The Canada Green Building Council has released the country’s first Zero Carbon Building Standard, and it’s a groundbreaking program. The CaGBC calls the standard, released Monday in Vancouver, “the next evolution of green building.” It’s the first program of its kind to make carbon reduction the key indicator for building performance.

Property Biz Canada

Fraser Valley industrial key to future jobs space

With the land crunch in Metro Vancouver, developers often look longingly across the Fraser River to the green fields of Surrey, Langley, Abbotsford and beyond for building sites. With some of the region’s most affordable housing, and land costs that make it economical for businesses needing large amounts of space, the region seems a field of dreams. 

Business In Vancouver

Co-working office options go upscale in Vancouver

A decade ago, Vancouver co-working spaces were in their infancy. A step up from coffee shops, some of which had taken steps to restrict the overuse of their premises by online workers, the city’s first co-working spaces offered workers two key perks, according to Dane Brown, general manager of WorkSpace on Water Street: “getting out of the house and seeing other humans.” 

Business In Vancouver

Wal-Mart explores blockchain for delivery drones

Walmart (WMT-N) has its eye on blockchain technology. The United States Patent and Trademark Office (USPTO) recently published a patent filed by the mega-retailer for a “delivery management system” that aims to improve upon last-mile shipping — the final stretch extending to consumers’ homes — by using robotics, sensors, and blockchains, also often referred to as distributed ledgers. 

Fortune – Fortune

Retailers seek opportunities amid digital revolution

Major retailers are racing to reinvent their businesses amid unprecedented digital change, resulting in everything from near “chaos” in staffing overhauls to fears of customers being one click away from switching to a rival. Retailers ranging from Canadian Tire Corp. Ltd. (CTC-T) to Best Buy Canada (BBY-N) and Lowe’s Canada (LOW-N) are looking for innovative ways to draw customers.  

Globe and Mail (Subscription required)

Granite REIT fires back in upcoming proxy battle

After two dissident shareholders filed an information circular – “For a best in class REIT we need a best in class board, seeking change at Granite REIT” – the company has filed a rejoinder. Granite (GRT.UN-T) said a letter was required to help unitholders “see through the dissidents’ disingenuous arguments” and to set the record straight.

Financial Post – Canada Newswire

Triple Five bringing retail-tainment to Miami

Call it retail-tainment. Just don’t call American Dream Miami a mall. Edmonton’s Triple Five Worldwide Group is proposing a massive six million-square-foot project in bustling South Florida that would dwarf any other shopping mecca in North America. The project would include an indoor ski slope, a water park, a submarine ride attraction and a skating rink.

Winnipeg Free Press – Bloomberg

Manhattan retail rents down 30% from 2014: CBRE

Net effective retail rents in Manhattan have fallen 20 to 30 per cent from their 2014 peak, according to a report from brokerage CBRE. The estimate accounts for concessions, which have been on the rise across Manhattan as landlords try to keep face rents up.

The Real Deal – GlobeSt.com

Amazon’s stock tops $1,000 for the first time

Amazon (AMZN-Q), the e-commerce giant that has changed how much of the world shops, has reached a new milestone. Its stock topped $1,000 US for the first time. That price puts Amazon’s market value at about $478 billion US, double that of rival Wal-Mart and more than 15 times the size of Target. Only four other U.S.-listed companies have shares trading above $1,000. 

Globe and Mail – Bloomberg – Winnipeg Free Press

Featured Column

Vancouver’s plan for False Creek Flats falls short

The False Creek Flats area of Vancouver is the last bastion of opportunity for creating a diverse mix of industrial and residential space in the heart of the city. Bordered by the burgeoning tech hub of Mount Pleasant and by the Downtown Eastside, it’s an underutilized, under-densified and run-down area of the city

Westcoast News

Market Trends and Research

Demand for new Toronto office space red hot: NKFD

In its Real Estate Market Research study, Newmark Knight Frank Devencore reported tenant demand for new office space in downtown Toronto remains very strong. The three new office developments to be delivered in 2017 – the 450,000-square-foot Globe and Mail Centre, the 900,000-square-foot EY Tower and the 800,000-square-foot One York Street – are already more than 95 per cent pre-leased.

Marketwired

Real Estate Companies

Private lenders feast on Home Capital scraps

The struggles of Home Capital Group (HCG-T) are pushing more borrowers toward less regulated mortgage providers, raising the risks for them and the wider property market. Lenders not supervised by Canada’s main financial regulator already account for around 15 per cent of new mortgages in Canada and Home Capital’s near-collapse has seen some inundated with more new business. 

Reuters – Canada Newswire – Canada Newswire – Financial Post

Mainstreet announces normal course issuer bid

Mainstreet Equity Corp. (MEQ-T) announced the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid to purchase outstanding common shares of the corporation on the open market in accordance with the rules of the TSX.  The corporation is authorized to purchase up to 479,437 shares under the normal course issuer bid. 

Canada Newswire

Second chance for Winnipeg Chinatown property

Winnipeg’s downtown development agency is taking another run at finding someone to purchase and redevelop a vacant property it owns at the north end of Princess Street in Chinatown. The new request for proposals is for the CentreVenture Development Corp. property on the southeast corner of Princess Street and Logan Avenue.

Winnipeg Free Press

REOC Financial Reports

Latest financial results:

* Firm Capital American Realty Partners Corp., (FCA.U-X),  Canada Newswire  

REIT Financial Reports

Latest financial results:

* European Commercial REIT, (ERE.UN-X), Marketwired   

* Nexus REIT, (NXR.UN-X), Canada Newswire 

Real Estate Investment Trusts

Slate Office completes acquisition of Commerce West

Slate Office REIT (SOT.UN-T) announced the closing of its previously announced acquisition of Commerce West, a suburban office complex, located at 401 – 405 The West Mall, in Etobicoke for an aggregate purchase price of $95 million ($231 per square foot). Commerce West is a 411,842-square-foot, class-A suburban office complex. The complex includes two mid-rise office towers connected through a commercial corridor.  

Marketwired

Slate Retail closes public offering

Slate Retail REIT (SRT.U-T), an owner and operator of U.S. grocery-anchored real estate, announced the closing of its previously announced public offering of 5,071,500 class-U units of the REIT at a price of $14.75 ($11 US) per unit for gross proceeds of approximately $74.8 million. 

Marketwired

U.S. REITs in an era of strong policy headwinds

The Trump administration is focused on accelerating U.S. economic growth through infrastructure spending and tax and regulatory reform that would benefit all types of commercial real estate. However, the policy details are uncertain, along with the White House’s ability to successfully navigate the political waters in Washington.

CP Executive

REITs to trigger demand for Indian office space

India is set to see its first REIT  listing in June. The CRE sector would not only grow manifold thanks to REITs, it would also streamline transactions in the sector which is largely unorganised at present, say realtors. Surendra Hiranandani, chairman of House of Hiranandani, said REITs could trigger demand for office space from logistics, manufacturing and consumer goods.

New Indian Express

Retail

Michael Kors to close up to 125 stores

Michael Kors Holdings Ltd (KORS-N) gave a bleak full-year forecast and said it would shut between 100 and 125 full-price retail stores in the next two years as the luxury fashion retailer struggles to turn around its brand. Shares of the company, which also swung to a fourth-quarter loss, fell more than six per cent to $34 in pre-market trading Wednesday. 

Reuters – GlobeSt.com

New Development

Downtown Victoria property attracts six developers

A prominent downtown Victoria property at Douglas and Humboldt streets has attracted interest from six potential developers. No details are being released regarding details in the expressions of interest, Rebecca Penz, city spokeswoman, said Monday. The property is next to a paved public open space adjacent to the historic Crystal Garden, and across from the Victoria Conference Centre.

Victoria Times Colonist

Infrastructure

IMF praises infrastructure bank plan

The International Monetary Fund is praising the Liberal government’s plans for a Canada Infrastructure Bank, but says Ottawa must do more to address public skepticism toward projects paid for through user fees. The IMF released its regular statement on the Canadian economy Wednesday, following an official staff visit to hear about Canada’s fiscal and monetary plans.

Globe and Mail – Winnipeg Free Press – Globe and Mail – Globe and Mail

Pension funds circling Canadian airports

Canadian pension funds still love airports, judging by the latest deal of the Public Sector Pension Investment Board. On Tuesday, PSP Investments said it purchased a 40 per cent interest in Aerostar Airport Holdings LLC, operator of the Luis Munoz Marin International Airport in San Juan, Puerto Rico.

Financial Post – Globe and Mail (Subscription required) – Canada Newswire

Technology

Why Target is investing in mattress startup Casper

Reports suggest Target (TGT-N) is investing $75 million in bedding startup Casper in order to help boost its e-commerce presence. Target earlier announced a partnership with Casper, making its products available on Target.com but could not make an outright acquisition of the mattress startup. E-commerce is a key focus area for Target.

Forbes

Other

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