Halifax office vacancies plague downtown

Halifax office vacancies plague downtown

The office vacancy rate in Halifax increased to 15.8 per cent last year, prompting one real estate consultant to declare the commercial sector in the city’s downtown is on its death bed. “I think the downtown is pretty well finished as the commercial centre,” said Mike Turner, president of Turner Drake and Partners Ltd.

CBC News – Metro News – Global News

Port Metro Vancouver covets Richmond land

A feud is brewing between Port Metro Vancouver and the Mayor of Richmond over a large parcel of land in the city, which has been used for farming in recent years. The port has expressed interest in developing the land for industrial uses. In 2009, the port bought a 100-hectare parcel of land in Richmond just south of Vancouver.

CBC News – Vancouver Province

Colliers looking to double Quebec CRE services

Colliers International Group Inc. kicked off the new year with the purchase of independent commercial real estate services and landlord representation firm Le Groupe Immobilier de Montréal (GIDM), adding a new capability and service offering in Quebec. Colliers believes it can quickly grow the client base of the Montreal-based company by plugging it into its national services platform.

Property Biz Canada

Vancouver gas station assessments soaring

Drivers filling up at the Esso gas station at Burrard and Davie in Vancouver’s West End were standing on a prime piece of commercial real estate. The lot is worth $33.2 million, according to latest figures from BC Assessment, almost five times its value a decade ago. The Chevron station on West Georgia Street at Bidwell Street is valued at $10 million.

Vancouver Sun

Oiler fans get sneak peek at Rogers Place

Mustaches frozen and steam billowing with each breath, more than 1,000 fans waited patiently to get their first look at Edmonton’s downtown hockey arena. Wearing mittens and balaclavas and Oilers jerseys and ski jackets, they laughed in the face of winter, and even danced in line at one point as they stood outside Rogers Place in Saturday’s -30 C temperatures.

Globe and Mail – Edmonton Journal

Taking a look at Ottawa’s new Lansdowne

Game days are the best time to see Lansdowne Park as its most enthusiastic cheerleaders want it to be seen — a buzzing hive of activity where thousands of Ottawa RedBlacks fans converge, packing the bars and restaurants to scarf down burgers and beer before taking their seats in TD Place stadium.

Ottawa Citizen – Ottawa Citizen

Coast Capital Savings anchors Surrey transit hub

The recent opening of Coast Capital Savings’ “Help Headquarters” completes the first phase of The HUB at King George Station development and marks the next step in the impressive evolution of Surrey, B.C. “Surrey is a really exciting place with a growing, young and educated population, with the Surrey city centre anchoring it at this transit hub,” said PCI Developments‘ Tim Grant.

Property Biz Canada

Spending money on infrastructure no panacea

The economy seems under intense pressure at the beginning of 2016. In response, the government is “actively considering” speeding up planned infrastructure and other spending to “stimulate” Canada’s economy today. Some are even calling on the government to do more than speed up such spending, but to increase it — dramatically. Does this make any sense?

Maclean’s – Toronto Star – Financial Post

Calgary CRE struggles to continue: Morguard

Recent struggles in Calgary’s commercial property market will continue through much of 2016, despite a stabilizing trend in the regional economy, says the 2016 Canadian Economic Outlook and Market Fundamentals report released Monday by Morguard Corporation (MRC-T). It said the continued oil slump and new supply completions will erode office sector rental market fundamentals.

Calgary Herald – Canada Newswire – Canada Newswire – Canada Newswire

Holloway Lodging unveils renovated hotels

Holloway Lodging Corporation (HLC-T) announced it has fully re-opened the DoubleTree by Hilton in London, Ont., and the Holiday Inn Ottawa East in Ottawa following extensive renovations. Holloway is a real estate corporation focused on acquiring, owning and operating select and limited service lodging properties and a small complement of full service hotels.

Canada Newswire

Canada’s next top architect

At just 36, Halifax-based Omar Gandhi has already built an extensive portfolio of structures that capture the spirit of their East Coast surroundings through tactile spaces and striking forms. As he prepares to open an office in Toronto – and headline a talk at the Interior Design Show – Danny Sinopoli profiles one of Canada’s most exciting emerging designers.

Globe and Mail

With spin-offs out, what are U.S. REIT options?

Recent guidance from the IRS and the passage of the Protecting Americans from Tax Hikes Act of 2015 may make future REIT spin-offs less likely but are unlikely to derail REIT plans already on track, Fitch Ratings said Thursday in its special report on “the state of REITization in the U.S.”

Globest.com – Globest.com

Target tried to exploit insolvency laws: Court

Target Canada tried to use Canadian insolvency laws to help its U.S. parent sidestep its obligation to cover losses landlords will potentially incur as a result of the retailer’s collapse, the Ontario Superior Court has ruled. In throwing out Target’s proposed recovery plan for creditors, Justice Geoffrey Morawetz said Friday the plan contravenes court orders.

Globe and Mail

U.S. retailers suffer worst year since 2009

Sales at U.S. retailers declined in December to wrap the weakest year since 2009, raising concern about the momentum in consumer spending heading into 2016. The 0.1 per cent drop matched the median forecast of 84 economists surveyed by Bloomberg and followed a 0.4 per cent gain in November, Department of Commerce figures showed in Washington.

Bloomberg – Reuters

China to become largest market: Starbucks

Starbucks Corp. (SBUX-Q) said it expects China to eventually overtake the U.S. as the coffee chain’s largest market. The Seattle company said it is on track to open 500 stores in China this year. It expects to have a total of 3,400 stores in China by 2019. Starbucks currently has 2,000 stores in China, making it the company’s second-largest market.

Globe and Mail – Toronto Star – Bloomberg

Featured Column

Conference Board may be overly optimistic

Traditionally, the general economic activity affecting Saskatchewan’s commercial real estate industry is impacted by three main outputs: agriculture, energy and potash. The Conference Board of Canada has forecast two per cent GDP growth in 2016.

Read more

Boomer brains for breakfast!

What do 1,000 baby boomers, a dozen industry leaders, architectural giants Perkins +Will, and yours truly have in common? We’ve all been thinking about Baby Boomers moving to Multi-Family Homes and will be presenting at the UDI Pacific breakfast in Vancouver on Feb. 3.

Read more

Market Trends and Research

U.S. life cos.’ mortgage returns rebound

Returns on commercial mortgage loans held by life insurance companies made a strong recovery in the third quarter of 2015, LifeComps said Friday. The LifeComps Commercial Mortgage Loan Index posted a 1.62 per cent total return in Q3, rebounding from Q2’s negative 1.23% performance. The LifeComps index currently encompasses 4,500 loans with an aggregate principal balance of $103.7 billion.

Globest.com

REOC Financial Reports

	REITs & REOCs – Third-quarter 2015 report
	RENX has prepared a table with a convenient list of the companies and a summary of links to their reports that will be updated quarterly. Fourth-quarter results will be available at the end of January, 2016. Canadian REITs & REOCs – Third-quarter 2015 report

 

Real Estate Investment Trusts

Cedar Realty continues to exit secondary markets

President/CEO Bruce Schanzer said Cedar Realty Trust, Inc. (CDR-N) continues to exit lower-density secondary markets by divesting assets and using proceeds from the sales to fund acquisitions in high-density, closer-in markets. The company is in the process of purchasing two grocery-anchored shopping centres in Washington, D.C., for a total cost of $60 million.

REIT.com

Gaming companies ‘not well-suited’ for REITs: Fitch

Fitch Ratings Service tossed some cold water on plans by several casino companies to separate their properties in REITs. The New York-based bond rating service, in a report to investors Thursday, warned the financial returns might not be as lucrative as once expected. Inherent conflict can surface between the separate business interests of the divided companies.

Las Vegas Review-Journal

Retail

Loblaws City Market coming to Calgary

Grocery giant Loblaw (L-T) will open its new Loblaws City Market concept in Calgary on Jan. 29 — its fourth store in the country and first in Alberta. The 43,000-square-foot store is based on the design of the Loblaws at Toronto’s Maple Leaf Gardens, which is a full grocery store with a distinctive layout.

Calgary Herald

Best Buy Canada sales slump

Best Buy Canada (BBY-N) will see a dramatic reduction in fourth-quarter revenue after a tepid holiday sales season and the fallout from shuttering the Future Shop chain last year, its parent company said Thursday. In a holiday report that released nine weeks’ worth of results, Minneapolis-based Best Buy Co. said international revenue declined 26 per cent to US$911 million.

Financial Post – Bloomberg – Business In Vancouver

Restaurants and Eateries

Domino’s Pizza opens 400th Canadian store

Today, nearly 33 years after opening its first store in Winnipeg, Domino’s Pizza will open the doors to its 400th Canadian store. The original Winnipeg store marked the brand’s foray into international growth and, fittingly enough, the 400th store will also be located in the Manitoba capital. Currently Domino’s has stores in every province and two of three territories. 

Canada Newswire

Carl’s Jr. shutters Toronto stores

U.S. burger chain Carl’s Jr. closed both of its Toronto locations Thursday afternoon to the dismay of fans craving Thickburgers and milkshakes. According to Newstalk 1010 reports, contractual problems between Carl’s Jr. and franchisee 6 Points Food Services led to the shutdown. The Carl’s Jr. locations in Waterloo and Guelph remain open.

Toronto Star

Association News

Real Estate Forums 2016 – Winter / Spring Program
Quebec Investment Apartment Conference	Montreal	February 9, 2016
RealCapital	Toronto	February 23, 2016
Vancouver Real Estate Forum	Vancouver	March 30, 2016
Montreal Real Estate Forum	Montreal	April 5, 2016
Quebec City Real Estate Forum	Quebec City	April 27, 2016
Land and Development	Toronto	May 10, 2016
Edmonton Real Estate Forum	Edmonton	May 12, 2016
Winnipeg Real Estate Forum	Winnipeg	May 17, 2016
Calgary Real Estate Strategy and Leasing Conference	Calgary	June 2, 2016

 

New Development

Carleton U breaks ground on health sciences hub

Ottawa’s Carleton University has broken ground on a new $52-million facility designed to foster interdisciplinary collaboration between the neuroscience and health science programs. Designed by Montgomery Sisam Architects Inc. and NXL Architects Inc., the seven-storey, 120,000-square-foot Health Sciences Building is being constructed by R.E. Hein Construction Ltd.

Daily Commercial News

U of Saskatchewan seeking mixed-use developer

The University of Saskatchewan is seeking a developer to build part of its proposed College Quarter complex, and hopes to have a suitable candidate chosen by the third quarter of 2016. A request for qualifications to develop a mixed-use village covering three blocks will go out early this year, followed by a request for proposals.

Saskatoon StarPhoenix

Renovation and Restoration

Victoria Chinatown project receives council go-ahead

Conversion of a group of historic Chinatown buildings, connected by private interior passageways and courtyards, into entry-level condominiums has taken another step forward. Victoria councillors on Thursday approved heritage-related permits for the Lee Cheong Alley building and the Lum Sam Courtyard building, both owned by local developer Chris Le Fevre.

Victoria Times Colonist

Downtown Winnipeg HBC development at standoff

How much is the downtown Winnipeg Hudson’s Bay (HBC-T) store worth? Of all the questions surrounding the future of the historic building, this is probably the only one that matters. For the issue of value — and the ability of all interested parties to come to a fair assessment of value — that will ultimately determine its fate.

Winnipeg Free Press

Technology

Technology changing hotel scene

Amaury Piedra, general manager of Shelborne Wyndham Grand South Beach, has some strong opinions about South Florida’s travel and hospitality industry – and how green approaches and technology could give some properties a competitive advantage. GlobeSt.com caught up with Piedra to discuss those themes in Part 1 of this exclusive interview.

Globest.com

Other

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