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Concerns rise about office leasing rates: Altus survey
Concerns rise about office leasing rates: Altus survey
Canadian CRE owners have lots of pain points these days as the pandemic continues, but an Altus Group survey indicates increasing concern about office leasing rates. “Landlords are worried about near-term lease rollover,” said Colin Johnston of Altus Group.
Choice takes Q2 loss, but ‘encouraged’ by recovery
Management at Choice Properties REIT (CHP-UN-T) is “encouraged” by recent signs that business continues to rebound from the COVID-19 pandemic, even as the trust has pared the fair value assessments of its assets by almost $380 million so far during 2020.
Loblaw profits plunge despite revenue surge
• Global News • Globe and Mail • Canada Newswire
Loblaw Companies Ltd. (L-T) says its profits have declined in recent months, as an unprecedented surge in grocery revenue during the COVID-19 pandemic has been dragged down by added costs.
‘Travel has changed forever’: Airbnb CEO
Airbnb CEO Brian Chesky says COVID-19 has permanently altered travel preferences across the globe in ways that will shape the hospitality industry going forward. “The world of travel as we knew it in January is never coming back,” says Chesky.
Hotels could pivot to multifamily rentals: Altus
A dramatic plunge in hotel revenue due to COVID-19 and a subsequent demand for subsidized housing have opened a window of opportunity for some hotels to convert to multifamily rentals, according to Altus Group analyst Qaiser Mian.
B.C. Hotel Association calls for tax deferment
Ingrid Jarrett, president and CEO of the British Columbia Hotel Association, said she’s preparing a property tax proposal to present to the province and municipalities on behalf of its 834 members who have virtually no revenue expected this summer.
Terminated condo buyers demand to see details
Purchasers of the Clover condos on Yonge Street are fighting for the right to see a cost consultant’s report Concord Pacific is relying on to justify terminating their purchase contracts so the condos can be resold at a higher price.
Mtl. office towers will be slow to fill: Poll
Only 13 per cent of Montreal employers envision all staffers returning to downtown office towers in September, according to a poll released Wednesday by the Chamber of Commerce of Metropolitan Montreal. One-quarter of respondents are targeting full attendance by January.
Microsoft sets up Xbox studio in downtown Mtl.
Compulsion Games, the Montreal studio of Xbox Game Studios is expanding and will move later this year to 1100 Atwater, the former Royal Bank data centre and now a new building of 175,000 square feet of office space designed by Kevric company.
London gets world’s largest cricket-processing plant
• CBC • CTV • Global News
Aspire Food Group, a global industry leader in the production of edible insects, has purchased 12 acres of land in London, Ont.’s Innovation Park to build a 100,000-square-foot plant that will bring bugs, as food, to the North American market.
Lethbridge man found guilty of defrauding investors
A Lethbridge man who raised millions of dollars from investors in multiple real estate companies has been found guilty of fraud. Ronald James Aitkens raised more than $35 million from 1,400 individual investors for the Legacy Communities investment opportunity from 2005-’07.
Major projects rise in Saskatoon
• Saskatoon StarPhoenix • Global News
PHOTO GALLERY: After decades with little private construction in and around Saskatoon’s downtown, steel and glass towers have been proposed — and some are being built. Following is an overview of every major building rising around the downtown area:
Major American cities more affordable: Study
• Globe Newswire • Financial Post
Housing in Canada’s biggest cities became less affordable over a recent 10-year period, while housing actually became more affordable in many growing U.S. cities, says the Fraser Institute study Changes in the Affordability of Housing in Canadian and American Cities, 2006–2016.
More than 25 large U.S. firms to reduce office space
• Reuters
A Reuters analysis of quarterly earnings calls over the past week revealed more than 25 large U.S. companies plan to reduce their office space in the year ahead, a move designed to reduce the second-largest expense after payrolls at corporations.
U.S. CRE building spending to decline through 2021
• Building Design & Construction
Businesses and organizations will continue to be hesitant to invest in modernized or new facilities, according to a mid-year update to the American Institute of Architects’ (AIA) Consensus Construction Forecast. The trend ends an almost decade-long expansion in construction spending.
China’s CRE developers see growth in 3 key areas
• CNBC
Two industries that still have significant demand for office space in China are technology and financial companies, said Daniel Yao, head of research, JLL China. A third is development that combines health care with a category known as “cultural tourism.”
Dozens of medium-density buildings coming to East Toronto
Mid-rise residential development is the dominant form in East Toronto, with dozens of medium-density buildings planned and under construction on arterial corridors including Danforth Avenue, Kingston Road, Gerrard Street East, Eastern Avenue, and Queen Street East.
GTA multifamily sales second-lowest in five years
• REMI Network • Western Investor
After a record-breaking 2019 and Q1 2020, the GTA multifamily investment market saw Q2 transactions plummet to just 23 in total, dropping 66 per cent year-over-year to $262,428,000. JLL Real Estate Services notes that is the second-lowest sales volume in the past five years,
Self-insurance is an option for condo owners
A new idea has bubbled up in the legislature since the condo insurance crisis started boiling over. It’s the concept of self-insurance — providing a means for condo residents to manage their own insurance coverage.
Buyers must pay up after backing out of deals
Fighting failed real estate deals in court can be futile — and expensive — as shown by the verdicts in two recent Ontario cases.
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