Office vacancy up, but so is demand in Atlantic Canada

RENX  Commercial  •  Industrial, Office  •  Atlantic Canada

Additional office space entering the market pushed up vacancy rates in Halifax, Moncton, Fredericton, Saint John and St. John’s last year. But, leasing demand also increased in four of those cities, according to Turner Drake & Partners Ltd.‘s year-end reports.

Costco acquires SW Quebec land for $11.1M

Commercial  •  La Presse

American wholesale and retail giant Costco (COST-Q) has acquired nearly two million square feet of land next to its transhipment warehouse in Varennes, Montérégie in Southwest Quebec for $11.1 million. The seller is an affiliate of Montreal construction company Divco.

Quebec unveils first two innovation zones

Commercial  •  Montreal Gazette

Quebec Premier François Legault unveiled the first two of his long-awaited “innovation zones” Thursday, pledging some $690 million of investments over five years for the Eastern Townships. The first two will focus on quantum science and intelligent electronic systems, respectively.

Multires demand to drive B.C. market as Lower Mainland exodus looms

Scott Brown: Peerage Realty Partners

Germain Hotels bounced back from pandemic

Commercial  •  Globe and Mail (Sub. required)

When the pandemic and ensuing travel restrictions hit, Germain Hotels — a family-run business with 18 boutique hotels in seven provinces across the country — lost 95% of its revenue overnight. The first step was keeping the hotel’s partners and investors on board.

Madison Group releases renderings of Nobu Hotel

Residential, Commercial  •  Canada Newswire  •  RENX

Madison Group has released renderings of the historic façade and entrance for Nobu Residences Toronto, featuring Canada’s first Nobu Hotel and Nobu Restaurant. The development will become an anchor in the Entertainment District as the first fully integrated residence.

Walmart unveils $14.5M renovation of Dufferin Mall store

Commercial  •  Retail Insider

Walmart Canada has completed a $14.5-million renovation to Toronto’s Dufferin Mall Supercentre which expands its Grocery Pickup service, launches its Express Pickup service and provides a wider assortment and other new services for customers.

Thriftys Brands launches larger-store format

Commercial  •  Retail Insider

The Thriftys Family of Brands has launched an integrated brand model for some larger-format stores to carry all of the retailer’s banners. The company has 129 stores across Canada under: Bluenotes (100), Thriftys by Bluenotes (nine), Aeropostale (eight) and Lucky Brand (12)

Supply chain help may be on the way for grocers

Commercial  •  Canadian Grocer

Transport Canada has announced the creation of a task force to address ongoing supply chain challenges due to the pandemic. The task force will consult with grocery experts to make recommendations regarding short- and long-term actions to tackle the problem.

Cemeteries have also become out-of-reach T.O. RE

Commercial  •  Toronto Star

As Toronto’s cemeteries are filling to the brim, prices can run up to 10s of thousands of dollars for a plot — reflecting a scarcity that bereavement industry players say they’ve been sounding the alarms over for years.

Real estate podcasts

Residential, Commercial  • 

Allan Perez, CanFirst Capital Management: Industrial investment, CRE Podcast

Liza Amlani, Retail Strategy Group: 2022 retail predictions, The Retail Insider Podcast Network

Andrew Joyner, Tricon Residential: The economics of apartment construction, CRE Podcast

REOC fourth-quarter financial results

Residential, Commercial  • 

Brookfield Business Partners, (BBU-UN-T), Globe Newswire

Brookfield Infrastructure, (BIP-UN-T), Globe Newswire

Brookfield Renewable Partners, (BEP-UN-T), Globe Newswire

Inscape sells Ontario property for $1.5M

Commercial  •  Globe Newswire

Office furniture manufacturer Inscape Corporation (INQ-T) has entered into an agreement for the sale of surplus property at 70 Toll Rd. E. in Gwillimbury, Ont., to a third-party purchaser. The purchase price is $1.5 million

Like it or not, more hot-desking in the cards

Commercial  •  Financial Post

In Spain, it has triggered legal action. In Canada, it has riled office workers. In Australia, it has rattled civil servants. The steady spread of hot-desking in a pandemic threatens to turn the personal desk into an ever rarer commodity.

U.S. industrial real estate is unstoppable in 2022

Commercial  •  Nasdaq  •  Globe Newswire

Many of the forces that drove the U.S. economy in 2021 are still in the driver’s seat. The long-term upward trend of e-commerce is stronger than ever and the supply chain is still stalling, which bodes well for industrial real estate.

Carlyle buying net-lease business for $3B

Commercial  •  Bisnow

Private equity giant Carlyle Group, through its global credit unit, has agreed to acquire iStar’s net-lease business for about $3 billion US. IStar’s net-lease portfolio includes 18.3 million square feet of U.S. office, industrial and entertainment properties.

GTA prices to jump 12 per cent this year: TRREB

Residential  •  Toronto Star  •  Globe Newswire  •  Financial Post

The Toronto Regional Real Estate Board (TRREB) is forecasting the GTA’s record-high home prices will climb a further 12 per cent this year to an average of $1.23 million for houses and condos. Last month, homes sold for about $1.4 million on average.

Housing market needs ‘radical out-of-the-box thinking’

Residential  •  Financial Post

VIDEO: Chris Alexander, President of RE/MAX Canada, talks with Financial Post’s Larysa Harapyn about how the housing market needs ‘radical out-of-the-box’ thinking.

Finally plans to (maybe) build more housing

Residential  •  Globe and Mail  •  Vancouver Sun

EDITORIAL: In early December, Premier Doug Ford’s Ontario government struck a task force, with a mandate to quickly deliver a plan to get more housing built in Canada’s largest province. British Columbia is mulling similar ideas.

Invidiata joins The Real Brokerage

Residential  •  PR Newswire

The Real Brokerage Inc. (REAX-X), an international, technology-powered real estate brokerage, announced Invidiata, based in Ontario, is joining its growing network of agents. Invidiata services the Oakville, Burlington, Mississauga and Toronto markets.