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Retail giants sign on for Marché Central’s Phase VI

2 years ago

Montreal’s Marché Central, now in its sixth phase of development, has become one of Canada’s top-performing power centres due to its mix of strong tenants, a central location, high occupancy and productivity, says an executive with its owner QuadReal Property Group.

Don Wilcox

Managing Editor, RENX

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Ottawa’s planning committee Thursday endorsed Cadillac Fairview‘s application to integrate the 150-year-old City Registry Office at 70 Nicholas St. — currently vacant — into the base of a 21-storey, 288-apartment development with ground-level shopping and a new entrance to CF Rideau Centre..

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Despite burgeoning remote and hybrid work models, Metro Vancouver’s office market is holding steady, according to a new half-year report by Avison Young, which found the vacancy rate has moved from 8.0% at the end of 2021 to 7.8% as of June 31.

Homes by AVI

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Dream Office REIT (D-UN-T) has sold Princeton Tower, an 11-storey class-A office and retail building in downtown Saskatoon, for $14 million to local developer, Duchuck Holdings. The tower offers 128,693 square feet of office space and 15,179 square feet of ground-level retail.

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While work-from-home mandates led to an initial hollowing out of downtown cores, the last two years have spurred an evolution in the concept of the workplace, says John Duda, president of Real Estate Management Services Canada at Colliers.

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Madison Group has proposed a 53-storey mixed-use tower designed by BDP Quadrangle at 15 Toronto St. on the edge of Toronto’s financial district. The tower would include 296 residential units, two storeys of retail/restaurant space and eight storeys of office space.

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Stafford Developments proposes a 19-storey mixed-use condominium building at 429 Walmer Rd. in Toronto’s Forest Hill South. The IBI Group-designed building would consist of 87 residential units – 28 one-bedrooms, 37 two-bedrooms and 22 three-bedrooms – and 2,153 square feet of commercial space.

Fengate

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Aoyuan International’s upcoming M2M mixed-use community of nearly nine acres in North York will welcome Asian supermarket H-Mart as its anchor tenant. The Toronto outpost of the world’s largest Korean-American supermarket chain will span 36,000 square feet.

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Montreal-based Dollarama Inc. (DOL-T) has boosted its sales-growth forecast for the year to 6.5 to 7.5 per cent as inflation drives Canadians to change their shopping habits and visit discount retailers more frequently.

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Dream Industrial REIT (DIR.UN-T) stock earns a 5.9% dividend yield today. NorthWest Healthcare Properties REIT (NWH.UN-T) provides the physical real estate that accommodates healthcare activities around the globe. It owns medical office properties, hospitals and life science buildings.

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The Canadian government is accepting proposals to financially support building projects that will adhere to stronger energy efficiency standards to lower greenhouse gas emissions.

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As news of Queen Elizabeth II’s death broke, shoppers on London’s Regent Street strolled in and out of stores and workers bustled to and from the offices at the heart of the British monarchy’s extensive and uniquely structured property empire.

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A Swedish landlord’s stock has fallen by three quarters this year and investors are betting the worst isn’t over. Samhallsbyggnadsbolaget i Norden AB (SBB) has become Europe’s second-most shorted stock, with bearish bets running at 35% of its free float.

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WeWork (WE-N) has launched a global partnership with 11 cities across the world, including London, Singapore, New York, Chicago and San Francisco, in an attempt to bolster return-to-office initiatives and incentivize hybrid work opportunities for businesses.

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The Freddie Mac (FMCC) Multifamily Apartment Investment Market Index (AIMI) fell 11.7% in Q2 2022, with the index down 17.9% compared with the second quarter of 2021. AIMI decreased nationwide and in all 25 markets on both a quarterly and annual basis.

Hurontario Business Park

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The head of the Office of the Superintendent of Financial Institutions (OSFI) said it will not heed calls to loosen mortgage underwriting standards as interest rates rise, making qualifying to buy a home or renew a mortgage more onerous.

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A shortage of new condominiums and townhouses is looming in Metro Vancouver which means resale condos may represent not only lower prices but the only option in some markets, according to Engel & Völkers‘ Mid-year 2022 Luxury Real Estate Report.

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Real estate prices in Halifax dropped again in August, marking the fourth consecutive monthly decrease. Nova Scotia Association of Realtors data notes the average Halifax home sold for $472,473 in August, compared to $506,639 in July, nearly a seven per cent drop.

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Housing prices are at or near all-time highs in the Yukon and rental units have never been harder to find. The housing crisis is nothing new, but it’s never been this bad, says Kwanlin Dün First Nation Chief Doris Bill.

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