Harrison Street buys medical office building in Calgary

RENX  Commercial  •  Office  •  Calgary

Harrison Street says demographics drove the decision to acquire its 11th Canadian property – its first medical office building  in the country – in Calgary. It has acquired the 125,000-square-foot South Calgary Health Centre from Nicola Wealth Real Estate.

Warehouse space at record low of 1.6%: CBRE

Commercial  •  Globe and Mail (Sub. required)  •  RENX  •  RENX

The national vacancy rate for warehouse space has fallen to a record low of 1.6 per cent, according to CBRE Group. Some landlords have been able to raise rents more than 100 per cent in tenant turnovers and lease renewals.

$36M Air Cargo Logistics Park opens in Halifax

Commercial  •  CBC  •  RENX

The new $36-million freight facility at Halifax Stanfield International Airport serves as proof lobster is king of Nova Scotia seafood. The Air Cargo Logistics Park is doubling cold storage capacity and adding apron space to park five 747-sized cargo planes.

Vancouver’s One Burrard Place complete

Residential, Commercial  •  urbanYVR  •  RENX

Reliance Properties and Jim Pattison Developments have completed One Burrard Place, a 62-storey tower that’s the tallest residential building in Vancouver, and third-tallest overall in the city. The Burrard Place development consists of three towers, including a AAA-office tower.

Major upgrades earn Bentall Centre a CaGBC award

Commercial  •  Sustainable Biz Canada  •  RENX

No longer is Vancouver’s multi-tower downtown Bentall Centre your “grandpa’s office.” Owners Hudson Pacific Properties and Blackstone Property Partners have made extensive upgrades and that led to the complex winning the Canada Green Building Council’s 2022 award for existing building operations.

The Saskatchewan Edge › Cost adjustments and the slow road to a property sale

Barry Stuart: Managing Partner and Senior Sales Associate , ICR Commercial Real Estate

Downtown Edmonton office vacancy rate remains high

Commercial  •  CBC

Recent market reports from Colliers, CBRE and NAI Commercial Real Estate describe the vacancy rate in downtown Edmonton as high: between 11 and 22 per cent. Several downtown landlords are offering “aggressive incentives,” such as early occupancy and higher tenant improvement allowances.

Hybrid work fuelling sales of office products

Commercial  •  Financial Post  •  La Presse

VIDEO: Staples Canada chief executive David Boone speaks with the Financial Post’s Larysa Harapyn about consumer shopping habits, how hybrid work has affected sales, and what it’s doing to help customers manage inflation.

One in six small businesses considering closing: CFIB

Commercial  •  Toronto Star  •  Financial Post  •  CP 24

When Toby Sue Carrel opened her art studio in June 2021, she thought the worst of the pandemic was over. For the first few months, that certainly seemed to be the case. But then came the Omicron variant.

Builder battling fuel costs, facing wage pressures

Residential, Commercial  •  Business In Vancouver

Inflation – especially high gasoline and diesel prices – and wage pressures are atop the list of challenges for Langley-based Orion Construction, which employs 36 people directly and several hundred more through contractors on construction projects.

Odd Burger signs four new franchise agreements

Commercial  •  Canada Newswire

Odd Burger Corporation (ODD-X), one of the world’s first vegan fast-food chains and the first to go public, today announced it has signed four new Canadian franchise agreements in Surrey, Brampton, Oakville and Regina.

CEO acquires $357K in Primaris units

Commercial  •  Globe and Mail (Sub. required)

On Aug. 8-9, CEO and trustee Alex Avery purchased 25,000 Primaris Real Estate Investment Trust units at a price per unit of $14.29 for an account in which he has indirect ownership (Volition Capital). The cost of this investment totalled over $357,000.

Manulife, Logos extend logistics investment partnership

Commercial  •  IPE Real Assets

Manulife Investment Management and Logos have expanded their relationship with Logos Korea Core Venture, a new logistics investment venture in South Korea. The JV seeded the venture with Logos Siheung Logistics Centre, a $261 million development on the outskirts of Seoul.

CPP commits $300M to Hillhouse’s inaugural RE fund

Residential, Commercial  •  Mingtiandi

CPP Investments revealed it has committed $300 million to Hillhouse Capital Group’s inaugural real estate fund during the quarter ending 30 June, with that vehicle having now reached a final close and begun closing deals.

What Penn Station’s $6B makeover means for NYC

Commercial  •  Bloomberg

New York City’s Pennsylvania Station is poised to get an expensive makeover. That is, if government officials, neighborhood activists, investors and real estate developers can agree on how to carry out a $6 billion renovation.

China’s first publicly traded rental REITs snapped up

Residential  •  Reuters

China’s first batch of publicly traded rental property REITs was snapped up in Shanghai and Shenzhen by yield-hungry investors this week, opening up a new financing channel for the struggling real estate sector.

Affordability saw ‘worst deterioration’ in 41 years: Bank

Residential  •  CTV

In the second quarter of 2022, Canada’s housing market saw the “worst deterioration” of affordability in 41 years, according to a new report by National Bank Financial Markets, whose economists gauged affordability by calculating the mortgage payment as a percentage of income.

Toronto renters face ‘perfect storm’ in tight market

Residential  •  Toronto Star  •  Globe and Mail

Timur Radzhapov felt he had no choice. Tired of being outbid by other renters during his apartment hunt, the 22-year-old newcomer to Toronto gave in and offered $300 over the asking price on a two-bedroom rental unit.

Interest hikes take bite from Edmonton market

Residential  •  Edmonton Journal

Sales are falling in Edmonton’s residential market, but the sky isn’t, according to realtors, who point to higher borrowing costs affecting demand paired with a return to more seasonal conditions after a frenzy of activity earlier in the year.

U.S. mortgage lenders starting to go broke

Residential  •  Bloomberg

The U.S. mortgage industry is seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that’s coming could be the worst since the housing bubble burst about 15 years ago.