Artis REIT confirms discussions with ‘potential suitors’

RENX  Commercial  •  Office, Industrial, Retail  •  National, International

Winnipeg-based Artis Real Estate Investment Trust (AX-UN-T) confirmed late Monday it is “in discussion with potential suitors with respect to a potential transaction involving the REIT.” Artis declined to comment directly on any details of the discussions.

Amazon leasing space at 400 West Georgia

Commercial  •  Toronto Star  •  RENX

Amazon.com Inc. signed a lease for short-term space in one of Vancouver’s 400W. Georgia. The e-commerce giant is renting about 119,000 square feet while its permanent offices at a former Canada Post mailing centre are being developed, a spokesperson said.

‘Rock star’ industrial could push CRE activity to $50B

RENX  Residential, Commercial  •  Condominiums, Hotels and Resorts, Office, Land, Industrial, Retail  •  National

Strong fundamentals will drive Canadian commercial real estate investment to record levels in 2020, with industrial being the “rock star” says the vice-chairman of CBRE Canada. Paul Morassutti said 2020 could be unprecedented, forecasting $50 billion in investment.

Carttera buys majority stake in 530 Front St. W.

RENX  Commercial  •  Office  •  Toronto / GTA

Carttera has acquired a majority interest in a block of property at 530 Front St. W. in Toronto, slated to become the site of a 530,000-square-foot office development currently known as Portland Commons.

PSP, Canada Lands to develop Toronto land

Residential, Commercial  •  Globe and Mail (Sub. required)

Public Sector Pension Investment Board (PSP Investments) and federal landowner Canada Lands Company are in the early stages of figuring out plans for a new business and residential community on neighbouring lands they each own in the Downsview area.

Chartwell acquires 42.5% stake in Quebec residence

Residential  •  Canada Newswire

Chartwell Retirement Residences (CSH-UN-T) announced it completed the acquisition of a 42.5 per cent interest in Chartwell Le St-Gabriel residence from development partner, Batimo Inc. for $37.9 million. Welltower Inc. (WELL-N), also acquired a 42.5 per cent interest in the Quebec property.

Sponsored by First National Financial LP Have an intensification project on the books? Read this first.

Across Canada, governments at all levels have jumped on the site intensification solution to housing shortages and for good reason. As the country’s population grows, it is economically and environmentally preferable to increase the housing density of existing neighbourhoods . . .

Stantec Tower sale highlight of 2019 Edmonton CRE

Commercial  •  Edmonton Journal

The half-billion-dollar sale of Stantec Tower drove Edmonton’s CRE market to end 2019 on a high note, with a record $1.7 billion in sales in Q4. The $1.7-billion bump represented 53 per cent of total sales for the year, says Altus Group.

CRE cautious when it comes to investing in PropTech

Commercial  •  Canada Newswire

Canadian companies have been slow to embrace property technology, putting them at risk of losing market share or falling behind global peers, says KPMG in Canada’s PropTech Journey: How Canadian Real Estate Companies Are Faring in the Digital Age.

Calgary looking to join Cascadia Innovation Corridor

Commercial  •  CBC

Economic development can make for strange bedfellows and plans are percolating in Calgary about joining the club known as the Cascadia Innovation Corridor — which is currently comprised of Seattle, Portland and Vancouver

Vancouver’s tech sector poised for accelerated growth

Commercial  •  Globe and Mail

Vancouver has attracted the attention of several major tech firms that want to tap into a growing technology sector, including small- to mid-size companies, property managers, investors and other spinoff services and businesses.

Signs of fiscal chaos at Planet Organic grocery chain

Commercial  •  Calgary Herald

New layoffs and continued unpaid bills underscore the fiscal shakiness of natural grocery chain Planet Organic. Sources say temporary layoffs hit the Shepard Centre store, and its Royal Oak location in Edmonton shut its doors earlier this month.

Chairman Baker takes over as HBC CEO

Commercial  •  Business Wire

Hudson’s Bay Co. (HBC-T) executive chairman Richard Baker is taking over as chief executive officer. Current CEO Helena Foulkes, who has been at the helm since 2018, will step down effective March 13, 2020.

Oxford sets sights on Asia-Pacific

Commercial  •  IPE Real Assets

Currently, only seven per cent of Oxford  Properties’ $60 billion of assets are located in Asia-Pacific. “Our long-term ambition is to grow that Asia-Pacific allocation to between 15% and 20% over the next five to 10 years,” says David Matheson, managing director for Asia-Pacific.

Nike shutters two HQs over coronavirus

Commercial  •  TheStreet

Nike temporarily closed its European headquarters in Hilversum, the Netherlands, after an employee at its European campus was confirmed to have been infected with the novel coronavirus. A day earlier, Nike closed its main headquarters in Beaverton, Ore.

Remote work is having a moment amid COVID-19 fears

Commercial  •  Marketplace.org

With the rapid spread of COVID-19, companies are scrambling to figure out how to keep business up and running. Remote work has been increasing in the U.S. and the outbreak could be a turning point in making such arrangements permanent.

Coronavirus-driven rate cut could heat up Canadian market

Residential  •  Toronto Star

Canada’s housing market is poised for a hot spring — with lower mortgage rates likely to offset any major drag from the coronavirus.

P.E.I.’s vacancy rate remains lowest in Canada

Residential  •  Toronto Star

Prince Edward Island is on track for a third consecutive year of record new home construction, but tenants are still feeling the pinch from a provincial vacancy rate that is the lowest in the country.

Ontario passes real estate legislation

Residential  •  Globe Newswire  •  Toronto Storeys

In front of an audience of nearly a thousand realtors at the Ontario Real Estate Association’s REALiTY Conference and AGM, OREA president Sean Morrison announced the Ontario Government has passed the Trust in Real Estate Service Act, 2019 (TRESA).

Speculation tax discriminates against women: Complaint

Residential  •  CBC

A Victoria woman is alleging B.C.’s speculation and vacancy tax discriminates against stay-at-home parents — primarily women — and the province’s Human Rights Tribunal has agreed to hear her complaint.