Influx of new space pushes office vacancy to 16.3%

RENX  Commercial  •  Office  •  National

The national office vacancy rate in Canada has moved up slightly to 16.3 per cent in the first quarter of this year but the main cause of that isn’t a lack of demand, according to a new report by CBRE.

Lineage Logistics to acquire GTA-based VersaCold

RENX  Commercial  •  Industrial  •  National, International

UPDATED: VersaCold Logistics Services, one of Canada’s largest cold-chain logistics and distribution networks, is being sold to U.S.-based Lineage Logistics by TorQuest Partners, The Investment Management Corporation of Ontario (IMCO) and OPTrust, which acquired the company two years ago.

Nine TODs planned along T.O.’s upcoming Ontario Line

Residential, Commercial  •  Toronto Storeys  •  Urban Toronto  •  blogTO

On Tuesday, the Ontario government announced a partnership with the private sector and the City of Toronto to create nine transit-oriented communities along the upcoming Ontario Line at East Harbour, Corktown/First Parliament, Queen/Spadina, King/Bathurst and Exhibition.

Bank of Canada raises key interest rate by 0.5%

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

The Bank of Canada is raising its key interest rate by the highest amount since May 2000. It is increasing its policy rate by half a percentage point to one per cent and warning rates will need to rise further.

Victoria industrial land needs protection: Ralmax Group

Commercial  •  Victoria Times Colonist

A  report showing Victoria has the lowest vacancy rate and demands the highest lease prices in the country is a clear indication industrial land could use some protection, says Ian Maxwell’s office at the Ralmax Group, a conglomerate of 12 firms.

Edm. revamping zoning for flexible building options

Residential, Commercial  •  CBC  •  Edmonton Journal

The City of Edmonton is trying to streamline its zoning rules for housing, businesses, industry and open spaces. City managers presented a draft zoning bylaw to council’s Urban Planning Committee Tuesday, aimed at replacing the existing one.

The Apartments Broker › Apartment buildings: Value not immune to interest-rate increases

Ramona Ursu: Partner and Broker at Baron Realty

Kelowna’s tallest mixed-use development breaks ground

Residential, Commercial  •  Kelowna Now  •  RENX

Construction on Kelowna’s tallest mixed-use development is now underway, as Water Street by the Park has broken ground. Orchard Park Properties‘ development will include 650 condominium units, plus 45,000 square feet of retail and restaurant space in towers of 24, 28 and 42 storeys.

B.C. median construction values up 61% in two years

Residential, Commercial  •  Western Investor  •  Business In Vancouver

The average value of B.C.’s largest construction starts fell for the second year in a row after peaking in 2019 when the $36-billion LNG Canada project topped the rankings, according to data collected on Business in Vancouver’s Biggest B.C. Construction Starts in 2021 list.

How employers hope to lure people back to the office

Commercial  •  National Post

The pandemic sparked a “massive forced experiment,” said Jonathan Pearce, executive VP of leasing and development at Ivanhoé Cambridge, which broke ground on the first CIBC SQUARE tower in 2017 and is now building the second across the railway tracks.

Calgary Co-op emerges from pandemic hoping to grow

Commercial  •  Calgary Herald

As Alberta begins to transition out of the pandemic, Calgary Co-op has seen its growth and projections return to more sustainable levels. Overall sales numbers dipped slightly, according to its 2021 annual report, going from $1.26 billion in 2020 to $1.23 last year.

MTY Food Group Q1 profit, revenue up year-over-year

Commercial  •  Globe and Mail  •  Canada Newswire

Restaurant franchisor and operator MTY Food Group Inc. (MTY-T) says it earned $16.6 million or 68 cents per diluted share for the quarter ended Feb. 28, up from $13.4 million or 54 cents per diluted share a year earlier.

Dalfen Industrial plans 1.3M-sq.-ft. Charleston project

Commercial  •  Commercial Property Executive  •  PR Newswire

Dalfen Industrial announced plans to develop Palmetto Logistics Center, a more than 1.3 million-square-foot class-A industrial project in Charleston, S.C. Upon completion, the facility will be the largest industrial complex in the Charleston market.

Facebook adding Manhattan office space

Commercial  •  Bloomberg

Facebook is adding more offices in Manhattan. The Menlo Park, Calif.-based company, now known formally as Meta Platforms, is planning to take roughly 300,000 square feet at 770 Broadway, a property near Astor Place where it already has space, according to sources.

U.S. pension funds eye higher CRE allocations

Commercial  •  Wealth Management

Pension funds are striving to hit their target allocations to commercial real estate, even as some move their bars higher than before. The pandemic also created some pent-up demand to deploy capital that is driving a surge in investment activity.

Judge asked to compel C&W to comply in Trump case

Residential, Commercial  •  Bisnow  •  Bloomberg

New York Attorney General Letitia James has asked a state court to compel Cushman & Wakefield to comply with subpoenas issued in its civil investigation of Donald Trump. The attorney general’s office said the company is wrongfully challenging demands for records.

Multiple-property holders own upwards of 41% of housing

Residential  •  Bloomberg  •  Globe and Mail (Sub. required)  •  Castanet

New data from Statistics Canada’s Canadian Housing Statistics Program shows multiple-property owners held between 29 and 41 per cent of the housing stock in Ontario, British Columbia, Nova Scotia and New Brunswick in 2019 and 2020.

Millennials using technology to compete in tight markets

Residential  •  Financial Post

The digitization of the real estate sector, with the internet enabling digital marketplaces for listing homes, applying for mortgages, paying for services and more, has benefitted millennials because they are more likely to readily adopt digital solutions.

Luxury residential sales booming in Q1 2022: Sotheby’s

Residential  •  Toronto Star  •  Globe Newswire  •  Financial Post

Insatiable demand and meagre supply in the GTA’s luxury residential property market are sparking bidding wars and significant price escalation, according to a report released Wednesday by Sotheby’s International Realty Canada.

Dhaliwal Homes faces 51 charges for building code violations

Residential  •  Calgary Herald

The City of Calgary has laid 51 charges against Dhaliwal Homes Ltd., its director and two agents for not complying with the provincial Safety Codes Act and for failing to comply with the city’s Land Use Bylaws on two semi-detached properties.