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Is Calgary, slowly, solving its downtown office vacancy woes?
Is Calgary, slowly, solving its downtown office vacancy woes?
Calgary’s downtown office market continues to experience high vacancy. But the rate has dropped during the past year as leasing improves and city programs – to convert older office stock to residential use, along with a new demolition incentive – grow in popularity.
Deal signed for $1.22B arena in Calgary
The City of Calgary has struck an agreement in principle with the provincial government and Calgary Flames ownership on a $1.22-billion deal to replace the Saddledome. The site will include a new arena alongside a smaller community rink.
Concert names Vancity's Christine Bergeron prez, CEO
Concert Properties has named Christine Bergeron to take over as its president and CEO when David Podmore steps away from those roles this fall to focus on his role as board chair.
Soneil acquires $200M of GTA office, industrial properties
Soneil Investments has closed on four Greater Toronto Area transactions in the past few weeks, acquiring industrial, flex and office properties comprising over 700,000 square feet of space for approximately $200 million.
Metro Vancouver calls for developers to pay more
Metro Vancouver’s board of directors has approved a motion to rework its budget to ease the rising tax burden for the region’s 2.8 million residents while increasing cost charges levied to developers when they build new residential or commercial projects.
Rebound expected for Vancouver’s historic Gastown
Stakeholders frame Gastown’s retail market as returning to strength, post-pandemic, with relatively low vacancy and a healthy mix of boutique shops, cozy cafes, international retailers and restaurants. But for Gastown’s full potential to be realized, it needs a facelift.
Canada-U.S. industrial markets diverge in Q1
Toronto and Vancouver posted the tightest industrial markets among major urban centres in Canada and the U,S, in the first quarter of 2023. Lee & Associates pegs the vacancy rate at 1.2 per cent in the two Canadian cities.
CAPREIT joins forces with I-RES REIT's activist investor
I-RES REIT's Canadian founder CAPREIT plans to join forces with an activist investor that has been pressing for the largest Irish private residential landlord to put itself up for sale. Toronto-based investor Vision Capital owns five per cent of I-RES.
Conference centres struggle to meet soaring demand
Canada’s conference industry is facing a surging demand for event spaces as business travel ramps up, but as is the case with many industries, staffing shortages are proving to be a problem.
Demand returning to food & beverage sector: JLL
JLL’s Food & Beverage 2023 report indicates demand is returning in Canada while restaurants continue to battle rising costs and staffing shortages. January reservations in Canada were 38.1 per cent above 2019 levels.
Algonquin to grant honorary degree to icon Jim Taggart
Jim Taggart, chairman of the Taggart Group of Companies, is among six community leaders from Ottawa and Eastern Ontario who will receive honorary degrees from Algonquin College at the post-secondary institution’s spring convocation ceremonies next month.
Brookfield's Gas Co. Tower in L.A. in receivership
Citi Real Estate Funding and Morgan Stanley, commercial mortgage-backed securities lenders for $350 million in debt on Brookfield's Gas Co. Tower, filed a lawsuit last week in Los Angeles County Superior Court asking the court to appoint a receiver.
U.S. office demand surges 31.3 per cent in March
U.S. office demand emerged from the slower winter months with an exceptionally strong start to the busier spring season. According to the latest VTS Office Demand Index, national demand for office space rose 31.3 per cent from February to March.
Office investment nose-dives to lowest point since 2010
Investment in U.S. office properties fell 68% in Q1 to $10.7 billion, the lowest level since 2010 and an indicator of the deep freeze property markets plunged into after their most challenging year in more than a decade.
U.S. REITs slide to even lower new lows
U.S. REITs have been among the worst 12-month performers as the Fed took interest rates higher and as the banking industry adjusted to difficulties. The lack of interest appears to stem from concerns about the reduced value of properties.
Housing optimism is back in Canada: Index
Canadians are growing more optimistic as the outlook for real estate steadily improves and the economy grinds ahead with few signs of an imminent recession, according to the Bloomberg Nanos Canadian Confidence Index.
Fewer sellers, hesitant buyers slow GTA spring market
Andre Kutyan, broker with Harvey Kalles Real Estate Ltd., believes the spring market in the GTA is behind schedule by two months or more. “It feels like February,” he says.
B.C. sales register first back-to-back monthly gain in a year
Housing sales had another robust month in March following February’s rebound, marking the first back-to-back gain since March 2022. New and active listings saw large declines over the same period, which pushed average sale prices higher.
B.C. high-rise evacuated again due to safety concerns
Residents of a troubled apartment building in Langford have once again had to vacate the property due to safety concerns with the building. On Monday afternoon, residents of RidgeView Place, formerly known as Danbrook One, were told to leave.
Industry Events
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Canada Real Estate Auction
Oct 22 2024
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Calgary Real Estate Forum
Oct 29 2024
Calgary TELUS Convention Centre
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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