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Vancouver downtown office bucks national trend: Vacancy in decline
Downtown Van. office bucks national trend: Vacancy dips
Vancouver’s office market stepped closer to stability as the national office market remained challenged by elevated vacancy in Q4 2023, CBRE reports. Vancouver's downtown vacancy declined to 11 per cent in sharp contrast to a record-high 19.4 per cent nationally
Great Gulf Group heightens focus on resorts, leisure sector
Great Gulf Group is putting a larger focus on its resorts and leisure division and recently appointed Jay Wong to head the group in the newly created position of president.
Montreal seeks developer for downtown mixed-use
The City of Montreal is seeking a developer to build as many as 700 social and affordable housing units on the downtown site of a derelict bus terminus. The city's vision for the project includes ground-level commercial space.
Three gambling rivals fight for Caesars Windsor
In the battle for Caesars Windsor, Las Vegas-based gambling powerhouse Caesars Entertainment Inc. (CZR-Q) – faces the prospect of being usurped either by upstart Bally’s Corp. (BALY-N) or Indigenous-owned Mohegan Gaming and Entertainment, which operates two casinos in Niagara Falls, Ont.
Edmonton office absorption hit five-year high in 2023
Edmonton's office vacancy rates ended 2023 at 18.6% after starting the year at 19.5%, Avison Young reports “The year ended with a total absorption of 234,641 square feet, making it the most absorption seen in Edmonton's office market since 2018."
2024 looks good for office space in Kelowna
In 2023 demand for high-rise office space in Kelowna all but dried up. Stober Group, which owns the 23-storey Landmark 7 office tower, and Mission Group were worried. But, in early 2024, there seems to be a turnaround.
Ottawa’s industrial vacancy rate rises in Q4
The amount of vacant industrial space in Ottawa rose in Q4 2023, but experts say most of the uptick was due to the completion of large-scale projects that will do little to alleviate the flood of demand for small-bay properties.
IKO, Northstar ink 5-year shingle reprocessing agreement
Asphalt shingle maker IKO Industries Ltd. has signed a five-year agreement to supply manufacturing waste for reprocessing at Northstar Clean Technologies Inc.’s planned facility in Calgary. Northstar breaks down asphalt shingles into liquid asphalt, fibre and aggregates.
Neighbourly enters definitive agreement to go private
Private equity firm Persistence Capital Partners has signed a definitive agreement to buy the stake in Neighbourly Pharmacy Inc. (NBLY-T) that it does not already own and take the company private.
Rexall’s American owner might unload it at a loss
What was supposed to be the crown jewel has only caused headaches for McKesson Corp. (MCK-N) and the company is now trying to sell Rexall. To get a deal done, McKesson may have to unload the business at a loss.
CF Toronto Eaton Centre to see major changes
There are a number of tenants that will soon be exiting CF Toronto Eaton Centre, including long-term brands like Old Navy and Williams Sonoma. Retailer Guess will be shuttering its first floor storefront in the coming month.
Requity looks to popularize rent-to-own housing model
Requity Homes hopes its rent-to-own model opens a more flexible path to a mortgage and home ownership for Canadians. It is seeing strong interest from potential buyers, and has just raised $26 million in equity.
2024 could see real progress on Van.'s downtown waterfront
OPINION: A new series of speculative designs for Vancouver's central downtown waterfront illustrate a concept for what Adrian Watson, design director of Perkins & Will’s Vancouver studio, describes as "the station of the future."
King Edward once Ottawa's Champs-Élysées. Can it be again?
Ottawa's King Edward Avenue was a grand boulevard, alive with the sound of horses' hooves and children's play, a favourite spot for young lovers walking under rows of elm trees buzzing with cicadas.
Chard wants to add rental housing to Victoria towers
Citing rising costs, Chard Developments is asking the City of Victoria to allow it to tweak its already approved 16- and 21-storey mixed-use towers by eliminating most of the office space component in favour of more rental housing.
Taggart seeks to integrate facades into Ottawa high-rise
Ottawa’s built heritage committee is to consider, on Tuesday, Taggart Realty Management's proposal to incorporate midcentury facades from the Legion House on Kent Street into a 27-storey residential tower project.
Qatar’s $450B wealth fund won’t abandon Canary Wharf
The head of Qatar’s $450 billion sovereign wealth fund — a prolific buyer of European property — said he’s concerned about the commercial real estate market but will continue to support London’s Canary Wharf Group project as a long-term shareholder.
Bad office loans mount at Bank of America, Wells Fargo
Major U.S. lenders, including Bank of America Corp. and Wells Fargo & Co., wrote off more of their commercial-property loans as remote work and higher interest rates pummel the valuations of U.S. offices.
Fund managers bullish on REITs in 2024
Total returns on the FTSE Nareit All Equity index were down 24.95% in 2022 and in negative territory for most of 2023. However, when the tenor on monetary policy changed, REITs rebounded and ended 2023 with the index up 11.36%.
W. P. Carey sells Andalusia office portfolio for $359M
W. P. Carey Inc. (WPC-N) a leading net lease REIT, announced it sold a portfolio of 70 office properties net leased to the State of Andalusia for approximately $359 million. It was was the company's largest office portfolio.
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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