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1M sq. ft. of Q3 office absorption in Montreal
1M sq. ft. of Q3 office absorption in Montreal
Montreal office leasing activity could experience its largest absorption in two decades during 2019, according to JLL’s Q3 2019 Office Insight. The Greater Montreal Area recorded 1,002,959 square feet of net absorption in Q3, the second-largest gain since 2002.
Allied’s bold move: 122 assets to be WiredScore certified
WiredScore has signed its biggest deal yet in Canada, to audit 122 buildings in Allied Properties REIT’s (AP-UN-T) portfolio for Wired Certification. “We really want to understand how our buildings compare to others …” Allied president/CEO Michael Emory told RENX.
KRP, Regional Group eye Kanata’s office towers
KRP Properties and the Regional Group are both devising plans for new office towers in West Ottawa. The properties are located in the epicentre of the Kanata North tech park which boasts more than 500 companies.
Triple Five, Akaria to develop $5B Riyadh mall
Al Akaria Saudi Real Estate Co. and Edmonton’s Triple Five Worldwide have joined forces to develop a $5-billion shopping mall in Saudi Arabia’s capital. Al Akaria has partnered with Triple Five’s subsidiary Arabian Dream KSA.
Hamilton finally gains respect in CRE sector
There was a moment a decade ago in Hamilton before “commerce” entered the city’s CRE scene. At the height of the great recession, young entrepreneurs like real estate broker Derek Doyle anguished over a stadium stalemate and a homegrown negativity.
Automotive innovation park proposed for Lake Simcoe
Queen’s Park has committed to cutting the red tape around zoning laws to free up vacant and valuable industrial land in Oro-Medonte. A 700,000-square-foot Automotive Innovation Park is proposed for the Lake Simcoe Regional Airport Economic Employment District.
Vancouver approves Berkeley Towers overhaul
• Vancouver Sun • RENX
Reliance Properties said the City of Vancouver has issued development and building permits it needs to go ahead with a large-scale overhaul of Berkeley Towers, an older rental building on a prime corner overlooking English Bay in Vancouver’s West End.
Sahotas push back against expropriation proposal
Vancouver’s Sahota family, the owners of two rundown buildings on Vancouver’s Downtown Eastside, have received offers of up to $25 million for properties the city wants to expropriate for $1 each, says a lawyer representing the owners.
Condos luring ultra-rich to downtown Montreal
Condos used to be considered a runner-up option for buyers who couldn’t afford a house, but times have changed. A new breed of buildings is luring ultra-wealthy buyers to trade in their multimillion-dollar mansions for a new kind of lifestyle.
Firm Capital board approves conversion to trust
Firm Capital American Realty Partners Corp.’s (FCA-X) Board of Directors has unanimously approved the conversion from a corporation to an investment trust to be named Firm Capital American Realty Partners Trust. A shareholders meeting will be held on Dec. 12.
Summit closes on $588M of industrial properties
• Canada Newswire • RENX
Summit Industrial Income REIT (SMU-UN-T) announced the closing of its previously announced acquisition of an institutional-quality portfolio of 37 light industrial properties in Alberta totalling over 3.3 million square feet of quality space for an aggregate purchase price of approximately $588 million.
REIT third-quarter financial results
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Melcor REIT, (MR-UN-T), Globe Newswire
Slate Office REIT, (SOT-UN-T), Business Wire
PSP Investments, Aviva make $424M U.K. CRE investment
Public Sector Pension Investment Board (PSP Investments) and Aviva Investors have extended their partnership with an agreement to invest up to $424 million Cdn in CRE in Eastern England. The new venture will acquire a mix of ground-up and standing assets.
Major players vie for East Melbourne office project
Shortlisted local and international players – including Canada’s Oxford Properties – are sharpening their pencils to bid on a $300 million office development opportunity in East Melbourne, just outside the CBD.
What $12.6B Prologis/Liberty deal means for sector
• National Real Estate Investor
The pending $12.6-billion purchase of industrial and office REIT Liberty Property Trust (LPT-N) by industrial REIT Prologis, Inc. (PLD-N) represents the biggest REIT M&A deal of 2019. But, does it represent a harbinger of further M&As in the industrial REIT sector?
Land and Buildings still against HBC privatization
Land and Buildings Investment Management LLC is part of a group of minority shareholders intent on blocking a deal to take HBC (HBC-T) private, a source confirmed on Friday. The U.S.-based fund is run by longtime activist shareholder Jonathan Litt.
U of Manitoba student digs take shape
Winnipeg’s steadily rising Campus Suites tower could be home to University of Manitoba students as early as the 2020 school year. The 16-storey, mixed-use The Arc will house 368 student-oriented, furnished rental units with 570 beds and ground-floor commercial units.
Rental buildings making a comeback: Altus
• Victoria Times Colonist • RENX
Altus Group’s Matthew Boukall remembers a Calgary conference a few years back where someone got confused over the difference between condo and rental apartment builds. “People had only seen condo apartments for so long, that they forgot people built rental.”
‘The housing sector is clearly on the rebound’: BoC
• Globe and Mail (Sub. required)
The Bank of Canada is keeping a wary eye on the housing and mortgage markets, though it has seen nothing bubbly of late. Still, it said that home resales are finally almost at the level of demand again.
NP series: Atlantic housing options for under $100,000
• National Post: Part III • National Post: Part II • National Post: Part I
In Eastern Canada, it is often possible to find a house for under $100,000. Below, we take a look at affordable housing options which should give hope to some young and willing property owners.
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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