‘Desperate’ times: Laval industrial vacancy plummets

RENX  Commercial  •  Industrial  •  Greater Montreal

Vacancy for industrial space in Laval has fallen to almost zero, leaving space-seeking tenants feeling a near “sense of panic and desperation,” says James Cacchione of CBRE. Companies are trying to grow “but there’s no space, so they’re freaking out.”

Montreal’s 1100 René-Lévesque is on the market

Commercial  •  La Presse

Following on the footsteps of the recent sale of 1250 René-Lévesque, its neighbour Desjardins- and Oxford-owned 1100 René-Lévesque is now on the market, several brokers have confirmed. The 27-storey above-ground tower built in 1986 has been called the Laurentian Building in the past.

Cape Group launches Edmonton-area development

RENX  Residential, Commercial  •  Apartments, Retail  •  Edmonton

Vancouver-based Cape Group has launched leasing for a 150-unit rental building at its master-planned community in St. Albert, near Edmonton. Lakeview is part of the first phase of the Bellevue Village development at a 13.5-acre site.

Toronto remains a priority for WeWork

Commercial  •  Globe and Mail (Sub. required)  •  Yahoo Finance  •  CP Executive

WeWork plans to keep adding shared-office locations in Toronto even as it slows expansion around the world in order to stem its losses. The New York-based company has expanded to more than 500 locations in about 100 cities in under a decade.

WeWork shelves plans to go public

Commercial  •  CBC  •  CP Executive  •  Fox Business

WeWork’s parent The We Company said on Monday it will file to withdraw its initial public offering, a week after the SoftBank-backed office-sharing startup removed founder Adam Neumann as its chief executive officer.

The Saskatchewan Edge › Is an apartment building residential or commercial?

Kelly Macsymic: Business Manager, Stuart Commercial Inc., Sales Associate, ICR Commercial Real Estate

Winnipeg-area light industrial park unveiled

Commercial  •  Winnipeg Free Press

The men behind a new business park just outside Winnipeg hope it will attract firms looking for shovel-ready land close to the city. Tom Kleysen and Shawn Alwis launched Phase 1 of the McGillivray Business Park at a ribbon-cutting ceremony Wednesday.

Threatened frogs holding up Gatineau development

Residential, Commercial  •  CBC

Tiny threatened frogs could cause big problems for Gatineau developer Alain Adam, who’s hoping to get started on a major construction project worth up to $500 million. Adam plans to build over 1,000 residential units and a major office and retail complex,

Château Laurier addition in limbo; variance rejected

Commercial  •  Ottawa Citizen  •  CBC  •  Ottawa Business Journal

The controversial addition to the Fairmont Château Laurier is in a state of limbo after Ottawa’s committee of adjustment rejected Larco Investments’ request for a variance that would have allowed the firm to break ground on its seven-storey, 147-room addition.

Architect questions Saskatoon arena district parameters

Commercial  •  Saskatoon StarPhoenix

Gary Marvin’s 35-year-old vision of a Saskatoon arena located on the banks of the South Saskatchewan River may have evaporated. Saskatoon city hall administration said this week the sites being considered are limited to within the Central Business District.

Winnipeg’s Oxford Hotel granted heritage status

Commercial  •  Winnipeg Free Press

The Oxford Hotel is one of three downtown-area properties to be added to the City of Winnipeg’s list of historical buildings. The 104-year-old hotel on Notre Dame Avenue is considered part of the entrance to the west Exchange District.

Removal of collapsed Halifax crane set to begin

Commercial  •  CBC  •  CTV

Work to remove a crane that collapsed on a building under construction in downtown Halifax during Hurricane Dorian three weeks ago is starting, according to a press release from the province.

Forever 21 files for bankruptcy

Commercial  •  Reuters  •  Globe and Mail (Sub. required)

Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers, has filed for Chapter 11 bankruptcy protection. The company also said its Canadian subsidiary filed for bankruptcy and plans to close all 44 stores in the country.

H&R secures 10-year financing for Jackson Park

Commercial  •  Canada Newswire

H&R REIT (HR-UN-T) announced its wholly owned subsidiary, H&R REIT (U.S.) Holdings Inc., together with its partners, has closed a $1 billion US interest-only first mortgage financing for Jackson Park ($500 million US, at H&R’s ownership interest).

Blackstone buying Colony Capital industrial assets for $5.9B

Commercial  •  MarketWatch

Blackstone Group Inc. affiliate Blackstone Real Estate Partners IX confirmed Monday a deal to buy Colony Industrial, the industrial real estate assets and industrial operating platform of Colony Capital, for $5.9 billion, including debt.

Cell towers, data centres hot properties for Investors

Commercial  •  Pensions & Investments

Real estate investors and managers are increasing investments in newer property types that will benefit from the growth of the tech economy. Investors in REITs have more exposure to cell towers and data centres that didn’t exist 20 years ago.

Groupe Maurice wants to triple number of residences

Residential  •  La Presse

Le Groupe Maurice, a developer and operator of retirement homes, plans to triple the number of residences over the next 10 years in Quebec and elsewhere, says president Luc Maurice.

Victoria businessman battling foreign-homebuyer tax

Residential  •  Victoria Times Colonist

A Victoria businessman has launched a legal fight over the province’s 20 per cent foreign-homebuyer’s tax. Eric Chang said he has been unfairly targeted by a tax that was supposed to be aimed at foreign speculators.

Saskatoon could establish eighth urban reserve

Residential, Commercial  •  Saskatoon StarPhoenix

Economists predict gradual fall rebound

Residential  •  CBC

Economists from RBC and Sotheby’s have declared the housing correction over and expect a gradual rebound over the near term. Homes priced up to $1 million have seen an uptick in selling activity, whereas the higher-priced luxury market remains soft.