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IWG can’t grow fast enough, seeks Cdn. partner: CEO
IWG can’t grow fast enough, seeks Cdn. partner: CEO
IWG plc, the biggest operator of co-working offices in both Canada and the world, seeks a partner or partners for its Canadian operations to accelerate growth. IWG aims to establish a master franchise agreement, says CEO Wayne Berger.
Toronto Don Valley hotel property sells for $102M
The Toronto Don Valley Hotel and Suites property, a prime potential redevelopment site along Eglinton Avenue near the Don Valley Parkway, is being sold for $102 million. The buyer is DVP Hotel Development, according to owner Allied Hotel Properties Inc. (AHP-X).
Fraser Valley industrial market burning brightly
Avison Young reports the Fraser Valley has become the Lower Mainland’s “most active industrial market,” with 105 sales worth $185 million in the first half of 2019. This represents a quarter of the $740 million worth of industrial transactions Avison Young reported for B.C.
Tech jobs surge, but office space crunch persists
Computing Technology Industry Association (CompTIA)’s Cyberprovinces 2019 study reveals that overall tech jobs grew by 3.8 per cent in 2018, year-over-year, with net tech employment increasing by an estimated 249,000 new jobs since 2010. However, where are these high-paid workers going to work?
Hamilton cuts millions from waterfront projects
• CBC
The city is trimming millions from its plan to redevelop Hamilton’s waterfront because the project is about $15 million over budget. Hamilton’s west harbour development subcommittee voted Tuesday to scrap a $2,490,00 plan to redevelop Bayview Park.
Op-ed: Moving toward a more livable Ottawa
• Ottawa Business Journal: Part III • Ottawa Business Journal: Part II • Ottawa Business Journal: Part I
If you were to design your ideal city, what would it look like? Would it be filled with arteries lined by big-box stores? Or would it showcase more walkable neighbourhoods with a wide range of businesses, vendors and public spaces?
Montreal borough to ban motel, hotel development
• CBC
Côte-des-Neiges–Notre-Dame-de-Grâce officials are envisioning a new future for St-Jacques Street, and that future does not include new motels or hotels. The moratorium will ban all new motel construction on St-Jacques Street from Décarie Boulevard to Montreal West.
Canada Infrastructure Bank considered public utility
The Canada Infrastructure Bank (CIB) considered creating a public utility to lower internet prices for consumers and compete with Bell, Rogers and Telus. The bank also discussed fundamental changes to how telecommunications infrastructure is regulated.
Dalfen Industrial acquires Georgia industrial park
Montreal-headquartered Dalfen Industrial announced the acquisition of Northwood Industrial Park located at 2915, 2925 Courtyards Dr. and 3055 Northwoods Circle, in Norcross, Ga. Northwood Industrial Park consists of three buildings totaling 143,668 square feet, strategically positioned in the highly desirable Northeast Atlanta submarket.
APG to acquire CPPIB’s 39% stake in Interparking
• Canada Newswire • IPE Real Assets
APG will acquire a 39 per cent stake in Interparking, one of Europe’s largest car park owners and operators. APG will buy the stake from CPP Investment Board Europe, a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB).
Edmonton bricks-and-mortar retail seeing growth
Edmonton’s bricks-and-mortar retail scene is overcoming challenges from e-commerce and a troubled economy, according to a report from Cushman & Wakefield (CWK-N). “The Alberta economy is starting to show signs of positive growth,” the report noted.
Rising rents shutter two Vancouver restaurants
Two longtime restaurants are closing in the South Granville neighbourhood at the end of their leases, raising the spectre rising lease rates in that neighbourhood are getting too high for restaurant owners to bear.
Red Robin burger chain to close all Alberta locations
• Global News • CBC
American burger chain Red Robin will be closing all five of its Alberta stores by Dec. 8. The company’s other 12 stores are in B.C. Communications director Kevin Caulfield called the closures part of a “reassessment of Red Robin’s real estate portfolio.”
McDonald’s misses profit expectations
• Reuters • PR Newswire • Financial Post
McDonald’s Corp. (MCD-N) missed Wall Street estimates for profit for the first time in two years Tuesday as more investment to spruce up U.S. restaurants weighed on the world’s biggest fast food chain, sending its shares down four per cent.
Australian pension fund eyes U.S. offices, apartments
Australia’s second-largest pension fund QSuper wants to buy more office buildings and apartment developments in the U.S. after purchasing Chase Tower in Texas in August, chief investment officer Charles Woodhouse said in an interview.
U.S. construction at a crossroads
ConstructConnect’s grand total construction starts statistics two-thirds of the way through 2019 are almost even year-over-year: down 3.3 per cent. However, it is much more heavily weighted towards very large projects, the so-called “mega projects” of one billion dollars or more each.
Foreign buyers tax among coming changes
• Huffington Post • RE/MAX blog • Financial Post
The re-election of Justin Trudeau’s Liberals on Monday will likely result in potential new barriers for foreign real estate investors as well as some help for first-time buyers, but not the more significant changes opposition parties had promised.
What could cause the next housing crash?
• Globe and Mail (Sub. required) • Globe and Mail
A major cause of the last two downturns in housing prices was an oversupply of properties for sale. Could it happen again? Veritas Investment Research set out to answer the question using an informal survey of more than 200 real estate investors.
Renoviction points to holes in T.O.’s tenant protections
• Globe and Mail (Sub. required)
A real estate investor and co-founder of a “socially conscious” cannabis company who evicted tenants from four Toronto apartments to convert their homes into a daycare and a gym says the process is “the nature of the real estate business.”
Toronto homebuyers are tossing out lowballs
• Globe and Mail (Sub. required)
Homeowners hoping to sell a house in the Toronto area for a jaw-dropping premium may be disappointed during the dwindling days of October. Bosley Real Estate’s David Fleming is envisioning deflated sellers sitting around the dining room table.
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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