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Panattoni’s industrial pipeline 6.1M sq. ft., much of it on spec
Panattoni’s industrial pipeline 6.1M sq. ft., much of it on spec
Panattoni Canada has just leased a new 308,545-square-foot Mississauga logistics facility it was building on spec, but its pipeline of industrial developments is nowhere close to dry.
GTA residential rents decline for eighth straight month
The average monthly residential rent in the Greater Toronto Area declined for the eighth straight month to $2,194 in July and is down 8.7 per cent annually, according to TorontoRentals.com and Bullpen Research & Consulting‘s latest Toronto and GTA rent report.
Vancouver’s Trump Hotel closes doors for good
• Vancouver Sun • CBC • Business In Vancouver
Vancouver’s Trump Hotel has permanently closed, but it could reopen under another brand. The land and building is owned by TA Global Berhad, a multinational Malaysian property company, which paid to license rights to use the Trump name.
Day of reckoning may be approaching for Brookfield
• Financial Post • Globe Newswire • Globe Newswire
In his remarks on joining Brookfield Asset Management (BAM-A-T), Mark Carney referred to “an accelerated transition to a net zero economy.” In some ways, Brookfield is already even beyond net zero as to the profitability of its shopping centres collection.
CRE rent-relief program to fall short of budget: PBO
The parliamentary budget officer says a program to provide rent relief to small- and medium-sized businesses will cost $931 million. The program is still on track to provide less help than the nearly $3 billion the Liberals budgeted.
Co-working companies adjust to pandemic
Vice-president Stephen Tapp said that despite capacity cuts, WeWork Canada has not seen a dent in sales because the enterprise business involves companies who manage their own capacity — and in many cases need additional space to spread out their employees.
Minto’s LEED portfolio tops 6,500 apartments
An Oakville apartment is the latest Minto property to receive LEED certification by the Canada Green Building Council. The third-party acknowledgment is “something that we’re very proud of,” said senior building performance specialist Joanna Jackson.
Colonnade plans high-rises, CRE in East Ottawa
• Ottawa Business Journal • RENX
Ottawa-based Colonnade BridgePort‘s plan to redevelop five acres of prime real estate near Ottawa’s main Via Rail terminal will likely include a park surrounded by six blocks for mixed-use high-rises that could be as tall as 30 storeys.
Edmonton proposes rezoning to reignite development
• CBC • Global News
City council will consider rezoning land along Northeast Edmonton’s Fort Road to reignite development in the long-stagnant area. Administration is pushing for changes that would scale back zoning density requirements for areas within the planned urban village of Station Pointe.
Downtown Winnipeg mall deal delayed again
• CBC
Toronto-based Starlight Investments, which offered to buy Winnipeg’s Portage Place mall more than a year ago, is now asking for three more months to close the deal after Ottawa signalled it needs more time to review its request for $20 million.
Meet Cushman & Wakefield’s six-foot office
The traffic at the Donald Street office of Cushman & Wakefield | Stevenson is steady, but much like the vehicles speeding by below, it only goes in one direction. “It takes some getting used to,” said the Winnipeg branch’s president, Aaron DeGroot.
REIT investors hit despite surging property market
The iShares S&P/TSX Capped REIT ETF (XRE-T) is down 23 per cent this year, excluding dividends, underperforming its U.S. and global equivalents. The Canadian ETF is on pace for its worst year since the 2008 global financial crisis.
Mohawk acquires Chicago MOB
Toronto-based Mohawk Asset Management Corp., today announced the formation of Mohawk Chicago (Countryside) Opportunity Partners (II) LP and its purchase of the Countryside Medical/Professional Office Building, a 112,000-square-foot, two-storey structure in the Chicago adjacent community of Palatine.
COVID-19 threatens validity of appraisals: Exec
Structured sales can give asset-based lenders actionable insights into the value of real estate in the COVID-19 era, advises Jeff Hubbard, a senior managing director at A&G Real Estate Partners, in a column for ABLAdvisor.com.
Foreign investors left holding the U.S. CRE bag
Foreign investors who backed real estate projects in return for U.S. visas are emerging as losers. In Manhattan, Chinese investors who helped fund Related Cos.’ Hudson Yards have called for arbitration to pressure the developer into returning their money.
Ontario announces plan to freeze rents
• REMI Network • Globe and Mail
Ontario’s announcement it intends to freeze rents in 2021 has created another wave of commotion. The forthcoming bill is said to have blindsided landlords and upset tenant groups who fear a rent freeze may trigger a surge in homelessness.
OSFI winding down mortgage deferrals
• Vancouver Sun • CBC • Canada Newswire
Federal financial watchdog Office of the Superintendent of Financial Institutions (OSFI) announced Monday it is winding down regulatory relief it has provided to banks that are allowing customers to delay payments on mortgages and other loans during the coronavirus pandemic.
CMHC readies for housing-market risks
• CBC • Globe and Mail
Canada Mortgage and Housing Corp. says it expects the housing market will have to reckon with significant short-term uncertainty, as well as falling housing demand from weaker household incomes in the medium term.
Medicine Hat offers $25,000 to homebuilders
The city of Medicine Hat, Alta., is offering homebuilders $25,000 grants under the Residential Infill Incentive Program when they build on selected infill lots in the city of 63,000. The average composite price for a home in the city is $297,332.
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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