Hutcheson, Morassutti look at path to recovery

RENX  Commercial  •  Office, Industrial, Retail  •  National

Financial turmoil created by the COVID-19 pandemic is a “health crisis with economic implications, it’s not an economic crisis in itself,” says the incoming CEO of OMERS, one of the country’s largest commercial real estate investors.

Van. industrial sector surges during COVID-19

Commercial  •  Western Investor  •  Motley Fool

Metro Vancouver’s industrial real estate is surging during the COVID-19 pandemic, led by distribution demand and a wholesale search for space to store new cars, trucks and tonnes of retail material piling up on docks and railcards.

Airbnb raising another $1 billion in debt

Residential, Commercial  •  CNBC  •  Reuters

A week after reeling in $1 billion in fresh capital, Airbnb is raising another $1 billion in debt. Fidelity, T. Rowe Price, Blackrock, Oaktree Capital, Apollo Global Management, Benefit Street Partners and Owl Rock Capital are participating in the financing, said sources.

The People Space › People Space: Gavan joins Colliers board, Botting moves to AY …

Don Wilcox: Managing Editor

Whole Foods fumbles Amazon handoff

Commercial  •  Reuters

Amazon’s moves to reduce strain on its grocery businesses by putting new online shoppers on wait lists and switching more Whole Foods resources to filling orders, is unmasking limitations at the company that was expected to upend the supermarket industry.

Sobeys’ parent company sees sales jump

Commercial  •  Globe and Mail (Sub. required)

Sobeys’ parent company​ – Empire Co. Ltd. (EMP-A-T) – reported sales at its grocery stores grew by 37 per cent in the four weeks starting March 8, as restaurants have shut their doors and Canadians stay at home to contain the spread of COVID-19.

Alberta fast-tracks new school builds

Commercial  •  Global News  •  CBC

As the COVID-19 pandemic continues to impact Alberta’s economy, the provincial government announced five new schools builds – a $100-million project – will move forward this summer, creating 560 “well-paying” construction jobs for Albertans.

Feds announce small business rent aid

Commercial  •  Global News  •  CBC

Prime Minister Justin Trudeau says the federal government is expanding a loan program for small businesses suffering from the COVID-19 pandemic and is working on a new support for companies having trouble paying rent.

Minto collects 97% of April rental revenue

Residential  •  Canada Newswire  •  RENX

Minto Apartment REIT (MI-UN-T) announced that as of April 14, it had collected 97 per cent of rental revenue, a level consistent with its normal collection cycle. Fewer than one per cent of tenants have entered into a deferred payment plan.

Chartwell withdraws guidance for 2020

Residential  •  Toronto Star  •  Canada Newswire  •  RENX

Chartwell Retirement Residences (CSH-UN-T) is withdrawing its 2020 outlook due to the uncertainty surrounding the COVID-19 pandemic. Chartwell says restrictions on residence visits during the pandemic are expected to hurt occupancy levels as it is not permitting visits by prospective residents.

Inovalis suspends DRIP until further notice

Commercial  •  Canada Newswire

In response to COVID-19, Inovalis REIT (INO-UN-T) has suspended its Distribution Reinvestment and Unit Purchase Plan effective as of the distribution payable on May 15, 2020 to unitholders of record as of April 30, 2020. The DRIP will remain suspended until further notice.

REIT/REOC COVID-19 business updates

Commercial  • 

Dream Office REIT, (D-UN-T), Dream Unlimited Corp., (DRM-T), Globe Newswire

Granite REIT, (GRT-UN-T), Business Wire

Mainstreet Equity Corp., (MEQ-T), Canada Newswire

Slate Retail REIT, (SRT-U-T), Business Wire

WPT Industrial REIT, (WIR-U-T), Globe Newswire

COVID-19 brings opportunities to data centres

Commercial  •  CP Executive

While some industries are being heavily impacted by the coronavirus outbreak — especially the hospitality sector — the data centre market seems to be weathering the crisis better, as internet usage continues to surge.

Coronavirus relief bill helps U.S. hotels

Commercial  •  CP Executive

While U.S. hotel RevPAR has dropped a whopping 80.6 per cent since Feb. 15, hospitality companies will get some relief through the $2 trillion Coronavirus Aid, Relief, and Economic Security Act, notes Marcus & Millichap’s Benefits of Fiscal Stimulus to Hotels report.

U.S. MOBs poised for quick recovery

Commercial  •  CP Executive  •  National Real Estate Investor

Medical offices that offer non-emergency services that saw solid fundamentals prior to the virus promise a relatively rapid rebound when the economy is up and running again, according to Marcus & Millichap’s April special report on medical office buildings.

Marriott sees China bookings improving

Commercial  •  Reuters  •  CP Executive

Marriott International (MAR-Q) said on Tuesday bookings in Greater China were improving steadily in April as authorities lifted some coronavirus-led travel curbs, even as it forecast a 60 per cent decline in its March total revenue per available room.

Home sales and listings plunge in March: CREA

Residential  •  Canada Newswire  •  CBC  •  Financial Post

Canadian Real Estate Association (CREA) statistics show national home sales fell 14.3 per cent on a month-over-month basis in March and the number of newly listed properties dropped 12.5 per cent month-over-month.

Canadian real estate braces for reckoning

Residential  •  Bloomberg

Canadian housing once seemed so infallible that the head of the world’s biggest asset manager in 2015 described Vancouver condos as a better store of wealth than gold. The coronavirus is putting that theory to the test.

Chinese buying of Van. RE plummets: RE/MAX

Residential  •  Straight

Realtors in Metro Vancouver are seeing fewer property buyers from China amid the COVID-19 pandemic, according to RE/MAX Canada’s online post “What is Happening in the Vancouver Housing Market?”

N.S. landlords institute no-visitor policies

Residential  •  CBC

Some apartment owners in Nova Scotia have instituted no-visitor policies, while many apartment buildings have implemented extra cleaning in high-traffic areas and touch zones, such as door handles, elevator buttons, railings and entrance lobbies.