Battered Calgary office owners await ‘new normal’

RENX  Commercial  •  Office  •  National, Calgary

As office buildings in Canada are prepared for workers to return, the big question is how much space will companies need in the new reality with COVID-19 impacting their revenues, and the potential increase in remote work.

Starlight to receive $28.7M rebate for Wpg. project

Commercial  •  Global News  •  Winnipeg Free Press

A new program from Manitoba’s provincial government is expected to help support a nearly $400-million investment in Portage Place shopping centre by Toronto developer Starlight Investments. Starlight is set to receive $28.7 million in rebates spread out over 20 years.

Cape Breton University plans mixed-use development

Residential, Commercial  •  CBC

Cape Breton University is planning to build a large residential and commercial development on the site of the former Tartan Downs horse racing track in Sydney. The university bought the property last fall, citing vague plans for future development.

Virtual hearing for proposed Vancouver office tower

Commercial  •  Vancouver Sun

The City of Vancouver will host a virtual public hearing next week into a proposed downtown office tower. Reliance Properties wants to rezone 443 Seymour St. to allow for the construction of a 29-storey office building with street-level retail.

Redeveloped Safeway set to open in Vancouver

Commercial  •  Business In Vancouver

The Saskatchewan Edge › New challenges await social distancing office users

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

Infrastructure Bank on hunt for new CEO

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

Canada Infrastructure Bank chair Michael Sabia says the bank has identified candidates in its hunt for a new CEO as it prepares to play a key role when governments shift to stimulating the economy after the COVID-19 pandemic.

Colliers managing director’s new normal

Commercial  •  Bisnow

On day two of our holiday, news broke that most companies, including Colliers, were sending their employees home.  It was time to turn on the Zoom camera and get to work. We have approximately 300 employees in the Greater Toronto Area . . .

First Nations office/retail building project proceeds

Commercial  •  CBC

Just as COVID-19 was shutting down much of Nova Scotia, a 55,000-square-foot, three-storey office and retail building started going up in the Membertou First Nation. Chief Terry Paul said his worry was the possibility of bringing COVID-19 into the community.

Top 10 Atlantic, Manitoba, Saskatchewan projects

Commercial  •  Daily Commercial News

The accompanying tables show the top 10 largest upcoming Atlantic, Manitoba and Saskatchewan construction projects in Canada. They are all in the planning stage and are mainly new projects, but may also involve additions and/or alterations.

PROREIT collects 90.4 per cent of May rent

Commercial  •  Canada Newswire  •  RENX

PROREIT (PRV-UN-T) announced it has collected 90.4 per cent of its May rent. “We are gratified with the positive results we have achieved . . . and believe it demonstrates the strength and resiliency of our well-diversified tenant base,” said CEO James Beckerleg.

REOC first-quarter financial results

Commercial  • 

Melcor Developments Ltd., (MRD-T), Globe Newswire

Macy’s warns of $1B quarterly loss due to COVID

Commercial  •  Reuters

Macy’s Inc. (M) said Thursday it could rack up operating losses of up to $1.11 billion in the first quarter, as it was forced to shut stores due to lockdowns aimed at curbing the spread of the new coronavirus.

U.S. CRE transactions plunged 71% in April

Commercial  •  Bloomberg  •  Bisnow

Sales of U.S. hotels, offices, malls and other commercial real estate plunged 71 per cent in April to the lowest level in a decade, as the coronavirus shut down large parts of the economy, according to Real Capital Analytics Inc.

COVID-19 to spur hotel consolidation, RE conversions

Commercial  •  Forbes

Shares in international chains like Marriott and Wyndham have recovered from their 2020 bottoms as lockdowns ease in much of the world, but they remain down a quarter or more year-over-year. Pressure on their business and hiring will remain.

Citi eyes suburban NYC offices

Commercial  •  National Real Estate Investor

Citigroup Inc. is considering opening satellite offices outside New York City, including Long Island, Westchester and New Jersey, as the finance industry grapples with when it will be safe to bring workers back to Manhattan.

How 5G will power smart cities of the future

Residential, Commercial  •  Globe and Mail  •  Globe and Mail

Imagine a city where autonomous vehicles communicate with traffic lights and on-the-ground sensors to clear traffic jams. A 10 per cent drop in commuter travel time could increase productivity that would boost GDP by $270 million in Vancouver and $535 million in Montreal.

Canada shifting toward denser cities and suburbs

Residential  •  Toronto Star

Millennials are having families, boomers are retiring — and both are increasingly choosing apartments and condos over houses. Meanwhile, the suburbs are becoming denser and medium-sized cities like Kitchener or Waterloo are becoming more diverse.

Ottawa-Gatineau leads Canadian home price gain

Residential  •  Globe and Mail

Canadian home prices rose in April at a stronger than usual clip for the month, with widespread gains led by the metropolitan markets of Ottawa-Gatineau and Toronto, the Teranet-National Bank Composite House Price Index showed on Wednesday.

Vancouver condo prices expected to fall for years: Analyst

Residential  •  CityNews  •  CityNews

Now isn’t the time to buy real estate if someone is willing to wait for a better deal, according to Eitel Insights founder Dane Eitel, who predicts condo prices in the Vancouver area are set to decline for years.