300,000 Square Feet of Space Leased in July
August 18, 2009 -- Last month, TREB Members reported 312,771 square feet of leased industrial, commercial, and office space, Commercial Council Chair Gary Lander announced today. “Volume is down from last year July’s 1,072,321 square feet of space traded,” Mr. Lander noted. “Many players in the Real Estate leasing market are waiting to see where things settle price-wise before making decisions on taking extra space.”
Prices declined from year-ago levels for all leased property types. Industrial space (all size categories) leased for $5.33 sfn, down 2% from the $5.45 recorded in July 2008. Commercial space traded for $15.91 sfn, down 20% from the $19.83 figure seen during the same month last year. Finally, office space traded for $11.98, down 11% from last July’s $13.43 sfn figure.
472,663 Square Feet Leased In February
March 19, 2009 -- In February 2009, TREB Members reported 472,663 square feet of space through the TorontoMLS system, Commercial Council Chair Garry Lander announced today. This figure compares to the 844,348 figure recorded during the same month in 2008.
2009 infrastructure projects reach $61B
January 13, 2009 --The energy and transportation sectors are on top of a new ranking of Canada's biggest infrastructure projects for 2009 that estimates $61-billion in public and private capital investments will soon be pumped into the country's economy for construction.
Vancouver seeks charter change to borrow $458M for Olympic Village
January 13, 2009 -- In a special council meeting at Vancouver City Hall on Monday, Mayor Gregor Robertson said he will ask for the province's permission to borrow money to complete the Olympic Athletes Village. (CBC) Vancouver city council unanimously passed a motion Monday to ask the province for permission to borrow $458 million to fund the completion of the 2010 Winter Olympics Athletes Village in False Creek.
Mideast buyers interested in Bear Mountain, resort official says
January 13, 2009 -- Officials with Bear Mountain resort near Victoria yesterday brushed aside persistent rumours that the massive real-estate development is on the verge of being sold to a group of investors from Dubai for half a billion dollars.
Over 1,000,000 Square Feet of Space Leased In November
December 11, 2008 -- Another 1,113,195 square feet of space leased through TorontoMLS® in November, Commercial Council Chair Garry Lander said today. “That figure is up 24 per cent over the 895,632 square feet leased during November of last year. It is also the second month in a row that over 1,000,000 square feet of IC&I space has been transacted through the Toronto Real Estate Board’s MLS system.”
New CBRE Group Rides to the Rescue of Distressed Assets
Nov 20, 2008 -- CB Richard Ellis Group Inc. has just kicked off its restructuring services group to provide one-stop shopping for clients in need of services to address the growing pool of distressed commercial real estate assets.
CMBS Market Begins to Show Fissures
Nov 19, 2008 -- The market for debt used to finance hotels, offices and shopping malls tumbled Tuesday on worries that the long-feared rise in defaults for commercial mortgage-backed securities had begun, possibly ushering in the next phase of the financial crisis.
Global crisis creates ghost resort towns
Nov 19, 2008 -- PUNTA CANA, Dom. Republic–The ocean glows a milky turquoise. Tiny waves lap at the powder-beige sand, in no rush to reach the line of postcard-perfect palm trees.
Experts: Pain on Horizon, More for the US
October 27, 2008 -- While commercial real estate markets around the globe are looking at a dozen or so painful next quarters, the US will likely be hit the worst, according to CRE experts.
Lodging REITS at risk, Blackmont says
October 27, 2008 -- The prosperity and growth of Canada’s lodging real estate investment trust sector is “at risk” because of reduced access to capital, according to a report from Blackmont Capital analyst Trevor Johnson.
Moody’s: CRE Prices Flatten in August
October 27, 2008 -- Prices for commercial real estate essentially flattened in August, according to a report released from the Moody’s/REAL CPPI. The measure for August was 169.74, a slight decline of 0.1 percent from the previous month, an essentially “flat result.”
German inroads to Montreal
October 18, 2008 -- With seemingly little fanfare, German-based DekaBank Deutsche Girozentrale has been quietly building up its loan book in Canada by lending to the real estate sector. And the bank, a non-quoted public company that can trace its roots back to 1918, doesn't even have a U. S. or Canadian office.
Mayor calls for a freeze on new project levies
October 18, 2008 -- The credit crunch has prompted Mayor David Miller to propose a freeze on development charges as a way to help the development industry. The levies – one-time charges on new projects to pay for infrastructure – have been bringing in about $50 million annually. They should be frozen at current rates through 2009, Miller said yesterday.
U.S. businessman bids on MEC loans
October 17, 2008 -- A Baltimore, Md., venture capitalist has jumped into the battle to restructure Frank Stronach's MI Developments Inc. and Magna Entertainment Corp., offering to buy the loans the real estate company has made to its racetrack and gambling unit.
Commercial real estate starts to feel the pinch
October 10, 2008 -- Global economic jitters are starting to catch up to Montreal's commercial real estate market, a study by real-estate consulting firm GVA Devencore says. Devencore president Jean Laurin said in a telephone interview that banks have tightened credit significantly, but expressed confidence that other lenders, notably pension funds and insurance firms, will step into the breach.
Growth in white-collar sector critical to commercial real estate markets, expert says
October 10, 2008 -- Ongoing strength in Canada’s commercial real estate markets must include continued growth in the “white-collar” sector, says a senior real estate official. “We need continued investment and resurgence in these modern white-collar factories,” said Paul Morse, senior vice- president, general manager and national practice director for Cushman & Wakefield LePage.
City's office vacancy rate still sliding
October 10, 2008 -- Despite new construction and a souring global economy, Edmonton's office market will continue to be tight, say some commercial realtors. Overall, the office vacancy rate continues to slip, says a third-quarter office market report released Tuesday by Colliers International Edmonton.
Telecommuting on the rise in U.S. and Canada
September 4, 2008 -- 42 percent of American companies and 40 percent of Canadian say they let employees telework If you find you're wasting precious time and money idling in traffic en route to or from work, take heart: During the past year, there's been a notable jump in the number of American and Canadian companies offering employees the opportunity to telecommute.
QLT completes Cdn$65.5 million real estate transaction
September 4, 2008 -- QLT Inc. (NASDAQ: QLTI; TSX: QLT) announced today the closing of its previously disclosed agreement to sell the land and building comprising its corporate headquarters and the adjacent undeveloped parcel of land in Vancouver, British Columbia to Discovery Parks Holdings Ltd., in its capacity as trustee of Discovery Parks Trust and Discovery Parks Trust 2 ("Discovery Parks"), for Cdn$65.5 million.
Loblaw's revamp of Maple Leaf Gardens on hold
September 4, 2008 -- Maple Leaf Gardens at Carlton and Church Sts. was the home of the Toronto Maple Leafs from 1930 to 1999. Loblaw Cos. Ltd. bought the property in 2004. Nearly a decade after the Maple Leafs left their old arena, it looks like the doors to Maple Leaf Gardens will stay shut for some time. Loblaw Companies Ltd. bought the property and has repeatedly touted plans to turn it into a flagship store, while keeping the façade of Canada's oldest hockey shrin
MI names Dennis Mills to interim CEO post
August 15, 2008 -- Frank Stronach wants to "make peace" with investors and is willing take on new partners at Magna Entertainment Corp., says the former politician he has just appointed to help try to save the financially distressed horse racing company.
Starbucks: Easy Re-Leasing?
August 15, 2008 -- The closing of hundreds of stores by one chain normally should be the equivalent of minor earthquake for real estate professionals. But major brokers are responding to Starbucks’ shuttering of 600 units with “So what?” The 600 closing stores represent just about 3% of Starbucks’ units in the United States, hardly a sign of abject failure, all note.
CAP REIT logs $3.4M profit in Q2 Email story
August 14, 2008 -- Canadian Apartment Properties Real Estate Investment Trust logged a $3.4-million profit in the second quarter, pulling itself out of year-ago losses as more people rented units on the REIT's properties.
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