Commercial Real Estate News Toronto – 1/2 August 2009

Canada’s economic bounce will be short-lived, Merrill Lynch says - The new chief economist for Merrill Lynch Canada has finally landed and published a forecast that is significantly more optimistic about the Canadian economy in the short run, but less enthusiastic for next year. Sheryl King, who was a senior U.S. economist for the firm but moved to Toronto last week, believes the Canadian economy has begun to grow.
Globe and Mail, Jul 06, 2009

Canadian buildings honoured at BOMA International Awards - The Building Owners and Managers Association of Canada is proud to announce the Canadian winners of the prestigious 2009 International awards which recognize excellence in the commercial real estate industry. With seven entries in the competition, Canada fared extremely well, garnering two of the Office Building of the Year (TOBY) Awards.
BOMA Canada News Release, Jul 08, 2009

Brookfield poised for power play – brookfield.com – BAM.A-T – Toronto-based Brookfield Management has picked up $565-million in liquidity after selling part of its renewable power business, setting up the global asset manager for significant further acquisitions. Brookfield is to look for investment opportunities in the renewable power sector. The assets sold to Great Lakes Hydro Income Fund earn a healthy 10.5%.
National Post, Jul 07, 2009 Google News, Jul 07, 2009

Toronto’s situation not as dire as in 1992 - smithcompany.ca – Where are rental rates in Toronto’s downtown office market heading? When will they bottom out? The current downward cycle will be less extreme than the recession of 1992, concludes Paul Smith, who operates an independent commercial real estate brokerage in Toronto, Smith Company/ONCOR International.
Globe and Mail, Jul 08, 2009

Rising Canadian office vacancy rates to slow construction - While there are signs of economic recovery in several key sectors, commercial office construction is not one of them. This observation is reinforced by Cushman & Wakefield LePage’s latest office statistics which reported that the national office vacancy rate jumped from 6.1% to 7.6% in the second quarter, its largest one quarter increase on record.
Journal of Commerce, Jul 08, 2009

New office building opens in Toronto Waterfront - Serenaded by the whine of saws, Toronto Mayor David Miller and a cast of business leaders christened the near-completion of the first new commercial building on the waterfront yesterday. At a construction “topping off” ceremony for the 500,000-square-foot glass-clad structure – the new home of media giant Corus Entertainment.
Globe and Mail, Jul 08, 2009

Toronto hotel rates hit rock bottom – The recession is cutting demand for Toronto hotels, leading to great deals this summer. If you’re bargain-minded, you might want to take a “staycation” close to home – especially with the Canadian dollar at 86 cents (U.S.), compared with 98 cents a year ago. While foreign travel has become more expensive for Canadians, fewer visitors are coming to Canada.
Toronto Star, Jul 09, 2009

Tim Hortons makes it to Times Square – New Yorkers can order a Tim Hortons double-double as the iconic Canadian coffee shop chain opens for business in the Big Apple. Nine of the 10 locations in Manhattan are scheduled to open July 13th, including stores on Broadway and at Madison Square Garden, Penn Station and Times Square. Two more locations will open in Brooklyn.
CBC.ca, Jul 13, 2009 Toronto Star, Jul 13, 2009 Canada News Wire, Jul 13, 2009

Workplace walls come tumbling down - When Steve Andrews and about 100 fellow employees of the Town of Markham moved into their cubicles in a newly renovated office last November, he knew they would feel the squeeze on their personal work spaces. The workstations in the new space measure 50 square feet, 33 per cent smaller than the 75-square-foot cubicles at the Civic Centre.
Globe and Mail, Jul 14, 2009

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