Commercial Real Estate News Toronto – 1/2 November 2009

Can places like the Brick Works succeed without parking?

The Royal Canadian Military Institute, a squat, dun-coloured oddity nestled between two glittering office towers on University Avenue, has attracted some fuss lately. No one is terribly upset that this building with limited historical value is being torn down; the developers plan to replicate its 1907 façade as part of the new tower.

National Post Mon Nov 02 2009

Price of urban dream park may be more development

When the former Downsview military base was closed 15 years ago, dreams of a sprawling, full-amenity green space on the scale of New York’s Central Park danced in Toronto heads. Today’s plan for Downsview is more High Park-sized, as managers squeeze in ever more development to raise funds for creating Parc Downsview Park – not quite what residents had hoped would result from plans for a “national urban park.”

Toronto Star Mon Nov 02 2009

Dundee REIT to buy $140-million of office buildings Dundee REIT – D.UN-T

Globe and Mail Wed Nov 04 2009

Canadian Commercial Real Estate Better Off Than U.S. Real Property Association of Canada

Canada News Wire Wed Nov 04 2009

Toronto Sale Goes Against Grain

Wall St. Journal Wed Nov 04 2009

HST better for consumers, businesses

Financial Post Wed Nov 04 2009

Agents keep lock on MLS, for now Canadian Real Estate Association

Globe and Mail Thu Nov 05 2009

Brookfield profit drops but beats estimates Brookfield Asset Management – BAM.A-T

National Post Fri Nov 06 2009

Brookfield profit falls but acquisitions eyed Brookfield Asset Management – BAM.A-T

Reuters Mon Nov 09 2009.

Canadian real estate markets elude US collapse PricewaterhouseCoopers

Canada News Wire Wed Nov 11 2009 – Globe Investor

One-storey LCBO at King-Spadina makes no sense

Toronto Star Tue Nov 10 2009

Road tolls touted as Toronto’s economic cure

Toronto Star Tue Nov 10 2009

Allied Properties REIT ready to buy Allied Properties REIT – AP.UN-T

National Post Fri Nov 13 2009 – Reuters

Investors dive back into Canadian commercial property PricewaterhouseCoopers

Globe and Mail Thu Nov 12 2009 – Globe and Mail (second article)

City of Toronto seeks office space as payroll still growing

Toronto Star Fri Nov 13 2009

Yonge Street Office Space Toronto

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Cushman & Wakefield Ltd – Toronto Listings November

Financial Core

Downtown Fringe

Midtown

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Small Office Space Financial Core Toronto

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Colliers International – Commercial Real Estate GTA

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Commercial Tenant Insurance Overview

Written by:
John Hubbard RIB, CAIB
Tel: (905) 712-4668
Fax: (905) 712-3586
Toll Free: 1-800-900-2009
www.hubbardinsurance.com
john@hubbardinsurance.com

The insurance requirements for a tenant of commercial space are driven mostly by the elements of the lease agreement with the building owner.

It’s always a good idea to have your insurance broker review the insurance requirements of the lease, typically those 2 to 3 sections of the lease that deal with insurance, prior to signing. But certainly soon after and prior to occupancy, to make sure that your firm’s current or proposed coverage is adequate enough to satisfy the lease requirements.

Our office has literally reviewed hundreds of leases and there are many variations we’ve run across. Frequently they are also negotiable to some degree as well, so this step becomes even more important then many people think.

That pre-amble out of the way, as a general guideline, you will typically see the following elements, amongst others, in the lease that outline your responsibilities:

CONTENTS coverage; there will be a paragraph that makes it your responsibility to insure any of your own assets including furniture, equipment, phone systems on an “All Risk” basis and c subject to replacement cost.

Beyond that it is also typical for landlords to make the tenant’s insurance responsible for the value of any tenant’s improvements they, or you do to the space, prior to your moving in. This includes walls & carpets to name a few items. You’ll need to determine this value from the landlord so it can be reflectedas Tenant’s Improvements on your commercial property policy.

After the sprinklers go off unexpectedly is not the time to find out that the landlord did $100,000 of work before you moved in that was your responsibility to insure.

BOILER & MACHINERY coverage; more commonly known as MECHNICAL BREAKDOWN.

There are common exclusions under all business policies which specifically exclude losses from hot water heaters, power spikes, brown outs, telephone systems, electrical panels, any pressure vessel over 15 PSI to name a few. Mechanical breakdown coverage plugs these coverage holes.

LIABILITY coverage; this is coverage for your premises and operations, slip and fall, product liability etc.

There will be a section that deals with Commercial General Liability and most likely you will see a requirement that a minimum limit of $5,000,000 is required and that the policy include the landlord building owner as “An Additional Insured”.

This is an area where we’ve seen some flexibility with some landlords and the ability to negotiate, i.e.: if they ask for $10,000,000 in limits and all you have is an office in the space, they may reduce this requirement.

TENANT’S LEGAL LIABILITY coverage; this is the section that deals with fire and general damage to the space you occupy.

More often then not, the lease makes you contractually responsible for the portion of the building that you occupy your square footage. This is not an expensive coverage to purchase

The amount of coverage to carry is often arrived at by a value multiple by square foot occupied i.e.: a 3,500 square foot office space at $100 per square foot = $350,000 in Tenants Legal Liability

In general, we see ourselves stepping into the role of “Risk Manager” for our clients, partnering ourselves with them, so welcome the opportunity to review all lease and other contractual agreements that you may enter into.

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Toronto’s office-tower vacancies to exceed New York, Boston

November 24, 2009, 8:36 PM by Rob Roberts
Original Article

By Doug Alexander

A surge in office construction in Toronto’s downtown may push the city’s vacancy rate higher than New York and Boston after developers added space during the first recession in 17 years.

The proportion of empty space in Toronto’s office market, lower than the 12 largest U.S. business districts last year, will more than triple by 2011 to 13.6%, according to Cushman & Wakefield Inc. Brookfield, Cadillac Fairview Corp. and Menkes Developments Ltd. each added a glass skyscraper in the past five months.

“We’re going to have a little bumpy ride for the next couple of years,” said Paul Morse, Cushman & Wakefield’s senior managing director of office leasing in Toronto. “We’re not going to see too many buildings after this because the economics aren’t really there to support it.”

[Read more]

Commercial Real Estate Deals – Toronto

Here are some of the well priced Listings that have come out through November 2009.

If you would like a custom survey of available office space across the GTA call us first at 416-992-9869 or E-mail Me

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Financial Core Office Space Toronto – November

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OfficeSearchToronto.com tracks available office space across the GTA. Want a survey or availability report somewhere else in Toronto? Are these space too big? Call us at 416-992-9869 or E-mail Me!

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Ashlar Urban Availability Report

OfficeSearchToronto.com tracks available office space across the GTA. Want a survey or availability report somewhere else in Toronto? Are these space too big? Call us at 416-992-9869 or E-mail Me!

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