Commercial Real Estate News – December 14, 2009

TD shows ’significant exposure’ to US CRE

Toronto-Dominion Bank’s exposure to the troubled U.S. commercial real estate market is significantly higher than many of its investors believe. The sector’s continuing deterioration is fuelling concerns about the banking industry and the recovery of the U.S. economy. While this has been seen as a lesser problem for Canadian banks, TD’s filings with U.S. regulators suggest it has about $19.5-billion (U.S.) in exposure.

Globe and Mail Mon Nov 30 2009

Toronto Real Estate Forum: Commercial Real Estate Boom or Bust? Real Estate Forums

By most standard methods of measurement, real estate professionals gathered in Toronto this week have plenty of reasons for optimism. The residential market is on fire, with October sales numbers setting a record monthly high and average sale prices expected to reach a new record by the end of the year as well. Commercial real estate in this country also seems to be humming along.

Globe and Mail Mon Nov 30 2009

Union Station’s big reno to take 5 years

Union Station users should brace for a long haul as the $640 million renovation of the historic transportation hub gets going in spring. The work, including excavating a large new lower level to house shops and restaurants, will take until 2015. Though it’s a big project, it’s not overly complex, said Graham Brown, president of Carillion Construction Inc., a Vanbots division.

Toronto Star Wed Dec 02 2009 – Daily Commercial News

Famed architect unveils plan for Toronto waterfront

A warning to all those who complain nothing ever happens on Toronto’s waterfront: Moshe Safdie is designing a major mixed-use complex for a site on Queens Quay, just east of Sherbourne St. Safdie is the Montreal-trained architect whose first waterfront project, Habitat at Expo 67, made him world-famous. There’s no question it’s the best thing to have been proposed for Toronto’s harbour lands in decades.

Toronto Star Wed Dec 02 2009

Maple Leaf Gardens to reopen in 2011

It may end up only a shell of its former self, but at least the Grand Old Lady at Church and Carlton Sts. will be open again. Rumours had been swirling for months that a deal to resurrect Maple Leaf Gardens from the landmark dustbin was in the works between the building’s current owners, Loblaw Companies Ltd., and Ryerson University.

Toronto Star Wed Dec 02 2009 – Toronto Star (second article)

Whiterock Announces $45 Million Acquisition of Property in Montreal and Toronto White Rock REIT – WRK.UN-T

Whiterock REIT announced the acquisition of two high quality, primary market assets with long term leases to industry leaders Molson and Technicolor. In keeping with its active acquisition program, Whiterock has entered into two binding contracts to acquire an interest in a 225,000 square foot distribution centre in Montreal and an 87,105 square foot office building in downtown Toronto for $45.3 million.

Canada News Wire Wed Dec 02 2009

New life for 10 Toronto Street

The grand historic midget nestled amid downtown’s sleek towers, 10 Toronto Street has tenants again. The building is a three-storey heirloom to Toronto’s coming of age, with fluted pillars and a Georgian design remaining from its construction in 1853, and has been home to some of Canada’s most powerful men. Now, the architectural gem has been renovated and reclaimed by an investment firm with ties to its past glory.

National Post Fri Dec 04 2009

Avison Young opens new office in the North market of Greater Toronto Avison Young

Avison Young, Canada’s largest independently-owned commercial real estate services company, announced today the opening of a new office in the North region of Toronto. The announcement comes on the heels of the opening of new offices in Washington, DC and Lethbridge, Alberta last month. Avison Young has more than 500 real estate professionals in, now, 15 offices across Canada and in the U.S.

Canada News Wire Fri Dec 04 2009

Renovators’ Council fears HST will drive work underground

With the HST looming, the Ontario Renovators’ Council is fighting the 8% the tax would add to home renovation bills. Michael Martin, ORC chair, said the increase in tax on contract renovations to 13% from 5% will push homeowners toward illegitimate renovators. According to a study by Atlus Group Economic Consulting the home-renovation sector accounts for about $20-billion in investments in Ontario

National Post Fri Dec 04 2009

An interview with Ric Clark, Chief Executive, Brookfield Properties Brookfield Properties

Ric Clark’s mandate as chief executive at Brookfield Properties Corp. continues to morph. He joined the company in the mid-1990s and rose to head Brookfield’s U.S. operations. In 2002, he was chosen as Bruce Flatt’s successor as CEO. Since then, his mandate has expanded.

Financial Post Mon Dec 07 2009

LaSalle predicts a better year for investing in commercial property LaSalle Investment Management

Across the globe, 2010 is likely to be reasonably promising for real estate investment across most markets, according to LaSalle Investment Management, which today released the 16th edition of its Investment Strategy Annual, a comprehensive survey of, and outlook for, the global real estate markets in 2010. The report notes that the free-fall in values has stopped in nearly all the major markets it follows.

Property Magazine Mon Dec 07 2009

Toronto office vacancy soars Cushman & Wakefield

Downtown Toronto will see premium office space vacancy soar to heights not seen since the early 1990s, and the market will remain favourable to tenants for the next five years, according to Cushman & Wakefield. Vacancy in Class A & AAA buildings will reach almost six million square feet or about 14.5% by late 2011. Older downtown towers will be even harder hit, facing projected vacancies of up to 18%.

Cushman & Wakefield News Release Wed Dec 09 2009

Editorial: Toronto’s waterfront renaissance

Toronto’s neglected waterfront has long been lamented as a place where much is planned and nothing ever gets done. But the situation appears to be changing for the good. The latest evidence is the proposed $200 million condo, office and retail complex planned for a sterile plot of land just south of the Gardiner Expressway and east of Lower Sherbourne St.

Toronto Star Wed Dec 09 2009

Dundee to buy Toronto office building Dundee REIT

Toronto-based Dundee REIT, which just over two years ago sold off most of its portfolio in Ontario, appears to be moving back into the province with renewed vigour. The REIT said it has agreed to pay $211.5-million for the 655,000-square-foot Adelaide Place, a two-tower complex in Toronto’s downtown core. The building is being sold by Oxford Properties Group.

Financial Post Thu Dec 10 2009 – Globe and Mail

Commercial Real Estate Slams GE Capital

Commercial real estate losses have reached out their anti-Midas Touch and tapped the General Electric Co. The financing arm, GE Capital, is looking down the barrel of $7 billion in unrealized losses for 2009. The company announced on its annual investor day that GE Capital is anticipating a 13% drop in next year’s commercial real estate values.

Globe St. Fri Dec 11 2009

More from ChrisFyvie

• Commercial Real Estate News Toronto – December 2009 : Office Search Toronto
• Commercial Real Estate News Toronto – November 2009 : Office Search Toronto
• Commercial Real Estate News – Toronto – September 2009 : Office Search Toronto