Commercial Real Estate News Toronto – August 2010

The market has been busy for me over August.  I didn’t get to take a holiday!  If you would like additional information on the Toronto commercial real estate market reach out to me.

Artis REIT targets expansion in Toronto area – Artis REIT

Artis REIT is moving east, buying C$116.5 million ($114 million) worth of Toronto real estate after years of focusing nearly exclusively on Western Canada. Winnipeg, Manitoba-based Artis is part of a wave of Canadian real estate investment trusts targeting acquisitions this year, betting on Canada’s economic recovery and renewed demand for office space.

Reuters Wed Aug 04 2010 – Canada News Wire – Globe and Mail

Whiterock REIT’s Q2 operating profits rise – Whiterock REIT – WRK.UN-T

Whiterock REIT, a Toronto-based property owner, reports its operating profits in the second quarter rose to nearly $9.6 million from $9 million. The company said Tuesday its funds from operations, a widely used measure that reflects the financial health of publicly traded real estate companies, jumped to just over $6 million or 41 cents a diluted unit from $3.4 million or 39 cents.

Winnipeg Free Press Wed Aug 04 2010 – Canada News Wire

TREB Commercial REALTORS® Report Monthly Commercial Figures

In July, TREB Commercial Members reported 724,590 square feet of leased space – a 132 per cent increase from the 312,771 square feet of leased space recorded in July of 2009. By category, TREB Commercial Members leased 644,830 square feet of industrial space, up 176 per cent over last July’s total of 233,342 square feet. In addition, they leased 47,406 square feet of commercial space, up 20 per cent over July 2009’s 39,575 figure.

Market Wire Mon Aug 09 2010

$3.5-million, 125 metre flagpole planned for North York

Councillor Giorgio Mammoliti and one of his struggling North York neighbourhoods are on the verge of building the tallest flagstaff in North America. The 125-metre pole would bear a Canadian flag the size of a football field. Mr. Mammoliti and the Emery Village BIA approved in May a one-time special levy that will see the BIA’s 2,500 business owners pay the full $3.5-million cost of the flagpole.

Globe and Mail Fri Aug 13 2010

HST has greater impact than interest rates, says survey

A survey conducted by Royal LePage Real Estate Services says that people in Ontario and B. C. have misconceptions about how the Harmonized Sales Tax (HST) affects real estate transactions. When respondents were asked to provide examples of comments heard from buyers and sellers regarding the HST and its effect on the housing market, almost half of the comments indicated that confusion about HST remains more than one month after its introduction.

REM Online Mon Aug 16 2010

Commercial real estate rebounds in first half of 2010

The Canadian commercial real estate market rebounded sharply in the first half of 2010, with the value of deals increasing by 60 per cent as the debt markets recovered from the recession. CB Richard Ellis said in its Midyear National Investment Report that there were $7.8-billion of deals done from January to June, compared to $4.9-billion during the same period in 2009.

Globe and Mail Wed Aug 18 2010 – Financial Post – Market Wire

Office-Leasing Rebound Could Be Deceiving

Companies that sat on the sidelines during the darkest days of the economic downturn are increasingly making leasing commitments. In the 12 months that ended June 30, office tenants signed 161.3 million square feet in leases nationwide, according to Studley, a commercial real-estate brokerage firm. That is a 5.7% increase over the 12-month period ended in March.

Wall St. Journal Wed Aug 18 2010

Connect bike lanes through downtown, cyclist says

It’s a chance to finish an “incoherent patchwork” of bike lanes downtown, says a passionate cycling advocate, who is bringing a petition to do that to Toronto’s public works and infrastructure committee Wednesday. Alan Heisey wants city council to ensure there’s at least one more continuous north-south route between Bloor St. and the lake, and at least one complete east-west route south of Bloor St. for downtown cyclists.

Toronto Star Wed Aug 18 2010

Waterfront Toronto unveils plan for 1,700 condos, 2,400 jobs – Waterfront Toronto

Waterfront Toronto unveiled plans to build a massive $800 million neighbourhood Thursday. Developers have dubbed the new neighbourhood Bayside. Waterfront Toronto chose Hines, an American development company based in Houston, to build the project from a field of four finalists. Plans include 1,700 condominiums, office space for 2,400 jobs, a boardwalk and public access to a green roof overlooking the water.

Toronto Star Fri Aug 20 2010 – National Post – Globe and Mail

Combining the CNE and Ontario Place: Urban renewal on the lake

Once again we are about to experience the annual hand-wringing about the Ex: What will attendance be? Is it still relevant? And could this valuable site be better used? Coincidently, the province has just issued an RFI (Request for Expressions of Interest) seeking new ideas for its fading 39-year-old neighbour, Ontario Place.

Toronto Star Fri Aug 20 2010

Commercial real estate investment up in Toronto – Avison Young

Commercial real estate investment in Toronto in the first half of the year well exceeded its 2009 totals, new data from brokerage firm Avison Young shows, however the impact of the HST introduced in July remains to be seen. Overall investments in the Greater Toronto Area over the first six months of the year totalled $3.5-billion, more than double the $1.4-billion invested in the first half of 2009.

Financial Post Fri Aug 20 2010 – Canada News Wire

HST blamed for drop in sales across the country

Housing sales were down 30% in July from a year ago, and the Canadian Real Estate Association blames the drop on the new harmonized sales tax in Ontario and British Columbia. The Ottawa-based group, which represents 100 real estate boards across the country, said July sales fell 6.8% on a seasonally adjusted basis from the previous month, a decline “almost entirely the result of fewer sales in B.C. and Ontario.

Financial Post Sun Aug 22 2010

Goodbye office, hello ‘desk on demand’

Few rooms invite envy like your boss’s corner office. It has a desk that’s bigger than your cubicle, a great view and a nameplate on the door. The room is ridiculously big, and that’s the point – the extra space marks her status. One might expect a traditional hierarchy of offices at the Wellington St. W. offices of IBM, in the classic TD Waterhouse Tower.

Toronto Star Fri Aug 27 2010

TTC meets to discuss new head office

The Toronto Transit Commission will decide at a special meeting Friday whether to proceed with the lease of a new headquarters at Yonge St. and York Mills Rd. The new office space, being developed by Build Toronto, the city’s arm’s-length real estate corporation, would be located on TTC property and replace the transit agency’s Davisville headquarters.

Toronto Star Fri Aug 27 2010