Toronto Commercial Real Estate News – August 2010 – Business confidence improving as Greater Toronto Area office market

Toronto council approves Lawrence Heights redevelopment

Proud Lawrence Heights resident Marian Mohamud is thrilled “The Jungle” will soon be tamed. The 20-year revitalization, similar to one that is now transforming Regent Park, is moving ahead despite strong opposition from some north-end neighbours who argue the injection of up to 16,000 new residents will overwhelm the Lawrence Ave.-Allen Rd. area.

Toronto Star Wed Jul 07 2010

Ghostly Toronto structure could get new lease on life

It’s loomed for years overlooking Spadina Avenue like a ghostly, gabled reminder of Toronto’s Victorian past. But the 135-year-old Gothic Revival structure at 1 Spadina Cres. – just north of College Street – could soon undergo an ambitious renovation and expansion, according to a plan actively being considered by the University of Toronto and the John H. Daniels faculty of architecture and landscape design.

Globe and Mail Mon Jul 12 2010

Yahoo Pairs with Zillow on Real Estate Listings

In a bid to beef up its home-buying features and lure local advertisers, Yahoo! is adding home listings from Zillow, an online real estate service that lets users research the value of homes. Pairing with Zillow.com boosts Yahoo’s home listings to about 4 million from 3 million and gives the company a bigger slice of the ad market for smaller-sized businesses.

Business Week Mon Jul 12 2010 – Wall St. Journal

TTC must capitalize on its real estate

If the Toronto City Summit Alliance’s recent roundtable on funding the future of transit is any indication, Toronto is doomed to transit stagnation. Promoted as a ‘bold’ search for solutions, attendees discussed the merits of road tolls, congestion charges, commercial parking levies or increased property taxes — far removed from anything truly bold.

National Post Fri Jul 16 2010

Complete makeover for Ontario Place

Ontario Place, a fading Toronto icon, will soon be torn down and replaced by a newer version to restore the park to its former glory. The provincial Crown corporation has put out a formal request for ideas to completely redevelop its 39-hectare (96-acre) space along Lake Ontario, which will probably result in the removal of features, such as the once groundbreaking Cinesphere.

Toronto Star Fri Jul 16 2010

Spirit of Maple Leaf Gardens lives on in reno

With eight months left in the $60-million Ryerson University renovation of the upper portion of Maple Leaf Gardens, new sketches of the plans show an effort to keep the spirit of the former hockey shrine in the new, scaled-down rink. Ryerson, which is sharing the building with its new owner, Loblaw Cos. Ltd., is planning a student athletic centre for the building’s new second storey, with the rink on the floor above.

Globe and Mail Fri Jul 23 2010

National office vacancy rates hit five-year high – Cushman & Wakefield

The national office vacancy rate reached 9% in the second quarter of 2010, continuing a trend that started in the fourth quarter of 2008. This rate was up from 8.8% in the first quarter and was its highest level since the second quarter of 2005. According to the most recent numbers from Cushman & Wakefield, the increase was largely due to the addition of 1.5 million square feet of new supply.

Daily Commercial News Wed Jul 28 2010

CBRE upbeat on global recovery – CB Richard Ellis – CBG-N

CB Richard Ellis Group, the world’s largest real estate consultancy, has reported the strongest growth in revenue and earnings since 2007 as it has benefited from the global recovery in commercial property activity. CBRE, whose main business is advising on the acquisition and leasing of commercial property around the world, has been one of the main beneficiaries of improving market conditions.

Financial Times Wed Jul 28 2010 – LA Time – Reuters

Business confidence improving as Greater Toronto Area office market – Avison Young

Despite continued rising vacancy levels in the Greater Toronto Area (GTA) office market, strengthening business confidence has led to a surge in tenant leasing activity – especially in Downtown Toronto. Though the market remains in the red, a shrinking new-supply pipeline and limited quality space alternatives for larger tenants may alter fundamentals in the coming quarters.

Canada News Wire Wed Jul 28 2010

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Downtown Toronto – Landlord listings – Brick and Beam West – August

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