Proud to be tied for number two!
“With City Rising I wanted to bring others up to this perspective,” explains Tom Ryaboi (who, I should note, shoots for blogTO on occasion). And while many of us have seen our fair share of rooftopping photos over the last couple years, there’s something more intriguing and unfamiliar when they become animated. The city comes to life, as it were.
Here we get a sense of how quickly the weather changes, how constant the flow of traffic is, and how gorgeous Toronto looks from 50+ storeys high. But it’s the little details that make the whole thing for me: the smouldering cumulous clouds that bubble up around the one minute mark, the morse code-like light patterns just before two minutes, and the people pacing in their apartments while your eye is drawn to the Rogers Centre roof, which does this little tap to conclude its closing sequence.
Fueling the Team
Filed Under Agent Tools, Ask The Expert, Business and Life, Landlord Tools, Market Info, Marketing Tools, real estate gadgets, Real Estate Marketing, Tenant Tools · Tagged: Building Office Space - Video Feature with EBS Construction Management
I had a blast filming this with Mike Dragnea. Check out his other episodes here: http://building-space.squarespace.com
BlogTO put this great list together. Personally, I like Jack Astor’s at Yonge and Dundas.
Here’s a roundup of 10 of the best patios in Toronto’s Financial District.
At the south end of the TD Bank Tower overlooking Wellington (and across from Tory’s), one of Bay Street’s swankiest restaurants emerges from the PATH with a heated patio that’s partly covered with plenty of shade. An outdoor bar provides easy access to libations to wash down indulgent eats like the foie gras BLT or $35 burger.
Duke of Devon
Just east of Bymark near the corner of Bay and Wellington, the Duke of Devon offers a more casual, pub-like setting with a still Bay Street-ish menu featuring mini burgers, lobster caesar salad and watermelon mojitos. It’s the closest patio to the Design Exchange but something tells me that’s not really the draw.
Just as the name suggests, this bar and restaurant is really jumping come the late afternoon and early evening. The west facing patio in the courtyard of Commerce Court is large, attractive and comes complete with an outdoor bar and plenty of seating options. It’s more casual than Bymark but still sophisticated enough to inebriate clients with apple pie martinis and beer battered onion rings.
At the south-east corner of Wellington and Bay, this Brookfield Place destination serves up some of the freshest (if not priciest) sashimi in the city. The patio is perfect for couples or large groups and like most of the options in this part of town has an outdoor bar, heaters and comfy seating that’s a far cry from your typical plastic table and chairs setup.
Debut Cafe and Bar (121 King St. West)
What was that about plastic tables and chairs? For cheap suds in cheaper looking digs, the Debut Cafe and Bar is the place. Your’re much more likely to find temps here than traders but with a $3.99 all day breakfast and domestic bottled beer for under four bucks I don’t hear too many people complaining.
One of Bay Street’s favourite hangouts, the Keg on York St. between Richmond and Adelaide has a small, covered street-side patio and a much larger one in the back. This is the patio to take large groups where fast and efficient service is made easy with a dedicated outside kitchen and bar area.
Reds Bistro & Wine Bar
At the north end of First Canadian Place where Adelaide meets Sheppard St., this high end wine bar draws an older crowd who come to its streamlined patio for housemade charcuterie, a 3,000 bottle wine cellar and a ridiculously large selection of cheese. With this large a wine list, it should be no surprise that Reds offers Toronto’s largest selection of by the glass wine options (currently 88).
Duke of Westminster
Located right next to Reds, this sister pub of the Duke of Devon (they have the same menu) has two small patio areas directly outside the north entrance of First Canadian Place. Green Moosehead umbrellas provide more than enough shade. Have a pint and then stop in and say hi to the friendly receptionists at the nearby Toronto Board of Trade.
This Chinese restaurant makes for a good but greasy lunch-hour option on the second floor of the First Canadian Place. The south-facing patio overlooks King St. and is a nice alternative to the nearby food-court. Best during the noon-hour (read: don’t go after work).
Also on the second floor of First Canadian Place, Vertical restaurant provides a stark contrast to its Chinese neighbour with white tablecloth service at its larger outdoor space where there’s slightly better views of the action on King St. below. The setting is much more elegant and attracts a well dressed executive-level crowd who rendezvous for mini meatball sandwiches and stiff margaritas.
Filed Under Agent Tools, Ask The Expert, Business and Life, Landlord Tools, Market Info, Marketing Tools, real estate gadgets, Real Estate Marketing, Tenant Tools · Tagged: LinkedIn, Royal Bank Plaza - Leed Gold Marketing Piece
Oxford Properties has done a mailer outlining some of the great Leed Gold features of the Royal Bank building. The only problem I have with it is it doesn’t motivate me to be there so what’s the point?
Impressions, thoughts on this market piece?
One of the services I offer my clients is a lease summary. As you gain more experience with Lease in the commercial real estate industry there are lots of little items you can pick off that may or may not be negotiable or key dates you need to keep track of within the Lease. I have attached a lease summary I have recently completed for a client outlining some of the issues the tenant needs to be aware of prior to his renewal at the end of 2010 as an example.
BIG MEAN LANLDORD(“Landlord”)
Rentable Area of Premises 1,995 sf (section 1.1 (f) page 1)
Commencement Date January 1, 2006
Expiry Date: December 31, 2010 (section 1.1 (g) page 1)
Basic Rent Years 1-5 $8.00 per rentable square foot (section 1.1 (i) page 1)
Rent Deposit $4,283.53 first month’s rent and GST (section 1.1 (j) (i) page 1)
Security Deposit $4,461.42 without interest (section 1.1 (j) (ii) page 2)
Default Rate Prime plus five percent per annum (section 3.1 (n) page 3)
Relocation The Landlord shall have the right from time to time, on not less than 60 days’ Notice, to relocate the Premises to other premises within the Building having approximately the same area. The Landlord shall provide approximately the same quality of Leasehold Improvements. The Landlord shall cover the cost of moving, reprinting stationary and supplies and disconnection and connection of telephone, computer equipment and systems. (section 8.6 page 16 & 17)
Alterations by Tenant (section 9.2 page 17) The Tenant may from time to time at its own expense install Leasehold Improvements and alter existing Leasehold Improvements provided that:
- a. All Alterations shall require the prior written approval of the Landlord;
- b. The Tenant shall furnish the Landlord with two complete sets of professionally prepared working drawings. The Tenant shall pay to the Landlord, on demand, the costs of the examination of such drawings plus an administration fee of 15% for such costs.
Removal of Improvements and All Leasehold Improvements shall immediately
Fixtures become the Landlord’s property. The Tenant shall at its cost, remove such Leasehold Improvements, wiring, cables and related devices and restore the Premise to the then current base building standard at the expiry of the Term. (section 9.3 page 18)
Permitted Use The Tenant shall continuously use the whole of the Premises only as a business office and consulting office. (section 10.1 page 19)
Tenant’s Insurance Commercial general liability insurance not less than $5,000,000.00 in respect of each occurrence. (section 12.1)
Transfers The Tenant shall not enter into, consent to, or permit any Transfer without the prior written consent of the Landlord. The Tenant shall pay to the Landlord reasonable charges and all costs incurred in respect of the proposed Transfer. (section 12.1)
(e) The Landlord at the time has, or will have in the next three month period, other premises in the Building suitable for leasing to the proposed Transferee;
(f) The basic and additional rent payable by the Transferee is less than the Basic Rent and Additional Rent payable by the Tenant; and
(g) The proposed Transfer is (i) an existing tenant of any building owned or managed by the Landlord or any of its affiliates within the same market area as determined by the Landlord; (ii) a consulate, embassy, trade commission or other representative of a foreign government; (iii) a government , quasi-government or public agency, service or office; or (iv) a call centre, school or telecommunications centre.
Tenant’s Notice, Landlord’s Right to Terminate (section 12.2 page 23, 24) The Landlord shall, within 15 days after having received such Transfer Notice and all requested information, notify the Tenant either that:
- It consents or does not consent; or
- It elects to terminate this Lease
Overholding The Tenant has no right to remain in possession ofthe Premises after the end of the Term. Should the Landlord provide consent to remain in the Premises after the end of the Term, the Tenant becomes a month-to-month tenant, at a monthly Basic Rent equal to 150% of the monthly amount of Basic Rent payable during the last month of the Term. (section 16.3 page 29)
Option to Renew Tenant gives the Landlord not more than twelve (12) months (December 31, 2009) nor less than nine (9) months (March 31, 2010) notice prior to the expiry of the initial Term. Tenant will have the right to extend the Term for a further period of five (5) years. (Schedule “E” 2)
Parking Tenant has two (2) parking stalls in the Building at $150.00 per stall per month. Monthly rent is subject to change from time to time. (Schedule “E” 3)
Filed Under Business and Life, Market Info, News · Tagged: commercial real estate market information toronto, commercial real estate news toronto, Commercial Real Estate News Toronto - December 2009, LinkedIn, office space news toronto, real estate market information, toronto commercial real estate news, toronto office market, toronto office space news
Some of my thoughts and information on the Toronto Commercial Real Estate Office Leasing market.
- Yonge and Bloor NER’s are hovering around $19 – $20 for A class space
- Financial Core deals in the AAA towers are happening around $38 to $40 NER
- B Class Financial Core Office Space is leasing at $36 to $40 per square foot
- Downtown West market is extremely tough to find 1,000 to 2,000 sf quality office space but it’s no problem if you are over 5,000 sf
- Landlord’s are demanding 3 year transactions but Sublease are leasing quickly as short term alternatives
- 151 Front Street West could be leasing as high as $100 psf net by the end of 2010
For a custom survey of available office space contact me here! Don’t worry, this is free until you we find you new office space and even then my fees are paid for my your new Landlord. Let me teach you the tricks of the trade!
Moshe Safdie’s Toronto Great Gulf Homes
The regeneration of Toronto’s desolate industrial shoreline took another bold step forward last week, when Waterfront Toronto, the crown corporation overseeing the transformation, unveiled its first private-sector development in the 55-acre East Bayfront district. The $200-million project by Great Gulf Group of Companies will go up just south of the Gardiner Expressway.
Globe and Mail Mon Dec 14 2009
Beyond the Bricks: Alan Menkes Menkes
Twenty-five years ago, it took a leap of faith to believe that the sleepy bedroom community north of Highway 401 would become a major urban centre. But Alan Menkes and his associates at Menkes Development Ltd. were willing to take a chance on North York, based on its 1980′s designation as a “growth node” as Metropolitan Toronto expanded, coupled with the big plans.
Your Home Mon Dec 14 2009
BOMA CDM Program Incentives Doubled
BOMA Toronto’s Conservation and Demand Management Program has doubled incentives for all non-lighting projects. The new incentive rates are: $800 per kilowatt of on-peak demand savings or $0.10 per kilowatt-hour annual consumption savings for non-lighting projects; $400 per kilowatt of on-peak demand savings or $0.05 per kilowatt-hour annual consumption savings for lighting projects; $250 per cooling ton (for ground source cooling projects).
For more information visit BOMACDM.com.
Ontario leading the way with one of N.A. largest green retrofits
Ontario Realty Corporation is proud to announce that Ontario will be home to one of North America’s largest green building retrofit projects. Downtown Toronto’s iconic 222 Jarvis Street, the former Sears Canada head office, will transform into a green, state-of-the-art workplace for the Ontario Public Service.
Canada News Wire Tue Dec 15 2009
Alan Colquhoun new CEO of DTZ Barnicke DTZ Barnicke
DTZ Barnicke is pleased to announce the appointment of Alan Colquhoun as the new CEO of the company’s Canadian operations. Alan Colquhoun has been at DTZ for more than 16 years and comes to Canada after a 10-year assignment and consultancy instructions to contracts in Warsaw, Poland, from where he has managed the Polish and, since 2007, the Czech and Hungarian businesses of DTZ.
DTZ Barnicke News Release Fri Dec 18 2009
Morguard REIT announced that the Trust, in partnership with a major Canadian pension fund, has acquired 77 Bloor Street West, a 21-storey Class ‘A’ office building located on the southwest corner of Bloor Street West at Bay Street. The building contains 370,000 square feet of leasable area and two levels of underground parking. The property is currently ninety-one per cent (91%) occupied.
Canada News Wire Thu Dec 17 2009
Office market shows signs of life, CB Richard Ellis says CBRE
The statistics may not show it yet but real estate company CB Richard Ellis says there are signs the leasing market may be improving. However, the company’s own data tells a different story. The overall vacancy rate shot up from 6.7% a year ago to 9.8% in the current quarter. The real estate company maintained that businesses have already began taking on new space.
Look before leaping on crown asset sales
Does it make fiscal sense? All these assets under review are money-makers for the government. The LCBO, hydro companies, and lotteries and casinos will turn over a combined $4.2 billion to the provincial treasury this year. Will this revenue stream be fully replaced by taxes and fees from the privatized operations? What should be done with the proceeds?
Toronto Star Fri Dec 18 2009
Toronto Mayor David Miller from Copenhagen
Toronto Mayor David Miller has had a busy week in Copenhagen. As chairman of the C40, a group of the world’s largest cities committed to tackling climate change, he played a central role in the Climate Summit for Mayors, a parallel conference to the UN climate summit. On behalf of Toronto, he joined 13 other mayors in committing to making their cities more electric vehicle-friendly.
Globe and Mail Thu Dec 17 2009
Canadian commercial real estate driving energy efficiency
The Building Owners and Managers Association (BOMA) of Canada reports the all-important first step to reaching the aggressive energy consumption target by 2015 is well underway with establishing the common methodology for normalization of energy data with industry partners Real Property Association of Canada (REALpac) and the Canadian Green Building Council (CaGBC).
BOMA Canada News Release Sun Dec 20 2009
Whiterock REIT has completed the previously announced purchase of two high quality, primary market assets with long term leases to industry leaders Molson and Technicolor. In keeping with its accretive acquisition program, Whiterock has acquired 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 23 2009
Stand by for a mega moving day in the GTA
The next two years promise to reshape the look and feel of the GTA in ways probably not felt since the building boom of the 1970s. Then, we went out. This time, we are going up. At the same time, the Toronto area is about to have its own exodus – inward not out. Quiet suburban neighbourhoods are about to vibrate with new life. Once-neglected industrial areas in the city core are about to be transformed into mini-villages.
Globe and Mail Wed Dec 23 2009
Canadas Economy Grew 0.2% in October on Real Estate
The Canadian economy grew 0.2 percent in October, less than economists expected, as gains in real estate services and utilities offset a drop in mining output. A jump in home sales led a 7.2 percent gain in the value of services from real estate agents and brokers, while unusually cold weather raised output at utilities by 2.4 percent, Statistics Canada said today in Ottawa.
Bloomberg Wed Dec 23 2009
Government investment sets stage for renewal of Toronto Regent Park
A new 68,000-square-foot arts and cultural centre will be built in Torontos Regent Park as a result of a joint Canada-Ontario investment. Designed by Diamond + Schmitt Architects, the centre is part of a multi-phased revitalization of the Regent Park neighbourhood. It will include office space as well as a multi-purpose arts space to accommodate a wide variety of performances, festivals, celebrations and events.
Daily Commercial News Wed Dec 23 2009
Fort Yorks future linked to past
Plans to make Fort York a well-connected part of the city, rather than an increasingly isolated plot of land flanked by road and rail, have moved another step forward. The city announced Friday that Vancouver’s Patkau Architects Inc., with Kearns Mancini Architects Inc. of Toronto, had won the competition to create a new visitor centre.
Toronto Star Wed Dec 23 2009
Sheppard LRT work begins
As a construction crew dug up chunks of asphalt by the Agincourt GO station yesterday, officials cheered the launch of a “critical” transit extension through the busy Scarborough corridor. The event served as a formal groundbreaking for the Sheppard East light rail project, a 14-kilometre line that will run along Sheppard Avenue between the Don Mills subway station and Meadowvale Road starting in 2013.
National Post Wed Dec 23 2009
Morguard Corporation to manage two major downtown Toronto properties Morguard
Morguard Corporation is bringing its real estate management expertise to two more major properties at Bay and Bloor Streets in downtown Toronto. Beginning in January, 2010, the two well-known properties, located at 60 Bloor Street West and 77 Bloor Street West, will be fully managed by Morguard Investments Limited.
PR_Canada.net Wed Dec 23 2009
Is it time for Toronto to finally get cable?
It might sound crazy, but one urban planner believes cable cars rather than streetcars are the answer to TTC hassles. And at least one politician believes planner-designer Steven Dale’s idea merits further exploration. The native Torontonian, who divides his time between Cabbagetown and Switzerland, thinks cable would be the better way on some TTC routes.
Toronto Star Wed Dec 30 2009
Filed Under Business and Life, Market Info, Real Estate Marketing · Tagged: commercial real estate market information toronto, commercial real estate news toronto, LinkedIn, office space news toronto, real estate market information, toronto commercial real estate news, toronto office market, toronto office space news, Views from the Shanghai World Financial Center