Commercial Real Estate News Toronto – February 2010 – 2/2

LoopNet Releases Next Generation of LoopLink – LoopNet

LoopNet which operates the largest online commercial real estate marketplace, today announced the release of LoopLink 8.0, the new and improved, faster, search-engine-optimized property listing and display engine. Powering over 1,000 commercial real estate web sites LoopNet’s LoopLink technology is the #1 technology for searching and displaying commercial properties online.

Yahoo Wed Feb 17 2010

Three more things to know about leasing

Options to renew a lease are great to have in your back pocket, but in some markets it’s better to negotiate a new lease on new terms than to renew the old lease. Again, it depends on whether it’s a rising or falling rental market and it depends on what city the premises are in. A good strategy would be to talk to the landlord about a new lease two or three months before the date you have to exercise the option to renew.

Globe and Mail Tue Feb 16 2010

Brookfield Real Estate Services Fund Completes $53 Million Debt Refinancing – Brookfield Real Estate Services Fund – BRE.UN-T

Brookfield Real Estate Services Fund completed the refinancing of its $53 million debt obligations. The refinancing is comprised of a $32.7 million private debt placement with a number of Canadian institutional investors with interest fixed 5.809% and a $20.3 million bank facility with interest available in the form of floating prime rate, or at Banker’s Acceptance rates plus 3% with terms of up to six months.

Canada News Wire Fri Feb 19 2010

GTA Commercial REALTORS® Release Commercial Market Report

Last month, TREB Commercial Members reported 660,815 square feet of leased space. This result was a substantial increase compared to the 336,029 leased square feet recorded in January of 2009, when the rate of economic decline was greatest during the recent recession. Office space traded for $10.83 per sfn, down 8 per cent from $11.73 per sfn in January 2009.

Market Wire Thu Feb 18 2010

Unprecedented decline in Canadian office rents in 2009 – Cushman & Wakefield

The world’s leading centres have suffered an unprecedented fall in demand for office space which has contributed to the first aggregated global fall in prime office rents since 2003. Global real estate adviser Cushman & Wakefield, in its new Office Space Across the World report, says that 2009 recorded a steep and widespread fall in office demand with every region in the world recording falling prime rents for the first time.

Canada News Wire Wed Feb 24 2010

GTA commercial real estate investment activity falls to decade low – Avison Young

Commercial real estate investment activity strengthened in the second half of 2009, but totals for the year lagged behind 2008 numbers as uncertain market conditions created by the global economic downturn took their toll on both the value and quantity of transactions across the Greater Toronto Area (GTA). These are some of the key trends noted in Avison Young’s Winter 2009-2010 Investment Review for the GTA.

Avison Young – Canada News Wire Wed Feb 24 2010

New Canadian Office REIT proposed by BPO Properties – BPO Properties – BPP-T

Brookfield Properties Corporation and its Canadian-based subsidiary BPO Properties Ltd. announced a proposal to create Canada’s pre-eminent office REIT. Upon conversion, the new REIT, to be named Brookfield Office Properties Canada, will acquire BPP’s directly owned office assets in Toronto, Calgary and Vancouver and will also acquire Brookfield Properties’ interest in Brookfield Place.

Market Watch Fri Feb 26 2010

H&R REIT Funds From Operations Up 16 Percent – H&R REIT

Canada’s H&R real estate investment trust posted fourth-quarter funds from operations that beat market estimates. The trust reported FFO — a key measure used by real estate companies — of C$54.5 million, or 37 Canadian cents per basic stapled unit, up from C$46.9 million, or 32 Canadian cents per basic stapled unit in the year-ago period.

Reuters Fri Feb 26 2010 – Canada News Wire

Rainbow Cinemas to the Rescue of Carlton Theatre

February 2010 – Commercial Real Estate News Summary – Toronto

Jim Becker Takes the Helm for Jones Lang LaSalle in Canada – Jones Lang LaSalle

Jones Lang LaSalle has named Jim Becker as the head of its Canada business. In his new role, Becker will lead the expansion of the firm’s client service platform throughout Canada. In addition to this new role, Becker will maintain his oversight of the firm’s Detroit and Cleveland offices. With more than 25 years of real estate experience, Jim opened the Jones Lang LaSalle Detroit corporate office in 1999.

Jones Lang LaSalle News Release Mon Feb 01 2010

Rufrano Named CEO of Cushman & Wakefield – Cushman & Wakefield

Cushman & Wakefield said Tuesday that Glenn Rufrano has been appointed as the firm’s new president and chief executive officer. He succeeds Bruce Mosler, who moved to the role of co-chairman of the board at the beginning of the year. Since 2008, he has been the chief executive officer at international retail real estate giant Centro Properties Group.

CoStar Group Wed Feb 03 2010 – Canada News Wire

One Bloor East in Toronto to be 67 storeys

A curvy 65-storey condominium could be coming to 1 Bloor East, site of a much-hyped hotel-condo project that fell apart when a Kazakhstan-based developer lost financing. The new plan envisions a tower with 687 units atop a two-storey, 104,000-square-foot retail podium, according to a site plan application submitted to the city’s planning department Friday.

Globe and Mail Wed Feb 03 2010

Canadian real estate sentiment index improves significantly

Today, REALpac and FPL Advisory Group were pleased to release the First Quarter 2010 results. While many things can be said about the year to come, perhaps the best is that it’s neither 2008 nor 2009. Both were challenging years, though 2009 saw some positive surprises. Most notable is the fact that the downturn in Canada ended up being milder than expected and far milder than the one experienced in the U.S.

Canada News Wire Thu Feb 04 2010

Brookfield Properties profit tumbles – Brookfield Properties – BPO-T

Brookfield Properties Corp. reported Friday that profit tumbled nearly 60 per cent in the fourth-quarter. The New York-based spinoff of conglomerate Brookfield Asset Management which reports in U.S. dollars, said earnings were $181- million (U.S.), or 35 cents per share, for the quarter ended Dec. 31. Those results were down from $458-million in profit, or $1.16 per share in the comparable period a year ago.

Globe and Mail Fri Feb 05 2010

Brookfield sees improved office market in Canada – Brookfield Properties

Brookfield Properties expects Canada’s office market to pick up this year as the economy starts to recover, but executives say that some cities – particularly oil-and-gas centres like Calgary – could face some challenges. Weak natural gas prices have cast uncertainty over Calgary’s local economy, and they’ve also raised questions about whether Brookfield’s occupancy rates could take a hit.

Globe Investor Mon Feb 08 2010 – Reuters – National Post

Urban Utopia: Toronto’s problem sites

The city of Toronto owns a portfolio of sites that will be developed under the direction of Build Toronto, the municipal government’s newly formed real-estate arm. Five of these sites represent a development challenge and have been variously describes as: orphaned, risky, virgin, under-utilized, strategically located, infrastructurally problematic and amazing opportunities.

National Post Mon Feb 08 2010

Tough year takes toll on RioCan REIT – Riocan REIT – REI.UN-T

It has been a tough environment for Canada’s biggest real estate investment trust. On one hand, some tenants in its malls have had to close their doors, adding to expenses. On the other, financially trouble property owners have been slow to put their assets on the market, hoping to hold on for better pricing. During last year’s rough period, RioCan moved to raise as much capital as it reasonably could to prepare it for better times.

Globe and Mail Wed Feb 10 2010 – Ottawa Business Journal – Market Wire – Financial Post

RioCan earmarks C$500 million for 2010 acquisitions

Retail property developer RioCan REIT which reported lower than expected results on Tuesday, said it aimed to spend at least C$500 million more for the rest of the year on acquisitions, with an eye trained on the U.S. market, which it entered last year. The REIT raised more than C$1 billion of capital through a series of equity, mortgage financing and debenture offerings last year.

Reuters Wed Feb 10 2010

Time for Toronto to privatize assets?

Ontario’s biggest local electric utility. A downtown district heating and cooling system serving some of Toronto’s biggest office towers. A sprawling parking authority. All make money. All are owned by the City of Toronto, and some candidates running for mayor suggest they might be put up for sale.

Toronto Star Wed Feb 10 2010

REALpac develops Green Lease Guide for Commercial Office Tenants – The Real Property Association of Canada

The recently released REALpac Green Lease Guide highlights what tenants in leased spaces ought to look for when selecting a building and what green elements to consider when designing a fitout and managing an office. The Guide was designed to be used in conjunction with the REALpac “Office GREENLEASE(TM) National Standard Lease for Single-Building Projects”, originally released in June 2008.

Canada News Wire Tue Feb 09 2010

Commercial Real Estate Toronto – Market Info February 2010

Written by Iain Dobson of Re-Search Corp

February 2010

We have been challenged by many readers to show how we have been successful at forecasting vacancy.  What do we actually do to make these calls? First, we make the assumption that every swing in the market is caused by distinct and separate forces.

In the early 90s most will point to the overbuilding of space for the price suppression.

In 2003, the dot.com bubble burst throwing tons of space back on the market.

This time the financial meltdown drove the slowdown.

In every case, however, the same tenant growth trends occurred.  We have developed a unique data base focused on the dynamics of employment mobility and functionality.  The database has the capability of mapping tenant growth on a monthly basis of every employer in the Greater Toronto Area back to 2000.  By observing these tenant based trends and not solely relying on available space trends (absorption) we have greater confidence setting more prudent boundaries of risk for our customers.

Vacancy prediction – January maintains the trend

January is normally a very busy month (as supported by our transaction volume research for the last ten years) 2010 was no exception. The Availability Rate has held steady for three consecutive months. The trend in the Availability Rate often foretells the vacancy trend and our long held position that Vacancy Rate will not exceed 10% in the GTA in 2010.  Judging by the transaction volume already in the books we expect the decline or at least no change to the Availability Rate through February.

All GTA – (185 Million sf of building) Available Space

New Construction – Where when and how much.

A great deal has been said about making builds greener, very little has been said about where green buildings ought to be relative to higher order transit and bringing the tenant world to the realization that buildings in areas which are separated from residences and amenities, though potentially less expensive in the short run, are creating a lifetime dependency on the car for all those who work in them.

Where

Presently there is 100 million sf of buildings over 1 km from mass transit largely because of cost and availability.  The suburban employment parks of the region have been taken over by office space development, 349 of them in the last 10 years averaging 88,000 sf in size.  They are attractive because the buildings can be delivered within 2 years, are cost effective and relatively low cost to operate. This will probably not change unless;

Mass transit is re-planned to address the isolation of building clusters in these parks.

The City of Toronto changes its employment land strategy

Tenants demand more from the location of their office space.

When and how much.

In the City of Toronto’s downtown core we predict 5% to 6% vacancy by mid 2012 and with a three year time lag between the time it takes for a tenant to commit to a building and its completion it’s not likely that much will be done to alleviate this pressure.  As a result the 3 million sq ft of annual growth in this market will most likely occur in the 905.

Office Space and Leasing News – February 2010

Toronto commercial real estate sinks
2009 marked the worst year in a decade, although the fourth quarter reflected a sharp rebound.
Globe

GTA 2009 property market weakest in a decade - Realnet Canada

After a weak first half of the year, investment activity in the GTA property markets began to recover in the third quarter and continued to rally in the fourth quarter of 2009. Notwithstanding the strong finish, annual results of 990 transactions representing $5.4 billion of investment volume made 2009 the region’s weakest year of annual investment activity in over a decade.

Realnet News Release Mon Jan 18 2010 – Globe and Mail

Construction of non-residential buildings down in fourth quarter of 2009 - Statistics Canada

Investment in non-residential construction fell in the last three months of 2009. Statistics Canada says $10.2 billion was invested in the fourth quarter. That’s down 2.5 per cent from the third quarter of 2009 and 7.2 per cent below the fourth quarter of 2008, which marked the beginning of a global credit crisis. The decline in non-residential construction was primarily in the commercial sector, and to a lesser extent industrial buildings.

Canadian Press Mon Jan 18 2010 – The Exchange

Markham’s bold proposal is suburbia’s salvation

The land-use rebellion now unfolding in Markham is another skirmish in the war against the development industry. At stake is who controls growth – government or industry? Though some would have us believe that the end of suburbia represents a clash of cultures, an attack on middle-class virtues and market infallibility, it has more to do with wresting public powers from private hands.

Toronto Star Mon Jan 18 2010

Foreign real estate investors park cash in Canada – Association of Foreign Investors in Real Estate

Foreign investors looking for global real estate investments have ranked Canada among the top three countries to park their money. The U.S. and Germany were in first and second place, but Canada ranked third in the survey for providing the most “stable and secure” investment by the Association of Foreign Investors in Real Estate (AFIRE) released Monday. Last year Canada placed sixth.

Toronto Star Wed Jan 20 2010

Cash-laden trusts lift commercial real estate

Well-financed real estate investment trusts that hoarded cash during the recession are lifting the commercial property sector out of one of its worst slumps in a decade. Industry tracker RealNet Canada said $5.4-billion was spent on 990 transactions in the Greater Toronto Area, down from $12.5-billion in 2007, the industry’s best year.

Globe and Mail Tue Jan 19 2010

Why 2010 may be Year of the REIT

They represent only a fraction of Canada’s publicly traded companies, but 2010 is shaping up as the Year of the Real Estate Investment Trust for investors seeking higher yields. These funds buy income-generating assets such as shopping centres, office towers and hotels and then pay their unit holders distributions from the cash the properties spin out.

Globe and Mail Fri Jan 22 2010

Buying a small, income-producing property

The timing could be right for small investors to get into the commercial real-estate market, according to some real-estate and investment professionals. There are still areas in Canada where good buys on small, income-producing properties – such as a store with apartments above – are possible, due to low interest rates and the rough economic climate. It’s time to think about owning the premises for your business.

Globe and Mail Mon Jan 25 2010

Whiterock to buy GTA office portfolio – Whiterock REIT

Whiterock REIT says it has reached an agreement to purchase a $214-million portfolio of office properties in the Toronto area. The properties include West Metro Corporate Centre, 2810 Matheson Blvd., and Valhalla Executive Centre, which consist of a total of 1.1 million square feet in seven multi-tenant office buildings along Highway 427, Whiterock said Tuesday.

Canadian Business Wed Jan 27 2010 – Canada News Wire – Wall St. Journal

Colliers 2009 Q4 Capitalization Rate Report – Colliers International

Market sentiment has indeed improved. The 2009 year was the worst of the decade for the real estate investment industry with a near global collapse in the banking sector save for Canada. Now, a new decade has begun and there is more optimism and a stronger footing than we have seen since Q3 2008 in the primary Canadian markets.

Colliers International New Release Wed Jan 27 2010

Putting the virtual office work

In the last decade, virtual work has significantly increased. Professionals work remotely from home, from client locations or from the road. In fact, as much of 10% of today’s work force telecommutes from home — more than triple the level of 2000. Reducing the number of full-time employees lets corporations realize higher productivity and savings in real estate costs.

Financial Post Thu Jan 28 2010

Toronto’s River City project: A sober-sided urbanism

For adventurous home-buyers looking for digs in Toronto’s old industrial zones, the junction of King and Queen Streets East, just west of the Don River, is one of the city’s last frontiers. The gruff brick factories and warehouses that dot the area, and the Victorian storefronts along King and Queen, are being rapidly changed into chic dwellings and offices.

Globe and Mail Fri Jan 29 2010

Commercial Real Estate Brokers Reports Toronto

Click on the picture above to enlarge.

Only 4 brokerages have released Q4 numbers to the public.

Jones Lang – (Q4 09) – http://www.joneslanglasalle.ca/Canada/EN-CA/Pages/Research.aspx

Cresa – (Q4 09) – http://www.cresapartners.com/tenantsguide.asp

CBRE (Q4 09) – http://www.cbre.ca/EN/Research/ (Toronto report requires a subscription / password – I have signed up and it’s attached)

Cushman (Q3 09) – http://www.cushwake.com/cwglobal/jsp/kcLanding.jsp?Country=GLOBAL&Language=EN

DTZ (no reports since Q4 08) – http://www.dtzbarnicke.com/Client/JJB/JJB_LP4W_LND_WebStation.nsf/page/Regional+Reports

Avison Young – (no reports since Q4 08) – http://www.avisonyoung.com/Research/#marketreports

Smith Company – Newsletter from November – http://www.smithcompany.ca/trends.htm

Colliers Office Market Report and Forcast Toronto and GTA – 2010

Click on Toronto Real Estate Market report below to enlarge the picture!

For additional information on the market or for your own free custom survey of the market place please call Chris at 416-992-9869 or Contact Us here!

Commercial Real Estate News – Toronto – Jan 15, 2010

Business is picking up in the Toronto and GTA area!  I have seen increasing demand for the 500 to 5000 square foot units yet  Landlord’s have started being more flexible on rental rates and are offering increased free rent and construction allowances.  Signs point to now being the time to lock in long term!

In the News:

RioCan REIT ready to brave U.S. expansion Riocan REIT – REI.UN-T

Ed Sonshine is really, really, really excited about 2010. RioCan REIT’s chief executive officer fidgets constantly as he tries to rein in his enthusiasm – one minute wrapping his hands in elastic bands, another waving a sharpened pencil in the air – before taking a breath and trying to calm down for a few moments. It’s been a good year for the real estate investment trust, with its units gaining 37.4 per cent.

Globe and Mail Mon Jan 04 2010

Rebranded Colliers Moves Further From Network Roots First Service

The combining of Colliers and FirstService under the Colliers brand culminates a gradual move away from the global network brokerage model that began when Toronto-based FirstService Corp. entered commercial real estate in 2004, buying a 70% stake in the largest Colliers International affiliate. The real estate arm, FirstService REA, continued its aggressive expansion by acquiring controlling interests.

CoStar Group Thu Jan 07 2010

Massive aquarium slated at CN Tower

Toronto city councillors vote next week on a plan to build a 14,000-square-metre aquarium at the base of the CN Tower. Canada Lands sought private proposals for three undeveloped acres at the site; it chose Ripley Entertainment to build a three-storey aquarium that is to feature a variety of aquatic species, from jellyfish to sharks.

National Post Thu Jan 07 2010 – Globe and Mail

Dundee REIT Completes $103.5 Million Equity Offering Dundee REIT – D.UN-T

Dundee REIT announced today the closing of its previously announced public offering of REIT Units, Series A (”Units”) at a price of $18.75 per Unit. The underwriters, led by TD Securities Inc., elected to exercise their over-allotment option in full, resulting in a total of 5,520,000 Units being issued today by Dundee REIT for gross proceeds of $103.5 million.

Market Wire Thu Jan 07 2010

Commercial real estate driving energy efficiency

The Building Owners and Managers Association 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 and the Canadian Green Building Council.

BOMA Canada News Release Sun Dec 20 2009

The high cost of green power in Ontario

Even as electricity demand – and market prices – dropped last year with the global economic downturn, electricity bills have risen steadily on the back of generous contracts signed by the province’s power planning agency. What’s at stake is an industrial strategy that’s on a collision course with a century-old policy of delivering electricity to consumers at the lowest possible cost.

Globe and Mail Fri Jan 08 2010

Markham plan could contain sprawl, save farms

A groundbreaking plan to freeze Markham’s expansion onto prime farmland could voluntarily take the fast-growing suburban powerhouse where no GTA municipality has dared go: upward but not outward. Several councillors are pushing for a permanent “food belt” within the town’s borders that would be preserved for agriculture until at least 2031.

Toronto Star Mon Jan 11 2010

Toronto’s Office Market Still Waiting for Economic Recovery Colliers International

Although the Canadian economy is on the path to recovery, Toronto’s office market is still impacted by the recession according to the Colliers International Winter 2010 Semi-annual Office Market & Industrial Reports and Forecast released today. Vacancy rates continued to climb, reaching 6.1% at the end of 2009 while Average Asking Net Rent declined by more than 9%.

Colliers International New Release Mon Jan 11 2010

Boom and bust cycles and buildings in Toronto

In Wednesday’s Financial Post, Steve Hanke of Johns Hopkins wrote of the relationship between large buildings and investment crashes — the theory being “that businesses overestimate the value of long term investments and an investment-led boom ensues … The boom ends in busts.” He cited 40 Wall Street and the Empire State Building in the early 1930s and more recently the Burj Dubai in Dubai.

National Post Mon Jan 11 2010

Union Station reno to chase away gloom

Most GO commuters hopping a train at Union Station wouldn’t recognize the blackened, leaky roof over the platforms as a Canadian architectural jewel. But on Monday, GO Transit begins the mammoth task of transforming one of the city’s gloomiest spaces into a light-filled, 21st-century terminus, while preserving the designated heritage features of the 1929 train shed.

Toronto Star Mon Jan 11 2010

Two of downtown Toronto’s last single-family homes for sale

However you look at it, the ramshackle, stucco houses recently listed for sale at 122-124 Peter St. – two adjoined, lopsided funhouses – are an anomaly. They’re among the last private homes in the downtown core that haven’t been refurbished for commercial purposes. They’re surrounded by glitzy nightclubs, trendy retailers and spiffy condos. Vacant and poorly maintained, they look like they’re falling apart.

Globe and Mail Mon Jan 11 2010

A 2010 Canada, U.S. real estate forecast: Avison Young Avison Young

Recessionary headwinds took their toll on real estate markets on both sides of the border in 2009, with the U.S. continuing to shoulder the worst of the storm. Now several quarters into it, the Canadian real estate sector has not been entirely immune, but appears to be weathering the downturn thanks to relatively sound, though shaken, market fundamentals.

Canada News Wire Wed Jan 13 2010

GTA landlords drop rents on commercial space Colliers International

Weak demand for office space and an influx of new buildings has caused landlords to drop rents for commercial buildings in the GTA. Average asking rents fell 9 per cent or from $17.83 in 2008 to $16.20 per square foot by the end of last year, according to Colliers International. Office vacancies continued on an upward trend, hitting 6.1 per cent equal to 11.3 million square feet at the end of 2009 a 20 per cent increase.

Toronto Star Wed Jan 13 2010 – National Post

Rush is on to lock up rights to flat GTA rooftops

Flying into Pearson International Airport offers a view of the GTA that would make even the least excitable solar entrepreneur salivate. What’s the big deal? Rooftops. Thousands of flat rooftops on hotels, manufacturing plants, warehouses, apartment and office buildings, schools, hospitals and shopping malls. Each is a sunlight sponge with the potential convert them into emission-free electricity.

Toronto Star Wed Jan 13 2010

Toronto construction industry building strength

As the director of Union Station infrastructure, Mike Wolczyk has to oversee the facelift of the Toronto transit hub over the next five years. Construction started on the historic building on Monday, with hoardings the equivalent of a city block going up in the station. At $196 million, the train shed renovation project part of a $640 million makeover of the station that GO Transit is the largest in the city.

Toronto Star Wed Jan 13 2010

Toronto Downsview Park doomed by frugal mindset

It started out as Canada’s first “national urban park.” Now it’s just another field of broken dreams. Despite more than a decade of effort, the 572-acre Parc Downsview Park remains pretty much as empty as it was in 1999, when Ottawa launched an international design competition to remake the site. The winners were Bruce Mau and Rem Koolhaas, global luminaries who ended up wasting their time and ours.

Toronto Star Fri Jan 15 2010

Commercial real estate still hurting

Canada’s commercial real-estate market faces another tough year, but is at least poised for more rapid recovery than the battered U.S. market once the economic cycle begins its next upswing, says real-estate services company Avison Young. In 2009, “the dislocation in real estate lending and investing was so severe in March and April that the market appeared to be on the verge of collapse,” said Mark Rose, Avison Young chief executive.

Financial Post Thu Jan 14 2010

Commercial Real Estate News Toronto – December 2009

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!

NEWS

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 acquires office tower in mid-town Toronto Morguard REIT – MRT.UN-T

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.

Financial Post Fri Dec 18 2009 – Toronto Star – Ottawa Business Journal

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

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

Canadian office vacancy rate rises in Q4

Vacancy rates in Canada’s commercial real estate market rose in the fourth quarter but leasing activity is gaining momentum as confidence in the economy returns, a CB Richard Ellis report showed on Thursday.

The overall year-over-year vacancy rate for both downtown and suburban office space climbed to 9.8 percent from 6.7 percent, CBRE said in its fourth-quarter report on national office and industrial trends.

However, the real estate services firm said it is seeing a rise in leasing activity and better access to capital in the quarter helped the sector to show fresh signs of life.

Businesses that had delayed decisions during the worst of the recession are now looking to come back into the market, the report said. This is a positive signal of market confidence heading into the new year, it said, even though this confidence was not reflected in the fourth-quarter vacancy levels.

The Toronto and Calgary markets still face pressures because each city is preparing for a wave of new office space coming on the market through to 2011.

Both will be dependent on their dominant downtown tenants — financial and professional services in Toronto and oil and gas in Calgary — to mark a turnaround.

“Watching the story in Toronto and Calgary is akin to watching a glacier head steadily in your direction. We’re just on the tail end of a construction boom, and at this point the added inventory has to work itself through the market,” said John O’Bryan, vice-chairman at CBRE.

Calgary, Alberta, was the hardest-hit market in the fourth quarter, with vacancies more than doubling to 15.6 percent from 6.3 percent. But lower rents in the new year are expected to pull down the rate in the country’s oil and gas capital.

In Toronto, the vacancy rate rose to 9.4 percent from 6.8 percent. Year-over-year space under construction shrank by more than half to 2.49 million square feet from 6.06 million in the fourth quarter. Supply is likely to outpace demand next year.

Vacancy rates were relatively stable in other Ontario markets such as London, the Waterloo region and Ottawa, rates fluctuating less than 1 percent, year-over-year.

In Vancouver, British Columbia, vacancy rates climbed to 9.1 percent from 6.1 percent.