Market Conditions in Canada – a CBRE perspective October 2011

I was unable to embed the audio on my site but here’s a link to the presentation.

John O’Bryan, Vice Chairman of CBRE Limited and Asieh Mansour, Head of Americas Research, discuss market conditions in Canada in light of recent weakening economic growth and market volatility in hte U.S. and the Eurozone.  The stability of Canada’s economy and commercial real estate sectors relative to other regions, and how it could benefit investors and occupiers.

VIDEO – Commercial Real Estate Market – 2012 Predictions by Sherry Cooper

Sherry S. Cooper is a Canadian-American economist. She is currently Chief Economist of BMO Capital Markets, with responsibilities for economic forecasting and risk assessment. She comments regularly in the press on financial issues. Here are her thoughts on the real estate market in North America.

Toronto Commercial Real Estate News – October 2011

Key findings of our most recent GTA Office Market Statistics:

• Net Absorption of office space amounts to 6.6 M Sf. Ft. for the recent 12 month period, the most significant expansion of Occupied Space experienced in the last decade during a 12 months period. With this, approximately 171 M SF or 91.4 percent of the current inventory is occupied by office space users. Most of the growth occurred in Downtown and GTA West.

• Office Vacancy continuously decreased from its recent peak in Q2 2010 of 6.6 percent to 10.4 M SF or 5.6 percent of the current inventory by the end of Q3 2011, but still remaining above pre-recession levels of 4.6 percent observed in summer 2008.

• A similar trend has been observed for GTA’s Office Availability totaling 16.9 M SF or 9 % of the inventory at the end of Q3 2011. Availability has steadily decreased since its recent peak in Q3 2010 of 10.6 percent. Sublease availability has ebbed off from its 10 year peak in Q3 2010 of 23 percent of the available space. Since then 1.6 M Sf. Ft. of available sublease space were absorbed, now amounting to 3.1 M SF or 19 percent of the available space.

• Asking Net Rent averages out to $15.77 per SF, remaining below pre-recession levels of $17.22 per Sf. Ft. reported in Spring 2008. The highest average asking net rent is continuously quoted in the Downtown market.

News:

Office vacancy rates drop in Canada: Cushman, Wakefield LePage executive – Cushman & Wakefield

Canada is seen as a safe haven, a place to be investing and there is a demand for office and family buildings across the country, says a leading commercial property expert. Paul Morse, Sr. Vice-President and General Manager and National Practice Director at Cushman & Wakefield LePage, spoke about A Cross-Country Look at Upcoming Commercial Construction in Canada at the 26th annual CanaData Construction Industry Forecasts Conference.

Daily Commercial News Fri Oct 07 2011

Investment Group Led By Crestpoint Acquires GTA Office Building – Crestpoint Real Estate Investments Ltd

Crestpoint Real Estate Investments Ltd., a business dedicated to providing institutional and high net-worth investors with direct access to commercial real estate assets in Canada, announced the acquisition of a building located at 111 Peter Street. The purchase of this highly regarded, 250,000 square foot property is being made on behalf of an investment group led by Crestpoint.

Canada News Wire Thu Oct 06 2011

TREB Commercial REALTORS Report Quarterly Commercial Market Figures – Toronto Real Estate Board

Toronto Real Estate Board Commercial Division Members leased almost 3.6 million square feet of commercial space through the TorontoMLS system in the third quarter of 2011, representing a decline of almost 50 per cent in comparison to almost 6.6 million square feet leased during the same period in 2010.

Marketwire Fri Oct 07 2011

Building the case for working from home

There’s plenty of evidence that the idea of working from home is gaining traction among many employers – albeit slowly. In this series, we’re looking at the reasons for and against allowing your employees to work from home – also called teleworking or telecommuting. We’re also looking at what tools exist to help businesses make sure they’re setting up the most efficient telework environment possible.

Globe and Mail Fri Oct 07 2011

Toronto building more highrises than anywhere else in North America – Emporis

There are currently 132 highrise buildings under construction in Toronto, according to the figures. Mexico City ranks a distant second with 88 and New York City is in third with 86. The field drops off dramatically after that: fourth-ranking Chicago is building 17 highrises, while Miami rounds out the top five with 16. Emporis defines a highrise building as between 35 and 100 metres high, or 12 to 40 floors.

Toronto Star Wed Oct 05 2011 – Metro News

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Gen Y and Implications for Office Markets

Great information on what Colliers expects to see when Gen Y takes the wheel in the corporate world.

GTA Commercial Real Estate Stats and Info – Q2 2011

I’m going to keep this brief. It’s a landlord’s market. If you see something you like, jump all over it and do not nickle and dime.

Good luck and retweet this please!

Commercial Real Estate News Toronto – July 2011

Boston Pizza Goes Urban With New Downtown Toronto Location – Boston PIzza – BPF.UN-T
Boston Pizza International Inc. today proudly opened the doors of its 109th location in Ontario at 250 Front Street West in downtown Toronto. The new restaurant is Boston Pizza’s first ever urban concept location and features 350 seats, more than 9,400 square-feet of space on two floors, and an outdoor patio.
Canada News Wire Fri Jun 03 2011

Underpass Park in Toronto a Canadian first
Toronto will soon join the ranks of several international cities with the construction of the $5.3 million Underpass Park in the future West Don Lands community. Stakeholders and supporters congregated beneath a dark underpass May 26 to break ground on the new 315-metre-long park, which is set to be built beneath a maze of overpass bridges that cross the Don Valley Parkway at Eastern Avenue and Adelaide and Richmond streets.
Inside Toronto Mon Jun 06 2011

How towers get the high sign – Colliers International
A landmark building emblazoned with a logo can put a company on the map: Look across the evening skyline of any major Canadian city and you see the glowing names of banks, accounting firms and telecommunications companies – signs as iconic as the buildings they’re stamped on. “It certainly helps their identity,” said David Bowden, president of Colliers International in Canada.
Globe and Mail Tue Jun 07 2011

Dundee readies year’s first REIT IPO – Dundee REIT – D.UN-T
The groundwork is being laid for the first real estate investment trust IPO of the year, as Dundee International REIT looks to raise $365-million to partially fund a German shopping spree. The company has filed a prospectus for an offering priced at $10 a unit, and wants to use the money to buy 295 commercial properties in Germany. About 75 per cent of the 12.5-million square feet of space is leased to Deutsche Post, a mail and logistics group.
Globe and Mail Fri Jun 10 2011

Canada’s office market surging
Canada’s office market is undergoing a “remarkable” surge that points to gains in corporate hiring and the successful transition to a business-led recovery from one driven by the consumer housing market, says a report from Scotia Economics. Rising leasing demand has pushed the national office vacancy rate to just 6.9 per cent in the first quarter from 7.3 per cent in the prior quarter and a cyclical high of 7.5 per cent in mid 2010, says economist Adrienne Warren, the report’s author.
Winnipeg Free Press Mon Jun 13 2011

Toronto development scene’s next generation
They work hard and play hard. And while they may be following in their fathers’ footsteps, these young men have resisted resting on their parents’ laurels. Equipped with university educations, strong work ethics and modern visions, they are helping to redefine the family business for the present and future. Meet four of the notable members of the Toronto development scene’s Generation Next.
Toronto Star Mon Jun 13 2011

New PwC Tower in Toronto now 96% Leased – PWC
The first of two office towers at Southcore Financial Centre, a major mixed-use complex being built in Toronto’s emerging southcore financial district, is now 96 per cent leased. Some of the tenants joining anchor tenant PwC, a leading accounting and consulting firm will be: RSA Canada; SNC-Lavalin and Avison Young, Canada’s largest independently-owned commercial real estate services company.
Canada News Wire Wed Jun 15 2011

New Maple Leaf Gardens will mix past with present
The concrete pad is poured, the press gondola removed and the 80-year-old walls exposed to reveal a cross-section of red and blue paint, support beams and yellow brinks – the map of a building that housed hockey history. For the better part of two years, architects and engineers have worked to transform Maple Leaf Gardens, tucking a new rink in its rafters and an athletic centre, grocery store and parking garage below.
Globe and Mail Fri Jun 17 2011

Tunnel boring starts on Toronto subway extension – TTC
The Toronto Transit Commission has started boring tunnels for an extension of Yonge-University-Spadina subway from the Downsview station into the city of Vaughan. There are four tunnel boring machines and the total cost of the Toronto-York Spadina Subway Extension is estimated at $2.6 billion.
Daily Commercial News Mon Jun 20 2011

Colliers International in Canada Wants to Dominate the Online Space – Collier Canada
This month the company launched an integrated online advertising campaign with The Globe and Mail and RENX Commercial Real Estate News (the parent site of Property Biz Canada). The initiative will highlight a Colliers box ad displaying featured client properties and a search function for all commercial real estate articles on theGlobeandMail.com and on RENX.ca/commercial websites.
Property Biz Canada Mon Jun 20 2011

Office and Commercial Real Estate News Toronto – April and May 2011

Markets tightening, rates are rising and there are multiple offers on good space. Hey you, Mr. Landlord, build a show suite and it’ll lease!! Hope you enjoy these notable articles from the last 2 months. If you would like to discuss the real estate market or need information on availabilities, give us a call at 416-643-3713.

Real estate industry, Competition Bureau lock horns again – Competition Bureau

The Competition Bureau is picking a fresh fight with the real estate industry, this time over how crucial market data is being kept away from consumers by the country’s largest real estate board. The federal watchdog has launched a lawsuit against the Toronto Real Estate Board, arguing that it prevents brokers from sharing information with their customers over the Internet.

Globe and Mail Mon May 30 2011 – Chronicle Herald – Montreal Gazette

Target Selects Initial 105 Zellers Locations – Target – TGT-N

Target Corporation is pleased to announce the selection of its initial group of Zellers sites, representing 105 locations in all 10 provinces across Canada. The vast majority of these store sites will become Target stores and will open beginning in 2013. Target expects to finalize the acquisition of these initial sites in the coming days and pay half of the C$1.825 billion purchase price.

Canada News Wire Thu May 26 2011

Brookfield Real Estate Services Inc. Reports First Quarter 2011 Results – Brookfield Real Estate Services Inc – BRE-T

CFFO for the rolling 12 month period ended March 31, 2011 of $1.97 per RVS was unchanged from the 12 months ended December 31, 2010. Royalties were $8.2 million for the quarter, the same level as the first quarter of 2010. The net loss for the three months ended March 31, 2011 was $1.6 million or $0.17 per RVS, as compared to a loss of $18.4 million for the same period in 2010, when calculated on a consistent basis.

Canada News Wire Tue May 24 2011

Blackstone to sell Canadian offices worth $900-million – Blackstone Group LP – BX-N

Blackstone Group LP wants to sell $900-million of Canadian office buildings , as it looks to shed its Canadian real estate at a time of high demand. Blackstone – the world’s largest private equity group – owns 29 buildings in Toronto, Ottawa, Edmonton and Calgary. Possible buyers would include real estate investment trusts and the country’s pension funds.

Globe and Mail Tue May 24 2011 – Ottawa Business Journal – Winnipeg Free Press

Speculators, foreign investors, betting on Toronto condo market – Urbanation

Who in their right mind would invest in something that loses money every month? The answer just might be future Toronto condominium buyers. Toronto is the largest condominium market in North American with 18,000 suites selling annually over the past five years. The problem is rent for those units is not climbing much, stuck at $2.09 per square foot in the first quarter of 2011 versus $2.09 per square foot a year earlier.

Financial Post Fri May 20 2011

Hume: Toronto’s worst buildings: Down and dirty at Dundas Square

Star architecture critic Chris Hume begins his list of Toronto’s worst buildings of the 21st century.

Toronto Star Tue May 17 2011

Canadians among world’s most active real estate investors – Jones Lang LaSalle Canada

Canadian real estate investors were among the most active in the world in the first quarter, according to a study into capital flows from international brokerage Jones Lang LaSalle. The brokerage said cross-border, direct real estate investments increased by 25 per cent from a year ago, with $37-billion of deals. The most active buyers were global funds, followed by investors in Canada and Singapore.

Globe and Mail Tue May 17 2011

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Fundamental Breach: Digging to the “Root” of the Lease

News Release – Daoust Vukovich LLP
20 Queen Street West, Suite 3000, Toronto, Ontario M51-1 3R3 Tel: 416 597 6888 Fax: 416 597 8897 I Web: www.dv-iaw.com

The modern-day approach to the commercial lease incorporates both property and contract principles. However, this was not always the case. Historically, leases were regarded as mere personal contracts or as tools of commerce for lenders. Eventually, courts began to recognize leases as estates in land. Through this development, leases became proprietary interests governed by the rights and remedies of property law.

The Hybrid Nature of the Lease

In 1971, the Supreme Court of Canada rendered a decision of seminal importance in the area of commercial leasing law. The case is Highway Properties Ltd. v. Kelly, Douglas & Co., and its key holding is that a commercial lease of real property is not only a conveyance of land but also a commercial contract for which contractual rights and remedies are available. Since that decision, there has been a palpable shift towards the contractualization of commercial leases. As a result, contract principles, including fundamental breach, are now available in the context of a commercial lease.

What is Fundamental Breach?

Commercial contract law recognizes that parties to a contract may not perform their obligations and that, in certain circumstances, it may not be sufficient for the wronged party to simply make a claim against the defaulting party while continuing to be obliged to perform its end of the contract. When the defaulting party has committed a breach of such significance as to deprive the other of the very essence of what it contracted for, the courts have said that the defaulting party has committed a “fundamental breach”, going to the “root of the contract”, depriving the other party of “the very heart of what it bargained for”, and entitling the wronged party to treat the contract as terminated. This permits the wronged party to walk away from the contract, be freed of its obligations, and still have a claim against the defaulting party for any damages suffered as a result.

Applying Fundamental Breach to Commercial Leases

In the context of a lease of real property what is the “root” of the contract? The landlord provides space in which the tenant operates a business. The concept of a fundamental breach is difficult to import into this scenario – short of depriving the tenant of possession, how can a landlord ever commit a breach that deprives the tenant of the essence of what it bargained for, which is the right to occupy space? An example is found in the Ontario decision 997484 Ontario Inc. v. Extreme Properties Inc. The Court held that the landlord had fundamentally breached the lease when it terminated the lease too early. This case concerned a dispute among a landlord, a tenant and a subtenant.  The subtenant had vacated the premises on February 27, 2006, without notice to the landlord. However, the subtenant had paid rent up to the end of February 2006 and had never defaulted on its lease. When the tenant arrived at the premises on February 28, 2006, it discovered that the landlord had changed the locks. The landlord claimed that the subtenant’s abandonment of the premises constituted a breach of the lease and that the landlord was entitled to    terminate. In deciding that the landlord had breached a fundamental term of the lease, the Court held that the subtenant’s abandonment could only be viewed as a breach of the sublease agreement, not the lease itself. On account of the fact that the landlord terminated the lease in the absence of any default on the part of the tenant, the Court found the landlord had fundamentally breached the terms of the lease and the tenant was entitled to treat the lease as at an end. In the 1985 decision Bramalea Ltd v. Canada Safeway Ltd the Ontario High Court was asked to consider an application by a landlord for an injunction. In denying the injunction, the court obliquely stated – without having to decide the matter – that it was possible that by operating a flea market in the shopping centre on the weekends, the landlord had committed a “fundamental breach” of the lease that would have entitled the tenant to treat the lease as terminated anyway. The Court did not rule on the issue of fundamental breach, but the door was opened for future discussion. Since the Bramalea decision, the courts have applied the concept of fundamental breach to commercial leases in a variety of situations, including:

• Landlord’s failure to respond to a tenant’s request to sublease

• Landlord’s breach of its covenant to allow the tenant peaceful enjoyment of its premises

• Landlord’s failure to honour its tenant’s right of first refusal option

• Landlord’s breach of its tenant’s restrictive covenant

• Landlord’s failure to repair the tenant’s premises

• Landlord’s failure to heat the premises in the winter or cool the premises in the summer

A Recent Update on Fundamental Breach

A recent decision has further expanded the applicability of fundamental breach to commercial leases. In the Ontario decision Diamond Robinson Building Ltd. v. Conn., a tenant claimed that its landlord had anticipatorily committed a fundamental breach of the lease by failing to provide the parking spots that the tenant bargained for. Under the lease, the landlord was required to provide the tenant with 22 underground parking spots. When the landlord failed to make the required parking available, the tenant elected not to go ahead with the lease. The landlord sued the tenant for damages in the form of lost rent and expenses. The Court agreed with the tenant and held that the landlord had committed a fundamental breach of the lease. In making this decision, the Court determined that if the tenant was unable to offer its clients convenient, on-site parking, it would lose substantially all of the benefit of its lease.

Where is this Headed?

Recent case law shows a clear and steady movement toward contractualization of commercial leases in Canada. Based on the developments to date, there appear to be no limits to the instances in which a fundamental breach argument can be raised. As always, the specific facts of each case will drive a court’s decision as to what constitutes a fundamental breach. The impetus towards contractualization has worked to increase the range of remedies available to landlords and tenants, and it is incumbent on landlords and tenants to think about their actions in terms of the potential for a claim of fundamental breach of contract.

Source: Daoust Vukovich LLP
News Release March 8, 2011

Commercial Real Estate News – Toronto through February 2011

The commercial real estate market has been hot.  I have found many tenants are coming back into the market looking for short term / flexible deals in spaces that they can start working in quickly and typically on an “as is” basis.  If you need space or information on the Toronto commercial real estate market reach out to us HERE!

DTZ Barnicke shores up after a ‘perfect storm’ – DTZ Barnicke

When J.J. Barnicke Ltd. was sold to global real estate conglomerate DTZ Holdings PLC, the deal was hailed as a lifesaver for the Canadian commercial brokerage. After years of struggling to compete with such global giants as Colliers International and CB Richard Ellis, the $26.6-million DTZ deal promised a stronger international network and deeper ties among its agents across the country.

Globe and Mail Tue Feb 01 2011

TTC lease deal could be dead, sources say

The TTC’s plan to lease a gleaming new headquarters is likely to be killed Wednesday, leaving the transit agency on the hook for up to $2-million to break the deal, The Globe and Mail has learned. Enough commissioners intend to vote against consolidating the Toronto Transit Commission’s offices in a new tower near the York Mills subway station, sources say.

Globe and Mail Tue Feb 01 2011

VIDEO: The case for greener concrete

When it comes to the sustainable use of concrete in construction, contractors should think of buildings as race cars, one industry expert says. In other words, they must look at “reducing the concrete that doesn’t have a specific purpose,” said John Archer, a consultant with the Canadian Precast/Prestressed Concrete Institute, in a presentation at the Construct Canada tradeshow in Toronto last month.

Daily Commercial News Tue Feb 01 2011

Best Practices for New Wave of Green Certifications at Tech Firms

The past year has seen a surge in non-manufacturing technology firms certifying to the ISO 14001 standard for environmental management systems. This surge is emblematic of the changing environmental regulatory landscape; previously, only manufacturers and their component suppliers felt compelled to certify.

GreenBiz Tue Feb 01 2011

Many In CRE Industry Embracing the Social Networking Phenomenon

One of the year’s hottest movies, The Social Network, has garnered eight Academy Award nominations including one for Best Picture, and while the Internet phenomenon known as social networking may not yet have garnered as much acclaim among commercial real estate professionals, the industry is widely adopting the technology, according to an informal poll.

CoStar Group Fri Feb 04 2011

Yahoo Outsources Real Estate Listings

Outsourcing areas that fall outside Yahoo’s strengths is central to its turnaround effort under Carol A. Bartz, Yahoo’s chief executive. Yahoo made headway with that strategy on Thursday by handing control of a big part of its real estate area to Zillow.com, the real estate site known for providing home price estimates, or Zestimates, to increasingly depressed homeowners.

New York Times Fri Feb 04 2011

Q9 Opens New Data Centre in Greater Toronto Area – Q9 Networks

Q9 Networks Inc. raises the bar again and further solidifies its leadership position with the opening of its sixth data centre in the Greater Toronto Area. In response to strong demand, two phases comprising two megawatts of critical customer capacity were built, instead of the single phase originally planned. Q9 will invest $125 million in the new 240,000 square foot data centre.

Canada News Wire Mon Feb 07 2011

What’s up with Toronto’s official plan?

A key piece of David Miller’s green roofs strategy may cave in next week when city council debates a motion from the planning and growth management committee to exempt industrial buildings. Will it be a sign of what’s to come? Mayor Rob Ford’s hand-picked chair, Peter Milczyn has signalled that he intends to shake up the city’s planning rules.

Globe and Mail Sun Feb 06 2011

Commercial Real Estate Coming Back, but Unevenly

Commercial property took less of a drubbing than residential real estate in the recession but still faces a long and painful recovery. Banks have already taken $80 billion in commercial-real-estate losses about half of what they are expected to take as a result of the recession. But in some markets, commercial-property values have soared more than 30% from their lows in 2009, according to one industry gauge.

Wall St. Journal Sun Feb 06 2011

Tenants step up demand for green offices

Sustainability is now a “front and centre” issue for tenants choosing office space, according to a major new survey of real estate professionals. More than 600 real estate experts were polled last year for the eighth Emerging Trends in Real Estate 2011 report, published last week by PricewaterhouseCoopers and the Urban Land Institute, and the majority described sustainability issues as “unavoidable” for the sector.

Guardian.co.uk Mon Feb 07 2011

Deconstructing the (unloved) cubicle

Trends in office design, such as open-concept spaces and green initiatives, have joined with a fundamental shift in the way Canadians work to render the traditional office space obsolete. “The biggest single shift in the workplace, and it seems not to be specific to any sector, is mobility programs,” says Colleen Baldwin, principal of design and business development at Straticom Planning Associates.

Globe and Mail Wed Feb 09 2011

GTA West office availability and vacancy rates retreat as 2010 finishes strongly – Avison Young

The Greater Toronto Area (GTA) West office market finished 2010 in better shape than it started, with availability and vacancy rates ending their upward trend and, instead, beginning to decline. Although the availability and vacancy rates are still higher than one year ago, they have begun to edge downward thanks to an uptick in leasing activity – positive signs for the recovery taking place in the market.

Canada News Wire Wed Feb 09 2011

CB Richard Ellis to buy $1-billion ING real estate arm – CB Richard Ellis

CB Richard Ellis Group struck a deal to buy most of the real estate investment management business of Dutch financial company ING Group NV for $940 million, making it the world’s biggest real estate investment manager. The deal, which nearly triples CB Richard Ellis’s assets under management, ends an auction process that lasted over a year and attracted more than 40 others, including Jones Lang LaSalle Inc.

Reuters Tue Feb 15 2011 – Financial Times – Wall St. Journal – Wall St. Journal

GTA investment market bounces back strongly in 2010 – Avison Young

The commercial real estate investment market in the Greater Toronto Area (GTA) bounced back strongly in 2010 with some sectors of the market at, or close to returning to levels not seen since 2007. After two years of sitting on the sidelines, buyers and sellers finally came together as they transacted nearly $7.4 billion worth of commercial real estate – $3.2 billion more than one year ago.

Canada News Wire Wed Feb 16 2011

Rebound in Canadian commercial real estate returns in 2010 – REALpac / IPD Canada Annual Property Index

Investment in Canadian commercial real estate bounced back last year with the strongest performance in three years, at 11.1%, as measured by the rebranded REALpac / IPD Canada Annual Property Index. The annual total return – a marked turnaround from 2009’s negative return, at -0.3%, and 3.7% in 2008 – is underpinned by a 4.0% capital growth and a 6.5% income return.

Canada News Wire Fri Feb 18 2011

Commercial Real Estate Vacancy Declines

A stabilization trend is taking place in commercial real estate sectors. “Very limited construction of new commercial real estate over the past few years has essentially fixed the supply of available space,” said Lawrence Yun, chief economist for the National Association of Realtors. “This means vacancy rates could fall quickly from any increase in demand for commercial space.”

Business Journal Daily Mon Feb 28 2011

Commercial Real Estate News – December 2010

The month ended slowly on the news front but that’s traditional for December.  I expect some great new options to come out this week, I have a number of clients looking for great ready to go solutions with office furniture they can pull the trigger on.   Here’s looking forward to a continued strong market through 2011!

E-mail Us Here for additional information on the market or a custom survey of available office space in your area!

What’s the deal with commercial real estate?

Patrick Hebert needs some space. His business is growing. Isn’t that a good problem to have? Not exactly. Along with his brother and fiancée, Hebert runs cellcycle.ca, an on-line company that collects and refurbishes used cellphones for resale. And he figures it’s time to expand his year-and-a-half-old, internet-based venture to an actual bricks-and-mortar location. CBC Tue Nov 30 2010

Rob Ford vows to freeze Toronto property taxes next year

Toronto’s new mayor is vowing to freeze property taxes next year. The property-tax freeze is a departure from Mr. Ford’s election campaign, when he said it would be “impossible” to hold the line on taxes. He promised to keep tax increases to the equivalent of the rate of inflation. Globe and Mail Wed Dec 01 2010

New home in works for Globe and Mail

The Globe and Mail will build a new headquarters in the King Street West neighbourhood of Toronto, an area of the city that has been a hive of condo and hotel development over the past decade. Woodbridge Co. Ltd., a private holding company that manages the assets of Canada’s Thomson family said on Thursday it will invest in new office space for the newspaper. Globe and Mail Fri Dec 03 2010

Colliers Acquires The Winbury Group To Expand Midwest Operations – Colliers International

Colliers International continued its aggressive growth strategy by acquiring a controlling interest in The Winbury Group in Kansas City. The firm will now operate as Colliers International | Kansas City and becomes the ninth local CRE firm in the US to be acquired and rebranded as Colliers International over the past year. Based in Kansas City, The Winbury Group also has an office in Lawrence, KS. CoStar Group Fri Dec 03 2010

Real Estate Investment Trusts will have a tax advantage in 2011

Four years ago the federal government announced that publicly traded income trusts, which provide big tax advantages over traditional corporations, would lose that edge by the end of 2010. The market reaction was swift and terrible, erasing $25 billion from the market value of income trusts and raising a cacophony of anger from investors who had put many of their eggs in the income trust basket. Vancouver Sun Fri Dec 03 2010

Low Interest Rates Make High Yield REITs Irresistible

REITs have become darlings of Wall Street this year and have been one the strongest performing segments of the financial sector. The Vanguard REIT Index ETF which holds nearly 100 different REITs, has increased close to 24% this year in contrast to the Financial sector for the S&P 500, which has hardly moved in 2010. Market Watch Fri Dec 03 2010

NorthWest Healthcare Buys Downtown Toronto Office Complex – NorthWest Healthcare Properties REIT – NWH.UN-T

NorthWest Healthcare Properties REIT has entered into an agreement to acquire The Dundas-Edward Centre, a 410,000 square foot two-tower office complex and eight-level parking facility located in downtown Toronto, Ontario for approximately $103 million (including mortgage prepayment costs and excluding closing costs). The purchase is expected to close in the first quarter of 2011 … Canadian Business Mon Dec 06 2010 – Winnipeg Free Press – Canada News Wire

Google drops US$1.9-billion on NYC office

Google Inc. is now the owner of an entire New York City block. In a deal reported by the Wall Street Journal to be valued close to US$1.9-billion, the world’s largest search engine purchased the 18-story, 2.9-million-square-foot property at 111 Eighth Avenue on Wednesday. The building is the third-largest in Manhattan and has more floor space than the Empire State Building; it is in fact so big the address 76 Ninth Avenue is actually the same building. Financial Post Sat Dec 04 2010

2011 Looks Bright for Canadas Office Markets – Cushman & Wakefield

According to Cushman & Wakefield’s 2011 Outlook on Canadian office and industrial real estate markets released today, 2011 will bring strengthening central and suburban demand that will gain momentum as the year unfolds. Canada’s commercial real estate markets may once again outperform expectations in 2011. Canadian central office markets delivered far better results than expected in 2010, and in the case of downtown Toronto, the best performance in North America. Vancouver Sun Wed Dec 08 2010

More Canadians work from home offices

About 3.6 million Canadians have the luxury of wandering down the hallway in their pyjamas to start their work days, suggests a report released Tuesday showing a rise in home office use. Statistics Canada reports more Canadians, and slightly more men than women, are working from home.Statistics Canada reports more Canadians, and slightly more men than women, are working from home. CBC Tue Dec 07 2010

Clive Doucet: Toronto, heed Ottawa’s rail experience

I read recent reports that Rob Ford, the new mayor of Toronto, plans to scrap his city’s surface rail projects — Transit City — with considerable dismay. Larry O’Brien did exactly the same thing to Ottawa after he was elected, and it didn’t work. It didn’t “save” anyone any money as O’Brien would have it. It cost millions and it crippled the city’s government over its mandate. Ottawa Citizen Fri Dec 10 2010

Commercial office tenants want green

Green building initiatives are a key influencer when tenants decide to sign a commercial real estate lease, according to a survey by GE Capital Real Estate. The survey, conducted over the past year, included more than 2,220 office tenants in the U.S., Canada, France, Germany, Sweden, the UK, Spain and Japan. An average of 50% of those polled say green building initiatives are a high priority. Property Magazine Mon Dec 13 2010

2010 a Pivotal Year for Greening Data Centers

2010 has been a pivotal year for ‘greening’ data centers. The drive towards cloud computing and the flood of new digital information has caused mission critical facilities to undergo a true revolution. As IT continues to get more dynamic, there is a renewed emphasis on reducing complexity, streamlining infrastructure and reducing energy costs. Green Building Pro Tue Dec 14 2010

Sheppard sheds its suburban skin

There was a time not that long ago when Sheppard Avenue was the northernmost outpost of urbanity in Greater Toronto. Now Sheppard – the main drag binding North York from east to west – could conceivably be considered to be the new midtown in a growing urban expanse that now reaches Aurora. It didn’t happen overnight, of course. Globe and Mail Wed Dec 15 2010

Whiterock REIT buys $112 million stake in buildings near Toronto, Montreal

Whiterock REIT is acquiring a stake in office and industrial buildings in the Greater Toronto Area and Montreal in a deal worth $112 million. The majority of the properties were bought in partnership with Toronto investment firm Return on Innovation Capital Ltd., and Whiterock will get 40 per cent ownership and provide property management. Winnipeg Free Press Wed Dec 22 2010 – Canada News Wire

Google Completes Deal for New York Office Building

Google Inc., owner of the world’s most popular search engine, completed the purchase of New York’s 111 Eighth Ave. as the company expands its presence in Manhattan. Taconic Investment Partners, Jamestown Properties and the New York State Common Retirement Fund sold the building, the companies said in a statement today. They didn’t disclose terms. Bloomberg Wed Dec 22 2010

Commercial real estate poses risk, says Bank

When it comes to potential risks to Britain’s financial system, many fingers point to its housing market where lending soared in the bubble years. But this month the Bank of England suggested lending to commercial real estate may pose a bigger risk. Financial Times Wed Dec 29 2010

Hines to sell Toronto’s Atrium on Bay for $344.8M

Hines Real Estate Investment Trust Inc. agreed to sell a Toronto office and retail complex to H&R REIT Properties Ltd. for $344.8 million. Hines bought the property, Atrium on Bay, in 2007 for $250 million, the Houston-based company said in a regulatory filing Thursday. Hines said it expects the sale to be completed no later than June 30. Financial Post Thu Dec 30 2010

Grubb & Ellis Predicts Commercial Real Estate Leasing Recovery to Proceed in 2011

Grubb & Ellis Company, a leading real estate services and investment firm, today released its 2011 Real Estate Forecast, which foresees the start of a slow recovery in the leasing market for all property types in the coming year. Activity in the investment market, which began its recovery earlier than anticipated in 2010, will expand beyond assets at the top and bottom of the quality scale to include properties with slightly more risk. PR Newswire Mon Jan 03 2011

Fire destroys historic Yonge St. building

Firefighters have now gained control over a six-alarm blaze that engulfed an abandoned three-story building at the corner of Yonge and Gould Sts. early Monday. Police have blocked traffic on Yonge St. from Dundas to Gerrard St., and Gerrard St. from Church to Bay Sts. There is no service for the 505 Dundas streetcar between Bay and Church Sts. Toronto Star Mon Jan 03 2011

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