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