Toronto Commercial Real Estate News – 1/2 October 2009

Real Estate Impact Huge Under Accounting Changes – cbre.com – New accounting standards requiring property to be marked to market and proposed changes in lease accounting rules could have an immense impact on the balance sheets, income statements and overall financial outlook of US corporations, many of whom are unprepared for the changes, according to a new report from CB Richard Ellis.
Globe St., Oct 01, 2009

2009 BOMA Canada National Award Winners – The Building Owners and Managers Association of Canada has announced the winners of the prestigious 2009 national awards in recognition of excellence in the Canadian commercial real estate industry. The Chair of BOMA Canada, Ian M. Stewart, offered his congratulations to all finalists, each of whom has already been an award winner at the local level.
BOMA Canada News Release, Sep 25, 2009

Huge Thornhill project will transform Yonge Street – A massive development that will transform a key stretch of Yonge Street in Thornhill has generated a flurry of buyer interest, as subway expansion and other transit improvements better connect the 905 to the downtown core. Stretching along Yonge’s east side between Steeles and Clark avenues the 10-acre site also benefits from expansions to the VIVA bus system.
National Post, Oct 01, 2009

Colliers third quarter capitalization rate report for 2009 – colliers.com – Despite the recession and challenging financing conditions, there were very few distressed sales, and Canadian investors with capital earmarked for “value investing” have been largely disappointed. This has also been the trend in the United States, although to a lesser extent. One hallmark of this stabilization is the relative ease that many REITs are experiencing either with new equity placements, or the issuance of convertible debentures.
Colliers International, Oct 06, 2009

A Rare Building Boom Up North in Toronto – The financial district of this city, the fifth-largest metropolitan area in North America, with a population of 5.4 million, is the scene of an exceptional flurry of development, especially in light of the recession. Three green towers with a combined 3.1 million square feet of office space are opening before the end of the year in the downtown financial district.
New York Times, Oct 14, 2009

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.
Globe and Mail, Oct 14, 2009

Toronto’s Trump International at mid-way point – trumptoronto.ca – Toronto’s Trump International Hotel & Tower emerges from its tiny 15,000 square foot footprint today, as journalists were given a ‘‘mid-way update’’ and helicopter tour of the site. It is the two-year anniversary of the groundbreaking; the project is one of several luxury condo towers that remain under construction despite the downturn.
National Post, Oct 16, 2009

Commercial real estate bounces back – realnet.ca – Canada’s commercial real estate market is on the mend, as an 18-month slump in Toronto has ended and other urban centres are showing signs of renewed activity that suggest the sector has de-coupled from its troubled U.S. counterpart. After almost two years of flat or declining activity, industry tracker RealNet Canada Inc. said investments in commercial property in the GTA increased by 46 per cent in the third quarter.
Globe Investor, Oct 19, 2009 Bloomberg, Oct 19, 2009

Toronto now the bedroom community of 905: study – cfib-fcei.ca – If you ask Les Liversidge why he left Toronto for Markham, he is quick to answer: “It was the business taxes, principally the tax bill on the building itself that did it.” Four years ago, the 55-year-old lawyer owned a building in north Toronto out of which he ran a small firm that practised occupational safety and workers’ compensation law. His dilemma was property taxes.
National Post, Oct 19, 2009

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