Filed Under Ask The Expert, Market Info, News · Tagged: Colliers 2012 - Q3 Commercial Real Estate Data, 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
• The Greater Toronto Area Office market recorded vacancy at a record low, posting a 6.3 per cent vacancy rate this quarter.
• There has been very little new supply added to the inventory in the past few years, especially without major pre-lease commitments, leading to existing space being filled. In the last two years, the GTA market has added a total of 1.6 million square feet of office space to the inventory, an insignificant addition to the existing 185 million square feet of space in the market.
• Downtown continued its downward trend, currently at 5.1 per cent. The increase in demand for residential condominium space continues in the Downtown Core, leading to increased office development southbound, as evidenced by 120 Bremner Street and RBC Waterpark at 85 Harbour Street, both with significant pre-lease commitments.
Filed Under Ask The Expert, Market Info, News · Tagged: commercial real estate market information toronto, commercial real estate news toronto, LinkedIn, Market Conditions in Canada - a CBRE perspective October 2011, office space news toronto, real estate market information, toronto commercial real estate news, toronto office market, toronto office space news
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.
Filed Under Ask The Expert, Market Info, News · 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, 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.
Filed Under Market Info, News · 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 Commercial Real Estate News - October 2011, toronto office market, toronto office space news
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.
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.
Filed Under Ask The Expert, Market Info · Tagged: commercial real estate market information toronto, commercial real estate news toronto, Gen Y and Implications for Office Markets, LinkedIn, office space news toronto, real estate market information, toronto commercial real estate news, toronto office market, toronto office space news
Great information on what Colliers expects to see when Gen Y takes the wheel in the corporate world.
Filed Under Ask The Expert, Market Info, News · Tagged: commercial real estate market information toronto, commercial real estate news toronto, GTA Commercial Real Estate Stats and Info - Q2 2011, LinkedIn, office space news toronto, real estate market information, toronto commercial real estate news, toronto office market, toronto office space news
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!
Filed Under Market Info, News · Tagged: commercial real estate market information toronto, commercial real estate news toronto, Commercial Real Estate News Toronto - July 2011, LinkedIn, office space news toronto, real estate market information, toronto commercial real estate news, toronto office market, toronto office space news
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
Filed Under Market Info, News · Tagged: commercial real estate market information toronto, commercial real estate news toronto, LinkedIn, Office and Commercial Real Estate News Toronto - April / May 2011, office space news toronto, real estate market information, toronto commercial real estate news, toronto office market, toronto office space news
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.
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
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 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.
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
Filed Under Ask The Expert, Market Info · Tagged: commercial real estate market information toronto, commercial real estate news toronto, Fundamental Breach: Digging to the "Root" of the Lease, LinkedIn, office space news toronto, real estate market information, toronto commercial real estate news, toronto office market, toronto office space news
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
Filed Under Ask The Expert, Market Info, News · Tagged: commercial real estate market information toronto, Commercial Real Estate News - Toronto through February 2011, 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
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.
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