Canadian commercial market to recover over 12 to 18 months – The worst is likely over, say the heads of four of Canada’s largest real estate brokerages. Canadian commercial real estate now faces 12 to 18 months of slowly climbing back to normal activity. And when recovery finally kicks into full gear the pace of activity – buying and selling, leasing and even construction. This recession, the four agree, has not been as devastating for the industry in the early 1990s.
Globe and Mail, Sep 01, 2009
Cushman & Wakefield LePage transition to Cushman & Wakefield – cushwake.com – Cushman & Wakefield LePage Inc. has changed its name to Cushman & Wakefield Ltd. (Cushman & Wakefield Ltée in Quebec), effective immediately. This change aligns the Canadian firm with the global operation after a four-year transition from Royal LePage Commercial Inc. The global firm’s legal designation remains Cushman & Wakefield Inc.
Canada News Wire, Sep 01, 2009
Whiterock REIT acquires The West Mall in Toronto – whiterockreit.com – WRK.UN-T – Whiterock REIT announced that it has closed the previously announced agreement to acquire 401 & 405 The West Mall located in Toronto for $82.3 million before closing costs. Whiterock has a 40% equity interest in the property, a long-term property management contract and a right of first opportunity to purchase the partner’s interest in the asset.
Canada News Wire, Sep 02, 2009
Menkes Toronto office tower reaches for the top – menkes.com – Work continues on a new office tower at 25 York Street in Toronto. Menkes Developments Inc. began the 30-storey tower, which includes a five-level podium, in September 2006. Completion has been scheduled for November 2009.
Daily Commercial News, Sep 02, 2009
Tenants hold the key to revive the commercial real estate market – colliers.com – According to the analysis of international real estate consultants Colliers International, the future development of commercial real estate depends mainly on the renewal of bank loans. Tenants now hold the trump cards no matter if it goes on office nor industrial space. If developers can temporarily compromise on their demands, they may help themselves significantly during the crisis.
Property Magazine, Sep 09, 2009
Canadian Commercial Real Estate Lagging – While Canada’s residential real estate market is bouncing back quickly, the commercial market is going to need more time. Recent industry reports show the Canadian housing market posted its fourth-strongest sales figure ever in the second quarter, as buyers moved off the sidelines to take advantage of ultra-low interest rates. But the same can’t be said for the country’s commercial real estate.
Wall St. Journal, Sep 09, 2009
Building permit decline blamed on Toronto civic workers’ strike – The strike by Toronto civic workers was largely blamed for a surprising drop in building permit values in July, according to Statistics Canada. The report, released yesterday, said permit values fell 11.4% from June to $4.6-billion, despite economists’ forecasts of a 0.4% increase. However, excluding Toronto — which experienced a five-week halt to civic services — the national decrease was just 1.8% for July.
National Post, Sep 09, 2009 Globe and Mail, Sep 09, 2009