Trump’s tariffs could have $69B impact on B.C.

In President Donald Trump’s tariffs scenario of 25 per cent on all Canadian imports, B.C. could see a cumulative loss of $69 billion in economic activity between 2025 and 2028. The province said real GDP is projected to potentially decline by 0.6 per cent year over year in both 2025 and 2026.

Job losses are estimated at 124,000 by 2028 with the largest declines in natural-resource sector export industries and associated manufacturing. Losses would also be felt in the transportation and retail sectors. The unemployment rate could increase to 6.7 per cent in 2025 and 7.1 per cent in 2026, and corporate profits could see an annual decline in the range of $3.6 billion to $6.1 billion.

Tariffs imposed by the United States, along with potential retaliatory measures, could impact many of the province’s key revenue streams, such as personal and corporate income taxes. Preliminary analysis indicates this could reduce annual revenues by between $1.6 billion and $2.5 billion.

This preliminary assessment, done by the Ministry of Finance, is one of many possibilities as there is considerable uncertainty about the exact nature, magnitude and timing of United States policies that may be implemented.

In the face of this uncertainty, the province is using a three-part strategy: respond, strengthen and diversify.

To respond to these tariffs, B.C. is engaged in contingency planning across government and will participate in nationally co-ordinated retaliation if and when required. B.C. will strengthen its domestic position by growing the economy to create high-paying jobs to generate the wealth needed to support people through strong public services, such as health care and education. This includes fast-tracking permitting in B.C. and reducing trade barriers between provinces. Lastly, B.C. will focus on diversifying its trade relationships, using the Asia-Pacific network to become less reliant on exports to the United States.

Canadian investors team on U.K. multifamily deal

QuadReal Property Group and Realstar have added to their multifamily holdings in the United Kingdom through the joint acquisition of a 603-unit complex in Birmingham’s central core. The purpose-built project encompasses three buildings with a shared central podium and amenities, offering convenient proximity to employment, university and entertainment districts and transportation hubs.

The new Canadian owners foresee continued high rental demand in the U.K.’s second largest city, based on an existing cohort of about 100,000 post-secondary students, projections for population growth and the relative rarity of high-end downtown rental options. Units in the complex, known as Allegro, are currently marketed in the range of ₤950 (CAD $1,672) to ₤2000 (CAD $3,520) per month.

The acquisition widens the geography of Realstar’s U.K. portfolio, branded as UNCLE, which also boasts properties in London, Manchester and Leeds. For QuadReal, it aligns with the purchase of other build-to-rent (as purpose-built is termed in the U.K.) developments in recent years.

“The living sector remains a key priority for us globally and a target area for growth,” says Jay Kwan, QuadReal’s Europe-based head of international real estate.

“Allegro will make an excellent addition to our U.K. portfolio,” concurs Realstar’s Ryan Prince. “We have plans to invest further in the asset to bring it up to our UNCLE brand standards.”

U.S. single-family rental housing scrutinized

The United States Federal Trade Commission (FTC) has turned its attention to single-family rental housing, signalling intentions to investigate owners of and investors in portfolios with more than 1,000 properties. As a first step, the FTC is seeking public comments before it embarks on the statutory procedures to compel identified entities to provide information about their holdings and operations.

“This proposed study would shed much-needed light on the mega-investors that have amassed huge portfolios of single-family rental units and potentially contributed to the housing challenges that Americans face,” says Lina Khan, chair of the FTC. “It’s vital to understand the role played by large institutional investors.”

It’s estimated that the large rental portfolios targeted for the study collectively own about 446,000 single-family homes throughout the U.S.. The FTC cites concerns from “local, state and federal policymakers” about how so-called mega-investors are influencing pricing and homebuyer competition in local housing markets. If the study is approved to proceed, information collected from the designated entities will be compiled in a publicly available comprehensive list matching properties to their owners.

“Although this information is already publicly available at the state and county level, its disaggregated nature and indirect ownership structures involving opaquely named shell companies complicates the ability to fully assess the scale and scope of mega SFR (single-family rental) investors’ property holdings. Numerous researchers and other policy stakeholders have called for greater transparency to better understand where, and to what extent, these SFR investors operate,” the FTC states.

Meanwhile, the data and analytics provider, CoreLogic, reported “rent growth is decelerating” across the major U.S. markets it monitors coming out of the third quarter of 2024. The firm’s most recently released stats peg the average year-over-year rent increase at 1.7 per cent for its total single-family rental index, covering 100 nearly metropolitan areas, as of October. That’s the lowest rate of rent growth since June 2020.

Trends are varied in the 20 largest markets. As of Q3 2024, year-over-year rent trajectory ranges from a 6 per cent increase in Detroit to a 3 per cent decrease in Austin, Texas. However, CoreLogic analysts also underscore the longer-term patterns that have pushed up single-family rents in Austin by 22 per cent since February 2020.

“Markets that have had tepid rent increases over the past two years led rent increases for the nation. Markets in the South and West, many of which had red-hot rent growth since 2022, brought down average rent growth,” says Molly Boesel, senior principal economist with CoreLogic.

Among the 20 markets, San Diego registers the highest median rent for single-family rental at USD $4,039 (CAD $5,775). Philadelphia is the most affordable, with a median rent of USD $1,649 (CAD $2,358).

Alberta is in a “homebuilding boom”

The province of Alberta is setting new records for housing construction in Canada, according to year-end data from the Canada Mortgage and Housing Corporation (CMHC). Last year, Alberta led the country in housing starts per capita, seeing a historic jump in the number of new homes under construction.

“Alberta had a remarkable year for housing, which goes to show that our plan to build more homes faster is working,” sad Jason Nixon, Minister of Seniors, Community and Social Services. “I am looking forward to building on the successes of this past year as we look forward to 2025.”

According to a government statement, this homebuilding boom positively affects not only homebuyers, but renters as well. In 2024, Alberta experienced the largest year-over-year decline in asking rents while Calgary saw the biggest drop in rental prices, with apartment rents decreasing by 7.2 per cent. Outside of the larger cities, Alberta communities made up six out of the top ten most affordable small- and mid-size rental markets in Canada, including Lloydminster and Fort McMurray.

Alberta’s government says it will continue to support builders and encourage new housing development by cutting red tape, incentivizing housing construction and supporting innovative strategies that speed up the home building process.

Over the past year, some of the province’s work to initiate the homebuilding boom included launching the Stop Housing Delays online portal, making provincial land available for housing; exempting designated affordable housing from property taxes; supporting home ownership through alternative financing options; and taking action to ensure Alberta receives its fair share of federal funding for housing.

“2024 was a milestone year for residential construction, highlighted by record-breaking housing starts, including a significant increase in rental housing,” said Scott Fash chief executive officer, BILD Alberta Association. This achievement demonstrates industry’s responsiveness to growing demand and the Government of Alberta’s dedication to working collaboratively with industry and stakeholders to reduce barriers and advance housing development. With continued collaboration and thoughtful policies to cut red tape, our industry is well-positioned to meet the evolving needs of Albertans and deliver more attainable housing options.”

Breathing new life into downtown Ottawa

Office-to-residential conversions have gained momentum in Canada since the COVID-19 pandemic, as the shift to hybrid working models continues to leave many commercial spaces underused. This ongoing trend has prompted many property owners and investors to explore alternative asset uses. While conversions aren’t feasible for every office building, cities like Toronto, Montreal, Calgary, and Ottawa report increasing office vacancy rates, leading more property owners to look for creative ways to breathe new life into their real estate investments.

One company embracing the conversion trend is CLV Group in Ottawa. CEO Mike McGahan shared, “In the midst of the evolving housing crisis, innovative solutions are imperative now more than ever. We need to think outside the box, and we need to do it fast. The pandemic has impacted our downtown core, with a decline in foot traffic and an increase in office vacancies. Converting these buildings into apartments aligns with our vision to breathe new life into the heart of Ottawa. We’re heavily invested in contributing to a better future for our city and to doing it in a highly sustainable way.”

The Slayte at 473 Albert Street

The Slayte is one of Ottawa’s first office-to-residential conversions, and according to McGahan was a major success. Construction on the project began in 2021 when CLV Group took a vacant 1970s office building and transformed it into the modern residential community its residents now enjoy today. By reusing the existing structure instead of starting from scratch, the project saved around 4,575 metric tons of carbon, representing a 55 percent reduction compared to demolishing and beginning anew.

“The Slayte is a great example of how creative design and sustainability can work hand in hand to meet both housing needs and environmental goals,” McGahan said.

Located 250 metres from Lyon Station, The Slayte residents have convenient access to Ottawa’s LRT network. Though the station is already in service, an expansion is scheduled for completion this year, bringing several new stops, including the Ottawa International Airport, to commuters using the line. On-site amenities at The Slayte include a business centre, parcel storage, gym facility, outdoor seating areas, a large rooftop terrace with a hot tub, BBQs and fire pits, and a spacious rooftop lounge.

Ongoing: 360 Laurier Avenue West

CLV’s latest conversion project on Laurier Avenue West is now underway, with construction work having kicked off last spring. Similar to The Slayte, what was formerly a vacant office building is being transformed into residential suites focusing on modern, high-quality design and optimizing existing features. The project is set to save over 550 truckloads of concrete; it will benefit from a significant reduction in greenhouse gas emissions compared to a similar-sized development built from the ground up.

Converting the building instead of tearing it down also allows CLV Group to recycle existing materials rather than send them to the landfill. Any items that can be repurposed or re-used will be donated to various local charities and trade schools.

“This project reflects an ongoing shift towards sustainable urban development,” said Roch Chevrier, Regional VP of Construction at CLV Group Developments. “By repurposing existing structures, we’re able to reduce the environmental impact and bring rental apartments to market faster, while also playing a small part in reactivating our downtown core.”

The 11-storey building will ultimately offer 139 rental suites, including studios, 1-bedroom and 2-bedroom units, and an exciting lineup of amenity spaces. CLV Group is reserving the ground floor commercial space for rent by small or local businesses to cultivate a modern, active, mixed-use community.

“The benefits of an office conversion extend far beyond construction,” concluded Oz Drewniak, President of CLV Group Developments. “We’re doing this because Ottawa needs vibrant, pedestrian-friendly spaces that foster community engagement, support local businesses, and encourage people to use the City of Ottawa’s public transit system. It creates a massive domino effect.”

What’s driving the conversion trend?

In the last few years since the pandemic, governments at various levels have introduced incentives to promote these conversions. For instance, the federal government announced a full GST rebate for new residential rental property construction and converting commercial buildings to residential in September 2023.

Meanwhile, municipal authorities are keen on promoting urban densification and addressing the issue of vacant office buildings. Housing experts note that converting these properties into residential units helps preserve asset value and taps into the growing residential real estate market.

While the idea remains popular, it isn’t always straightforward. Developers must navigate zoning laws, building codes, and the suitability of the existing structures for residential use. Factors influencing feasibility include building size, plumbing, layout, fire escapes, stairwell placement and more.

Renderings courtesy of Ottawa-based architectural firm, Linebox Studio. For more information on CLV Group’s office-to-residential conversions, please visit: www.clvdevelopments.com

James Beckett joins Peak Group as senior VP

James Beckett is joining the Peak Group of Companies as senior vice president, supply chain and global procurement, effective March 3, 2025.

Over his career, Beckett has successfully helped retailers such as The Home Depot Canada, Canadian Tire, and Staples, accelerate innovation, increase their revenue, and develop and build their business.

In his new role at Peak, Beckett will lead the company’s global supply chain and procurement teams and be responsible for global supply chain and procurement strategy, global manufacturing and distribution, including facilities across North America.

“With global supply chain management and product procurement being cornerstones of our business, we’re excited to have a leader with James’ skills and experience join Peak,” says Jeff Kinnaird, president and CEO, The Peak Group of Companies. “As we grow our business and explore expansion opportunities, adding James to our talented leadership team positions us well for long-term success.”

At Peak, Beckett is joining a leadership team which demonstrates its commitment to customer service and supply chain management every day, as it supplies 1,000+ home renovation and outdoor living products to more than 2,000 The Home Depot stores across North America and the Bunnings chain in Australia and New Zealand.

“I’m thrilled to return to the home improvement industry and for the opportunity to work with Jeff and the Peak leadership team to scale and grow the business,” adds Beckett. “As Peak continues to grow, it is essential to have a supply chain network that supports that growth and enables us to manage industry challenges. I look forward to playing a key role in that process while ensuring we maintain our commitment to product quality, customer service and always shipping 100 per cent full and on time.”

More deals but less industrial uptake in 2024

Nearly 35.5 million square feet of new industrial supply came onto the market across 15 Canadian regions in 2024, pushing the national vacancy rate up to 4.8 per cent with nearly 3 million square feet of negative absorption for the year. Newly released stats from Cushman & Wakefield also show a downward trend in rents, a growing quotient of sublet space and a slide in pre-leasing.

An average national net asking rent of $15.81 per square foot (psf) at year-end 2024 is a slip from $16.80 psf as of Q4 2023. The nearly 12 million square feet of sublet space now available represents a 65.5 per cent increase over the previous year, while more than one-third of newly completed space in 2024 — about 13 million square feet — came to the market without a tenant in place, including 7.7 million square feet in the fourth quarter.

Even so, Q4 2024 saw 655,000 square feet of positive absorption, and 45.4 million square feet of leasing activity for the year was just 100,000 square feet below the 2023 tally. A somewhat different tenant profile emerged, as more leases for less than 125,000 square feet translated into a year-over-year increase in deals. In contrast, the number of tenants taking up more than 125,000 square feet fell to 45 from 66 in 2023.

“The majority of the activity with these larger transactions occurred in the second half of 2024,” Cushman & Wakefield reports. “Although three out of the four quarters of the year witnessed positive absorption, it was the strong negative absorption of 5.5 million square feet in the second quarter that led to the overall 2024 figure being in the negative.”

The four largest markets posted varied performance. Toronto ended 2024 with about 2.7 million square feet of negative absorption following the arrival of 14.4 million square feet of new industrial supply over the course of the year. Montreal recorded about 6.8 million square feet of negative absorption, while Calgary and Vancouver enjoyed additional uptake of 3.9 million square feet and 590,000 square feet respectively.

Vancouver boasts the lowest vacancy rate at 3.3 per cent and the highest average net rent at $19.99 psf. Toronto is next with a 4.5 per cent vacancy rate and average net rents of $17.33 psf. Calgary offers the most competitive average net rent of the four, at $10.79 psf, and a vacancy rate 5.8 per cent. Montreal is now one of the loosest markets in the country with a 6.3% vacancy rate and average net rent of $14.81 psf.

Looking to 2025, about 22.5 million square feet of new industrial space is set to come onto to the market, with a large share of that in Toronto and Vancouver. The national vacancy rate is forecast to climb as most of the space arrives before summer.

“The majority of the projects arriving are speculative builds that, on average, are currently only 34 per cent pre-leased,” Cushman & Wakefield analysts observe.

Using robotics to revamp modern maintenance

The industrial and commercial maintenance sectors are at a critical juncture, poised for a significant evolution. Integrating advanced technologies is not a theoretical prospect but a pressing need that promises to make facilities more immaculate, safe, and sustainable in 2025. Autonomous robotics, IoT-enabled smart buildings, and AI-driven predictive systems are not just buzzwords, but practical solutions that directly address the escalating demands of facility managers.

With hygiene regulations tightening and expectations on the rise, these technologies are improving efficiency, meeting sustainability targets, and raising cleanliness standards.

The growing importance of disinfection and hygiene

COVID-19 has changed our daily lives and perception of better-kept industrial and commercial spaces – what was once a routine task has become crucial for safety and productivity. According to a report by CSP, 53 per cent of consumers now view cleanliness as “crucial” when making decisions, a substantial increase from the previous year.

Facility managers are swiftly adopting new technologies to streamline operations, reduce labour costs, and meet the rising demands for cleanliness. Managing large, multi-floor spaces demands constant attention and coordination, but robotics, AI, and IoT systems empower facility managers to be in control of their practices.

IoT-enabled smart buildings

The foundation of this technological revolution is IoT-powered smart buildings. Powered by sensors, data analytics, and robotic automation, these spaces provide real-time insights into systems like HVAC and custodial schedules. Facility managers can optimize resource allocation by analyzing air quality, foot traffic, and occupancy data, cutting expenses and raising productivity.

A recent International Facility Management Association (IFMA) survey revealed that 70 per cent of facility managers now view digital transformation as a core strategic initiative, signaling a prominent shift towards more intelligent and reliable building management.

Integrating with building systems such as elevators, autonomous robots are already being deployed worldwide to optimize cleaning timetables and routes, bolstering hygiene and process performance.

The impact of IoT-supported smart buildings and robotics goes beyond just keeping floors swept and toilets scrubbed – they leverage automation to cut energy usage, decrease waste, and elevate tenant satisfaction. By combining IoT and robotic automation, facility managers are unlocking a new era of performance aligned with cost-effective and sustainability goals.

Automation is the backbone of modern maintenance

The rise of robotics is undeniably steering the future of industrial and commercial maintenance. Floor cleaning robots can vacuum, sweep, mop, and scrub with exceptional speed and precision, demonstrating the bright future of maintenance.

Service robots also assist building management businesses by delivering goods to different floors, greeting patrons, or carrying trash receptacles. These robots can quickly cover vast areas, equipped with AI, sensors, and groundbreaking navigation systems.

Studies show that 80 per cent of facility management professionals agree that technology is profoundly overhauling the industry, underscoring the broad acceptance of automation as a critical solution.

These autonomous robots can detect dirt and debris, classify high-traffic areas, identify items in their delivery trays, and display information on their screens. By deploying sanitization and service efforts only when and where needed, robots can help facility management companies be more consistent and discerning with their care.

Autonomous cleaning robots offer a standout advantage: 24/7 operation. Since these robots can operate in low light, they can consistently uphold the strict criteria of pristine and protected facilities. These robots help create a more streamlined facility by minimizing downtime.

Green cleaning practices for forward-thinking businesses

Sustainability has emerged as a key theme in the future of industrial maintenance. As consumer demand for eco-friendly practices increases and environmental regulations become more stringent, sustainability will play a progressively vital role in shaping facility maintenance strategies.

Alyona Zakharchenko, an expert from Samsic UK, predicts eco-friendly cleaning agents will dominate the market by 2025, driven by growing consumer awareness and stricter environmental requirements.

Autonomous robots equipped with energy-efficient systems align with sustainability goals while also trimming overhead budgets. Using refined mapping algorithms, floor cleaning robots minimize water consumption by 85 per cent over traditional equipment and 91 per cent compared to mops and buckets. They’re also compatible with biodegradable or plant-based agents, making them more eco-friendly since many traditional methods need harsh agents.

UV disinfection robots are gaining popularity in healthcare and hospitality for their chemical-free sanitation. Offering a safer, eco-friendly alternative, they maintain high hygiene standards without compromising efficacy.

AI and predictive analytical offer proactive maintenance

AI and predictive analytics are redefining how facility managers approach maintenance. By analyzing real-time sensor data (such as temperature, humidity, and foot traffic) AI identifies upkeep needs and predicts when equipment requires servicing. This shift from reactive to proactive management lowers downtime, boosts revenue, extends asset life, and stabilizes procedures. Studies show that 65 per cent of organizations now use generative AI in at least one business function, up from just 33 per cent the previous year.

AI is modernizing cleaning robotics, sharpening their faculties, intelligence, and capabilities like never before. Industrial sweepers with AI sensors can detect debris and adjust their sanitization patterns on the fly, a development that is sure to excite facility managers about the potential of these technologies.

Automation combined with AI drives a new era of intelligent, high-performance governance across industries by upgrading maintenance strategies and robotic cleaning.

Human-to-Robot collaboration (HRC)

The future of commercial and industrial hygiene will not rely solely on robots; it will be a combination of human and robot collaboration or Hybrid Human-to-Robot Collaboration. In this model, robots handle repetitive tasks like floor scrubbing, while custodians focus on more complex duties, such as sanitizing sensitive areas or interacting with customers.

This cooperative approach solves multiple challenges for facility managers. HRC addresses labour shortages by promoting robots to take over tasks typically done by humans, allowing workers to focus on value-added activities. It boosts employee morale and organizational efficiency.

According to research, businesses can use service and cleaning robots to mitigate labour costs while maintaining immaculate surfaces.

With HRC, routine tasks are automated, allowing teams to focus on high-impact work that elevates productivity, invigorates morale, and delivers more pristine, risk-free spaces for everyone.

Data security and the growing role of cybersecurity

As IoT devices and AI-powered systems become increasingly prevalent, data security has emerged as a pressing concern for facility managers.

Studies show that 27 per cent of building managers experienced cyberattacks on operational technology (OT) systems, underscoring the urgent need for strong cybersecurity measures.

The proliferation of connected devices has amplified vulnerabilities, making robust defences essential.

Technology manufacturers confront these challenges by implementing encrypted software updates, anonymized data collection, and secured cloud storage. These strategies not only shield building service companies against cyber threats but also empower facility managers to harness IoT and AI technologies confidently.

By fortifying data security, companies bolster workflow resilience, build customer trust, and reduce the risk of exorbitantly damaging data breaches.

In the era of smart buildings and automation, safeguarding data is not optional, it is imperative. As cyberattacks grow more sophisticated, facility managers must prioritize system security to protect both functional integrity and customer privacy.

Digital transformation for the ultimate competitive advantage

IoT and automation are no longer optional; they are essential for facility managers striving to stay competitive. As Brian Prendergast of JLL/Technology aptly states, “Disruption is becoming the new normal, and facility managers must be tech-savvy to capitalize on the opportunities provided by AI, IoT, and automation.”

Embracing these technologies enables companies to reduce expenses, enhance sustainability, minimize waste, and optimize building performance, setting them apart as industry leaders. In 2025, IoT-enabled smart buildings, AI systems, and autonomous robots will become the benchmark for savvy building service businesses. These technologies will allow facility managers to create hygienic, resilient, modern spaces and provide renewed transparency to achieve significant executive and financial targets.

Facility managers who prioritize digital transformation, leverage robotic automation, and adopt predictive analytics will amplify their organizational efficiency and take the lead in environmental responsibility and safety standards for their clients.

As General Manager, Americas & Australia, Raymond Pan leads Pudu Robotics’ growth in the Americas and Australia, leveraging deep expertise in automation, global markets, and strategic leadership. Pudu Robotics is a global leader in service robotics, transforming industries with cutting-edge automation and securing nearly 1,000 patents while shipping over 80,000 robots across 60+ countries.

Additional sources

Reach the B.C. Construction Industry

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Dear Construction Industry Member,

Construction Business magazine is delighted to once again publish a Construction Directory 2026 for launch in January 2026.

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CRE retains ESG adherents as U.S. politics turn

Resilience and energy/water efficiency are projected to remain highly relevant for commercial real estate in the United States, while some other concepts linked to ESG are tapped to lose momentum. Newly released trends analysis from the U.S. Commercial Real Estate Finance Council (CREFC) foresees a diminishing emphasis on reducing greenhouse gas (GHG) emissions and a pullback on environmental policymaking as a new federal administration assumes office, yet identifies market forces that will keep energy performance and climate risk on the agenda.

The report, prepared by Oxford Analytica, monitors incumbent and emerging sustainability issues expected to be pertinent to commercial real estate over the coming three years, and is used to inform CREFC’s advocacy and education efforts on behalf of its 420+ member companies in the U.S. finance industry. The inaugural edition, in June 2023, set out 16 baseline trends, which have subsequently been reexamined and updated at six-month intervals.

Five of those trends are now seen to have shifted in strength or staying power since last assessed in June 2024. On the slippage side, analysts anticipate:

lapsed attention to Scope 3 emissions;
the arrest of progressively stricter energy efficiency standards;
potential abandonment of the U.S. Securities and Exchange Commission’s (SEC) proposed requirements for climate-related disclosure; and,
declining likelihood that biodiversity will evolve into a mainstream sustainability issue.

The one trend that’s gaining momentum is not an optimistic one, although it is perhaps validating for U.S. trade partners. Analysts hypothesize there is now more potential for a crisis-level shortage of affordable housing — to which, elevated tariffs are expected to contribute. The report also cites U.S. reliance on imports for about one-third of its construction materials and notes that Canada is one of the five top suppliers of those products.

“Tariffs on imported construction materials will be an immediate concern for the commercial real estate sector,” it states. “These would raise costs and could fracture supply chains. Higher construction costs imply a slowdown in the initiation of new projects, delays in existing project timelines and reduced profitability for developers.”

New administration and extreme weather set backdrop

Donald Trump’s return for a second, non-consecutive term as U.S. President and the complementary Republican majority in Congress are ranked as major influences on the hardiness of sustainability measures, but, so too, is a barrage of extreme weather events striking throughout the country. Climate change adaptation and responsible water management are categorized as strong trends that will become more prominent over the next three years, but with different players conveying the message.

“The increased intensity and frequency of climate-change-induced severe weather events should support a continued focus on the resilience of the built environment,” the report states. “Pressure on private commercial real estate developers not to build in areas at high risk of climate-related physical damage — and to build in climate resiliency if they do decide to build — is more likely to be financial (i.e., ‘un-insurability’ and more expensive capital) than political or regulatory.”

Similarly, MSCI’s executive directors of research, Will Robson and Tom Leahy, rank physical climate risk as a trend demanding real estate investors’ attention in 2025. In a recent analysis, they maintain that vulnerably situated assets are not yet accurately priced — using the U.S. southeast as an example of where multifamily properties deemed to be at high or very high risk of weather-related damage are still trading at roughly the same values as those at lower risk.

“The current market imbalance — where high-risk assets offer yields on par with lower-risk properties in a region susceptible to physical hazards — will likely not last indefinitely, especially as insurance costs continue to rise for higher-risk assets,” Robson and Leahy observe.

Other recent MSCI research highlights the generally more widespread risk from intense rainfall, related to extreme weather events, than from geographically specific fluvial and coastal flooding, related to overflowing rivers and storm surge. Drawing on a database of 50,000 properties worldwide and applying a 3-degree Celsius global warming scenario, researchers found that nearly 10 per cent faced at least a moderate risk of damage (pegged at 0.5 to 5 per cent of capital value) from pluvial flooding.

Fewer than 4 per cent were vulnerable to coastal flooding and fewer than 2 per cent faced risk of fluvial flooding. However, a higher quotient of properties vulnerable to coastal flooding were deemed at significant (5 to 25 per cent of capital value) or severe risk (25+ per cent of capital value).

“While individual assets can be more severely affected by fluvial and coastal flooding, the impact is often limited to specific floodplains or coastal areas,” the research notes. “Assets don’t need to be near rivers or coasts to be affected by pluvial flooding, which can affect broader expanses of urban areas, leading to more widespread damage.”

Looking for bipartisan buy-in

CREFC’s trends report notes the “self-sustaining momentum” of renewable energy and expected ongoing private sector investment in the green economy and decarbonization. It’s considered unlikely that funds already committed for energy and climate adaptation projects through the outgoing Biden administration’s Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BLA) will be clawed back.

“In terms of the IRA, not a single Republican voted for it, but many of the components of the bill were bipartisan to begin with,” Heather Reams, president of the Republican-sympathetic non-governmental organization, Citizens for Responsible Energy Solutions, said earlier this week as she spoke alongside Canada’s Minister of Energy and Natural Resources, Jonathan Wilkinson, at an event in Washington. “Its genealogy is bipartisan, while the process was partisan.”

“U.S. clean energy investment, including projects related to grid improvement and expansion, overtook that of fossil fuels in 2020, and has increased each year despite recent headwinds from higher rates raising financing costs,” the CREFC report advises. “There is a robust construction pipeline for renewables projects for the next few years, particularly for wind and solar. These would be difficult to cut, especially as some of the private investment that Biden’s tax credits have attracted comes from Trump supporters.”

Additionally, about 50 per cent of IRA funds earmarked for energy efficiency upgrades have been distributed to the states and are characterized as “difficult to retrieve” from those partners to agreements with the Biden administration. On the regulatory side, states and municipalities may continue to hold sway even if the federal administration steps back. Analysts point to California’s pending law that will require large public and private companies doing business in the state to disclose their GHG emissions and climate-related financial risks beginning in 2026. As well, some states and cities have building performance standards in place.

CREFC’s trends analysis ties rising utility costs to support for energy and water efficiency. Notably, dramatic growth in the data centre sector comes with massive electricity and cooling loads, which align with a push for operational efficiency and cost savings. Existing appliance/equipment energy performance standards are also framed as “a non-tariff barrier to imports” that benefits U.S. manufacturers.

Looking at lobbyists with the potential to make inroads at the White House and Congress, Reams sketched out her organization’s mission during a discussion of the Canada-U.S. energy dynamic hosted by the Wilson Center, a non-partisan think tank on global affairs and U.S. foreign policy — describing it as “right-of-centre climate and policy advocacy” that draws on a historical legacy of supporting conservation that stretches back to President Theodore Roosevelt.

“We recognize the need for natural gas; we’re very excited by new technologies; we’re motivated by innovation. We work mostly with Republicans, but our goal is bipartisanship,” she said. “The engagement that you’re seeing by Republicans on environmental issues and energy may be different than that of Democrats. It doesn’t mean they’re not interested in lowering emissions. We’re just getting there in a different way.”

Still, that’s not necessarily the signal many investors and corporate players are picking up on. Earlier this week, the Net Zero Asset Managers (NZAM) — a coalition of 325 signatories that had committed to align their investments with the Paris Agreement goal of limiting global warming to 1.5⁰ C — announced a review of its mandate and removed details of its signatories and their progress toward their targets from its website. That follows the previous week’s defection of the prominent signatory, BlackRock.

“Recent developments in the U.S. and different regulatory and client expectations in investors’ respective jurisdictions have led to NZAM launching a review of the initiative to ensure NZAM remains fit for purpose in the new global context,” a statement on the initiative’s website explains. “As a voluntary initiative, NZAM has successfully supported investors globally as they have sought to navigate their own individual paths in the energy transition in line with their fiduciary duties and clients’ long-term financial objectives. NZAM looks forward to continuing to play this constructive role with investors around the world.”

Pitt Meadows and Houle partner for Future of Work

Pitt Meadows Plumbing (PMP) is partnering with Houle Electric for the Future of Work 2025 event, taking place on April 24th and 25th. The event will focus on driving innovation, foster collaboration, and address the most pressing challenges facing the construction sector.

“Our partnership with Houle underscores a shared commitment to advancing our industry and shaping its future,” said Steve Robinson, president of Pitt Meadows Plumbing. “Future of Work is a space for inspiring new ideas, celebrating achievements, and tackling challenges head-on.”

Future of Work 2025 will kick off with a Thursday Industry Mixer, featuring a keynote presentation by Amy Marks (Compass Data Centres) and insights from Nick Masci and Melissa McEwen of ICG – Industrialized Construction Group. The evening is all about meaningful connections and fresh ideas to shape the future of our industry.

Taking place at PMP’s Shop XL in Maple Ridge, B.C., Future of Work is a one-of-a-kind event that combines thought leadership with the dynamic environment of a working fabrication shop.

On Friday, the event transitions into a full-day conference packed with expert panels, engaging discussions, and actionable strategies. Attendees will explore topics such as construction innovation, workforce solutions, and collaborative project delivery models.

Attendees will engage in targeted sessions that address the most pressing issues in collaborative construction models, with an emphasis on actionable insights and real-world applications.

“This event represents the strength of collaboration. By uniting leaders across the construction ecosystem, we aim to set a new benchmark for what’s possible when innovation meets partnership,” said Matthew Bewsey, VP of Major Projects & Field Operations at Houle Electric.

This year’s event is supported by Platinum Sponsors: Procore, Olympic International, Victaulic, and KMS Tools.

Construction underway on Saanich transit hub

Construction is underway for the Ravine Way Transit and Active Transportation Improvements at the Uptown Mobility Hub in Saanich. This hub will become the region’s principal RapidBus exchange and route connector.

Windley Contracting Ltd. of Nanaimo was awarded the contract in fall 2024. The project is expected to be completed in summer 2025.

Construction of a new roadway, active transportation and transit infrastructure will include four new bus stops with shelters (two of which will be on the Trans-Canada Highway) and dedicated bus lanes.

The project will also improve pedestrian safety and active transportation surrounding the hub by improving crosswalks and intersections, and creating new multi-use pathways to build connections to the adjacent Galloping Goose Regional Trail network.

“As this area gets increasingly busy, we know people who live in and around Victoria count on connections that get them to and from home, work and school – quickly,” said George Anderson, B.C.’s parliamentary secretary for transit. “These improvements, along with our plans for the transit-oriented development at Uptown, will create a hub that delivers fast travel, easy connections and better livability for everyone.”

These improvements support the future transit-oriented development in Saanich announced by the province in April 2024. The improvements are designed to increase housing supply, promote sustainable transportation options and enhance overall livability.

The work will connect all transit services in the region and follows other transit and active-transportation improvements, such as the Highway 1 Bus-On-Shoulder-Lanes project, the Colquitz Bridges Widening project and BC Transit’s transit-priority lanes in the Six Mile area of View Royal – making for easier, continuous and faster travel between communities.

Manulife Place set for a $45M redevelopment

The Manulife Place office tower in downtown Edmonton is set for a $45 million redevelopment. The project by Epic Investment Services will modernize the 36-storey building’s common areas, amenities, and retail spaces, bringing fresh vitality to the city’s core.

Work to modernize the building’s exterior has started, which will include new glazing on the ground and second levels that will refresh the streetscape and create a striking new lobby entrance. Inside, the upgrades will transform the two-storey retail podium with new flooring, LED lighting, and inviting communal spaces designed to enhance the tenant and visitor experience.

In response to the increasing demand for top-tier office environments, the project will include a revamp of amenities including a club quality fitness centre, end-of-trip facilities with expanded bike storage, an exclusive tenant lounge and a state-of-the-art conference Centre. The building also has a 45,000 sq. ft. rooftop terrace that provides tenants with a unique urban green space retreat in the heart of Edmonton.

The office and retail space will be anchored by Canadian Western Bank, who will soon join forces with National Bank of Canada, while additional retail space in the two-story podium will accommodate new food and retail offerings, catering to the diverse needs of the city’s changing downtown.

When completed, the newly-designed lower floors will contain approximately 30,000 square feet of retail space. The project team includes Dialog and Ellisdon.

As downtown Edmonton continues to evolve, including with the expansion of the ICE District, the repositioning of Manulife Place aligns with the city’s growth. Through this redevelopment Manulife Place will be reintroduced to the market as a premier address for Edmonton, attracting tenants who will play a key role in shaping the city’s future and contribute to its continued transformation.

Marketing your commercial cleaning company in 2025

Have you updated your marketing strategy for the new year? If growing your business is on the agenda, it’s the perfect time to audit your approach to see what’s working and where opportunities for improvement exist – especially with your online efforts. Growing your online brand can help you reach a broader customer base, communicate your messaging, and help build your reputation for new clients.

Social media

Even if you already have a social media presence and following, tweaking your strategy might benefit your business. Make a good impression with before and after posts to show off your work and give potential clients an idea of what they can expect when they hire you. Behind-the-scenes videos are also very popular online, so consider posting sped-up versions of the cleaning process, how-to videos, and tips to help show off your expertise. This type of content can help engage your audience, provide education, and establish your business as an industry leader that companies want to hire.

Email marketing

Is email marketing part of your strategy? While social media allows you to reach a large amount of people at the same time, emails are a great way to get specific. Here’s an avenue where you can distribute content to a specific targeted audience, making it easier to reach segmented customers. It’s also how you can stay top of mind – sending out a regular newsletter means customers will be reminded of you on a regular basis. Logistically, there are lots of apps and software (some are even free) that can help you develop that template, as well as monitoring open rates and engagement so you can improve the process as you go along.

Reviews and testimonials

Studies show that 98 per cent of consumers check out reviews for local businesses, so focusing on this aspect of your business can help raise your profile and attract interest from new customers. Reviews act like referrals and they are a great way to have your business stand out against the competition. Ask existing happy clients to write or record something you can use to help boost your online brand and get attention with a few glowing reviews. Be sure that potential customers see the testimonials by posting them on your website, and on your social channels to spread the word and broaden your credibility.

Prioritizing social media, emails, and reviews as part of your marketing strategy can help attract new customers, stay relevant to existing customers, and set your cleaning business apart from the competition this year.

Fitzrovia completes Sloane at Dufferin and Highway 401

Fitzrovia has announced it is poised to open Sloane, a three-tower rental community at Dufferin Street and Highway 401 in Toronto. Located steps from Yorkdale Shopping Centre, the property has convenient access to the TTC subway and highways, offering easy connection to downtown and the surrounding regions. Virtual suite tours and leasing are now underway, with occupancy beginning this spring.

“At Fitzrovia, we build homes to bring much-needed supply to the market and create spaces that meet the diverse needs of our population,” said Adrian Rocca, Founder and CEO of Fitzrovia. Sloane combines thoughtful design, a prime location beside Toronto’s ultimate shopping destination, and exceptional amenities integrated with fashion, wellness, accessibility and lifestyle for families across generations. The need for rental housing is growing among young families and downsizers alike. Our 758 new rental suites address this demand by offering multi-bedroom suites and townhomes, complemented by amenities such as healthcare access, childcare, transit, and concierge services—all designed to foster social connection.”

According to Fitzrovia, Canada has an aging population, with seniors aged 65 and older expected to make up nearly 23 per cent of the population by 2030. The number of renter households aged 55-74 in mid- and high-rise units in Toronto has grown by 65 per cent over the past two decades.

As such, the company has included “thoughtfully designed suites” with accessible and barrier-free features for seniors, such as adjustable fixtures in bathrooms, wider doorways, and expansive layouts for family gatherings. Residents can also access complimentary virtual healthcare services through Cleveland Clinic Canada.

For younger families, Sloane features larger suites and a Bloomsbury Academy in-house daycare, offering Montessori-inspired education for children aged 18 months to 6 years. Bloomsbury Academy provides “bright, naturally lit classrooms,” a dedicated outdoor play area, a curriculum-focused on child development, and support for busy families.

Sloane also offers Shabbat-friendly suites, complete with customized locks and dual sinks, to reflect Jewish cultural and religious practices.

For more on this newly completed rental three-tower property, visit www.SloaneLife.ca

Calgary unveils 2025 Winter City Design winners

The winners of Calgary’s 2025 Winter City Design Competition have been revealed. From glowing glass domes to playful, tactile pavilions, Calgary’s downtown is set to dazzle this winter.

The winners: Serenity Passage and Dot Spot were selected from more than three dozen submissions for their creativity, community engagement and ability to redefine winter as an exciting experience rather than just a season.

“Calgary’s future success relies on downtown being a place for Calgarians and visitors to live, work, learn, play and shop year-round,” said Kate Zago, project lead, Winter City Design Competition. “We’re thrilled to once again partner with Chinook Blast and showcase the incredible and imaginative designs that will bring light, energy and joy while redefining what it means to thrive in the coldest months of the year.”

Launched in 2021, the Winter City Design Competition encourages artists, architects, and designers to reimagine Calgary’s outdoor spaces for winter, turning the coldest months into an inspiring and engaging time to connect in the heart of the city.

Serenity Passage is a temporary art installation featuring more than 200 blown glass rondels created in collaboration with glass artists from Calgary and surrounding areas. These rondels are arranged within an illuminated archway forming a seven-foot-tall, five-foot-wide passage accessible to individuals of all mobility levels. Upon entering the Serenity Passage, visitors experience an immersive environment with a glowing glass dome overhead, encased in plexiglass. Serenity Passage is an interactive installation that brings community members together to enjoy the winter season.

“The Winter City Design Competition is all about unlocking creativity and highlighting the transformative power of dynamic public spaces in the winter months,” said Leah Petrucci, lead designer of Serenity Passage. “Through the creation of Serenity Passage, I look forward to showing Calgarians the beauty of glass blowing and hope to create conversation, evoke thought and provide a chance for people to connect with their city – and one another – in a completely different way.”

The Dot Spot Pavilion is a vibrant, interactive public art installation. The design is inspired by the snow sled or flying saucer, a familiar winter object for many Calgarians. Rooted in childhood memories of tobogganing, the sled is repurposed as the main architectural material. The pavilion uses rotating circular sled elements, making it a tactile, eye-catching centerpiece. By fostering community connections and outdoor activities, the pavilion transforms the urban environment into a warm and engaging space, embracing the spirit of winter.

“Our team is passionate about how design can bring people together and enrich public space, especially during the winter season. We’re excited to unveil Dot Spot and offer a new destination to the downtown that encourages people to stay, connect, and celebrate winter together,” said Joshua Clarke, one of the designers behind Dot Spot.

IFMA EMEA appoints new executive board members

IFMA EMEA (Europe, Middle East and Africa) welcomed new members to its executive board for 2025.

IFMA Fellow Erik Jaspers (Netherlands) will serve as chair; IFMA Fellow Helena Skjeld, CFM (Sweden) will serve as vice chair and Peter Prischl (Austria) will serve as second vice chair.

An election was held to fill positions recently vacated by longtime chair Jos Duchamps (Belgium) and board members Dr. Marie Puybaraud (France) and Deborah Rowland (UK).

Duchamps will remain on the board as a member. In addition, two new members have joined the board: Dr. Hayan Sayed of Dubai, UAE, and Dr. MKO Balogun of Nigeria. Sayed brings extensive experience as a strategic executive leader and management consultant, advising for- and non-profit organizations on corporate governance, business transformation and operational efficiency. Balogun brings expertise in strategic direction and operations, urban redevelopment and renewal, youth mentoring and fundraising.

“We are so grateful to Jos, Marie and Deborah, whose exceptional leadership and passion for building strong FM communities and partnerships have helped IFMA EMEA grow and flourish,” said IFMA EMEA Managing Director Lara Paemen. “We are also thrilled to have the association experience and business management talent of Erik, Helena and Peter. They not only understand what our members and the FM industry need to succeed, but how to develop the relationships and strategies essential to further growth and elevate opportunities regionally and globally.”