Office

COVID-19 clips 2020 investment performance

Canadian Property Management

COVID-19 clips 2020 investment performance

A ten-year run of capital growth abruptly reversed, resulting in a 7.8 per cent loss of value across the 2,356 assets that the 44 portfolios represented in the Canada Annual Property Index hold.
Greater Halifax office inventory sees positive absorption downtown

Canadian Property Management

Halifax records positive absorption downtown

As of December 2020, Turner, Drake and Partners Ltd. pegs the vacancy rate at 14 per cent across 12.2 million square feet of office space in eight submarkets.
commercial evictions still on hold in Ontario

Canadian Property Management

Ontario extends ban on commercial evictions

Commercial evictions are still on hold in Ontario for qualifying tenants experiencing pandemic-related financial stress. A new regulation, enabled through 2020 budget legislation, extends the protections.
Repositioning specialist enters Ottawa office market via joint acquisition

Canadian Property Management

Repositioning specialist tackles Ottawa market

Marlin Spring and Colonnade BridgePort have partnered in the acquisition of a 12-storey office building at a prominent intersection of Ottawa’s central business district.
Kirkland Centre

Canadian Property Management

Kirkland Centre set for transit-oriented remake

RioCan REIT and Broccolini Real Estate Group have joined forces to redevelop an open-air retail centre in suburban Montreal.
Office vacancy rates rose in all major Canadian markets in Q4 2020

Canadian Property Management

Office vacancy rates climb with Q4 sublets

Industrial availability tightened from the third quarter in eight of the 11 surveyed markets, ending the year at well below 2 per cent in Vancouver and Montreal and below 1 per cent in Toronto.
redevelopment proposed for midtown Toronto landmark

Canadian Property Management

Rezoning sought for midtown Toronto landmark

Development partners Oxford Properties Group and CT REIT envision three million square feet of mixed-use development on the Canada Square site at Yonge and Eglinton.
Institutional investors compare 10-year Canada bond rate to real estate returns

Canadian Property Management

Bond rate signals to institutional investors

A 100 basis point slide in the 10-year Canada bond rate over the course of the COVID-19 pandemic contributes to real estate’s continuing allure for institutional investors.
CERS applications to be accepted as of November 23

Canadian Property Management

CERS applications to be accepted as of Nov. 23

Legislation to enable the Canada Emergency Rent Subsidy (CERS) received parliamentary approval late last week and an online application portal was expected to be operational for Nov. 23.
CERS draft legislation outlines new commercial rent relief program

Canadian Property Management

CERS draft legislation awaits adoption

CERS will deliver direct rent support to qualifying tenants without the need to work though their landlords. As a direct subsidy, unlike CECRA, no loan agreement is required.
commercial evictions

Canadian Property Management

Ontario wires commercial evictions on/off switch

A proposed amendment to the Commercial Tenancies Act, included in Ontario's budget bill, would allow the Minister to impose future COVID-19-related prohibitions on commercial evictions via regulation.
IDIBC interior designers fellow

REMI Network

BOMA Canada awards industry’s best for 2020

BOMA Canada hosted its annual—and first ever virtual—National Awards Gala on October 29, 2020, marking another year for the CRE industry.
Most U.S. markets fall short of Vancouver and Toronto in Q3 2020

Canadian Property Management

Toronto and Vancouver outdo most U.S. markets

Canada has a numerically slight presence with disproportionate weight in Lee & Associates’ newly released third quarter commercial real estate results.
direct subsidies to help tenants and business owners cover fixed property expenses

Canadian Property Management

New subsidy tagged for fixed property expenses

Qualifying commercial tenants and businesses operating in owned premises will be eligible for direct subsidies of up to 65 per cent of their fixed property expenses through the new Canada Emergency Rent Subsidy.
Office vacancies increase in all major Canadian markets during the third quarter of 2020

Canadian Property Management

Office vacancies on par with recessionary events

Canada-wide, CBRE pegs the total office vacancy rate at 12 per cent across the nine major markets it surveys, ranging from a low of 5.4 per cent in Vancouver to nearly 26 per cent in Calgary.
Ontario extends eviction prohibition for commercial tenants in rent arrears due to COVID-19

Canadian Property Management

Ontario adds two-month reprieve for rent arrears

Provincial intervention in the commercial sector is limited to tenants who meet the prerequisites for Canada Emergency Commercial Rent Assistance, but whose landlords have not applied for the relief.
September CECRA coverage

Canadian Property Management

Stop-gap September CECRA coverage offered

Canada Emergency Commercial Rent Assistance will be offered for a sixth month. The announcement comes eight days after the portal for new applications for the relief program appeared to be closed.