An historic building in Vancouver’s trendy Yaletown district is about to get a complete renovation.
The Soho building at 1132 Hamilton Street, originally constructed in 1914, sits in an emerging premier location near a new Canada Line station at the corner of Davie and Mainland. Commencing in March 2010, construction crews will add three new floors to the existing three-storey building, along with a new patio and modern exterior.
Portions of the original brick interior will remain, but the exterior of the top two floors will feature a newer look as the building’s owner, Triple F Investments, a Mark James company, complies with a city requirement that refurbished Yaletown buildings have a modern appearance. The Soho is not classified as a heritage building.
Other improvements will include seismic upgrades and new HVAC, electrical, security, and safety systems. A total of 23,000 square feet (sf) will be placed above the existing 27,000-sf structure, which has a 9,000-sf floor plate.
The new facility will service office and retail clients. Avison Young, which is leasing the space for the owner, is targeting entertainment and media companies, software developers, engineers, architects and marketing and advertising firms as potential office clients.
The retail component is intended for large retailers with a head-office requirement, along with restaurants and high-end shops and services.
Wednesday, September 30, 2009
Tuesday, September 29, 2009
Ignatieff to speak to Vancouver Board of Trade
Federal Liberal leader Michael Ignatieff will speak at a Vancouver Board of Trade luncheon Oct. 13.
Ignatieff, who has come under fire after the resignation of his top lieutenant Denis Coderre, will discuss how Vancouver, the Pacific Gateway strategy and the province of B.C. fit into the Liberal vision. He will also explain how the party intends to provide a more prosperous and compassionate future beyond the 2010 Winter Olympics.
For more details on Ignatieff's speech, go to the Vancouver Board of Trade website via the link below.
http://www.boardoftrade.com/vbot_events.asp?pageID=32&eventID=1777&EventPage=ED
Ignatieff, who has come under fire after the resignation of his top lieutenant Denis Coderre, will discuss how Vancouver, the Pacific Gateway strategy and the province of B.C. fit into the Liberal vision. He will also explain how the party intends to provide a more prosperous and compassionate future beyond the 2010 Winter Olympics.
For more details on Ignatieff's speech, go to the Vancouver Board of Trade website via the link below.
http://www.boardoftrade.com/vbot_events.asp?pageID=32&eventID=1777&EventPage=ED
Canada's job market recovers
Canada's job market is stabilizing, says a new report from Statistics Canada.
Results released Monday show that new and renewable employment insurance claims fell 8.5 per cent in July, the last month for which figures are available. Ontario and B.C. led the job-market improvements.
The findings are likely to influence Canada's recovering commercial real estate market. Avison Young CEO Mark Rose and other industry leaders believe that improved employment will be the catalyst for the evential complete recovery of the Canadian office, retail and industrial real estate markets.
While the commercial real estate sector is as one broker puts it, "bumping along the bottom of the recession right now," ongoing stronger employment figures are viewed as an indicator of a fully stable market.
Part of the reduction in EI claims can be attributed to benefits expiring based on respective rules in each province. It will take a while, probably a few months, to determine the full impact of the reduced employment insurance claims, but commercial real estate insiders hope they are sign of better times ahead.
For more details on Canada's improvement employment picture, click on the link below to see a story in today's Globe and Mail.
http://www.theglobeandmail.com/report-on-business/ei-data-suggest-job-market-on-the-mend/article1304988/
Results released Monday show that new and renewable employment insurance claims fell 8.5 per cent in July, the last month for which figures are available. Ontario and B.C. led the job-market improvements.
The findings are likely to influence Canada's recovering commercial real estate market. Avison Young CEO Mark Rose and other industry leaders believe that improved employment will be the catalyst for the evential complete recovery of the Canadian office, retail and industrial real estate markets.
While the commercial real estate sector is as one broker puts it, "bumping along the bottom of the recession right now," ongoing stronger employment figures are viewed as an indicator of a fully stable market.
Part of the reduction in EI claims can be attributed to benefits expiring based on respective rules in each province. It will take a while, probably a few months, to determine the full impact of the reduced employment insurance claims, but commercial real estate insiders hope they are sign of better times ahead.
For more details on Canada's improvement employment picture, click on the link below to see a story in today's Globe and Mail.
http://www.theglobeandmail.com/report-on-business/ei-data-suggest-job-market-on-the-mend/article1304988/
Friday, September 25, 2009
Toronto's Miller to leave mayor's chair
Toronto mayor David Miller announced Friday that he will not seek re-election when his current term expires.
The move could have implications on the commercial real estate scene in Canada's largest city. You can check out a story on Miller's announcement in The Globe and Mail.
http://www.theglobeandmail.com/news/national/toronto/toronto-mayor-wont-run-again/article1301155/
The move could have implications on the commercial real estate scene in Canada's largest city. You can check out a story on Miller's announcement in The Globe and Mail.
http://www.theglobeandmail.com/news/national/toronto/toronto-mayor-wont-run-again/article1301155/
Thursday, September 24, 2009
Downtown Vancouver office vacancy remains low
Vancouver’s downtown office market remains tight, despite a rise in subleasing activity, local NAIOP chapter members heard Thursday.
“There aren’t a lot of large downtown office spaces,” said Avison Young principal Fergus Cameron.
“A lot of the space downtown is of a smaller size, and a lot of the space downtown comes from sublease space,” said Cameron. “The head lease market is still only 31/2%vacant.”
Cameron was speaking on a panel during NAIOP Vancouver’s monthly breakfast meeting. The panel included brokers Darrell Hurst, also of Avison Young, Mark Chambers of Cushman & Wakefield Ltd., and Rob Chasmar of Colliers International Inc. The four brokers analyzed Metro Vancouver’s sub-markets and offered brief forecasts up to 2012.
Their predictions on when average office vacancy would fall and average rents would rise ranged from the second quarter of 2010 to the first quarter of 2011.
Taking head lease and sublease space into account, the downtown market’s overall vacancy rate is 5%.
Cameron said some space is available but tenants want to preserve capital after going through tough times related to the global financial meltdown. Sublease opportunities have increased in recent months, and many sub-landlords have offered inducements as they attempt to reduce their rent obligations.
But, with many head leases coming up for renewal after the 2010 Winter Olympics, few are expected to bite on sublease opportunities.
“We’re going to see the rents and the inducements staying fairly flat in the next six months,” said Cameron.
Although subleases offer short-term rent reductions, sub-landlords may end up paying more over the long term than a tenant in a lease rollover situation, he said.
Downtown Vancouver is not slated to get any new office supply this year, and will have negative absorption of 500,000 square feet (sf). Limited new supply is expected to result in positive absorption of 100,000 sf in 2010 and 200,000 sf and 300,000 sf in 2011 and 2012, respectively.
The largest available office space in the core is resort developer Intrawest’s 96,000 sf in the Waterfront Centre, which is being offered on sublease. The next largest space is Nexon’s 37,000-sf former video game studio in Yaletown.
Upcoming vacancy of 30,000 sf or more includes the 71,500-sf of rentable space in the Hotel Georgia redevelopment, which includes office, retail and a boutique hotel as well as condos. Office space, now being marketed by Avison Young, is available for both lease and sale under a strata ownership arrangement.
Hotel Georgia , located at the northwest corner of Georgia and Howe streets, will be available for occupancy in mid-to-late 2010. Meanwhile, famed architect Norman Foster’s Jameson House at 838 West Hastings has 30,000 sf of office space available next year, while an existing building at 885 Dunsmuir has 63,000 sf and the Grosvenor building near Georgia and Burrard has 43,000 sf.
Panel moderator Tony Astles, executive vice-president of real estate services for Bentall, said the Vancouver office market, traditionally subject to considerable institutional investment, remains quite strong compared to the rest of North America.
“All in all, things are okay . . . Thank God we live in Vancouver,” concluded Astles.
“There aren’t a lot of large downtown office spaces,” said Avison Young principal Fergus Cameron.
“A lot of the space downtown is of a smaller size, and a lot of the space downtown comes from sublease space,” said Cameron. “The head lease market is still only 31/2%vacant.”
Cameron was speaking on a panel during NAIOP Vancouver’s monthly breakfast meeting. The panel included brokers Darrell Hurst, also of Avison Young, Mark Chambers of Cushman & Wakefield Ltd., and Rob Chasmar of Colliers International Inc. The four brokers analyzed Metro Vancouver’s sub-markets and offered brief forecasts up to 2012.
Their predictions on when average office vacancy would fall and average rents would rise ranged from the second quarter of 2010 to the first quarter of 2011.
Taking head lease and sublease space into account, the downtown market’s overall vacancy rate is 5%.
Cameron said some space is available but tenants want to preserve capital after going through tough times related to the global financial meltdown. Sublease opportunities have increased in recent months, and many sub-landlords have offered inducements as they attempt to reduce their rent obligations.
But, with many head leases coming up for renewal after the 2010 Winter Olympics, few are expected to bite on sublease opportunities.
“We’re going to see the rents and the inducements staying fairly flat in the next six months,” said Cameron.
Although subleases offer short-term rent reductions, sub-landlords may end up paying more over the long term than a tenant in a lease rollover situation, he said.
Downtown Vancouver is not slated to get any new office supply this year, and will have negative absorption of 500,000 square feet (sf). Limited new supply is expected to result in positive absorption of 100,000 sf in 2010 and 200,000 sf and 300,000 sf in 2011 and 2012, respectively.
The largest available office space in the core is resort developer Intrawest’s 96,000 sf in the Waterfront Centre, which is being offered on sublease. The next largest space is Nexon’s 37,000-sf former video game studio in Yaletown.
Upcoming vacancy of 30,000 sf or more includes the 71,500-sf of rentable space in the Hotel Georgia redevelopment, which includes office, retail and a boutique hotel as well as condos. Office space, now being marketed by Avison Young, is available for both lease and sale under a strata ownership arrangement.
Hotel Georgia , located at the northwest corner of Georgia and Howe streets, will be available for occupancy in mid-to-late 2010. Meanwhile, famed architect Norman Foster’s Jameson House at 838 West Hastings has 30,000 sf of office space available next year, while an existing building at 885 Dunsmuir has 63,000 sf and the Grosvenor building near Georgia and Burrard has 43,000 sf.
Panel moderator Tony Astles, executive vice-president of real estate services for Bentall, said the Vancouver office market, traditionally subject to considerable institutional investment, remains quite strong compared to the rest of North America.
“All in all, things are okay . . . Thank God we live in Vancouver,” concluded Astles.
Onex plans to invest in struggling U.S. market
Onex Corp. has announced that it plans to capitalize on opportunities in the struggling U.S. commercial real estate market.
"Our hope is that we will be able to partner with some of our institutional relationships to take advantage of the looming crisis in the U.S. commercial real estate industry," Onex managing director Andrew Sheiner told investors Wednesday.
Other Canadian companies with strong balance sheets and low debt have adopted a similar strategy as the U.S. commercial real estate market attempts to recover from the global financial meltdown and credit market crash. Avison Young CEO Mark Rose has made it known the brokerage firm has an aggressive U.S. expansion plan.
Onex's foray south of the border indicates the Toronto-based company could make wide-scale investors, especially as it plans to link with institutional investors, if it can find properties that fit.
Sheiner's comments were published in a Reuters article.
To check out the full story, click on the link below.
http://ca.reuters.com/article/businessNews/idCATRE58N3U320090924
"Our hope is that we will be able to partner with some of our institutional relationships to take advantage of the looming crisis in the U.S. commercial real estate industry," Onex managing director Andrew Sheiner told investors Wednesday.
Other Canadian companies with strong balance sheets and low debt have adopted a similar strategy as the U.S. commercial real estate market attempts to recover from the global financial meltdown and credit market crash. Avison Young CEO Mark Rose has made it known the brokerage firm has an aggressive U.S. expansion plan.
Onex's foray south of the border indicates the Toronto-based company could make wide-scale investors, especially as it plans to link with institutional investors, if it can find properties that fit.
Sheiner's comments were published in a Reuters article.
To check out the full story, click on the link below.
http://ca.reuters.com/article/businessNews/idCATRE58N3U320090924
Wednesday, September 23, 2009
League appoints former Cadillac Fairview executive as CFO
League Assets Corporation has hired a new chief financial officer.
Patrick Miniutti joins Victoria-based League after serving as managing director of real estate and financial and management advisory services firm Sunset Real Estate Services. He has also held vice-president and CFO, chief operating officer and chief accounting officer posts with Konover Property Trust, Crown American Realty Trust served as executive vice-president, CFO and chief operating officer with Konover Property Trust, Crown American Realty Trust and Cadillac Fairview Corp.
"We're delighted to have someone of Patrick's caliber and experience joining us," said League co-founder Emanuel Arruda in a news release. "He adds depth to the League team that will help us expand in the coming years."
Miniutti will work extensively with League's other co-founder, Adam Gant.
"I look forward to establishing a close working relationship with Patrick," said Gant. "Certainly, League will benefit from his background in accounting and tax, as well as in capital markets and real estate, including acquisitions and asset management."
Miniutti, a certified public accountant who holds accounting and MBA degrees from the University of Bridgeport and Michigan State, respectively, will work out of League's Victoria office.
League manages the IGW REIT, which contains a portfolio of Canadian commercial, industrial, multi-family residential properties valued at approximately $300 million. The REIT acquires and manages commercial real estate properties on behalf of 1,700 member-partners.
Taking its other investment pools into account, Leagues is manaing and developing assets that have a total build-out value of $2 billion.
Patrick Miniutti joins Victoria-based League after serving as managing director of real estate and financial and management advisory services firm Sunset Real Estate Services. He has also held vice-president and CFO, chief operating officer and chief accounting officer posts with Konover Property Trust, Crown American Realty Trust served as executive vice-president, CFO and chief operating officer with Konover Property Trust, Crown American Realty Trust and Cadillac Fairview Corp.
"We're delighted to have someone of Patrick's caliber and experience joining us," said League co-founder Emanuel Arruda in a news release. "He adds depth to the League team that will help us expand in the coming years."
Miniutti will work extensively with League's other co-founder, Adam Gant.
"I look forward to establishing a close working relationship with Patrick," said Gant. "Certainly, League will benefit from his background in accounting and tax, as well as in capital markets and real estate, including acquisitions and asset management."
Miniutti, a certified public accountant who holds accounting and MBA degrees from the University of Bridgeport and Michigan State, respectively, will work out of League's Victoria office.
League manages the IGW REIT, which contains a portfolio of Canadian commercial, industrial, multi-family residential properties valued at approximately $300 million. The REIT acquires and manages commercial real estate properties on behalf of 1,700 member-partners.
Taking its other investment pools into account, Leagues is manaing and developing assets that have a total build-out value of $2 billion.
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