Commercial Real Estate Spotlight- March 06, 2020
This week's spotlight picks:
GOOGLE’S NEW KITCHENER-WATERLOO ACCELERATOR REFLECTS EVOLVING COMMITMENT TO CANADA
BETAKIT
(7 min)
Google has made a string of big bets on Canada in 2020. Last month, Google announced plans to expand and open three new offices across Canada – in Toronto, Kitchener-Waterloo, and Montreal – with a commitment to hiring around 3,500 new employees. Google also announced it will launch a new startup accelerator in Kitchener-Waterloo, marking the first Google Accelerator in Canada. The announcements saw Google expressly pointing to its commitment to deepen investment within Canada.
CARTTERA BUYS MAJORITY STAKE IN 530 FRONT ST. W. IN TORONTO
RENX
(2 min)
Carttera has acquired a majority interest in a block of property at 530 Front St. W. Toronto, slated to become the site of a 530,000-square-foot office development currently known as Portland Commons.
‘ROCK STAR’ INDUSTRIAL COULD PUSH CRE INVESTMENT TO $50B: CBRE
RENX
(6 min)
Strong market fundamentals will drive Canadian commercial real estate investment to record levels in 2020, with the industrial sector being the “rock star,” says the vice-chairman of CBRE Canada.
YAHOO! FINANCE
(2 min)
True North Commercial Real Estate Investment Trust is pleased announce a further 10-year lease renewal with the Federal Government of Canada, the anchor tenant at 340 Laurier Avenue West, Ottawa, Ontario.
TORONTO OFFICE MARKET SETS NEW RECORD LOW VACANCY RATE, PRE-LEASING SIGNIFICANTLY UP
RENX
(1 min)
Although it seems that this headline has been used time and time again, the Toronto office market has yet again broken its own record low vacancy, hitting 2.2% in Central Toronto in Q4 2019. Wrapping up 2019, the Greater Toronto Area experienced 358,079 ft2 of positive net absorption in the fourth quarter which helped close the year with 1,933,881 ft2 of positive net absorption.
GET IN TOUCH.
James Butchard*
Senior Vice President
Advisory & Transaction Services
416-815-2361
*Sales Representative
CBRE Limited, Real Estate Brokerage