TORONTO • On a sales-per-square-foot basis nobody can beat Apple Inc. stores in Canada, a distinction that makes it one of the most sought-after retailers by landlords, according to a new survey.
At the bottom of the list of the top 35 retailers in 2013 is Target Canada, although the now-bankrupt retailer was at a disadvantage because it was only in Canada for part of that year.
A few months ago, I warned all to Watch As Near Free Money To Banks Fails To Prevent Nuclear Winter For European CRE. This warning was an offshoot of the extensive research that I did on the European banking sector, sovereign debt and CRE.
We’ve been skeptical of the private equity land rush to snap up single family homes for rentals. They’ve been a big enough force in the housing market nationwide to lead some commentators to question how solid the housing “recovery” is. Yet the combination of rising enthusiasm for housing and a richly-valued stock market is leading a raft of PE firms to ready IPOs as a way to take profits and establish valuations for their profit participations.
TORONTO — An Ontario judge has given the green light to a compromise between Target Canada and its landlords over properties the retailer will soon leave vacant.
The revised agreement, which was reached earlier this week but required court approval, gives Target Canada until the end of June to finish selling its store leases.
Both Target Canada and its landlords agreed to have a court-appointed monitor supervise the sale, in a deal which shifts control away from the company.
Most businesses use some kind of commercial real estate. Leasing property has been a bargain in the past year. Prices for buyers are very favorable, though commercial mortgages are still subject to pretty tight underwriting. Many commercial tenants have renegotiated their leases to lower their rents. Going forward, though, good deals are going to be more difficult. 2011 is the year to lock in current rents. If you are going to need more space in the future, you might want to commit this year while landlords are still feeling desperate.
Some Canadian landlords, fearful Target Corp. wouldn’t succeed in Canada, demanded that any leases signed by the subsidiary here be backed by its Minneapolis head office.
Canada’s largest real estate investment trust, RioCan, indicated Thursday that it would be mostly unaffected financially by the downfall of the retailer which disclosed it will be closing its 133 Canadian stores — a move that comes after it paid $1.8 billion to buy 220 locations from Zellers Inc., a subsidiary from Hudson’s Bay Co., in 2011.
There is a funny dynamic going on in the San Francisco office market. Landlords are thrilled. The strength of the startup economy and the migration of startups from the Peninsula to San Francisco have led to the lowest vacancy rates ever and tremendous increases in price per square foot. The 42Floors research team contacted Garrick Brown, Vice President of Research at commercial real estate brokerage DTZ. Check out the crazy rise in prices and corresponding drop in vacancy rates.
It’s another first for Toronto’s real estate market – leading in energy efficient office buildings.
A study from Oxford Properties, a subsidiary of the Ontario Municipal Employees Retirement System and one of the largest landlords in Canada, finds the city is leading the pack in LEED certified buildings.
Leadership in Energy and Environmental Design is the new standard in office buildings with ratings given based on site sustainability, water efficiency, energy and atmosphere, materials and resource, indoor environmental quality and the innovation and design process.
Many large format retailers disposed of their retail spaces across the country in 2014 to increase their productivity. This, in turn, created opportunities for real-estate corporations to take back those retail spaces to accelerate their own growth.