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Danny Meyer on How Automation Won't Hurt Shake Shack Hospitality
 
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Canadian Real Estate Street Smart REI   October 09, 2017   24   0   0   0   0   0
(Bloomberg)—Beloved burger chain Shake Shack recently announced plans to use automated kiosks in lieu of employees to take orders at its new Astor Place location. The news rather awkwardly coincided with the announcement that founder Danny Meyer has raised $200 million in private equity to invest in companies with a strong focus on employees and communities. “Automation at Shake Shack has nothing to do with the fund,” said Meyer during a phone call with Bloomberg News. “As soon as Shake Shack became public [in 2015], it stopped having anything to do with Union Square Hospitality Group.” It’s a critical time for the burger chain. The stock has dipped recently due to the overcrowded market for upscale burgers, and a new $15 minimum wage for businesses with 11 or more employees will go into effect by the end of December 2018 in New York, drastically altering the economics of the fast-food industry. It’s been tough in general for restaurants in New York as astronomical rents threaten spots in packed areas such as Union Square (Meyer relocated his flagship Union Square Cafe in large part because of real estate costs). Even employee-first chains need to survive. “We need to answer how we take care of our team with that federally mandated wage,” said Chief Executive Officer Randy Garutti during a phone interview. “Our labor costs are skyrocketing.” The new location is “our way of seeing how we are going to do that.” The company will be paying Astor Place employees $15,...
Las Vegas Shooting Unlikely to Create Long-Term Security Changes
 
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Canadian Real Estate Street Smart REI   October 09, 2017   127   0   0   0   0   0
As investigators work to piece together why Stephen Paddock sprayed bullets from the 32nd floor of the Mandalay Bay hotel in Las Vegas, some security experts are skeptical the mass shooting will bring significant changes to the security programs of hotels or other commercial structures. Paddock, a casino regular, opened fire into a crowd at an outdoor concert across the street from the hotel on October 1st, killing 58 people and wounding hundreds more. Paddock, who killed himself as police were closing in on him, had an arsenal of more than 20 guns and hundreds of rounds of ammunition in his suite. Police said that over time Paddock carried in at least 10 suitcases, and they discovered three video cameras, two in the hallway and one over the door’s peephole, reports The New York Times[1]. “This is going to change everybody’s thinking,” says Daniel Aloe, president of Pittsburgh-based Capital Asset Protection Inc, a security solutions provider. At least one major resort—the Wynn Las Vegas—increased its security in the aftermath of the shooting. On Monday afternoon, a 10-minute wait formed at the Wynn’s entrance as guards used metal-detector wands to scan visitors and check their bags, according to Bloomberg[2]. However, some security experts acknowledged that the hospitality industry—or commercial properties in general—is unlikely to make permanent security changes. While some adjustments—like the scanning—may crop up at some hotels in the near future, Sean Ahrens, a security consultant and market group leader with Affiliated Engineers Inc, a multi-discipline technical...
Institutions Have Lots of Room to Grow in the SFR Space | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 09, 2017   139   0   0   0   0   0
Institutional investors helped the U.S. housing market recovery by purchasing single-family rental (SFR) homes after the Great Recession, buying up at least $33 billion in holdings. Compared with the total value of the single-family housing market, that amount is just a start, and a small one at that. Amherst Capital Management, a New York City-based real estate investment and research firm, released an update on the SFR market in its August 2017 report, “U.S. Single Family Rental—Institutional Activity in 2016/2017[1].” The study turned up several compelling findings: The average purchase and stabilization cost—the amount required to refurbish the homes and get them move-in ready, averaged around $165,000; Private equity firm Blackstone, through its Invitation Homes business, is the largest single operator in the SFR space; The Atlanta-Sandy Springs-Roswell MSA is the busiest market for SFRs, and has been since 2010. NREI spoke with Sandeep Bordia, managing director at Amherst Capital Management and head of research and analytics, about the sector. Bordia shared insights into how SFRs are an emerging asset class with much more room to grow. NREI: When institutional investors first began investing in this space, they were taking advantage of disruptions in the market. Yet a strong recovery has been underway for some time. What is keeping them invested in the sector? Sandeep Bordia: The first time we really saw institutions come into the single-family rental market was right after the great financial crisis. At that time, the argument was that...
10 Must Reads for the CRE Industry Today (October 9, 2017) | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 09, 2017   141   0   0   0   0   0
10 Must Reads for the CRE Industry Today (October 6, 2017) Oct 06, 2017 10 Must Reads for the CRE Industry Today (October 5, 2017) Oct 05, 2017 10 Must Reads for the CRE Industry Today (October 4, 2017) Oct 04, 2017 10 Must Reads for the CRE Industry Today (October 3, 2017) Oct 03, 2017
Targeting scalper bots and 'double ending': CBC's Marketplace consumer cheat sheet - Business
 
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Canadian Real Estate Street Smart REI   October 08, 2017   153   0   0   0   0   0
Miss something this week? Here's the consumer news you need to know from CBC's Marketplace. Get this in your inbox every Friday. Sign up here[1]. So long, scalper bots Fans were outraged last year after scalper bots effectively shut them out of getting tickets to The Tragically Hip's farewell tour. (Jonathan Hayward/Canadian Press) Last year, we investigated why many of you couldn't get tickets to see your favourite bands[2], including highly coveted seats for The Tragically Hip's farewell tour. Now, the government of Ontario is set to introduce new legislation to ban scalper bots[3]. $200K missing from Sears fund  A $500,000 hardship fund created for former Sears Canada employees is facing a possible $200,000 shortfall, according to court documents. (CBC) It's because the executive who promised to donate to the money is hesitating[4], according to court documents. "I'm disgusted with that," one senior operations store manager said. The retailer agreed to the $500,000 hardship fund to help cash-strapped employees. Buying a grow-op by mistake Claudette Charron bought her fixer-upper bungalow as an investment, but she didn't know there had been a grow-op in the basement. (Claudette Charron) A woman thought she was buying a fixer-upper for a great price. She wasn't told the house was a former marijuana grow-op targeted in a drug bust last year and cleanup costs could reach $100,000[5]. Go Public learned it's not easy to find...
Liberals offer no timeline on closing controversial stock-option tax loophole - National
 
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Canadian Real Estate Street Smart REI   October 08, 2017   151   0   0   0   0   0
The parliamentary secretary to Finance Minister Bill Morneau[1] says he can’t say if, or when, the Liberals will move to close a controversial tax loophole primarily used by CEOs in Canada to reduce their tax bill. As the Liberal government continues to struggle against widespread criticism of proposed changes to the tax system[2] that could affect incorporated business owners, Joel Lightbound remained non-committal about the so-called ‘stock option loophole.’ READ MORE: Bill Morneau’s former firm could benefit from his decisions on overseas tax treaties[3] “We’re looking at all sorts of options,” Lightbound said of the government’s review of the tax system. Asked by The West Block‘s Vassy Kapelos to clarify when the Liberals might close the stock option loophole, Lightbound replied, “that I can’t tell you right now.” The NDP, in particular, have long advocated that the rules involving stock options be changed. At the moment, they allow company employees to pay taxes on only 50 per cent of their earnings from stock options as part of compensation packages. Typically, it’s senior executives who benefit from this arrangement, which is perfectly legal. The federal finance department has, in recent years, estimated that the stock-option deduction is depriving federal coffers of around $750 million per year. Lightbound said the government remains focused on tax evasion and tax fairness and has invested $1 billion in recent federal budgets to ensure Canadians are paying their fair share. “We remain...
 
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Canadian Real Estate Street Smart REI   October 08, 2017   261   0   0   0   0   0
The highest-paid Canadians had the biggest pay raises over the past decade, as the country's economy swung wildly into a deep recession and into a commodities-led boom. This has contributed to earnings inequality in Canada, where the top 20 per cent among earners saw their employment income increase 9 per cent from 2005 to 2015 and the middle cohort saw growth of 6 per cent over the same period. The surge in oil prices during this decade vaulted more Canadians into the upper echelons of the income ladder. Nowhere was this seen more than in Alberta, where the minimum amount required for men to be part of the 1 per cent in Canmore was $568,852 and nearly half of the workers in the Fort McMurray/Wood Buffalo region earned at least $100,000. Story continues below advertisement Across the country, you were in the top 1 per cent of all earners in 2015 if your employment income was at least $225,409. Here's a look at the country's top earners, according to more detailed census data provided to The Globe and Mail. Enter your annual income before taxes, where you live and your gender. Look at where the horizontal line intersects with the curved line. This point will identify your percentile in your city and how you compare to other workers in your province and the rest of Canada. For example, if you are male and earned $65,000 in Montreal in 2015, you were...
The Huge Asset You're Probably Overlooking In Retirement
 
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Canadian Real Estate Street Smart REI   October 08, 2017   159   0   0   0   0   0
Traditionally, retirement income was often characterized as a three-legged stool consisting of Social Security, defined benefit pension plans, and retirement savings. With the traditional pension plan all but extinct in America, that stool has become a bit wobbly. Fortunately, there’s another leg that’s often overlooked: your home. Here are some ways that you can use it to give your retirement a leg up: Pay your mortgage off by the time you retire. One of the biggest differences I find between people who are on track for retirement and not on track is whether they will have a paid-off home by the time they retire. With the average mortgage payment[1] about 16% of income and renters’ spending[2] about 30% of their income on rent, that could mean needing 16-30% less income when you retire. For many people who spend a larger share of their income on housing and have little in retirement savings, this could actually be the single greatest resource in retirement. However, there’s a longstanding debate about whether it makes sense to allocate savings to paying off your mortgage or investing for retirement. On the one hand, your investment portfolio is likely to earn more than what you’d save in interest by paying the mortgage off. This is especially true if you’re contributing to tax-advantaged retirement plans and your mortgage is mostly composed of principal payments. On the other hand, there are also a couple of reasons why you might want to pay your mortgage off early....
Time Running Out on Blackstone-Backed Bid for Sears Canada | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 06, 2017   160   0   0   0   0   0
(Bloomberg)—Time is running out for Sears Canada Inc.’s executive chairman to pull off a bid for the company’s assets and avert a liquidation that would eliminate as many as 13,000 jobs. A management group led by Brandon Stranzl and backed by Blackstone Group LP, has until Oct. 13 to convince a special committee of Sears Canada’s board of directors to accept his revised bid for the chain. That day the Toronto-based company faces a court hearing to liquidate its remaining stores, a move its creditors have been urging as the best way to settle its debts, including C$450 million ($359 million) of debtor-in-possession financing from a group led by Wells Fargo & Co. Talks between Stranzl and the committee are continuing, with a decision expected any time between now and early next week, according to people familiar with the matter, who asked not to be identified because the discussions are private. The unconditional bid is backed by private equity, including Blackstone, which has committed to providing a loan backed by the inventory, the people said. Sears Canada, which filed for creditor protection in June with C$1.1 billion of liabilities, is a victim of the department-store malaise that’s swept North America as consumers gravitate online and out of malls. While the retailer has dabbled in pop-up stores and e-commerce, its distribution centers aren’t as automated as Amazon.com Inc. or even Canadian peer Hudson’s Bay. Co, which last year opened its own robotic facility to get online orders out faster. “They...
Ten-X Research’s Top 5 Office Buy-and-Sell Markets | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 06, 2017   137   0   0   0   0   0
Airbnb Joins Forces with WeWork to Offer a Bed-and-Desk Experience Oct 05, 2017 WeWork China Rival UrWork Can't Use Name on New York Office Oct 02, 2017 Stricter Building Codes Saved Florida’s Commercial Buildings from Irma’s Wrath Sep 29, 2017 Facebook Takes 436,000 SF in San Francisco's Largest Office Lease Since 2014 Sep 25, 2017
CRE Pros Give Trump a Slightly Higher Approval Rating | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 06, 2017   142   0   0   0   0   0
The commercial real estate industry’s approval rating for president Trump has improved a bit since September. In a poll of about 900 NREI readers conducted between September 29th and October 3rd, 29.7 percent indicated they approved of the president’s performance so far, vs. 28.1 in September[1]. On the other side of the spectrum, 56.2 percent disapproved of the president’s performance and another 14.1 percent of respondents indicated they were neutral. In the open-ended comments section, readers’ reviews of Trump’s overall performance ranged from glowing—“Very positive. First time in eight+ years we have seen 3 percent GDP growth. This positive impacts are just showing signs. This will be a fantastic eight years,” to damning “I am sorry that I voted for him and will never do so again.” The president’s just-released tax reform proposal received an approval rating of 36.7 percent. Slightly more of the survey’s respondents (38.5 percent) disapproved of the proposal. The remaining 24.7 percent indicated they were neutral on the proposed legislation. However, an overwhelming majority (81.1 percent) of respondents said the proposal in its current form is not detailed enough and 76.3 percent expressed doubt the administration will be able to get tax reform passed before the end of the year. Just 23.7 percent of respondents believe the legislation will pass by that date. In their open-ended responses a number of NREI readers expressed concern about reconciling the tax reform proposal with the need to balance the federal budget. “I am all for...
10 Must Reads for the CRE Industry Today (October 6, 2017) | National Real Estate Investor
 
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Canadian Real Estate Street Smart REI   October 06, 2017   156   0   0   0   0   0
10 Must Reads for the CRE Industry Today (October 5, 2017) Oct 05, 2017 10 Must Reads for the CRE Industry Today (October 4, 2017) Oct 04, 2017 10 Must Reads for the CRE Industry Today (October 3, 2017) Oct 03, 2017 10 Must Reads for the CRE Industry Today (October 2, 2017) Oct 02, 2017
New Cannabis Law Attracting Real Estate Investors to Golden State
 
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Canadian Real Estate Street Smart REI   October 06, 2017   160   0   0   0   0   0
The state of California will begin issuing temporary licenses for “cannabis commercial activity” on Jan. 1, 2018, with permanent licensing to follow within 120 days. This highly anticipated event is attracting private real estate investors from across the U.S. who want to take advantage of the opportunity opened with the legalization of cannabis use in the sixth largest market in the world.  The new law provides opportunities to invest in cannabis business operations, notes Jim Fitzpatrick, a former Costa Mesa planning commissioner who heads a consulting firm called Solutioneers. Both experienced industry operators and Wall Street investors hope to cash in on the Golden State’s cannabis-related investment opportunities, he notes. His company prepares applications for cannabis businesses and offers investors access to cannabis real estate financing and assistance in identifying compliant properties. To be compliant, real estate used for dispensaries, for instance, must be located at least 1,000 feet from schools, churches, parks and other dispensaries. The combined market for legal medical and adult cannabis use is projected to grow by compounded annual rate of 18.5 percent, from $2.76 billion in 2015 to $6.5 billion by 2020, according to a report co-produced by New Frontier Data[1] and ARCVIEW Market Research[2]. That’s not even figuring in revenue from real estate, technology development or the overall economic impact of the cannabis market. In addition, cannabis commercial activities will add significant revenue to state and local government coffers from licensing fees and other taxes. The state charges a15 percent excise tax on...
Investment Trends of Note for Advisors: Multifamily Real Estate
 
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Canadian Real Estate Street Smart REI   October 06, 2017   186   0   0   0   0   0
By Fred Kauber One of the privileges of presiding over a financial product platform for independent wealth managers is the opportunity to observe which investment themes might resonate with advisors and their clients. In that regard, multifamily real estate is an alternative investment asset class that has demonstrated meaningful interest in 2017. As an asset class, multifamily real estate represents a broad range of residential properties that contain at least two housing units; these housing units are adjacent to each other and share infrastructure which might include walls, amenities or utilities. Multifamily real estate is a widely held strategic commercial real estate asset class, and is often pursued at scale by private equity and institutional investors. Independent financial advisors have also taken notice; in a survey of over 700 wealth management members of the CAIS platform, 66 percent were exploring private equity, and of those 51 percent were interested in real estate opportunities. Investor sentiment for private real estate funds remains positive, with 95 percent of investors[1] indicating that their real estate investments have met or exceeded their expectations over the past 12 months. Fund raising has also remained strong as is evidenced by the record levels of dry powder available, according to data provider Preqin. As fund managers look to put capital to use, macroeconomic factors and banking regulations continue to validate[2] the consideration of multifamily properties. Economic and Demographic Trends Bolster Rental Housing Macroeconomic trends that have persevered[3] through 2016 and 2017 have created demand for rental housing; these trends include: ...
News Canadian Real Estate Magazine   October 06, 2017   163   0   0   0   0   0
Toronto’s housing prices have increased over two-fold since the previous decade’s recession, despite September sales remaining sluggish and home prices falling for the 4th straight month (especially in the detached-home segment). According to data released by the Toronto Real Estate Board earlier this week, 6,379 homes were sold last month, declining by 35% from September 2016. However, “consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong,” Board president Tim Syrianos said in a statement, as quoted by Bloomberg. Benchmark prices fell 0.6% from August, bringing declines since May to 8%, according to the Board’s data.Despite this, home values were still up 12% from a year earlier. The September drop was the smallest since the slump began.New listings were up 9.4% from a year earlier to 16,469, leaving the sales-to-new listings ratio at 39%, a level economists consider to be between a balanced and a buyers’ market. The correction is primarily in Toronto’s detached market, where average prices exceeded $1 million.Single family detached homes are down 0.6% in September and 11% since May.Condominium prices have fallen just 1.5% from their peak, and were little changed in September. The average price for all property types rose 2.6% from a year earlier to $775,546.That’s up 6% from
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Condos are king in the GTA
Category: News
Records continue to fall in the nation’s...
Big weekend for Investors
A number of investors are expected to join...
 
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10 Must Reads for the CRE Industry Today (January 20, 2017)
Rockwood Capital has raised $1.1 billion in capital for its...
 
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New rules seem inadequate in deterring GTA price growth
Category: News
The recently implemented changes to federal housing rules have...
Housing correction could trigger recession: BMO
A sudden and sharp correction in the housing market...
 
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A landlord in Winnipeg is looking at a year...
 
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An investment that pays itself off in six months?
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This is how crazy Toronto real estate...
Although there are certainly strong economic fundamentals firmly in...
 
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Retail Bankruptcies Don't Always Help Surviving Rivals: Gadfly
(Bloomberg Gadfly)—A competitor's loss doesn't always translate...
 
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