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Toronto housing sales slowdown good news for the national economy—analyst
News Canadian Real Estate Magazine   August 11, 2017   138   0   0   0   0   0
The recent decline in home sales volume in the Toronto market should be taken as good news for the Canadian economy, as it might be the first indication of a much-needed shift away from leaning solely on the housing segment for economic strength. Gluskin Sheff chief economist David Rosenberg made the remarks in the wake of latest data released by the Toronto Real Estate Board, which showed a dramatic 40.4-per-cent year-over-year drop in GTA residential property sales in July.Average selling price last month stood at $746,218, up by 5 per cent year-over-year but nearly 19 per cent below April’s record $920,791. “We are going through a natural correction in Toronto real estate.I don’t think it’s going to have a deleterious impact on the national economy. I think it’s actually going to be a positive development,” Rosenberg told BNN earlier this week. “For years the Bank of Canada has been seeking this ‘Holy Grail’ in the Canadian economy away from housing and towards capital investment” he added.“When you really think about it, housing is a consumption good, but it doesn’t really add to the productive capacity of the economy.” Should this trend continue, Canada can realistically outperform the U.S.economy, the economist said. “I think the fundamentals in Canada are pretty decent.When I tell people about
Manhattan's Peak Leasing Season Whimpers With July Rent Decline
 
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Canadian Real Estate StreetSmartREI   August 10, 2017   126   0   0   0   0   0
(Bloomberg)—For Manhattan landlords, Christmas usually comes in July, a month when demand for apartments surges and rents go up. Not this year. Leasing costs in the borough dropped 1.9 percent from July 2016, the first decline for the month in at least five years, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The median net effective rent, or what tenants paid after concessions are factored in, was $3,350. July is typically the pinnacle of Manhattan’s busiest apartment-leasing season, when recent college graduates and families take residence in the city, and landlords capitalize on demand by holding firm on -- or increasing -- prices. But as the market contends with an unrelenting wave of new supply, owners are using the summer as way to get ahead of the competition. They’re offering rent discounts and deal sweeteners in a rush to fill their units before the slower, cooler months set in. “The last thing anyone wants to do, especially now, is rack up vacancies,” said Gary Malin, president of brokerage Citi Habitats, which released its own report on the rental market Thursday. “If you rack them up now, going into a slower time, its going to be even harder to achieve your price.” Manhattan landlords offered incentives such as a free month’s rent or payment of brokers’ fees on 27 percent of all leases signed last month, up from 11 percent a year earlier, Miller Samuel and Douglas Elliman said. Those enticements came...
How Attractive Is Data Center Development?
 
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Canadian Real Estate StreetSmartREI   August 10, 2017   187   0   0   0   0   0
Cloud computing is spurring growth in the market for data centers, with cloud services providers like Amazon Web Services, Google, IBM, Microsoft Azure and Oracle driving the demand. A new report[1] from commercial real services company JLL found that among the 15 major data center markets it tracks in the U.S., nine were seeing at least 30 percent of user demand stemming from cloud computing. In the U.S., cloud-related demand was especially strong in Chicago, Austin-San Antonio, Texas, Northern Virginia and Northern California, according to the report. Bo Bond, managing director at JLL and co-leader of its data center group, says space absorption by multi-tenant data centers was down a little during the first half of 2017, in the wake of record-level absorption in 2016. Last year, U.S. data centers witnessed 350 megawatts of absorption, the JLL report notes. In the data center market, absorption is measured by power generation rather than square footage. U.S. markets absorbed 182.1 megawatts in the first half of this year, compared with 249.1 megawatts during the same period in 2016. For data centers, 2016 was “an absolute frontier[2],” Bond says. “It turned the industry on its end. We’ve seen an unbelievable amount of supply have to come on-line to catch up with [demand].” Compared with 2016, JLL researchers say, a drop-off in absorption this year shouldn’t be interpreted as a sign of weakness in cloud-oriented demand for data centers. Users are still clamoring for cloud-based services, while Amazon Web Services and...
10 Must Reads for the CRE Industry Today (August 10, 2017)
 
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Canadian Real Estate StreetSmartREI   August 10, 2017   136   0   0   0   0   0
10 Must Reads for the CRE Industry Today (August 9, 2017) Aug 09, 2017 10 Must Reads for the CRE Industry Today (August 8, 2017) Aug 08, 2017 10 Must Reads for the CRE Industry Today (August 7, 2017) Aug 07, 2017 10 Must Reads for the CRE Industry Today (August 4, 2017) Aug 04, 2017
Political Uncertainty Weighs On Investor Sentiment
 
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Canadian Real Estate StreetSmartREI   August 10, 2017   124   0   0   0   0   0
Sponsored by Marcus & Millichap Exclusive research results from the third quarter NREI / Marcus & Millichap Investor Sentiment Survey show a gradual cooling trend on investor sentiment. The investor sentiment index edged slightly lower to 150 as compared to 153 in fourth quarter.
More Real Estate Players Say the Peak Is Now
 
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Canadian Real Estate StreetSmartREI   August 10, 2017   148   0   0   0   0   0
More than half of respondents to an NREI survey conducted in July said the real estate cycle has reached its peak. The percentage of survey respondents who believe we are currently at the peak of the market totaled 52 percent, up 500 basis points since the results in May of 2017[1] and 600 basis points since March results. The only time the figure was higher in the past two years was in October 2016, when it reached 55 percent. At the same time, the percentage of respondents who believe the market is in the recovery/expansion phase has dipped by 11 percentage points, to 24 percent in July. This was the first time the sentiment has dipped this low since October 2015. The percentage of respondents who believe the market is in the recession phase has gone up from 4 percent in May to 9 percent in July, and the percentage of those who see a cycle trough has gone from 4 percent to 7 percent during the period. The percentage of those who are not sure which phase of the cycle we are in has stayed relatively unchanged, falling from 10 percent in May to 9 percent in July. NREI conducts periodic studies of the commercial real estate sector. As part of those surveys, there is always a question on the estimation of the current state of the commercial real estate cycle. A typical NREI survey garners between 200 and 400 respondents. More than half of those respondents are...
NYC Council Approves Midtown Rezoning, Paving Way for New Towers
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   156   0   0   0   0   0
(Bloomberg)—The New York City Council voted to rezone about 78 blocks of east midtown Manhattan, enabling an aging building stock to be replaced by newer, larger and taller office towers. The proposal, recommended last month by council subcommittees, was approved Wednesday by a 42-0 vote. With the changes, about 6.5 million square feet (604,000 square meters) of new offices could be built in the area, which is anchored by Grand Central Terminal and home to employers including JPMorgan Chase & Co., Blackstone Group LP and MetLife Inc. The aim of the rezoning, in the works for five years, is to make New York more competitive with other global financial capitals, such as London and Tokyo, which have done better in modernizing their office spaces. Midtown East “is one of the most important commercial office centers in New York City and perhaps the world,” yet the average building is 75 years old, brokerage Jones Lang LaSalle Inc. said in a blog post Wednesday. Mayor Bill de Blasio has already said he supports the initiative. In a statement last month, he called it an “ironclad promise” to the workers of Midtown East to increase the area’s job-creating potential while at the same time raising money to expand its subway stations, create more sidewalk space for pedestrians and maintain its landmarks, which include Grand Central and St. Patrick’s Cathedral. Air Rights Among other changes, the rezoning will allow landmarks to sell their unused development rights anywhere in the district, rather...
Alex Rodriquez Aims to Profit from Retail Crisis with Gym Push
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   169   0   0   0   0   0
(Bloomberg)—For former New York Yankees slugger Alex Rodriguez, the retail crisis isn’t such a bad thing. Rodriguez, who counts billionaire investor Warren Buffett as a business mentor, has the license to open UFC-branded workout gyms in the Miami area. And with stores at shopping centers closing at a record pace, A-Rod and his partner are searching for shuttered brick-and-mortar locations to fuel their expansion in South Florida. “It plays right into our wheelhouse,” Rodriguez, 42, said in an interview. “There’s not a lot of people looking for 40,000 square feet in shopping centers.” Rodriguez, who made more than $400 million during a baseball tenure that was tarnished by performance-enhancing drugs, is forging a second career in the fitness industry. The former shortstop has spent the past few years helping open a chain of gyms in Mexico called Energy. His partner in that venture was Mark Mastrov, who co-founded 24 Hour Fitness and is part-owner of the Sacramento Kings. Now the pair looks to capitalize on the growing popularity of the UFC brand, named for the Ultimate Fighting Championship. In March, they took over an existing UFC location in Kendall, Florida, where Rodriguez grew up. That gym is celebrating its grand opening under the new owners this week. A-Rod is scouting locations for roughly 12 more gyms in the area. He said he hopes to have at least two or three “letters of intent” for new locations signed in coming months. In all, there about 120 U.S. workout...
Trump's Attacks on Senator Recall Empire State Building Fight
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   135   0   0   0   0   0
(Bloomberg)—President Donald Trump has a tangled history with the family of one of his favorite targets for Twitter attacks: Senator Richard Blumenthal. Trump in the 1990s waged a years-long court battle with the Connecticut Democrat’s father-in-law, Peter Malkin, over control of leases in one of New York City’s most iconic properties, the Empire State Building. “It was a royal battle,” said Raymond Hannigan, a lawyer with the law firm Herrick Feinstein, who was involved in the conflict and at one point represented the Trump Organization. Hannigan said it stemmed from a business investment born out of a conversation at a gym between Marla Maples, Trump’s second wife, and Kiiko Nakahara, the daughter of one of Japan’s wealthiest men, Hideki Yokoi. Yokoi held title to the building, and his daughter told Maples she wanted to talk to Trump about a possible deal to give him a stake in the building, Hannigan said. Trump and Nakahara later created a business partnership that sought to gain control of the lucrative long-term lease on the 102-story property, held by a partnership managed by Malkin. Trump argued that Malkin and the building manager let it fall into disrepair, violating the leases. After years of litigation, Trump lost. He wound up selling his stake in the building to Malkin’s partnership with a profit of several million dollars -- far less than the more than $100 million a year he and his partners might have collected from rent if he had prevailed. ...
10 Must Reads for the CRE Industry Today (August 9, 2017)
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   129   0   0   0   0   0
10 Must Reads for the CRE Industry Today (August 8, 2017) Aug 08, 2017 10 Must Reads for the CRE Industry Today (August 7, 2017) Aug 07, 2017 10 Must Reads for the CRE Industry Today (August 4, 2017) Aug 04, 2017 10 Must Reads for the CRE Industry Today (August 3, 2017) Aug 03, 2017
Real Estate Crowdfunding Platforms Work to Find a Niche
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   151   0   0   0   0   0
While commercial real estate crowdfunding firms haven’t disrupted the market, the top players have worked to continue to raise capital and find ways to make their bets. There are some situations where there are gap equity requirements that are well-suited for crowdfunding, for example. Crowdfunding might be a viable alternative for a property with a maturing legacy CMBS loan that requires extra equity in order to complete a refinance. “I also think it is really going to be the best fit for properties that are well below institutional investor’s radar screen,” says Jay Maddox, a principal in the capital markets group at real estate services firm Avison Young in Los Angeles. Maddox was an early adopter of real estate crowdfunding. He originated and closed a $3.2 million crowdfunded construction loan for a retail project in Arizona with Fundrise in 2015. The introduction of crowdfunding sparked speculation that crowdfunding platforms would leverage technology to cut out the middle man in sourcing debt and equity capital. “It hasn’t been the big disruptor that a lot of us were expecting when crowdfunding first burst onto the scene,” says Maddox. And while the sector is poised for further expansion, there are still some significant hurdles in the path of growth. Sponsors are wary of execution and funding risk, he adds. However, as crowdfunding marketplaces are getting bigger and more investors are coming onboard, the power to raise equity through this marketplace is growing, says Tore Steen, co-founder and CEO...
Real Estate Crowdfunding Platforms Continue to Gain Traction
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   131   0   0   0   0   0
Real estate crowdfunding is still the new kid on the block in the commercial real estate capital world. But the sector is quickly gaining street cred. Crowdfunding platforms have logged some impressive growth numbers in the past four years and the industry is poised for more expansion ahead as it continues to pursue a widening pool of investors. “Over time, we have seen this market for online funding really grow exponentially,” says Jay Maddox, a principal in the capital markets group at real estate services firm Avison Young in Los Angeles. Maddox was an early adopter of real estate crowdfunding. He originated and closed a $3.2 million crowdfunded construction loan for a retail project in Arizona with Fundrise in 2015. Although it remains a fragmented niche that is difficult to quantify, research firm Massolution had estimated the size of the global real estate crowdfunding industry at $3.5 billion in 2016. Massolution is no longer tracking real estate crowdfunding transaction volume, but anecdotal data from some of the top players confirms a pattern of surging volumes. RealtyMogul emerged as one of the early leaders in real estate crowdfunding. Since the firm launched in 2013, it has raised more than $280 million in equity through its online real estate investing marketplace. “We’re entering a space where, historically, there has been no opportunity to invest in real estate online through either private placements or public non-traded REITs,” says Elizabeth Braman, senior managing director at RealtyMogul. So a big part of the heavy lifting for...
Two CRE Investing Rules You Can't Ignore
 
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Canadian Real Estate StreetSmartREI   August 09, 2017   169   0   0   0   0   0
Have you ever lost money on a stock or limited partnership investment that your broker hyped as a “hard to come by” portion of a “you can’t lose” deal? It is possible to invest with confidence, peace of mind and stable return on investment by following two bedrock commercial real estate investing rules: 1) First, invest only with the most experienced and successful individuals. By experience, I mean that an individual has been intimately involved in a particular commercial real estate sector on a full-time basis for an extended period, at least five to 10 years. Length of tenure is important because it demonstrates an aptitude and willingness to manage through various economic environments. Strong performance in a bull market is a poor indicator of overall competence. Interview all the major players in the deal to determine whether they have the requisite experience. Ask about the following: successes and failures in the past and what they learned from their failures most recent activities and the results substantial investment of their own in the investment you are contemplating plans and expectations for the investment. who you could contact regarding their prior performance. Even before experience comes the need for your investment partner to possess three characteristics: integrity, intuition and instinct. Integrity. Even before experience comes the need for your investment partner to possess integrity—honesty and strong moral principles. It is quality of character...
Building equity for multiple properties
News Canadian Real Estate Magazine   August 08, 2017   182   0   0   0   0   0
by Haripal Pannu, real estate broker and investor One real estate agent looks at pre-build investments for the first-time investor. It’s always challenging to buy the first investment property because there is a lot that must be learned.There is a little bit of difference when it comes to buying real estate as your primary residence compared to buying it as your investment property. If you are buying real estate as your primary residence you can get financing even with 5% down (as long as you qualify) but for investment properties you typically need 20% down in some cases even 25% or more. Some ``A`` lenders (big banks) don’t finance an investment property after a certain number of properties;for investment properties there are other costs associated too if you are also buying a primary residence you get certain rebates and you can even buy under first-time home buyers plan while in case of investment property it is not possible.If you are buying a brand new investment it is very likely you are going to pay HST on top of purchase price (if you fulfil the conditions the HST you pay you will get it back one condition is that you cannot sell the property before one year period). Let us look
Montreal rising amid apparent moderation in Toronto, Vancouver
News Canadian Real Estate Magazine   August 08, 2017   144   0   0   0   0   0
Forget Vancouver and Toronto — Canada’s hottest housing market these days may be Montreal. Latest data from the Greater Montreal Real Estate Board showed that 3,075 homes were sold in July, an increase of 16 per cent compared to the same time last year and the most for the month in eight years. This stood in contrast with Toronto, where sales last month plunged 40.4 per cent, while in Vancouver they dropped 8.2 per cent. The price of homes in Montreal was also higher, albeit still well short of levels seen in Vancouver and Toronto.The median price of a single-family home in Montreal rose to $323,000, up 8 per cent from July 2016.The median condominium price edged up two per cent to $256,000. “For single-family homes, market conditions for resales are increasingly favouring sellers, which explains why price increases have been more sustained in recent months,” GMREB board of directors president Mathieu Cousineau said, as quoted by The Canadian Press. While much attention has been focused on Vancouver and Toronto, Montreal’s housing market has escaped the frenzied action that prompted the B.C.and Ontario governments to take action. In April, Ontario introduced more than a dozen measures to improve home affordability, including a 15 per cent tax on foreign buyers.Since then, the average price
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