An influx of new office supply was always expected to shake up the status quo in Toronto’s downtown commercial real estate market given that approximately two-thirds of the 8+ million square feet of space currently under construction is already preleased. However, prospects for backfilling were perhaps viewed with less trepidation entering 2020 when the downtown Class A vacancy rate floated around 2 percent.
Beginning May 1, Ontario’s Technical Standards and Safety Authority will introduce fee increases for its oversight services in tandem with bundling some costs that were previously invoiced separately into new upfront flat rates. » READ MORE
IN CASE YOU MISSED IT: Climate risk infuses investment agendas
Canadian commercial real estate assets are comparatively less exposed to the dire physical threats that extreme weather poses or has already served up in other global regions. Industry insiders suggest that could make the COVID-19 pandemic an even more instructive trial run for the ancillary risks the sector is likely to face due to climate change. Brewing calamities will bring economic and social upheaval far beyond their meteorological track, and a growing pool of investors is looking for evidence that asset and property managers are prepared to respond. » READ MORE