Wednesday, 30 October 2013 00:00
With 200,000 square feet of vacant space and more than three times that being developed, Regina is heading toward higher office vacancies, according to Colliers International.
Regina’s combined office vacancy rate currently sits at 5.2 per cent and is expected to increase to 6.5 per cent by 2014.
“Supply and demand have levelled off, indicating lease rates will as well,” Colliers noted.
Class A space represents 39 per cent of the total inventory in the city’s competitive office market, virtually all in the downtown core. The vacancy rate for Class A buildings has increased to 1.8 per cent, but remains one of the lowest rates in North America.
Net lease rates for existing Class A buildings range from $20 to $26 per square foot.
Class B vacancy has climbed to 7.1 per cent this past year due to the relocation of some government departments. Class B space, which makes up 46 per cent of the market, has a vacancy rate of 7.5 per cent. Net lease rates for Class B space range from $14 to $21 per square foot.
from Western Investor October 2013
Whistler Blackcomb, the official alpine skiing venue for the 2010 Olympic and Paralympic Winter Games, is being put on the auction block. According to a number of media reports, a foreclosure auction of Intrawest assets that was set for Friday February 19th in New York, is now being put off until Friday February 26th.
Intrawest ULC, the resort’s operator, was purchased by Fortress Investment Group LLC in 2006 for $2.8 billion. Almost half of this is said to have been financed through borrowing from a group of lenders. Fortress has missed a repayment on some of this debt, and is trying to rearrange its financial affairs in an attempt to hold on to at least partial ownership of Intrawest’s eight resorts.
According to unnamed financial industry sources, major U.S. resort company Vail Resorts Inc., is said to be one of several firms bidding in the auction of Whistler Blackcomb. However, one firm that will not be bidding in the auction is Intrawest’s biggest domestic rival, Vancouver-based Resorts of the Canadian Rockies (RCR.)
The 2010 Olympic Winter Games will continue to go on as planned, and Intrawest’s other properties continue to run ‘business as usual.’
Colliers International and FirstService Real Estate Advisors have announced the joining of their operations and global real estate services platforms. The combined company will operate under Colliers International and assume First Service REA’s industry-unique partnership and operating module. Upon the announcement of this combination, Colliers International will be ranked as the global commercial real estate industry’s third largest real estate services firm.
About Colliers International
Colliers International is a leading global real estate services company that provides a full range of services to real estate users, owners and investors worldwide. Colliers operates in 61 countries. Services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research.
About First Service Real Estate Advisors
FirstService Real Estate Advisors (“FirstService REA”), a subsidiary of publically traded FirstService Corporation, is the emerging leader in the global professional services industry. As the fastest growing and third largest commercial real estate services firm in the world, FirstService REA has strategically integrated industry leading service providers in key areas of specialization to deliver consistent and measureable results for occupiers, developers and investors in real estate. FirstService REA operates in 41 countries around the world. In North America, FirstService REA provides services through the leading real estate brands; FirstService REA, Colliers International, FirstService Williams, FirstService PGP Property Valuation, PKF Hotel and Hospitality Consulting and MHPM Project Leaders
The U.S. State Department has sold it’s London embassy building to Qatari Diar Real Estate Investment Company, which is headquartered in Doha, Qatar. The signing of this deal is just one step in the embassy’s plans to relocate.
The longtime headquarters at Grosvener Square in London is where the embassy currently operates, and will continue to operate until the new building is completed in 2016 or 2017. The embassy has settled on a new site in the Nine Elms area of Wandsworth, and construction of the new building is expected to begin in 2012 or 2013. The State Department will announce the winner of the design competition for the new U.S. Embassy building in early 2010.
The top of the current U.S. Embassy building boasts a large gilded aluminum eagle with a 35-foot wingspan. It is not clear whether the eagle will be considered part of the building’s listed status, meaning its design cannot be changed. If this is the case, the eagle will remain on the building’s facade, rather than being moved to the new location.
On October 30th, 2009, Xinyuan Real Estate Co., Ltd. announced that it has acquired an additional parcel of land in eastern Zhengzhou. Zhengzhou is the capital city of central China’s Henan Province.
Xinyuan Real Estate Co., Ltd. is a residential real estate developer with a focus on high growth, strategic Tier II cities in China. Xinyuan paid an approximate US$58 million for this parcel of land, which will offer a total site area of around 56,100 square meters. This parcel of land is expected to generate an estimated gross floor area of 196,000 square meters. This is based on pre-planning of the proposed development projects consisting of high rise residential apartments of 70-150 square meters. The Company expects to begin construction in April 2010 and pre-sales are estimated to start in September 2010.
According to Mr. Yong Zhang, Xinyuan’s Chairman and Chief Executive Officer, this is the second land acquisition that Xinyuan has completed in the East Development Area of Zhengzhou in the past month.