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December 18, 2013
Christmas Comes Early at Colliers
For Colliers International Canada CEO David Bowden, awards are a big deal, because they instill confidence in employees and clients programs are working. (Plus trophy cases look pretty sad when they are empty.)
We caught up with David after word came down that Colliers took home three trophies at the International Property Awards, in the Best Property Consultancy, Canada; Best Property Consultancy Website; and Highly Commended Property Consultancy Marketing, Canada (for Mississauga Executive Centre). The awards gala took place at the Grosvenor House Hotel in London.
Says Colliers SVP finance and operations Suzanne Bedford: "[The IPA] are among the few globally recognized awards for commercial real estate. It's recognition of the hard work and expertise our people put in every day." Other Canadian winners include Oxford Properties (Highly Commended Development Marketing for RBC Waterpark Place and Best Office Development, Canada for Eau Claire Tower in Calgary) and Po Ku Design Build for Best Developer Website, Canada. In the image is the Eau Claire Tower.
Public Weighs In On Squamish Ski Project
Good things take time, Garibaldi at Squamish resort community founder Wolfgang Richter tells us, talking about the project that's taking another shot at getting provincial government environmental approval. The $5.8B effort, to be built over 25 years (thanks to science, by that time we'll all be 10 years younger than we are now), includes a 25-lift ski area on 124 developed ski trails. Wolfgang, who lives in Whistler, would love to see Santa delivering a ton of shovels this Xmas so workers can start digging by April 2015.
Today, the environment assessment of the project takes another step with an open house from noon to 8pm at West Coast Railway Heritage Park in Squamish for the public to comment—all of which will be factored into the decision. "It's a step forward in the process so that we can move forward towards the final master planning, governance and potential annexation of the subject site to the District of Squamish," Wolfgang tells us.
Rose on Big Story Trends of 2013
We caught up with Avison Young CEO Mark Rose, fresh off the plane from a client event in New York City, and asked him about the big, noteworthy trends that came out of commercial real estate in 2013. One of the biggies, according to Mark, was Canada's stability and the US' relative weakness driven by government in-fighting, higher taxes, Obamacare, and debt ceilings. "Retail is changing rapidly as Amazon [which has especially been the talk of late in this market] and online companies force logistical and supply-chain management change," he says. (And as they build robot drones.) Higher debt costs—which will change underwriting in 2014—is another one, as was the "significant" total of $9B in Canadian investment into US real estate in 2013. "That should continue," Mark says.
Thumbs Up For Burrard Gateway Project
Vancouver City Council has approved a re-zoning application that will pave the way for the new multi-tower LEED Gold Burrard Gateway complex at Burrard and Drake. Jim Pattison Developments (40%) and Reliance Properties (60%) are behind the project—a 13-storey office building, a 55-storey condo tower and a 35-storey tower, connected by a 7-storey podium for rental housing and retail uses, including a Jim Pattison Downtown Toyota Dealership and grocery store. As part of getting approval, the developers will build community amenities, including a new $7M LGBTQ Qmunity Centre for Davie Village, park funding, and additional bike lanes in the neighbourhood.
Looking for your thoughts on what the most noteworthy stories/trends were on the commercial real estate front for 2013. Send them through and I will post them over the next few weeks. Mark.keast@bisnow.com
