45 Bay Office Tower to Move Forward on Spec
No lead tenant yet secured, building to begin construction in the spring 2015
Ivanahoe Cambrige, and SITQ that are the property managers of the large lot known to Torontoians as 45 Bay next to Union Station and Air Canada Centre, have stated an interest in having a design competition for the tower which is curretly slated for 245 meters in height.
I know for a fact, that the city will likely require whatever building that is built here to have a bus terminal within the lower floors of the tower, to relieve the temporary GO Bus depot just north of this lot. This project, along with the other office and condo towers, is part of a projected "Next Wave" of massive Supertall and Megatall skyscraper development that has taken hold in Toronto.
Just as we are getting use to 60 floor and 70 floor towers, we are hearing word of 80 floors towers, 90 floor towers, and 100 floor towers. Toronto has reached the next stage of Global City Evolution, and even the Financial Crisis, couldn't stop our rise. However some may state that it is the very Financial Crisis, that has caused this latest wave of investment and cash inflows into Toronto as the world seeks the only safe place to hold it's money as the Americans and Europeans fell on their faces during the Mortgage Meltdown.
Well let's see, you never know, once the world economy gets back on it's feet, Toronto might go back to the small provincial farming town it was before this latest blast of skysc
Monday, 24 November 2014
Toronto Real Estate Boom impacting growth of retail sales and hiring.
New investment in retail properties owned by such Canadian giants as Oxford Properties, and Cadillac Fairview will add a total of 6.9 billion dollars to the section for the year 2014. The Retail sector as it is defined in Canada will contribute some 4.7 billion dollars in direct investment in upgrading new and existing real estate properties as well as promoting expansion of those said assets.
Retail Real Estate is one of the best performing asset subclasses within the industry and new investment should provide further future growth on those returns.
"As a real estate asset class there is no better investment than upscale or upmarket retail, and you will continue to see smart centers and mall owners continuing to reinvest in their prime properties, to growth the bottom line"
The ongoing investment of money to expand existing retail facilities in the Toronto area will give not only tenants the landmark presence they seek, but also give customers dynamic new shopping locations.
The ongoing operations of retail buildings also generated about $1.0 billion in building management fees and approximately $1.0 billion in commercial brokerage fees from sales and leasing of retail real estate sector properties.
Taken together, the construction and investment in retail buildings and the ongoing operation of these buildings make a substantial contribution to the Canadian economy, producing $18.3 billion in annual economic activity. These activities add to the economy in various ways by: