Skip to comments.Toronto to pass New York in commercial property boom
Posted on 02/01/2013 12:47:59 PM PST by Squawk 8888
Toronto will add more prime office space in 2014 than almost any other city in the Americas as developers take advantage of low borrowing costs to meet demand from companies such as Google Inc.
More than 1.59 million square feet of so-called triple-A space will be added in Toronto next year, according to data from Cushman & Wakefield Inc., the worlds largest closely held real estate brokerage firm. Thats more than in New York and trails only Mexico City, Cushman said. Investments from pension funds and real estate investment trusts, as well as borrowing costs in some cases more than 2 percentage points lower than in 2007 have helped fund development as well as acquisitions.
Rising demand led to a record high price for an office building in Canada when a group of pension funds paid $749 a square foot for the Brookfield Place-TD Canada Trust Tower on Bay Street in December, according to RealNet Canada Inc., a Canadian real estate data firm.
(Excerpt) Read more at business.financialpost.com ...
After visiting Shanghai Manhattan just looks shabby.
To all- please ping me to Canadian topics.
Love Toronto, been awhile since I was last there.
The airport to the left is where I got my pilot’s licence. Right now I’m living downtown within walking distance of the skyscrapers and I’m loving it. A big factor in the current boom is that for the first time in decades we elected a mayor who brought a bit of sanity back to city hall.
A friend of mine was up in Toranto recently and said it was happening,booming,exciting and then crossed over into Buffalo and it was dead,boarded up ghost town....I wouldn’t mind moving up there, I like Alberta and NS.
Canada is a first world country and we are rapidly becoming 2nd or 3rd World.
If you want to place blame — it’s immigration policy. Canada is more selective about who they let in than we are.
We have no control over our Southern border. Canada has us as their buffer zone. For that reason, it’s much more difficult for people to get there. Most of the illegal low-skilled migrants stay here.
Historically our immigration problem has been bogus refugee claimants, something that the Conservative government has been working to clean up. The other move they’re making is being more aggressive about deporting non-citizens convicted of crimes.
Quite a change in my own lifetime- I remember when Torontonians looking for fun went to Buffalo or Detroit.
And thank God for that little gift of geography. Plus, many third world types do not like the weather.
I would emphasize having control more than exerting control—you are quite right about the southern border—but that is a gift from God for Canada. Also, the weather helps.
That said, Montreal, T.O., and Vancouver are more cosmopolitan than Canadian, and the cities are where the people are.
(Fortunately I’m four hours out of T.O. and it is quite nice—if you like -25C)
I've never been to Shanghai but I have been to Guangzhou and Shenzhen,two huge cities not far from Hong Kong.Particularly on the train trip from HK to Guangzhou I was struck by how primitive life seemed to be in most of the countryside we passed through,only to be met by gleaming skyscrapers in the city itself,thought to be about the most prosperous city in the country (along with Shanghai).The primitiveness I saw in my most recent trip (2 years ago) was quite similar to what I witnessed taking the very same train ride in 1980.I'm certainly no expert on such matters but what little I've seen suggests to me that China's prosperity is a mile wide but an inch deep.
I live in Texas, so -25 Celsius does not sound very appealing to me. But, believe me when I say that your Southern Border concerns are trivial compared to ours.
“...and then crossed over into Buffalo and it was dead,boarded up ghost town...”
Since casinos opened in Niagara Falls (Ontario), Buffalo empties into there every night. You’d think the frostbacks were giving free cell phones...
American taxpayers subsidizing Canadian casinos.
“Plus, many third world types do not like the weather.”
There are a LOT of third-world types in Ontario’s cities; you’d think you were in India when it was part of the crown (British symbols with non-British people).
What ever happened to your sane elected mayor? Wasn’t some judge trying to run him out of office?
Ford is likely the best thing to happen to TO in a long time. The National Post today reports Ford over spend on his election, “his mayoral bid by $40,168, or 3%. The left will never quit until he’s gone. And then the insanity will continue.
Toronto and Vancouver real estate most over-valued in WHOLE WORLD (so said a recent report). And the condo overcapacity is in orbit.
An appeal court overturned the original judge’s order last week, so Ford is still mayor until the end of 2014 at least.
Heh. It's true.
And to think that, up through the sixties and early seventies, Torontonians used to go down to Buffalo to have a good time for the weekend.
Gee. Wonder what went wrong.
Can you spell "Democrat"?
I said many, not all. And you are going to have to go farther north to get away. North of Georgian Bay is very cold and very white (snow covered) this time of year.
Understood. I live in northern NJ, and can’t imagine what the first winters were like for our first “warm-weather” immigrants (Puerto Ricans). They started coming here about 50 years ago for work; it must have been shocking to them. They’re still here, though many will retire there; young ones tell me they’d go back if they could get steady work there.
Oh, there is definitely money there. For the Asians to get in they have to show they have a certain minimum of assets (Australia does this, too); unlike the US, they want to make sure they’re getting the cream of the crop rather than a permanent underclass.
We used to be picky, too; now, rather than getting the best and brightest (who can usually make a decent living in their home countries), we import their underclasses. Many Mexicans we import are illiterate in SPANISH.
Bingo.... I am for smart, legal, measured immigration not the officially encouraged invasion by low-skilled people that we have now.
“I am for smart, legal, measured immigration not the officially encouraged invasion by low-skilled people that we have now.”
The basic dynamic has changed; whereas before we needed skilled workers, now we need children just to keep schools open and ANYONE to keep housing occupied. No need to be particular about who you import; just import someone.