Randy Cheng

SL Green Realty Corp. has posted robust quarterly results, driven by high demand for Park Avenue office spaces. Strong leasing activity along the prestigious corridor, where rents exceed $140 per square foot, contributed to these impressive results. SL Green leased a total of 421,000 square feet in the quarter ending June 30, with a notable boost from 367,000 square feet leased in the final weeks. Key leases included: Ares Management Corporation: 132,000 additional square feet at 245 Park Ave. Elliot Management Corp: 150,000 square feet at 280 Park Ave. With 90% of its 30 million square-foot portfolio in Manhattan, SL Green’s occupancy rate in the borough rose to 86.7% from 85.9% in the first quarter. The company reported $2.05 a share in second-quarter funds from operations, up from $1.43 the previous year, and raised its 2024 FFO forecast to as much as $7.75 a share. Read more about SL Green’s performance and the positive trends in the Park Avenue office market: https://lnkd.in/eGeTGRBE Raymond Benemerito, SL Green Realty Corp. #SLGreen #ParkAvenue #CommercialRealEstate #NYC #OfficeMarket #Leasing

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The Halifax Regional Municipality is contemplating introducing incentives to prompt developers to convert unused spaces, like offices, into apartments in response to the housing crisis. With a notable 18% vacancy rate for offices in Downtown Halifax due to the shift towards remote work during the pandemic, repurposing these spaces for housing could significantly impact the housing shortage. This strategic move could help address the pressing need for more available housing options in the area. #HalifaxHousing #UrbanDevelopment.

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Canada’s housing crisis demands urgent solutions, and modular construction offers a game-changing opportunity. 🏗️ Built in factories and assembled on-site, modular homes can be up to 50% faster to construct while reducing costs, waste, and disruptions. Despite barriers like high upfront costs and regulatory delays, successful projects show modular’s potential to boost supply and affordability. At Homefield Communities, we embrace innovative solutions like modular housing to create high-quality, affordable homes and help bridge housing gap in Ontario and British Columbia. With a focus on efficiency and sustainability, we’re building vibrant communities for the future. 🏡 Find out more at https://lnkd.in/eyreDmuc #homefieldcommunities #attainablehousing #communitybuilder #landlease #landleasecommunity #canadiandeveloper #homeownership #industryleader #communitydevelopment #communityamenities #communityliving #ModularConstruction #HousingSolutions #CanadaHousingCrisis

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Canada's building construction sector shows strong growth, according to the latest data: ✅ Total investment up 2.8% to $21.4 billion in June ✅ Residential sector leads with 3.8% increase to $15.0 billion ✅ Non-residential sector edges up 0.4% to $6.4 billion ✅ Year-over-year growth of 10.0% Key highlights: ✅ Quebec drives residential growth for second consecutive month ✅ Multi-unit construction investment up 6.0% ✅ Commercial component leads non-residential growth ✅ Q2 2024 marks the fourth consecutive quarterly increase, with total investment reaching $62.8 billion, up 7.2% year-over-year. These figures reflect the robust health of Canada's construction industry, driven by strong demand in both residential and non-residential sectors. Read further with BJ Electric for more details: https://bit.ly/3XmjUbn

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Canada’s construction Sector experienced a slight contraction in 2023, as growth in the non-residential sector was offset by a moderate decline in activity in the residential sector. Despite this trend, the industry continues to perform at an elevated level, and is poised to grow through 2033. BuildForce Canada released its 2024–2033 Construction and Maintenance Looking Forward national forecast today. The report finds that activity in the residential and non-residential sectors will chart different courses across the short term. The country’s residential sector, which peaked in 2021 under historically low interest-rate conditions, will contract again in 2024 before experiencing an upward trend between 2025 and 2029 and then stabilize toward the end of the forecast period. The initial period of growth is driven by a rebound in the new-housing component, which is followed in the later years by strong demand for renovation activity. These trends combine to increase employment to a peak of 6% above 2023 levels in 2028. Contractions in later years leave employment 2% above 2023 levels by 2033. Activity in the non-residential sector is projected to remain strong across the forecast period, given the high volume of large projects planned and underway in most regions of the country. Engineering construction demands are projected to cycle lower in the short term before rebounding in middle years, in line with the schedule of planned transit projects in Ontario and British Columbia, as well as utility projects in New Brunswick, Nova Scotia, and British Columbia. Meanwhile, investment in industrial, commercial, and institutional building projects is anticipated to see a steady upward curve through the decade. Demand is created by high levels of investment in the construction of institutional and government buildings, and by a rebound in commercial building construction as the economy returns to growth. Non-residential employment is projected to grow almost continuously across the forecast period, reaching a peak of 7% above 2023 levels by 2033. These numbers are based on existing known demands and do not take into account public-sector initiatives to address housing affordability challenges, nor the anticipated increase in demand for construction services related to the retrofit of existing residential, industrial, commercial, and institutional buildings to accommodate the electrification of the economy. Both scenarios are addressed in separate reports to be released by BuildForce at a later date. Growth forecast across most provinces into the late 2020s Construction activity was mixed across the Atlantic provinces in 2023. Gains in the non-residential sectors in New Brunswick and Newfoundland and Labrador offset residential-sector contractions created by rising interest rates. In Prince Edward Island and Nova Scotia, however, residential contractions slightly surpassed non-residential gains.

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Sharing a guest article by our very own VP of Construction, Roch Chevrier! Learn more about his perspective on how the evolving Canadian housing market is impacting contractors. Here's the inside scoop: 1️⃣ Labor Shortages: The growing demand for housing has led to a significant need for skilled labor, creating shortages that impact contractors and developers alike. 2️⃣ Rising Material Costs: The surge in activity has driven up material costs, impacting project budgets and creating an emphasis on strategic planning and resource management. 3️⃣ Regulatory Changes: New regulations aimed at addressing housing affordability and pace of construction are shaping the landscape for contractors, requiring flexibility and adaptation to stay compliant and competitive. Discover these insights and more, as the article dives into the challenges and opportunities affecting contractors in the construction and development industry today. Check it out! 👇 🔗(https://lnkd.in/eBh9hQMz) #CanadianHousing #RealEstate #CanadianRealEstate #Contractors

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Catch up on last week's blog posts! 1️⃣ Constructing Success: Business and Management Essentials for Aspiring Home Builders 2️⃣ From Blueprint to Breakthrough: From Blueprint to Breakthrough: Advanced Problem-Solving Strategies for Home Builders Stay ahead in the construction game with our weekly insights. Check out our blog at phbi.ca/ab/blog/ for the latest industry trends and tips 🏠 #phbi #ConstructionEducation #ConstructionBlog #KnowledgeisPower #HomeBuilding

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🔍 RE/MAX Canada's 2024 Commercial Real Estate Report examined 12 markets across the country and found that builders and developers are turning their attention to purpose-built #rental #construction. 🏢📈 Read more 👉 https://t.ly/p8h-n 💼✨ #ConstructionNews #RealEstateTrends #CommercialRealEstate

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Ontario Land Tribunal Rejects Stoney Creek Development The Ontario Land Tribunal (OLT) has denied Fengate LiUNA Gardens Holdings LP's proposal for a waterfront residential project in Stoney Creek, citing it as unsuitable for the neighborhood. Despite revisions, the development's density far exceeded zoning limits, and the lack of transit and walkability would make the area car-dependent. The OLT concluded the proposal didn't align with the existing community's context and planned function. Source: Robin MacLennan, Ontario Construction News, June 10, 2024 read more:- https://lnkd.in/g554eSV7 #constructionnews #urbanplanning #ontariolandtribunal #stoneycreekdevelopment #realestate #housingdevelopment #cityplanning #ontarioconstruction #residentialdevelopment #landuse #neighborhoodplanning #urbanrenewal #housingmarket #constructionindustry #developmentnews #planninganddevelopment #propertydevelopment #infrastructureplanning #citynews #urbanissues #communityplanning #constructionupdates #zoninglaws #residentialprojects #buildingcommunity #constructionprojects #urbanliving #developmenttrends #smartgrowth #urbanmobility

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‘Four Decades of Construction Knowledge’ Sandro shares practical advice on renovation and new home construction. Some tips, some tricks and some things that just went wrong… Sandro reveals the ‘secrets’ from below the ground! #AbstractHomesandRenovations #ArtofMakingHome #VancouverBuilder #LuxuryBuilder #CustomHomes #YVRbuilder #VancouverHomeConstruction #VancouverRenovation #UniqueHome #VancityHomeDesign #ConstructionTips #HomeRenovationTips #ExperiencedBuilder #BuildItRight #SewerConstruction #InfrastructureDevelopment #UrbanPlanning #CivilEngineering #UndergroundWorks #ConstructionProject #SewerSystem #ConstructionLife #SafetyFirst

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RESCON president Richard Lyall discusses the evolving #construction industry and the challenges facing Canada’s rental housing market on the Commercial Real Estate Podcast with hosts Aaron Powadiuck and Adam Cameron. Topics include labour shortages, development charges, and the need for housing reform through technology, modular construction, and a streamlined approval process.  #housingsupplycrisis

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Is Your Office Building Eligible for Conversion? 🏢 With rising office vacancies and increasing demand for housing in Ottawa, now is the time to consider office-to-residential conversions. In our latest article, we explore: • The key factors that determine if your building is a candidate • How conversions can create new value for property owners • Why working with an experienced development partner is critical Discover how you can transform underutilized spaces into high-demand residential units: https://lnkd.in/eqt_Y_PH

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The Hidden Value of Sustainable Building Certifications: 🏢Increased property value 💰Lower Operating and Maintenance Costs 🍃Supports Sustainable Development Goals Read why commercial real estate owners should consider green building certifications in this article from BOMA Canada - https://ow.ly/uzxB50U3PHm

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