Originally published in the June 2012 issue of the Nova Scotia Business Journal - "Commercial Real Estate" special advertising feature
Optimism reigns for real estate leaders: Canada's commercial real estate leaders remain positive about the health of the sector, but see growth tapering off as the year progresses. These are the findings from the recently released Second Quarter 2012 Canadian Real Estate Sentiment Survey produced by the Real Property Association of Canada and FPL Advisory Group. The Q2 2012 survey shows the Overall Real Estate Sentiment Index achieved a ranking of 63, up slightly from 61 in Q1, but down from 71 a year ago. While respondents have seen steady improvements in market conditions, many expect growth to stabilize or slow in the coming year. Scores above 50 reflect positive trends. The second quarter marked the eleventh straight quarter in which the overall ranking has been above 50, reflecting the consistently optimistic outlook of respondents. The Current Index came in at 66, up from 64 in the first quarter, reflecting more robust economic growth in the first half of 2012. The Future Index also edged up to 61 from 58.
Waterside Centre welcomes first tenant: On May 15, RBC was announced as the first tenant in The Armour Group’s new class A, LEED Gold targeted office tower at 1871 Hollis Street in Halifax. To be officially named “RBC Waterside Centre”, the almost 100,000 square foot, nine-storey building will be the new home for RBC businesses and operations currently located at 5161 George Street, including its Atlantic Provinces headquarters and its flagship downtown location. The RBC Waterside Centre retail store will be built to the bank’s new retail design standards and will feature interactive advice areas, touch screen technology and an open “shopping” area for clients. RBC businesses, including its retail store branch and office space, will occupy just under half of RBC Waterside Centre. Construction on the centre has begun and is scheduled for completion in late 2013.
Vision unveiled for Dartmouth Cove: Projects such as the King's Wharf development are helping revitalize the Dartmouth waterfront. A sparkling vision of what Dartmouth Cove — King’s Wharf’s neighbour — could look like was unveiled at a packed house on May 17. Harold Madi, a consultant with The Planning Partnership, walked about 100 residents through the Dartmouth Cove comprehensive plan. It encompasses the area bordered by Alderney Drive, Portland Street, Maitland Street down to the harbour. The big ideas feature step-down residential, office and retail buildings, a tram or trolly, a continuous boardwalk, a harbourfront promenade, and more. The Dartmouth Cove plan is still being tweaked according to public input and a polished version will be presented to the Harbour East Community Council this month. — With files from Jennifer Taplin, Metro Halifax
* Read more Commercial Real Estate stories at: http://www.ns.dailybusinessbuzz.ca/Industry-Spotlight/Commercial-Real-Estate-23761