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We're pretty sure Joan Rivers won't show up, but it is awards time in the industry, kicking off with the NAIOP/BIV Commercial Real Estate Awards of Excellence tonight at the Fairmont Waterfront. (On the red carpet, be sure to show your building's skin.)  We've covered a number of the nominees over the past few weeks, but we give last word to Fairchild Group CEO Thomas Fung, whose company's Aberdeen Square project is nominated in the Office Development category. The project is the first fully-enclosed strata retail and office development to get built in Richmond in over a decade—in fact it's the largest Asian-themed enclosed shopping mall outside of Asia.  It's become a "market testing ground" for lots of Asian retailers new to North America, Thomas tells us. Aberdeen Square has three levels of retail and three levels of office space—two accessed via the Canada Line platform. “The rapid transit station makes it unique and convenient to workers and customers, coupled with the strata office units above the retail mall,” he says. The other nominated office projects are Wesgroup's Brewery District (Building One) and The Prescott. Things kick off tonight at 6pm. (Which means call your bookie to pick a winner by 5:30.) |
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JLL Makes A Roster Move JLL has named Mark Chambers as EVP, hiring him from Cushman & Wakefield to serve the growing office tower market segment. Mark has 21 years in the biz, and has facilitated more than 10M SF of leasing and nearly $500M in sales over his career. Mark tells us the move came down to a chance to grow the brand and "utilize the unmatched platform offered by JLL."  His new role will involve more input and involvement in the direction and growth of the Vancouver office. On the office leasing front, Mark points to the tech sector as the leading growth area, although other user groups like law firms are seeing the new build cycle as an opportunity to re-brand and attract young talent. (Speaking of Joan Rivers in our first story, sometimes a little cosmetic surgery is the best option.) Pictured: Pacific Centre, which law firm Miller Thomson will be calling home. |
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FCT: The Truth About Commercial Title InsuranceFCT business development director Kenneth Chin tells us commercial title insurance covers much more than the name suggests. Besides title issues, commercial policies provide protection for a variety of issues. Coverage falls into three main categories: title issues (encumbrances and liens on title, or if someone else claims interest in the property), off-title issues (lack of legal access, non-compliance with zoning regulations, lack of building permits), and transactional issues (title fraud, lack of corporate authority, survey issues). More lawyers and lenders in BC are taking advantage of the efficiencies and protection the policy coverage affords. Kenneth says that given these great benefits, leveraging title insurance is something that lawyers should consider for every deal. For more info, click here. |
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Is Walmart Different Than Target? |
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 The other day, Walmart Canada confirmed 750 layoffs nationwide, reworking its management structure, while 1,300 associates were promoted to more senior roles. Still, the word "layoff" brings up comparisons to Target's troubles in Canada. “Target failed in almost every area,” DIG360 Consulting retail analyst Raymond Shoolman tells us, opening too many stores at once without securing an effective and efficient supply line to deliver merchandise on time. |
 However, the Walmart story has been much different. “The consumer waited for them and they pretty much delivered,” Raymond says, and even though it's hurting as well, it has ambitious plans. The retail giant entered the country 20 years ago with the acquisition of 122 Woolco stores. The image is the Supercentre store on Grandview Highway. |
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