Concert More Selective
As is often the case when you live in BC, the rain was coming down when we caught up with Concert Properties presidentBrian McCauley for a chat about the state of the rental building market in the GTA. Its pouring a little on the market here, as well, according to Brian. Concert has two projects set for release in July and August--the 463-unit Motion property (photo) at Bay and Dundas, and the 177-unit One32 Berkeley building. Concert has been developing rental buildings in Toronto for 12 years. We are seeing things that are making it more difficult to make rental residential make sense, he says. Land prices and construction and utility costs have gone up. But rental rates, he notes, while remaining strong, have not increased significantly.
When considering new projects to build or expand shopping centres, is cross-border shopping still an issue with you, or is it an easier sell now to get Canadians to shop at home more? Tell mark.keast@bisnow.com
