Amazon will be building a new state-of-the-art facility in Edmonton that will feature advanced robotic sorting equipment. The 2.9 million square foot facility will be in Highlands Business Park, one of the fastest-growing industrial areas in Alberta. The building has a footprint of over 600,000 square feet but will comprise five levels giving it an effective storage area of about 2.9 million square...
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Calgary may see more than a million square feet of office space fallout due to M & A activity
Calgary-based Cenovus Energy Inc. will buy Husky Energy Inc. in an all-stock transaction valued at $23.6 billion. Oil and gas mergers typically add sublease space to the market, and Cenovus confirmed that because of the “inevitable overlaps and redundancies in mergers of this type …they have identified $600 million in operating and corporate cost reductions, with a...
BY ISABELLE KIRKWOOD Canadian Startup News A new angel organization has formed with an aim to expand access to capital for early-stage tech entrepreneurs in Western Canada. This week, Calgary-based Allied Venture Partners announced the official launch of its angel investment group. Allied Venture Partners will make seed-stage investments across North America, with a focus on Western...
By Garry Marr CoStar News The Canada Emergency Commercial Rental Assistance program used less than half the money the government set aside to help commercial tenants with rent, according to an independent arm of Parliament. The Parliamentary Budget Officer said CECRA would end up costing the federal government about $937 million, far less than the original $2 billion budgeted, a reality that...
Calgary – Strategic group is ordered to put properties with $650 million in mortgages into receivership. Strategic Group CEO Riaz Mamdani who spoke at an opening ceremony for cube, which is a former office building – which Riaz company has converted into residential use. Strategic Group was hoping to put more than 50 properties under creditor protection has been rejected, therefore it will be placed...
Lowe’s Home Improvement, is closing nearly three dozen outlets across Canada, including two in Calgary, due to underperformance. Lowe’s in Shawnessy, which employs 118 people, and the Rona in Midnapore, which employs 35, are scheduled to shut their doors Jan 31,2020. Underperforming stores are necessary steps in their plan to ensure the long-term stability and growth of Canadian...
Canada’s energy industry has seen a downturn on financial blows, caused by lack of pipeline availability that’s has choked off growth prospects. Which led foreign companies ditch more than $30 billion of assets in the past three years. This week, TD Securities Inc. maintained an overweight stance on the Canadian energy sector while downgrading U.S. exploration and production...
Sharing an open office space whether it’s with your co-workers or other companies in your shared office space, it poses a potential threat. Why does this pose a legal risk? Sharing office space can let other employees oversee what you’re doing, as well as sneaking a peek at your personal information and confidential information. Therefore, keep your personal/confidential information where no one can...
The city of Calgary – based real estate developers has obtained court-ordered creditor protection for mot than 50 commercial properties as it looks to restructure, citing the poor state of Alberta’s economy. Strategic Group CEO Riaz Mamdani said the company’s revenues have dropped significantly over the past five years and continue to fall as the office vacancy rate in its portfolio has gradually...