Commercial Real Estate Roundup- #8

Spring has finally arrived!  I know everyone has been waiting to hear those words for a very long time!

Some interesting happenings in the commercial real estate world this week.  Here are a few in case you missed these headlines.

Toys R Us will close its flagship New York City store in 2016.  Many of us have wonderful memories of taking our kids through this gigantic toy store (think back to FAO Schwartz days).   The rental rates in Times Square have risen to such a high level that it is difficult for any one tenant to lease 110,000 square feet at these rates.
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American Express Canada has relocated its office headquarters from Markham to its new Silicon Valley styled offices in Toronto.  There is lots of open space and employee amenities to create a very positive work culture.  Amex made a conscious decision to focus on employee satisfaction to attract and retain the best and smartest employees.
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You have  surely heard about heating a driveway to alleviate the need to shovel snow in the winter.  What would you say if someone told you that one real estate executive in Montreal is pushing for St.- Catherine Street to heat its street and sidewalks to, in his words, make it “snow-free, salt-free, slush-free and ice-free Ste.-Catherine that encourages people to visit it in winter, to walk on it, to shop on it and its side streets, and come in from the suburbs in winter, and yes, attract tourists in winter.”
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Enjoy the first weekend of spring!