Archive for September, 2007

Core office space is at record premium

Wednesday, September 19th, 2007

At 3%, downtown Vancouver has tighter market than booming Calgary

Derrick Penner
Sun

Vancouver‘s downtown office vacancy rate shrunk to a new low of three per cent, inching past Calgary as the tightest central office market in the country, according to commercial realtor CB Richard Ellis.

Only 645,008 square feet of Vancouver‘s 21.6 million square feet of offices downtown sit vacant, according to CB Richard Ellis’ third-quarter report.

CB Richard Ellis analyst Chris Clibbon added that downtown’s vacancy “is probably one of the lowest in North America,” when it comes to downtown office availability.

Clibbon added that the opening of the 11-storey, 238,000-square-foot expansion of the Bentall Five building on Burrard Street will create some flex in the market.

“There are tenants giving back some large chunks of space,” he said.

“Some will be moving into Bentall Five . . . and there will be some tenant shifts creating some options here and there, but nothing substantial.”

Jeffrey Rank, managing director of commercial realtor Cushman & Wakefield LePage, said the subleasing market has provided some relief for the downtown market, providing room for tenants as companies change locations.

Catalyst Paper Corp.’s planned move from the PricewaterhouseCoopers building at 250 Howe St. to a suburban headquarters that will empty three floors in the downtown building is one example of office space opening up.

However, that space in the PricewaterhouseCoopers building was almost immediately leased by existing tenants in the building.

“In some markets, one of which I think we’re in right now, looking at purely the percentage numbers doesn’t always tell you the whole story,” Rank said.

“Still, we’re in a tight market. There’s no question [about that].”

Cushman & Wakefield’s assessment of downtown’s vacancy is slightly higher than its competitor at 3.9 per cent.

Clibbon said Catalyst’s decision to move out of downtown is indicative of another trend market analysts expect to see as vacancy remains tight.

Suburban office vacancy, according to CB Richard Ellis, was 10.9 per cent across all markets, although the total office space in the remainder of Metro Vancouver is only 17.3 million square feet. By community, vacancy ranged from 8.1 per cent in Burnaby to 22.4 per cent in Surrey.

Meanwhile, half of all new office buildings — some five-million square feet — being built in Canada are going up in Calgary, which will dramatically change its vacancy picture. That city’s vacancy rate crept up to 3.1 per cent in the third quarter compared with 2.8 per cent in the second quarter.

Nationally, the vacancy rate for Class A space in the third quarter dipped to an “extremely low” 4.7 per cent, with rents climbing to an average $21.99 per square foot compared with $20.84 a quarter ago, according to CB Richard Ellis.

Montreal was the only market with falling prices. Asking rents dropped to $18.09 per square foot per year from $18.83.

“Even with the addition of a sizable amount of new Class A office space, the Calgary market will still be relatively tight market for some tenants because much of the new space coming to the market has already been leased,” said CB Richard Ellis president Blake Hutcheson.

 © The Vancouver Sun 2007

Office vacancy rate tightest here

Wednesday, September 19th, 2007

Ashley Ford
Province

Vancouver’s downtown office-vacancy rate surpassed Calgary’s to become the lowest in Canada during the third quarter. – BLOOMBERG

House buying is rampant, office space is super tight, and the provincial economy seems impervious to the “shakes” going through other economies.

The British Columbia Real Estate Association reported yesterday that residential sales volume on Multiple Listing Service across the province climbed 25.9 per cent to $4.33 billion in August, compared to the same month last year.

Further evidence of an irresistible economy comes from the latest office numbers from CB Richard Ellis showing Vancouver “enjoyed” the tightest downtown office-space vacancies in Canada in the third quarter.

The level dipped to a new record low of three per cent, surpassing Calgary as the tightest downtown office market. And it could get tighter, as Vancouver only accounts for six per cent of all new office construction across Canada, compared to Calgary that accounts for over half, at 51 per cent.

Vacancy ranges from a low of 2.6 per cent along the Broadway corridor to a high of 22.4 per cent in Surrey.

At a combined 10.9 per cent vacancy, Vancouver‘s suburban markets offer the bulk of available space across the Lower Mainland. The average national vacancy rate for downtown markets is 5.7 per cent, historically low for the country.

On the housing front, buying and construction thunders on.

Residential unit sales increased 12.6 per cent to 9,833 units in August over a year ago with the average MLS residential price hitting $439,931, up 11.8 per cent.

There were no summertime blues this year as home sales climbed 14 per cent from June through August, compared to the same period last year. Year to date, B.C. home sales are up 4.7 per cent to 74,939 units.

“Despite eroding affordability, home sales are on a near record pace,” said BCREA chief economist Cameron Muir.

“Preferred retirement locations, such as Vancouver Island, the Okanagan and Kootenays, have experienced the largest increases in home sales this year.”

There is some meagre comfort for buyers in the numbers, but not much. Muir noted that, while home sales are up, the average home price across the province is climbing at a year-over-year rate of 12 per cent, down from a high of 21 per cent in June 2006.

“Barring any unforeseen shock in the market, such as rapidly rising interest rates or a meltdown of B.C.’s economy, less upward pressure on home prices is expected over the next 24 months,” he said.

And, for a welcome change, Vancouver is no longer the price-increase setter. In the Kootenay region the average cost of a home has risen by 30.6 per cent in a year to $298,420.

In Kamloops prices have soared by 26.8 per cent to $286,253 over the same period, while the South Okanagan rose 21.7 per cent to $346,596. By comparison, Greater Vancouver prices rose a more modest 12.8 per cent to $587,483.

© The Vancouver Province 2007

 

Vancouver’s Ritz-Carlton – The peak of luxury living

Monday, September 17th, 2007

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Mount Pleasant’s Jacobsen embraces West Coast Living

Monday, September 17th, 2007

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Community garden, car-sharing offered to Foundry residents

Monday, September 17th, 2007

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Overview of the Real Estate scene

Monday, September 17th, 2007

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The Challenge of designing for the Olympics

Monday, September 17th, 2007

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State of the industry

Monday, September 17th, 2007

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Criminals target trusted websites

Monday, September 17th, 2007

Canada ranks second worldwide as top source of malicious Internet activity

Gillian Shaw
Sun

Trusted websites have become the patient zero for some viral epidemics in the virtual world with sophisticated cyber-criminals using them to lure unsuspecting computer users into spreading their malicious code.

And Canada is a key global player in the dark side of the Internet, now ranking second worldwide after Israel as the top source of malicious Internet activity.

These are among the findings of Symantec’s Internet Security Threat Report Trends for the first six months of this year, released today.

“The Web is becoming patient zero for infections and we are now faced with situations where even the guys you would normally trust have an issue,” said Dean Turner, director of Symantec’s global intelligence networks. “The Web has really become the focal point.

“Instead of the bad guys going to you, you are going to them.”

The threat comes from the increasing number of trusted websites being hacked by the professional criminals who have sophisticated commercial tools that allow them to operate vast networks of infected computers.

Even government websites are not immune from the hackers.

“What we found was that governments are the targets and the victims of the same thing as enterprises are when it comes to hosting phishing sites,” said Turner.

Phishing is a technique used by cyber-criminals to acquire sensitive personal data such as credit- card and banking information.

Turner said 23 per cent of all government websites hosting phishing sites were on government domains in Thailand. And the study found that four per cent of all malicious activity detected during the first six month of 2007 originated from Internet Protocol space registered with Fortune 100 companies.

“Fortune 100 companies control seven per cent of all IP space worldwide, so it is pretty significant when we see that activity coming from the Fortune 100 – that’s a lot of IP space.”

Turner said that figure is likely explained by criminals capitalizing on the unused IP space of the companies.

“The bad guys know,” he said. “If they are looking for activity on this IP space and they are not seeing any, they know it is fertile ground.”

Turner said Canadians spend the most time online of any computer users in the world, a trend he said could explain this country’s high ranking in malicious Internet activity.

Among other findings of the report:

Bot networks, networks of infected computers that are controlled by criminals, have a lifespan of 19 days in Canada, the longest lifespan of bot networks anywhere in the world.

– The U.S. was the target of the most denial of service (DOS) attacks, accounting for 61 per cent of all such attacks worldwide in the first half of this year.

– The U.S. also was the top country of origin for attack, accounting for 25 per cent of all global attacks.

– The education sector topped all sectors for data breaches that could lead to identity theft, accounting for 30 per cent of all such data breaches over the first six months of 2007.

– The theft or loss of computer or other data-storage medium made up 46 percent of all data breaches that could lead to identity theft in the first half of this year.

– Credit cards, at 22 per cent of all items, were the most common commodity listed in the underground economy and 85 per cent of the cards being sold were issued by banks in the U.S.

© The Vancouver Sun 2007

 

Microsoft rivals finally come up with the goods

Sunday, September 16th, 2007

ROB PEGORARO
Province

WASHINGTON POST

Microsoft Office is as much a part of the workplace as drawn-out meetings and bad coffee. But Microsoft’s combination of Word, Excel and PowerPoint is not the only way to write, crunch numbers or prepare slideshows. And for home users, it isn’t even the best way any more.

The newest non-Microsoft options look better in part because they no longer try to mimic the bloated, pricey Office, which costs $150 US for homes, $400 US and up for businesses.

For years, Office rivals tried to match Office feature for feature in the hope that nobody would find anything missing. Corel’s WordPerfect Office and the free OpenOffice.org accurately emulate the Office experience, but they haven’t made things much easier.

A few new competitors are taking a different approach, providing only the features most users are likely to use. They can’t replace Office in every office but can stand in for it in many homes.

Two of these Office alternatives are free websites that you can use in any new browser: Google Documents and Zoho Office.

The other, Apple’s $79, Mac-only iWork ’08, is a traditional program that incorporates some refreshing changes to the standard productivity bundle.

Google and Zoho’s chief advantage is not making you install anything to get started: Visit docs.google.com or zoho.com, log into your account and you’ll see a page that works shockingly like a traditional program. You can select commands off menus and drag and drop text and numbers, without any wait for parts of the page to reload or redraw.

Google provides only a word processor and a spreadsheet, though it is working on a presentation program, while Zoho offers all three types of applications. These programs leave out some features needed by more advanced users of Word, Excel or PowerPoint, such as footnotes. Forget writing an academic paper with them, but you’d be fine jotting down a letter or calculating the costs of a new loan.

On the other hand, Google and Zoho provide a feature that Microsoft Office users can only get if they work in an office running Microsoft’s server software — they let you invite other people to comment on and edit your documents from within their own web browsers.

Both these programs can save your work as Microsoft Office-compatible files, but you may never need to bother with that, when sharing it on the Web is so simple.

Google and Zoho need a broadband connection to work well, but Zoho can also function without any Internet connection if you first install extra software called Google Gears. This offline mode only lets you read your Zoho word-processing documents. This Pleasanton, Calif., company says it will soon let users edit work offline as well, making this Web application usable on a plane and other places beyond Internet reach.

Compared with the wizardry of Google and Zoho, Apple’s iWork ’08 can seem much less interesting. But the Pages word processor, Numbers spreadsheet and Keynote presentation programs in this bundle bring notable improvements.

iWorks outdoes Microsoft Office most notably by helping you make more use of the information already on your computer. Apple has also made these features easier to discover than the tools in Microsoft Office, thanks to a set of prefab templates ready to be filled with your data.

iWork’s Numbers program is the most fascinating part of this bundle. There hasn’t been a new spreadsheet program in years, much less one that could be described as “fascinating.” Numbers ditches the traditional, intimidating graph-paper look and instead invites you to mix multiple tables, slick 3-D charts and graphics on a single page.