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Foster’s Apple Headquarters Exceeds Budget by $2 Billion © Foster + Partners, ARUP, Kier + Wright, Apple The estimated cost of Apple’s Cupertino City headquarters has escalated from an already hefty price of $3 billion to $5 billion (more than $1,500 per square foot), reportedly pushing back the original completion date to 2016. According to Bloomberg, Apple is working with lead architect Foster & Partners to shave $1 billion from the “ballooning budget”. Most of the cost is seemly due to Steve Job’s “sky-high requirements for fit and finish”, as the tech legend called for the 2.8 million square foot, circular monolith to be clad 40-foot panes of German concave glass, along with its four-story office spaces be lined with museum-quality terrazzo floors and capped with polished concrete ceilings. Although lambasted for his ambitious plans and “doughnut-shaped” design, Steve Jobs wanted to create a masterpiece that looked as good as it functioned, just like his products. During a 2011 presentation to the Cupertino City Council, Jobs stated, “This is not the cheapest way to build something… there is not a straight piece of glass in this building.” He continued, “We have a shot… at building the best office building in the world. I really do think that architecture students will come here to see it.” © Foster + Partners, ARUP, Kier + Wright, Apple The spaceship-like headquarters, as Jobs would describe, is intended to accommodate more than 12,000 employees. It will be one of six visible structures planned for the 176 acre parcel - including the headquarters, a lobby to a 1000-seat underground auditorium, a four-story parking garage near Interstate 280, a corporate fitness center, a research facility and central plant - all of which will be accessed by a network of underground roads and parking lots, hidden by 6,000 trees. In addition, Jobs envisioned the campus to achieve “net-zero energy” by offsetting energy use with 700,000 square feet of rooftop solar panels (enough to generate 8 megawatts of power), along with additional contracts for solar and wind power, climate responsive window dressings, and more (additional project information, including plans and images, can be found here). © Foster + Partners, ARUP, Kier + Wright, Apple Despite the cost, Bloomberg states, “There’s no indication that Apple is getting cold feet.” Site excavation is planned to commence in June. In related news, Facebook’s quarter-mile-long West Campus by Frank Gehry was just awarded approval from city council. All the details here. Reference: Bloomberg

By Sarah Mulholland April 23 (Bloomberg) -- Loan extensions will likely be insufficient to prevent a wave of commercial real-estate defaults as borrowers struggle to refinance debt amid tighter lending standards and plummeting property values, according to Deutsche Bank AG analysts. As much as $1 trillion in commercial mortgages maturing during the next decade will be unable to secure financing without significant cash injections from property owners, according to the Deutsche analysts. At least two-thirds, or $410 billion, of commercial mortgages bundled and sold as bonds coming due between 2009 and 2018 will need additional cash infusions to refinance, the analysts led by Richard Parkus in New York said in a report yesterday. Many commercial real-estate borrowers will be unwilling or unable to put additional equity into the properties, and will have to negotiate to extend the loan or walk away from the property, the analysts said. The volume of potentially troubled loans and declining real-estate values will make loan extensions harder to obtain. “The scale of this issue is virtually unprecedented in commercial real estate, and its impact is likely to dominate the industry for the better part of a decade,” the analysts said. Many dismiss the seriousness of the problem by assuming lenders will agree to extend maturities, according to the report. That approach might work if the amount of loans that failed to refinance was relatively small, but the percentage is likely to be 60 to 70 percent, the analysts said. The overhang of distressed real estate will hinder price appreciation, making lenders less likely to extend mortgages with the expectation that the value of the property will rise enough to qualify for refinancing, the analysts said. Loans made in 2007 when prices peaked and underwriting standards bottomed will face the biggest hurdles to refinancing. Roughly 80 percent of commercial mortgages packaged into bonds in 2007 wouldn’t qualify for refinancing, according to Deutsche data.

(Courtesy of The Globe and Mail)

Quelques 'snippets' du dernier 'Canadian Real Estate' (Mar/Apr 2008) "When we first opened for sales in 2004, the general consensus was that we were crazy to be asking for $1,000 a square foot. Yet, we were very successful. We proved that the Toronto market was viable and other great brands have followed our success. We've now sold over $300 million worth of real estate and are averaging over $1,500 a square foot - a relative bargain compared to New York prices." "Toronto is a world-class city and it's only going up. It's getting better all the time. With Vancouver, Toronto and to a lesser degree, Montréal, the world is beginning to take notice of the value of Canadian real estate." "Several years ago we identified Canada as being a very viable and lucrative marketplace and one that we wanted a piece of." "According to sales figures for Trump Toronto, 35% of buyers are from Canada, 30% are from the UK and 20% are from the US." "We're not actively planning any additional Canadian projects right now. The Toronto property has been our main focus in Canada to date. Its success will hopefully drive interest in markets like Montreal or Vancouver. Right now, we're focused on Toronto, but certainly look forward to future projects throughout the country." P.S. Trump ne fait que preter son nom au Trump Toronto (pour $1mil et un pourcentage des ventes).

According to Qatar airlines today, they plan on adding additional routes to Montreal next summer. They will be using the 777-300ER with 358 seats. Currently they have 3 flights a week. Does anyone know how many additional flights they will add?

Montreal Forum adds a touch of Dawson College class Brenda Branswell Montreal Gazette August 9, 2010 MONTREAL - Some Dawson College students will have classes this year in a place they probably never expected to study - the old Montreal Forum. The downtown college is renting additional space in the Pepsi Forum because of an influx of 300 additional students. Dawson is creating nine classrooms in the building, including two computer labs for students who are studying social sciences, said Donna Varrica, a college spokesperson. Dawson is one of several colleges that is accepting more students for the coming school year. The decision to take in extra students came in June when the Quebec government announced it would inject more than $1 million to deal with the space problem at Montreal Island's crowded CEGEPs. Varrica said the top priority for Dawson was to find extra space that wasn't far from the college. Read more: http://www.montrealgazette.com/technology/Forum+adds+touch+Dawson+class/3378079/story.html#ixzz0w9Kr4HzN

Researchers at the Eindhoven University of Technology (EUT) may be on the brink of discovering a breakthrough that will lead to reduced pollution and cleaner air for all. According to the EUT, a roadway made of concrete blended with titanium dioxide can effectively remove up to 45 percent of the nitrogen oxides that it comes in contact with. The titanium dioxide, a photocatalytic material, captures airborne nitrogen oxides and, with the aid of the sun, converts it to nitrates that are harmlessly washed away by the rain. The EUT conducted real-world studies on a 1,000-square-meter section of repaved road in the Netherlands. Such testing showed that the laced pavement could reduce nitrogen oxides by 25 to 45 percent more than traditional concrete. As Jos Brouwers, professor of building materials at the EUT remarked, "The air-purifying properties of the new paving stones had already been shown in the laboratory, but these results now show that they also work outdoors." Additional testing is still underway and although the pavement laced with titanium dioxide does cost some 50 percent more than regular cement, overall road-building costs only increase by a marginal 10 percent. Costs aside, the advantages of the titanium dioxide are readily apparent, but the implementation of such a product requires repaving our roadways – a time intensive and costly endeavor. [source: Eindhoven University of Technology] http://w3.tue.nl/en/news/news_article/?tx_ttnews[tt_news]=9833&tx_ttnews[backPid]=361&cHash=d58ad9cc61

not good gents.. Fitch Affirms Province of Quebec at 'AA-'; Outlook Revised to Negative Thu Dec 12, 2013 5:36pm EST * Reuters is not responsible for the content in this press release. 0 COMMENTS Fitch Affirms Province of Quebec at 'AA-'; Outlook Revised to Negative Fitch Ratings affirms the 'AA-' long-term ratings on senior unsecured obligations of the Province of Quebec, Canada, as detailed at the end of this release. In addition, Fitch affirms the outstanding 'F1+' short-term ratings on the Province of Quebec. The Rating Outlook is revised to Negative from Stable. SECURITY Senior unsecured obligations are direct and unconditional obligations of the Province to which the Province's full faith and credit is pledged. Commercial paper notes are promissory notes ranking equally with Quebec's other unsubordinated and unsecured indebtedness. For Financement-Quebec, payment of debt service is unconditionally guaranteed by the Province from the consolidated revenue fund. KEY RATING DRIVERS NEGATIVE OUTLOOK BASED ON DELAYED FISCAL BALANCE: The revision of the Outlook on the Province's long-term rating, to Negative from Stable, reflects the delay in achieving budgetary balance, to fiscal 2016 from fiscal 2014. The delay is based on slower economic and revenue performance since the fiscal 2014 budget was tabled and the consequent reduction in forecast economic and revenue growth thereafter. HIGH DEBT: Debt is high relative to resources and has grown as the Province works toward budgetary balance. Debt management is strong and centralized, and the Province maintains ample access to liquidity for both operations and debt service requirements, supporting the 'F1+' short-term rating. FISCAL FLEXIBILITY: Fiscal flexibility has been provided by a willingness to date to adjust tax policy and by progress in constraining spending growth; budgeted contingency funds provide additional cushion. Longer term spending control remains the most persistent risk to fiscal balance, particularly given lower spending growth targets in the revised fiscal consolidation framework. DIVERSE ECONOMY: The economy is large and diverse, and historically slower growing and less wealthy than the Canadian average. Modestly paced growth continues. Vulnerabilities include global trade links, particularly with the U.S. market, and a significant manufacturing sector. SOVEREIGNTY MOVEMENT REMAINS: The sovereignty movement has been a source of uncertainty in the past although it is not a current issue. FINANCEMENT-QUEBEC'S RATING LINKED TO PROVINCE: The rating for Financement-Quebec reflects the credit strength of the Province given the Province's unconditional guarantee. RATING SENSITIVITIES INABILITY TO ACHIEVE ECONOMIC AND FISCAL TARGETS: Additional near-term economic and revenue deterioration, or an inability to attain revised fiscal targets under current forecast trends would result in a rating downgrade. CREDIT PROFILE The revision of the Outlook on Quebec's long-term 'AA-' rating, to Negative from Stable, is based on weaker-than-planned economic and revenue performance since the fiscal 2014 budget was tabled, reducing the province's near-term revenue forecast and resulting in a two-year delay, to fiscal 2016, in achieving fiscal consolidation. Although the revised fiscal framework includes additional corrective actions to return to balance and offset the additional deficit borrowing now expected in fiscal years 2014 and 2015, a higher accumulated debt burden further reverses the progress on debt reduction made by the Province during the decade prior to the last recession. Despite the slow, uneven economic recovery now underway, Quebec's credit quality continues to be supported by careful fiscal and debt management, ample access to debt markets for liquidity needs, and past success of achieving progress in debt reduction and spending control. The Province has drawn on its considerable budgetary flexibility to date as it carries out its fiscal consolidation framework, including raising a variety of taxes and curbing spending growth. The latter is a particularly notable achievement, and Fitch believes the Province has additional flexibility to reduce spending. DEBT BURDEN WILL REMAIN HIGH The Province's high debt remains its most significant long-term credit challenge, in Fitch's view. Outstanding gross debt, including debt of consolidated entities and pension liabilities, was C$191.8 billion in fiscal 2013, equal to 53.6% of GDP. Debt service, at C$7.8 billion in fiscal 2013, consumed 11.5% of fiscal 2013 budgetary revenues, a high but manageable level. Much of the current debt burden stems from accumulated deficits built over prior decades and in the years since the 2008-2009 recession, amounting to C$118.1 billion in fiscal 2013 or 33% of GDP. Total public sector debt, at C$256.4 billion, equals 71.7% of GDP. Under the revised forecast through fiscal 2018, projected gross debt gradually flattens out, albeit at higher levels than envisioned in the government's previous plan. The government forecasts that gross debt will begin to decline as a percent of GDP in fiscal 2015, and its statutory debt burden target includes achieving a gross debt to GDP ratio of 45% and accumulated deficit to GDP of 17%, in fiscal 2026. Debt figures are net of the Generations Fund balance, a reserve for debt reduction, funded at about C$5.2 billion in fiscal 2013. Despite its high debt metrics, the Province has demonstrated broad market access for borrowing and is a sophisticated debt manager. ECONOMIC GROWTH CONTINUES AT SLOWER PACE As of its November 2013 forecast, Quebec's economic performance in 2013 is estimated to have slowed considerably compared to forecast expectations in March 2013 when the government last updated its economic outlook. After rising 1.5% in 2012, real GDP in 2013 is now estimated to rise only 0.9%. Real GDP growth in 2013 was expected to be 1.3% as of the government's March 2013 forecast, and 1.5% in November 2012, when the fiscal 2014 budget was tabled. The disappointing performance is attributed to numerous factors, including continuing weak global economic trends, more modest domestic consumption and much lower inflation. Economic gains are continuing, even if at a slower pace than expected. November 2013 employment rose 0.4% year over year, compared to 1% for Canada; unemployment, at 7.2% in November 2013, was ahead of the 6.9% Canadian level. The revised forecast assumes modest labor market gains through 2013, with the unemployment rate at 7.7% for the year. Forecast expectations for 2014 appear reasonable, in Fitch's view, with higher economic growth rates, albeit off the lower 2013 base. The update assumes real GDP growth accelerating to 1.8% in 2014, unchanged from the March 2013 forecast. Growth going forward is driven in part by the accelerating, but still slow, U.S. recovery, among other factors. The strength of the economic recovery in the U.S., Quebec's main international trading partner, remains a key uncertainty to achieving forecast expectations. The next forecast update will be released in spring 2014, when the fiscal 2015 budget is tabled. DELAYED FISCAL CONSOLIDATION Quebec, as with many Canadian provinces, has been on a multi-year path to restore budgetary balance since the recession of 2008-2009. In its fiscal 2010 budget, the province announced a framework for returning to budgetary balance by fiscal 2014, with gradually diminishing annual deficits. Disappointing 2013 economic performance and its effect on recent actual revenue collections and forecast growth is now prompting a delay, to fiscal 2016, in achieving balance and requiring additional actions to consolidate the budget. To date, the province has relied on considerable fiscal flexibility to diminish projected operating deficits, although in Fitch's view much less flexibility now remains given the extent of actions taken to date. The Province estimates tax rate changes since the framework began will generate a cumulative $6.3 billion in revenues as of fiscal 2014; recent phased-in changes, notably in consumption taxes, are believed to have affected consumer demand, and the government's newly-revised consolidation plan avoids additional tax rate adjustments. Quebec has had notable success in reducing spending growth. The government's revised fiscal framework relies on additional spending controls both to offset lower revenues and absorb certain spending increases (including a recently-announced stimulus program and for retiree obligations). Program spending growth has fallen from an average of 5.6% annually during the fiscal 2007-2010 period, to 1.2% in fiscal 2013; lower than planned spending helped to absorb some of the unexpected revenue weakness experienced during fiscal 2013. The government's revised framework maintains fiscal 2014 spending at the budgeted level, while reducing projected annual growth in fiscal 2015 and beyond to 2%. Fiscal 2014 is now forecast to end with a deficit of $2.5 billion, essentially matching the November 2013 downward revision in own source revenues; fiscal 2014 own source revenue growth is now expected at 2.6%, down from 5.2% in the March 2013 plan. The revenue outlook in fiscal 2015 and beyond also has been lowered accordingly, although newly-announced budget measures reduce the projected fiscal 2015 deficit to $1.75 billion. To offset the higher near term deficits and resulting higher borrowing, the revised framework increases planned deposits to the Generations Fund beginning in fiscal 2017. AFFIRMED RATINGS Fitch's affirmation of the long-term 'AA-' rating and revision to Rating Outlook Negative applies to the following senior unsecured bonds of the Province of Quebec and Financement-Quebec, as follows: Province of Quebec: --Senior unsecured debt; --Local currency long-term rating; --Long-term issuer rating. Financement-Quebec: --Senior unsecured debt; --Local currency long-term rating; --Long-term issuer rating. In addition, Fitch affirms the short-term 'F1+' ratings on the Province of Quebec and Financement-Quebec, as follows: --Province of Quebec short-term issuer rating; --Province of Quebec short-term commercial paper; --Financement-Quebec short-term issuer rating. In accordance with Fitch's policies the issuer appealed and provided additional information to Fitch that resulted in a rating action that is different than the original rating committee outcome. Additional information is available at 'www.fitchratings.com'. Applicable Criteria and Related Research: --'Tax-Supported Rating Criteria', Aug. 14, 2012; --'International Local and Regional Governments Rating Criteria, Outside the United States', April 9, 2013. Applicable Criteria and Related Research: International Local and Regional Governments Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=704438 T

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