Manulife Place Renovations | 145.99m | 36s | AIMCo | MdeAS

What do you think of this project?

  • Total voters
    27
Abba said:
I have also heard this... Manulife is a ghost town. Yes, almost all of the retail is gone, but several companies are also vacating the offices above, too.
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I go through the second level regularly, yes ghost town is a good description. Having said that, there really isn't much left on the retail side, so I believe odds are someone will take some of the vacant space rather than more tenants leaving.

I think the owners and management of Manulife have mismanaged the situation over the last few years and that hasn't helped either. I believe they don't fully get they are not the premium space they once were. For instance, they should have used the downtime of the last few years to redo the podium. They had a good design and it seemed ready to go, but then got put on hold - bad decision! It is more difficult to entice someone new into a tired thirty year old space.

As for the office tower, I expect with COVID receding and people going back to the office that will stabilize and improve, but it could be a slow process.
 
Major investments help to keep properties up to date. I agree Manulife has languished and is no longer as premium as it once was. Landlords have to up their game to be competitive, renovate, reposition and refresh. You need to pay as much attention to your assets in Edmonton as you do in Toronto or elsewhere and be creative to see results.
 
David A said:
I go through the second level regularly, yes ghost town is a good description. Having said that, there really isn't much left on the retail side, so I believe odds are someone will take some of the vacant space rather than more tenants leaving.

I think the owners and management of Manulife have mismanaged the situation over the last few years and that hasn't helped either. I believe they don't fully get they are not the premium space they once were. For instance, they should have used the downtime of the last few years to redo the podium. They had a good design and it seemed ready to go, but then got put on hold - bad decision! It is more difficult to entice someone new into a tired thirty year old space.

As for the office tower, I expect with COVID receding and people going back to the office that will stabilize and improve, but it could be a slow process.
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Our lease just ended and we are moving out. I know a couple others that are as well. As you said, they certainly are not the premium tower they once were and there is an abundance of better options downtown.
 
IanO said:
^keep in mind that the tower was being shopped around...
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If a decision has been made to sell it in the near future or is likely, I can understand they might not put money in to upgrade it. Of course, they will also get less if the building isn't as attractive and up to date.

If no such decision has been made or is likely, they probably should spend the money to keep it up to the standard expected. If they just dither, tenants may leave so the value of the asset suffers and they end up losing anyways.
 
...positve or POSITIVE? My eyes are not youthfully like they use to be 😉😉😉, so is there any chance you can spell that correctly?
 
I believe the space being referred to may be the former optical space, when they moved across the way. I noticed something happening there when I went by earlier this week.

If so, it is not a large space, but looks like it is being expanded a bit and it is an excellent location next to the entrance to the second floor entrance to Commerce Place
 
Gronk! said:
There's some work happening in one of the 2nd floor spaces near the entrance to Commerce Place.
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20220915_121616.jpg
 
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