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Downtown Real Estate

JuliallThat said:
Do you remember what thread that would've been in? I'd love to read up more on these apparent recent council discussions that I guess I missed somehow.
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Municipal Development Corporation

https://edmontonjournal.com/news/local-news/keith-gerein-edmonton-should-dig-deeper-into-a-municipal-development-corporation The article in summary: the city at the very least should consider spinning off lands like Blatchford and Rossdale and Exhibition into a municipal development company...
edmonton.skyrisecities.com edmonton.skyrisecities.com
 
If you are going to do it, it probably would make sense for it to be done by an entity that could focus on it specifically and be accountable for it.

However, having a development corporation does not automatically mean they will have or get the expertise needed.
 
Edmonton in 41st place in U of T ranking of North American downtown recoveries since the pandemic

https://downtownrecovery.com/charts/rankings

Downtown Recovery Rankings​

The recovery metrics on these charts are based on a sample of mobile phone data.

They are computed by counting the number of unique mobile phones in a city's downtown area in the specified time period, and then dividing it by the number of unique visitors during the equivalent time period in 2019. For example, the March 2023 - May 2023 time period is compared to the March 2019 - May 2019 time period.

A recovery metric greater than 100% means that for the selected inputs, the mobile device activity increased relative to the comparison period. A value less than 100% means the opposite, that the city's downtown has not recovered to pre-COVID activity levels.
 
While 41 does not sound great, it is almost all US cities above us. I don't know what is going on in Salt Lake, but they sure seem to be recovering very well!

Interestingly a couple Canadian cities right around us and some further down: Ottawa 42, Winnipeg 43, Calgary 48, Vancouver 54 and Toronto 58.
 
David A said:
While 41 does not sound great, it is almost all US cities above us. I don't know what is going on in Salt Lake, but they sure seem to be recovering very well!

Interestingly a couple Canadian cities right around us and some further down: Ottawa 42, Winnipeg 43, Calgary 48, Vancouver 54 and Toronto 58.
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There are many ways to ready this date, however. Notice that the largest cities and/or the ones more centred around downtown are further down, in general (Toronto, Vancouver, San Francisco, Montreal, Seattle). It sure is easier to recoup having a lower base, which seems to be the case here (you see cities like London and Mississauga, for example).
It is a positive sign that we're recuperating, but 55% of little is very little. I wish we'd see Salt Lake City numbers here.
 
ChazYEG said:
There are many ways to ready this date, however. Notice that the largest cities and/or the ones more centred around downtown are further down, in general (Toronto, Vancouver, San Francisco, Montreal, Seattle). It sure is easier to recoup having a lower base, which seems to be the case here (you see cities like London and Mississauga, for example).
It is a positive sign that we're recuperating, but 55% of little is very little. I wish we'd see Salt Lake City numbers here.
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The US experience with COVID was very different than Canada's, so I think comparing to Canadian cities is more meaningful. Yes, it is also true many smaller places have fared better than bigger financial centres.

This is a snap shot at a particular point, so as important or even more so is where we will be in a year or two. While the recovery is obviously slower than many places in the US, I don't believe we are stuck at this point forever.
 
Gronk! said:
globalnews.ca

Edmonton real estate industry pushes for incentives for office conversions - Edmonton | Globalnews.ca

CBRE says converting empty Edmonton offices to residential space can ease housing issues, increase the city’s tax base and even make the downtown core feel safer and more vibrant.
globalnews.ca globalnews.ca
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I think converting empty office space to residential is a good idea if it works for the specific building.

However, I think the real incentive for the landlord is they collecting more rent so I don't think the city should provide specific incentives for this.

I am ok for the city providing incentives for adding more residential units downtown, but those should be available to anyone doing so, not just to landlords with existing office buildings.
 
Glenco said:
www.economist.com

The working-from-home illusion fades

It is not more productive than being in an office, after all
www.economist.com www.economist.com
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There's a paywall but this screams classic propaganda. Companies are bringing employees back to justify leases and because they love control. Productivity metrics prove this and just because a couple of doctorate students picked specific examples, from a specific company, from a specific industry, isn't enough to offset the measurable metric supervisors and managers have at their individual disposals.

Yes, not everyone does well in a work from home environment, but this is one of those things we should do to, you know, stop cars from churning out greenhouse gasses and to downsize our consumption for the good of the planet?
 
ys11 said:
Heard through the grape vine a local development company is looking to purchase the Phipps McKinnon building with plans to convert to residential.
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If true that would be interesting. I'm not sure what the vacancy rate is there but I know there are some law firms whose offices are based in the Phipps.

I've always thought that a simple reskinning of the exterior would do wonders for that building.
 
Munanyo said:
If true that would be interesting. I'm not sure what the vacancy rate is there but I know there are some law firms whose offices are based in the Phipps.

I've always thought that a simple reskinning of the exterior would do wonders for that building.
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That's a very attractive location for a residence to be honest.
 
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