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Downtown Real Estate

I would say Rice Howard Way is already lively with Sherlock Holmes pub, Craft, Bianco, Rosewood, Lui-Chi’s, Dalla Tavola Zenari, OEB, Credo and Yam Yam. Just need Tower 101 to be finally built within the couple of decades or so, they need to open up Rice Howard Place (formerly Scotia Place) on the east side, and they need to shut down that parkade across from Sherlock Holmes because that to me is a major obstacle to making Rice Howard Way pedestrian-only (and Lord knows there's plenty of other parkades in the vicinity).
 
Stevey_G said:
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?
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When I started my own business years ago, I initially worked from home, but it soon became apparent there were too many distractions and it was hard to focus when the line between work and home was so blurred. Also, I did not have enough space or the right set up to properly do it.

Even though paying for actual office space out of my own pocket btw more cost money and I didn't have a lot extra at that time, it was a good investment. Some people can do work at home fine, but there also a lot of people who are kidding themselves and their employers know it. It may be convenient to do avoid the commute or do laundry at the same time as they work, but they are not as productive and have too many distractions.
 
Stevey_G said:
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?
Click to expand...
Shouldn’t people be commuting by public transit and living closer to places or employment instead of an acreage out by Camrose? The biggest issue is our energy is under valued and that promotes waste.
 
Glenco said:
Shouldn’t people be commuting by public transit and living closer to places or employment instead of an acreage out by Camrose? The biggest issue is our energy is under valued and that promotes waste.
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Yes and yes. I remember I used to work with a guy who bought a place out on an acreage by Sherwood Park. He actually bought it while working right downtown even though it he was single at the time with no plans for kids or marriage. He was very well paid so could easily afford the extra gas, although the commute seemed to me to be a big waste of time.

Thankfully, he eventually came to his senses and bought something much closer to downtown (in Rossdale I think). People do this because they can afford to and they are told they must live the suburban dream, but it doesn't make sense for everyone.
 
David A said:
When I started my own business years ago, I initially worked from home, but it soon became apparent there were too many distractions and it was hard to focus when the line between work and home was so blurred. Also, I did not have enough space or the right set up to properly do it.

Even though paying for actual office space out of my own pocket btw more cost money and I didn't have a lot extra at that time, it was a good investment. Some people can do work at home fine, but there also a lot of people who are kidding themselves and their employers know it. It may be convenient to do avoid the commute or do laundry at the same time as they work, but they are not as productive and have too many distractions.
Click to expand...

The more than 1,000 employees at the company I'm with who used to work in the office and now WFH (but come in occassionally) do so with the support of leadership even though we have a mostly empty downtown building.

People love the flexibility, report better work life balance, our productivity (we surpased company targets resulting in bonuses the past 3 years) hasn't decreased, we have people who previously left the organization before Covid that are back now because their employer was making them return to the office. People also really appreciate the cost savings of not driving and paying for daily parking (a huge factor) and the time they save. Many people don't enjoy commuting - I know I don't like driving in heavier traffic with lots of stop and go's and just burning CO2. And those that took transit/lrt to work are probably happy to avoid that. I live close enough that I walk to work and go in a few times a week for part of the day and some have to be there everyday. But not many.
 

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NY picture could be substituted with the word "Calgary." I know they all say they're at a 30% vacancy rate but I hear from old collegues down there that is much more grim and pushing 50%. But that's not what all the experts say.....just what I'm hearing. I think 30% seems to be the acceptable threshold before hit the panic button.
 
New York sounds grim, Calgary maybe, but I don't know. Its may be harder for a very large US financial centre to recover than a regional Canadian one.

I feel things are at the point where they will generally start getting better. I'm not sure how quickly, but at least will start to turn around.

financialpost.com

'Worst is over': Downtown office vacancy rates showing signs of improvement

Suburban office markets are continuing to show lower vacancy rates than downtown areas, despite an increase in new office supply. Read more.
financialpost.com financialpost.com
 
City grant program seeing “tall” results in downtown development​
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July 28, 2023

A new seven-floor residential building is open in Edmonton’s downtown, thanks in part to City of Edmonton investment. SYNC111 is one of the recipients of the 2021 Economic Incentive Construction Grant, which provided $22.9 million in grants to stimulate development and attract more residents living downtown.

“It’s amazing to see council decisions like this building in action,” said Ward Karhiio Councillor Keren Tang. “Downtown’s been through a lot in the past few years, but we can’t go back. Council is committed to finding innovative ways to rebuild and reimagine our downtown. This is an exciting start.”

The 2021 Economic Incentive Construction Grant is providing funding over five years to 10 successful grant applicants. These projects will have a significant impact, worth a total of $551 million, while creating 4,050 jobs, 2,341 residential units and 78,000 square feet of commercial space in and around downtown.

“Edmonton’s downtown has a lot of potential and we wanted to be part of that—there’s a lot of great and exciting things happening downtown, including new parks, post-secondaries, great nightlife and easy access to transit and services, and this grant helped us be a part of that.” said Craig Haan, Director of K&H Developments and part owner of SYNC111. “This is our first build in downtown Edmonton. We’ve built seniors residences, commercial developments and industrial complexes in Edmonton, but never downtown.”

SYNC111, located at 10312 111 Street NW, is steps away from MacEwan University and within walking distance of the ICE District. The building boasts 222 one and two bedroom units, each featuring nine-foot ceilings, open-concept kitchens, modern finishing and stainless steel appliances.

“It’s a great space,” said Councillor Tang during a tour of the building. “So open and airy. I can definitely imagine students and young professionals living very comfortably here.”

The 2021 Economic Incentive Construction Grant is a part of the City’s Downtown Vibrancy Strategy. It supports Downtown as Home, which is one of the strategy’s four pillars. The others are:

  • Downtown as an Economic Hub
  • Downtown as a Destination
  • Downtown as a Safe, Welcoming Place

Since 2021—and in addition to the Economic Incentive Construction Grant—the City has awarded $6.5 million to support 61 projects through the Downtown Vibrancy Fund, which has leveraged an additional $8.5 million in private investment.

In 2023, the City also launched the Downtown Vibrancy Fund and Meet Me Downtown Grant, committing an additional $6.5 million to support projects that increase vibrancy and improve downtown safety by attracting people to live, work, play and visit the heart of our city.

Visit Transforming Edmonton for Councillor Tang’s tour of SYNC111.
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For more information on Economic Incentive Construction Grant:
edmonton.ca/2021ConstructionGrant

For more information on the Downtown Vibrancy Fund and Meet Me Downtown:
edmonton.ca/meetmedowntown

Media contact:
Courtney Bettin
Communications Advisor
Urban Planning and Economy
780-288-5922​
 
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