Downtown Real Estate

[IanO]

Here's hoping... but it is a significant pit to climb out of and perception to change. Looking back, it took about a decade (02-12) for Downtown to really gain momentum, shift perception and become a bit hip/cool.

I suspect it will 5yrs +.

 

[Greenspace]

The 'McKenney Development Corporation' purchased the building in August 2021 for $3.75 million so perhaps they have plans for the site.

The previous owner had multiple unsolicited offers about 5 years ago above $4.5m and didn't take them.

 

[IanO]

ATB giving back 69k in Telus House by way of sublease.

 

[Avenuer]

ATB giving back 69k in Telus House by way of sublease.

Do you know who they are subleasing it to? Or is it currently available for sublease?

 

[IanO]

Available I believe.

 

[cmd uw]

ATB giving back 69k in Telus House by way of sublease.

I think you'll see more of this from some of the bigger organizations as they figure out what their longer term space requirements will be.

 

[IanO]

The bigger question is whether their HQ/Exec are still Downtown?

 

[cmd uw]

The bigger question is whether their HQ/Exec are still Downtown?

Not sure what type of hornets nest you’re trying to kick with this comment.

I think an even bigger question (and more substantiated versus Ian O practicing his TMZ audition) is if they too are searching for a relocation somewhere downtown. Touches nose.

 

[David A]

Not sure what type of hornets nest you’re trying to kick with this comment.

I think an even bigger question (and more substantiated versus Ian O practicing his TMZ audition) is if they too are searching for a relocation somewhere downtown. Touches nose.

Good point. Perhaps there is some other possible better space downtown that is available, or may become available in the future, they are considering. There is no shortage of other space currently available downtown now.

 

[northlands]

Edmonton highrise to host new hybrid workspace as office spaces become 'more fluid'

International Workplace Groups is planning a new hybrid office for Edmontonians in the Park Plaza Building, just north of the legislature

edmontonjournal.com

International Workplace Groups (IWG) is opening a second hybrid office space in the Park Plaza Building at 106 Street and 98 Avenue, just north of the legislature. The nearly 16,000-square-foot space will be a hub for freelancers, small businesses and large corporations, according to a news release from IWG.

 

[IanO]

Salt Lake City has added ~5500 units in their Downtown since 2019. How you ask?

What Salt Lake City gets right about downtown

Salt Lake City could be a model for downtown development — if it figures out how to address its environmental problems.

www.vox.com

 

[IanO]

Edmonton’s office market saw a net absorption of 165,000 square feet in the latest quarter, while downtown vacancies fell to 20.4% and suburban vacancies to 17.4%. Avison Young, which reported the numbers, said the absorption rate breaks the previous record set in Q3 of 2018, when 158,000 square feet was absorbed. Demand was driven by educational institutions, including NorQuest College, which expanded its downtown space by 63,000 square feet, and the Edmonton Classical Academy charter school, which signed a lease for 61,000 square feet. Edmonton has the second-highest downtown office vacancy rate of any major Canadian market after Calgary.
-Taproot

 

[MacLac]

Salt Lake City has added ~5500 units in their Downtown since 2019. How you ask?

What Salt Lake City gets right about downtown

Salt Lake City could be a model for downtown development — if it figures out how to address its environmental problems.

www.vox.com

Exactly. How? The article makes no mention on “how” they did it. Other than something something about their Great Lake and Red/Blue politics…..yawn

 

[Kosy123]

Here's the Avison Young report for anyone interested

https://www.avisonyoung.ca/documents/95662/193296756/Q3%202023%20-%20Edmonton%20office%20market%20report.pdf/9b16efe1-e776-435e-17ab-d2d229ade20c?t=1697236711850

 

[David A]

Salt Lake City has added ~5500 units in their Downtown since 2019. How you ask?

What Salt Lake City gets right about downtown

Salt Lake City could be a model for downtown development — if it figures out how to address its environmental problems.

www.vox.com

Good article, to summarize the how:

- attracting migrants from more expensive cities, burgeoning tech sector attracting people, building more new apartment units since 2020 than downtown Manhattan.
- policymakers and other stakeholders have been on an aggressive campaign to facilitate the construction of thousands of new housing units in the city’s downtown, transforming the area from a single-use office district to something that fits the remote-work era.
- they made the permitting process very straightforward for developers seeking to build new housing.
- finished downtown to airport LRT and free transit downtown
- re-zoned the areas around its transit stations downtown to encourage denser development, and reduced or eliminated parking minimums

Does some of this seem familiar?