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

What do you think of this project?

  • Total voters
    26
The rumours on this one... from an RFP hitting the streets in the coming weeks to the building getting shopped to CWB moving in?!?! At this point, let's just hope SOMETHING happens!
 
What's going to happen to any of our office towers as vacancies grow and valuations go down? Downtown accounts for 10% of our City's tax base. If the tax base shrinks it will affect all taxpayers.
 
Valuations are down and write-downs have occurred and is impacting the tax base.
 
Greenspace said:
What's going to happen to any of our office towers as vacancies grow and valuations go down? Downtown accounts for 10% of our City's tax base. If the tax base shrinks it will affect all taxpayers.
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Personally I'm doubtful vacancies would grow any more than they already have. You're seeing the tail end of covid, less work from home, population growth in the region, and continued scale up efforts for startup firms, which over the mid term will create demand for office.
 
Hope you're right. Many companies still have existing leases and have not negotiated new deals yet which likely will be less space, not the same. Same goes for government offices. The real issue is valuations of commercial office buildings is way down everywhere and that affects taxes.
 
^ I think it’s only going to continue to get worse. I worked in Commerce Place in 2019, been back working there again recently and it’s not even remotely close to how busy it used to be. And AFAIK Commerce has little vacancy.
 
IanO said:
Valuations are down and write-downs have occurred and is impacting the tax base.
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Cut and paste in almost all other downtowns right about now. The office asset class isn't that hawt right now...in fact, it's the exact opposite.
 
cmd uw said:
Anyways, I've heard from one of the bigger GC's that there is an RFP coming back out for the podium....value around $30M IIRC. So that is good news.
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I hope this happens. Manulife is a good building. The podium level was hard hit by things over the last few years, but now is the right time to update and refresh the it, particularly as several of the long term tenants on the main level are not there now.
 
In the old Holt Renfrew space on the 2nd level

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