545 replies to this topic

[spanky123]

Has a similarity to the West announcement years ago. I suspect that over time most of the jobs will remain remote or move to other PBC locations as getting workers to Saanichton is no easy task.

Edited by spanky123, 24 March 2023 - 09:18 AM.

[Nparker]

Once again the media overstates its case and blows things out of proportion...

Are you suggesting our local media uses hyperbole to sell their product?

[Mike K.]

He said while he understands Maximus may be looking for smaller office space, it’s not a heavy blow to the downtown.

“It’s bad for [building owner] Concert Properties, but I don’t think it’s some kind of gut punch to the downtown office market,” he said.

Colliers first-quarter ­survey of downtown office vacancy showed it is about 6.38 per cent, only slightly higher than the fourth quarter of last year and still below the 10-year average of seven per cent.

What does the vacancy of 70,000 square feet do to the 6.38%?

Remember this metric, though. If 7% is the ten year average, what are they going to say when we cross over and start raising the ten year average? The talking points will shift to the 20 year average?

[Ismo07]

What does the vacancy of 70,000 square feet do to the 6.38%?

Remember this metric, though. If 7% is the ten year average, what are they going to say when we cross over and start raising the ten year average? The talking points will shift to the 20 year average?

 

Article said something about 35,000 sq ft

[Mike K.]

That’s the new Central Saanich space. Maximus is vacating 70,000 square feet, based on what ASE said? They will re-lease something else, but there’s no telling where.

[Ismo07]

That’s the new Central Saanich space. Maximus is vacating 70,000 square feet, based on what ASE said? They will re-lease something else, but there’s no telling where.

 

Ah I read ASE as meaning the new building...  

[spanky123]

What does the vacancy of 70,000 square feet do to the 6.38%?

 

I think that most people in the know scoff at 6.38%. On the MLS there are about 70 commercial spaces for sale or lease in the CoV (not including Saanich, Esquimalt, etc) which is about as high as I have ever seen it and there are lots of spaces up for sublet and lease that don't make it on to the MLS.

Edited by spanky123, 24 March 2023 - 10:41 AM.

[Mike K.]

Correct. Those numbers do not include sub-lease for lease, as that space is officially 'leased.' You can do a lot with statistics, as they say.

 

Maximus will also be working to find someone to sub-lease their space, no? So 'officially' their office won't be vacant, as far as the vacancy data goes.

 

Telus has 153,000 sq. ft. for lease, but it's not built yet, and the company itself will occupy ~25,000 sq ft initially? Jawl has another 152,000 sq ft. of space approved at Cap Six. Chard has 41,000 sq feet proposed. 346,000 sq. ft. of office space underway, and planned.

[Nparker]

...Telus has 153,000 sq. ft. for lease, but it's not built yet, and the company itself will occupy ~25,000 sq ft initially? Jawl has another 152,000 sq ft. of space approved at Cap Six. Chard has 41,000 sq feet proposed. 346,000 sq. ft. of office space underway, and planned.

Who is clamouring for 346,000 square feet of additional office space in downtown Victoria?

[LJ]

In Washington DC they are converting office buildings to apartments, it's not cheap to do.

The one featured on the news IIRC was 142 apartments, and it was going to cost about $65M to do the conversion.

 

https://www.elleapartments.com/

[Nparker]

This comes to mind when I think of recent office-to-residential conversions in downtown Victoria.

It is now The Abacus condos.

[Mike K.]

And around the corner from there is the MEC building, which was also converted into condos by the same developer. They later went on to convert the federal building on Government at Humboldt into Customs House.

[Mike K.]

Looks like we out experted the experts again.

Look at what’s happening in Vancouver:

The amount of sublease office space available in downtown Vancouver is currently at a 32-year high, and with further increases expected, it could reach levels not seen since the mid-to-late 1980s.

… [ahem]

Downtown Vancouver BIA interim president Jane Talbot said in an email that with the overall vacancy rate of 9.8 per cent at one of the lowest in Canada’s metro cores for 2022, “there is more opportunity for new businesses to enter the downtown market — something that we have needed for a long time.”

- https://vancouversun...lation_with_ads

If they’re “officially” 9.8 (with retail, or just office?) and our office rate is 6.x, the real vacancy rate is significantly higher.

[Victoria Watcher]

there is more opportunity for new businesses to enter the downtown market — something that we have needed for a long time

 

 

 

 

Lolz.

[Nparker]

You have to admit that's some good spin on the part of the Downtown Vancouver BIA.

[Victoria Watcher]

CBRE says Canada’s national office vacancy rate hit an all-time high in the first quarter of the year.

https://vancouversun...41e255ca78/amp/

Edited by Victoria Watcher, 05 April 2023 - 06:59 PM.

[Victoria Watcher]

Toronto’s downtown office vacancy rate reached 15.3%, the highest level Canada’s largest office market has seen since 1995.

Vancouver’s downtown office vacancy rate rose to 10.4%, the highest it’s been since 2004.

Ottawa and Montreal both recorded their all-time highest downtown office vacancy rates at 13.2% and 16.5%, respectively.

CBRE says tech companies rightsizing their businesses and rethinking their spaces are to blame for many of the vacancy rate increases.

[AllseeingEye]

/\ IMO based on our situation locally and on conversations I've had with folks I know in the YVR tech industry generally "WFH" or work from home isn't going anywhere soon no matter how much local and other chambers of commerce dislike the prospect.

 

We'll be moving forward in the next 60-90 days into a new world under a different corporate umbrella in a new office in Central Saanich as opposed to our previous downtown digs and we've been told the expectation going forward after the initial days and weeks of the transition is perhaps 1-2 days a month in the CS office. Otherwise 'same old, same old' as the last three years, i.e. WFH. And offhand I don't know one single person who is disappointed with that scenario.

[G-Man]

I would be. Though not if I had to work in Central Saanich. I love working in the office. One of the best parts of my job.

[Victoria Watcher]

I would be. Though not if I had to work in Central Saanich. I love working in the office. One of the best parts of my job.

 

In my "office" experience I'd say at best 20% of the staff liked the social aspects of it.