552 replies to this topic

[spanky123]

First time working in an office in 3++ years, was almost odd showering and shaving at 6:30am and dressing in something other than shorts and a tee; we went for a full day of orientation and systems training at the new PBCS digs on Keating X Rd at the Gateway Center. They've done a very nice job with the space - its very modern, bright and well planned and thought out. From the Gorge I drove out Interurban past Camosun college to W Saanich hung a quick right then then a straight shot down Keating, a nice leisurely drive. Got to the new space in 25 minutes. And now for the most part we can WFH again.

 

You must have time the intersection at Helmken and Interurban right. You can easily spend 25 minutes just waiting there!

[AllseeingEye]

Very nice. It’s a beautiful drive, to boot, and you’re going against the traffic flow.

And can you remind us how many people will be working out of that office?

Best guesstimate based on the numbers receiving daily training every day for ~ 2.5 weeks, perhaps 200-250. There were 37 of us yesterday and I understand that was one of the largest of the daily intakes. 

[Mike K.]

Very good, thank you.

[Barrrister]

I suspect that moving out of the downtown core may well become very appealing for a number of businesses. 

[Victoria Watcher]

San Francisco Falls Further into the Abyss as Office Values Plunge 75 Percent

 

 

https://www.hoover.o...unge-75-percent

 

 

Tony Crossley, a San Francisco commercial broker, estimated a residential conversion cost per unit of nearly $1,000 per square foot for this property. “It doesn’t make any economic sense,” he said. “The math is completely upside down.”

 

Developer Eric Tao noted that permitting and other city fees, together with the city’s affordable housing requirements, are so costly that the purchase price of the building would need to drop to less than $100 per square foot, compared to the purchase price of $225 per square foot for 350 California, to economically justify a residential conversion.

Edited by Victoria Watcher, 18 May 2023 - 03:16 AM.

[Victoria Watcher]

 

 

$5,600,000

 

 

10114 McDonald Park Rd
North Saanich, British Columbia V8L5X8

 

 

Industrial Investment Property For Sale: 28,000 sq ft two story industrial building on 42,098 sq ft lot in North Saanich at 10114 McDonald Park Road. Zoned CS-1 (Light Industrial). The building is 95% leased with a combination of term and month to month tenants occupying ground floor shop space and second floor office units. Ideally located within 5 minutes drive of Victoria International Airport, 10 minutes drive to BC Ferries Swartz Bay terminal and 30 minutes to downtown Victoria, BC. Financial information provided to qualified purchasers with signed confidentiality agreement. Please do not disturb tenants.

 

 

https://www.realtor....h-mcdonald-park

Edited by Victoria Watcher, 20 June 2023 - 07:45 AM.

[Victoria Watcher]

$8,800,000

 

 

 

Desirable position at the corner of Douglas Street and Broughton Street, with exceptional visibility to vehicular and pedestrian traffic. 100% leased to strong tenants on triple-net leases. Significant upside on rents upon upcoming lease expiries/renewals. Stable income-producing property with built-in rental escalations. Recent capital upgrades including a roof replacement in December of 2022. CBD-1 zoning allows a floor space ratio of up to 3.0x (currently ~2.7x) and a wide range of uses, including: office, retail trade, retail liquor sale, residential, hotel, financial service, care facility, assisted living facility, and assembly uses among others. Downtown Victoria continues to undergo significant residential development, resulting in strong population growth, dense market.

 

 

https://www.realtor....ctoria-downtown

 

 

Edited by Victoria Watcher, 23 June 2023 - 02:08 AM.

[Victoria Watcher]

https://www.realtor....ctoria-downtown

 

 

$1,775,000

 

 

 

[LJ]

That's a nice looking building, convert to a SFD, but need to get the tax situation changed.

[Victoria Watcher]

Overall national office vacancy rate has increased to 18.1%. Downtown was responsible for the majority of this increase however both areas experienced market softening. The gap between the two segments continues to widen, with the suburban rate currently 180 bps lower than downtown.

 

https://www.cbre.ca/...figures-q2-2023

 

[Mike K.]

Sounds like EA Games is opening an office at Vic West’s Upper Harbour Place.

[Victoria Watcher]

$3,398,800

 

https://www.realtor....ctoria-downtown

 

 

 

Rare Investment & Future Owner Occupier Opportunity! 5.37% cap rate increasing to 5.73% over the remaining Lease term. The Leiser Building is an iconic three-storey brick commercial building on the corner of Yates Street and Waddington Alley in the heart of Victoria’s downtown area. Located in the Old Town district, this rare 4,871 SF street level walk-in strata retail space is easily accessible for pedestrians and has high exposure fronting onto the bustling Yates Street. Renovated in 2008 by Le Fevre & Co. the space has seen significant upgrades in addition to a beautiful interior finish allowing for an open and bright space. The opportunity also includes a bonus 2,595 SF of lower level basement space, a rare find in the downtown Victoria core.

 

 

 

 

[Victoria Watcher]

[Nparker]

I wonder if this will still go ahead?

[Mike K.]

I wonder if this will still go ahead?

 

Probably. Plenty of older C and B-class space that will be vacated, and offices consolidated into modern Class-A space. People still want nice places to work out of.

 

We may see a decline in overall square footage, however. What we desperately need now is light industrial space, and lots of it. It's next to impossible for new companies to open on the south Island if they need light industrial space for their work trucks and shop supplies.

[Victoria Watcher]

Get ready for the big downsize, as the amount of office space in America declines for possibly the first time in its history.

 

A lack of new construction, plus a record number of office spaces being demolished or converted into other property types, is reducing available office space across the country, according to Bloomberg, citing data from real estate services firm Jones Lang LaSalle Inc (JLL).

 

https://ca.sports.ya...es, reports JLL.

Edited by Victoria Watcher, 04 August 2023 - 10:02 AM.

[Nparker]

I still think it will take quite a while for downtown Victoria to absorb all the new office space coming along in both the Telus Ocean and Capitol VI projects.

[Mike K.]

Telus Ocean, Capital 6, and Douglas/Caledonia.

 

Collectively that's something like 360,000 square feet, give or take.

[spanky123]

Telus Ocean, Capital 6, and Douglas/Caledonia.

 

Collectively that's something like 360,000 square feet, give or take.

 

And Telus just let 6,000 people go today. They may be looking to lease more of their building than originally planned as well.

[G-Man]

I have been saying for a while that if we were actually tracking office use rather than office leases we would have a better idea of where this is going. When leases start to run out on buildings over the next 2 - 5 years it is going to be a brutal time to have office space to lease. This is why Victoria needs to be changing its office and light industrial zoning now so that we can convert some of these offices into places where people actually come into work. If you could open a clothing factory in an office building we might see some movement.