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Office space and office building development in Greater Victoria/south Vancouver Island


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#561 Nparker

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Posted 19 June 2024 - 07:59 AM

Closing the barn doors now seems a rather meaningless gesture; the horse escaped years ago.



#562 Tony

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Posted 19 June 2024 - 03:02 PM

It is the same in many cities all over the word especially as a result of WFH. Alternatives will develop, lets hope the alternative uses are good for the long term..



#563 Victoria Watcher

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Posted 26 June 2024 - 10:10 PM

968591_1.jpg

 

 

 

The opportunity to purchase a 4 unit, 5,029 sq ft building on a 8,577 sq ft lot on the corner of Quadra St & Cloverdale Ave. With excellent traffic counts, street visibility, 13 surface parking stalls on-site and accommodating C-2 zoning, the subject property is a desirable location for a wide range of occupiers. Currently fully tenanted. The neighbourhood designation within the Saanich OCP represents strong future development upside with residential and mixed-use building forms of up to 4 storeys.

 

$2,490,000

 

https://www.realtor....-saanich-quadra


Edited by Victoria Watcher, 26 June 2024 - 10:10 PM.


#564 Victoria Watcher

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Posted 28 June 2024 - 03:34 PM

$2,950,000

 

 

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

 

 

 

 

968939_1.jpg



#565 Mike K.

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Posted 29 June 2024 - 08:06 AM

So that’s both this building and the Bell studios that are for sale, opposite each other.

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#566 Victoria Watcher

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Posted 11 July 2024 - 11:36 AM

$1,950,000

 

 

Downtown retail/office building with existing income in place. This single storey building was fully renovated in 2012 and offers two street front retail units and a rear post and beam office space. Current net income is approximately $103,000 per annum. This is an attractive investment opportunity with future development potential. 

 

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

 

 

 

970119_1.jpg


Edited by Victoria Watcher, 11 July 2024 - 11:37 AM.


#567 Victoria Watcher

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Posted 24 July 2024 - 02:58 AM

The downtown Victoria office market has not recovered fully from the pandemic and might never do so, says a commercial real estate expert.

 

A new report from Colliers shows the overall office vacancy rate in Greater Victoria is 7.9 per cent, up from 6.3 per cent in the second quarter last year.

 

Downtown, the jump is more pronounced. The current office vacancy rate is 8.6 per cent, up from 6.1 in the second quarter of 2023.

 

Pre-pandemic, the vacancy rate for the region was about 5.1 per cent, said Tristan Spark, vice-president of Colliers Victoria.

 

Spark said the return to the office of employees who have been working remotely remains “all over the map,” leaving significant chunks of office space vacant in downtown Victoria.

 

“I don’t think they’re ever going to get back to what they were before the pandemic,” he said.

 

Spark said in the past, the downtown vacancy rate was less than the suburban vacancy rate, but that switched about midway through the pandemic.

 

“All of a sudden, suburban vacancy is lower,” he said, noting the suburban vacancy rate is currently 7.1 per cent, up from 6.5 at the same time last year.

 

“We’ve now hit 8.6 [downtown] and that’s what’s really driven the jump overall to 7.9 per cent.”

 

Spark said there is no one reason for the rise in the vacancy rate, though it likely has little to do with the province continuing to allow some employees to split their time between home and the office.

 

He said the province hasn’t given up much of its office space, as it has not yet finalized a long-term plan.

 

However, a number of firms that work in web-based and ­software-based industries or do data management have started to give up larger office footprints, he said.

 

He noted one group is planning to downsize this year to 6,000 square feet from 13,000, while another has already dropped to 1,600 square feet from 13,000 as it has opted to have all of its employees work from home.

 

“A number of companies have realized their employees don’t want to change, they’re happy with this new hybrid working model, or they’re happy completely working from home, so they’re sticking with it,” Spark said. “That’s starting to bubble up to the surface now, and we’re seeing a little more of that.”

 

 

 

 

https://www.timescol...-blamed-9259049


Edited by Victoria Watcher, 24 July 2024 - 02:58 AM.


#568 AllseeingEye

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Posted 24 July 2024 - 09:58 AM

The intense competition for tech workers especially likely means that trend of WFH or hybrid work model isn't going away soon if ever. Employees are in the driver's seat and tech firms, the smart ones anyway, know this and are responding accordingly.

 

Similarly with the BCG fewer and fewer younger people are wedded to the old work-office model especially with commuting becoming more of a hassle in the CRD. If you are a system architect or full stack developer or a cloud or cyber-expert and live in Sooke or Sidney chances are high that you want to WFH or at the very least have a hybrid arrangement. IMO its inevitable that more "government" offices - either new or satellite offices - will be located particularly on the west shore and locations other than right d/t. I don't think d/t will ever return to the days of pre-2020 in this sense.



#569 Victoria Watcher

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Posted 31 July 2024 - 02:04 AM

$459,000

 

 

1060 Meares St
Victoria, British Columbia V8V3J6

 

 

https://www.realtor....?view=imagelist

 

 

971877_1.jpg


Edited by Victoria Watcher, 31 July 2024 - 02:04 AM.


#570 Victoria Watcher

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Posted 31 July 2024 - 02:04 AM

971938_1.jpg

 

 

 

 

$1,175,000

 

 

 

1517 Amelia St
Victoria, British Columbia V8W2J9

 

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


Edited by Victoria Watcher, 31 July 2024 - 02:05 AM.


#571 Mike K.

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Posted 31 July 2024 - 06:28 AM

That’s an east LA look right there.
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#572 Nparker

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Posted 31 July 2024 - 06:29 AM

It is Pandora adjacent, which is pretty much the same thing.
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#573 Victoria Watcher

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Posted 01 September 2024 - 01:36 PM

$7,250,000

 

 

 

2201 Oak Bay Ave
Oak Bay, British Columbia V8S4T5

 

 

https://www.realtor....y-south-oak-bay



#574 Victoria Watcher

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Posted 08 September 2024 - 06:22 AM

Vancouver-based real estate developer, PC Urban Properties Corp., has just completed construction on Langford’s largest industrial strata development, IntraUrban Cornerstone, at 830-834 McCallum Rd.

 

To celebrate, PC Urban is hosting a block party, with the community invited to come mark this milestone from noon to 3 p.m. Sept. 11 at 834 McCallum Rd. Enjoy a barbecue, drinks and games, and tour the newly completed buildings.

 

The development is 90 per cent sold, with a few premium rear-load units remaining for sale. The seven-acre site is PC Urban’s first industrial strata development in the area and will transform a once-vacant lot into a three-building, state-of-the-art, light industrial hub for local small and medium-sized businesses.

 

sept2-pc-urban-cornerstone-drone-11.jpg

 

 

https://www.vicnews....mmunity-7506954


Edited by Victoria Watcher, 08 September 2024 - 06:23 AM.


#575 LJ

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Posted 08 September 2024 - 11:12 AM

Driving by this place actually looks pretty good for industrial property.


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#576 Victoria Watcher

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Posted 08 September 2024 - 11:15 AM

It’s built right, for the need. In the early 2000’s I worked with a company that had the similar setup. It was good.

Edited by Victoria Watcher, 08 September 2024 - 11:16 AM.


#577 Victoria Watcher

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Posted 02 November 2024 - 06:25 AM

979950_1.jpg

 

 

$4,750,000

 

 

1815 Blanshard St
Victoria, British Columbia V8W2E1

 

Opportunity for an Owner-Occupier to purchase a five storey concrete and steel freestanding office building on the periphery of downtown Victoria. Building is serviced by an elevator, is fully air-conditioned, and offers 10 on-site parking stalls. Significant building upgrades of over $1M completed between 2020-2023 including but not limited to electrical, plumbing, HVAC, washrooms, and storm water system. Opportunity to also acquire individual floors of approximately 2,000 SF. Owner will stratify the property upon 50% of the building being pre-sold. Please see listing Agent for pricing for individual floors.

 

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

 

 

Interestingly, this building existed for decades with an open through-way to the rear parking.  No gate or door, no barriers at all 24/7.  Some time after 2019 it got a roll-up door and bars.


Edited by Victoria Watcher, 02 November 2024 - 06:29 AM.


#578 Sparky

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Posted 02 November 2024 - 06:45 AM

If you are in one of the upper floors when a bus or large truck is traveling north on Blanshard, the shaking of the building is quite noticeable.
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#579 Victoria Watcher

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Posted 23 December 2024 - 02:39 AM

COURT ORDERED SALE....Opportunity to purchase a two-storey, multi-tenant, mixed-use building with two commercial units at grade and two 2-bedroom units on the second floor. All units are currently leased. The site is rectangular in shape and has approx. 110’ of frontage on Haultain Street and approx. 50’ on Belmont Avenue. 

 

 

$1,699,000

 

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

 

 

 

 

 

983312_1.jpg


Edited by Victoria Watcher, 23 December 2024 - 02:40 AM.


#580 Victoria Watcher

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Posted 13 January 2025 - 04:47 PM

$3,888,888

 

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

 

984345_1.jpg



 



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