Office space and office building development in Greater Victoria/south Vancouver Island
#61
Posted 14 December 2007 - 09:02 AM
The 15 storey Gateway Green has been approved for the corner of Blanshard and Fisgard.
Also in office news:
St. Andrews Square has added another sign atop the lower of the two buildings Northern Bank or something...
#62
Posted 14 December 2007 - 01:24 PM
#63
Posted 14 December 2007 - 04:32 PM
#64
Posted 14 December 2007 - 05:18 PM
#65
Posted 14 December 2007 - 05:47 PM
#66
Posted 18 December 2007 - 12:12 PM
"Besides the numerous brick buildings in course of erection at the present time in Victoria, local architects are preparing plans for a number of others. In conversation with a Colonist reporter yesterday a prominent architect conveyed this information expressing further the opinion that the building record of 1900 would eclipse that of the years since the boom days."
-City of Victoria website, 2009
#67
Posted 17 April 2008 - 06:53 PM
#68
Posted 15 May 2008 - 08:16 AM
#69
Posted 15 May 2008 - 08:58 AM
When they converted the space to CDI they sealed the fate of the retail and guaranteed its failure because now you can't promenade around--it's a dead end. How sad to see all that empty real estate sit vacant, unused for 19 years! What mismanagement!
-City of Victoria website, 2009
#70
Posted 15 May 2008 - 10:03 AM
#71
Posted 17 May 2008 - 10:44 PM
#72
Posted 01 June 2008 - 04:07 PM
-City of Victoria website, 2009
#73
Posted 01 June 2008 - 04:29 PM
#74
Posted 25 July 2008 - 08:22 PM
http://www.canada.co...28-3c606f1b96a5Region's office space scarce, vacancy rate hits 13-year low
Plenty of projects in the works, but not enough to meet demand, says Colliers
Andrew A. Duffy, Times Colonist
Published: Friday, July 25, 2008
An increase in demand, coupled with new supply of office space still at least a year if not two away from being complete, has driven the office vacancy rate in Victoria to a 13-year low according to a mid-year report from Colliers International.
Overall office vacancy in Victoria dropped to 2.3 per cent from 2.9 per cent over the first six months of the year according to the commercial real estate firm. There are expectations it could hit two per cent by the end of the year.
"The vacancy rate was as high as nine per cent in 2004 and it's now approaching two, and I believe we will hit that or go lower by the end of the year," said Colliers' Bob Law, one of the authors of the report. "It's come down from 2.9 in six months, and that's a really significant change -- demand is far exceeding supply at this point."
And that's not about to change anytime soon.
The report notes there is no new supply expected to hit the market until 2009 and 2010, and in fact 35,000 square feet of office space was taken out of the market recently with the demolition of offices on the 800-block of Yates Street.
The demolition work on Yates will eventually yield a 180,000 square foot, seven-storey office tower but it won't be ready for occupancy until 2010.
Other office space in the pipeline includes 10,000 square feet on two floors at 732 Broughton St. to be completed in 2009, 24,000 square feet at Dockside Green's first phase of office space also to be delivered in 2009 and the Raven Building at 4396 West Saanich Rd. that promises 18,000 square feet in late 2009.
The stalled, $160-million Radius project, which developer John Schucht vowed earlier this summer to resurrect, was to offer a mix of residential and commercial space over 350,000 square feet.
...
"The rental rates the majority of the market have been willing to pay over the last few years have not been sufficient to get people to build new buildings," he said, noting the tight market Victoria finds itself in should come as no surprise. "It's like any market, it has to get to a point where it's almost in crisis before something happens."
Predictably, a tight market has yielded an increase in rental rates for office space both downtown and in the suburbs.
Law said the average rate for existing supply of Class A space is between $21-25 per square foot with Class B rates closing in on $20 per square foot. New buildings are able to command $30 per square foot for both Class A and B space, based on the cost of construction.
Law noted government, which makes up about 50 per cent of the office market in Victoria, is really driving the market and is actively seeking in excess of 300,000 square feet of space.
"Our economy is in good shape and when the economy expands government seems to grow," he said. "The private sector is growing along with it, but at a slower rate."
Colliers report notes there is some relief ahead as there is as much as 600,000 square feet of proposed office space being planned which could, if developed, bring Victoria's vacancy rate back to its 25-year average of five per cent.
#75
Posted 25 July 2008 - 11:16 PM
#76
Posted 26 July 2008 - 09:11 AM
There always seem to be a fair number of "for lease" or "for rent" signs downtown but I have no idea what % of the total market they represent.
#77
Posted 26 July 2008 - 09:28 AM
Ministry of Forests' offices are on the ground floor at Yates & Quadra in a space with huge windows. It's such a waste of retail space to have an office in that location missing thousands of pedestrians (passing trade) walking by every week. It's also very boring for the neighbourhood to have those tall blanked out windows. When I asked a developer about it he said there is virtually no office space left in Victoria.
#78
Posted 26 July 2008 - 09:39 AM
The offices on the ground floor of the Terasen building at Douglas and Fisgard look awful, too. Some day when the Hudson is completed retail might take off and the glassy curved corner entrance (currently offices) might be used as it was originally designed.
Nothing ruins sidewalk vibrancy like walking past tatty old venetian blinds and a row of cluttered, cramped, paper-strewn desks.
-City of Victoria website, 2009
#79
Posted 26 July 2008 - 02:18 PM
It is soon to be BC Government office space.
#80
Posted 27 July 2008 - 07:10 PM
There's enough room for 3 more of those buildings, or more than a whole other Van Island Tech Park!
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