Jump to content

      



























Photo

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


  • Please log in to reply
545 replies to this topic

#141 thundergun

thundergun
  • Member
  • 1,172 posts
  • LocationVictoria

Posted 09 July 2014 - 12:29 PM

I was in a meeting in a building with a good view of the CIBC office tower (Douglas at View) and couldn't help but notice that many of the floors there are unoccupied. From a quick (and somewhat glare obstructed) I would guess that about 4 full floors are vacant if not more counting partial floors. It also appears that some parts of the building are undergoing some upgrades, perhaps to draw in new tenants.

 

I'm assuming this is lower class office space (B, perhaps C?) given its age and flood of new Class A/LEED type developments that have and will be going up. When I lived/worked in Vancouver these building types were ideal for junior mining/exploration companies and tech startups. Victoria has none of the former, but perhaps buildings like this could house the latter?

 

Anyone with more knowledge on this area have able to comment?


  • Mixed365 likes this

#142 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 09 July 2014 - 02:58 PM

Despite the building's age, the lease rates are high as are the operating costs. To lease here requires a substantial amount of money even for class C. 1515 Douglas is not going up on speculation, I can tell you that.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#143 jonny

jonny
  • Member
  • 9,211 posts

Posted 10 July 2014 - 07:35 AM

1515 Douglas is not going up on speculation, I can tell you that.

 

With the Jawls you can bet on that!



#144 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 09 October 2014 - 10:41 AM

The BC Construction Association is leasing the forever vacant southwest corner spot at Upper Harbour Place I. At UHP II the former CEI Architecture space has been sub-leased. No idea who leased it, however.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#145 Mixed365

Mixed365
  • Member
  • 1,042 posts

Posted 09 October 2014 - 10:28 PM

When it is said that the, "office market is dead" what parameters do you guys use?


“To understand cities, we have to deal outright with combinations or mixtures of uses, not separate uses, as the essential phenomena.”
- Jane Jacobs 


#146 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 10 October 2014 - 07:41 AM

Can you remind us where that comment was made, or maybe point to the post?


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#147 VicHockeyFan

VicHockeyFan
  • Suspended User
  • 52,121 posts

Posted 25 February 2015 - 01:17 PM

Greater Victoria's office vacancy rate at the end of last year was the highest in seventeen years, according to the annual market survey from Colliers International real estate. Colliers puts the vacancy rate at 9.6 per cent overall; up 4 tenths of a point from the start of the year. That increase is due entirely to downsizing in the public sector while the private sector is actually renting more space. But the big trend is the continued high demand for new class A space. With more and more tenants upgrading, the vacancy rate for older, Class C office space downtown is more than 19 per cent. Colliers forecasts the trend will continue with plans currently in the works for another half a million square feet of class A space.

 

 

http://www.cfax1070....er-office-build


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#148 Mr Cook Street

Mr Cook Street
  • Member
  • 942 posts

Posted 25 February 2015 - 01:20 PM

Impetus for commercial - residential conversions!


  • sebberry and dasmo like this

#149 spanky123

spanky123
  • Member
  • 20,976 posts

Posted 26 February 2015 - 06:42 AM

 

I think that the trend to upgrade to class A space is driven by oversupply which is driving down prices. If a business can  rent class A space for what it would have cost them to rent class C 5 years ago then why not.



#150 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 26 February 2015 - 07:52 AM

Class C space in the urban core has never rented for anywhere near class A space at any point in time.

Atrium finished five years ago and lease rates were 2.5-3x what the finest class C was going for at the time.

What we're seeing is government going for class A space and vacating class C. Capital Park in James Bay will move a ton of government space into class A and Boardwalk at Selkirk is allowing government offices already there to expand (whole building is now leased by government tenants). The City of Victoria is likely to lease quite a bit of space at 1515, as will other government offices that have a need for more space or plan to move into a bigger space. Ironically all three of the latter projects are by Jawl. And then there's Argus on Fort that was fully leased to a government outfit before construction began, and the tenant there vacated class C.

Meanwhile the one all private project, Midtown by Andrew Sheret, isn't doing nearly as well and Harbour Landing in Vic West fizzled away.

We can expect class A rates to hit $35-$45 per square foot with the new stock, easily, while class C is holding steady at $5-$15.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#151 jonny

jonny
  • Member
  • 9,211 posts

Posted 26 February 2015 - 08:58 AM

The Carnegie building at Blanshard/Yates has gone from nearly empty to nearly full in the matter of a few months. Looks like some sort of IT firm has moved in (One Bit Labs?).



#152 sebberry

sebberry

    Resident Housekeeper

  • Moderator
  • 21,503 posts
  • LocationVictoria

Posted 26 February 2015 - 09:14 AM

Impetus for commercial - residential conversions!

 

Might not be a bad idea.  Start refurbishing some of these older, empty buildings into homes.  It'll be good for the community. 


  • dasmo likes this

Victoria current weather by neighbourhood: Victoria school-based weather station network

Victoria webcams: Big Wave Dave Webcams

 


#153 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 26 February 2015 - 09:21 AM

We did see commercial turn into office space at 601 Herald. Perhaps that's something to take into consideration for the commercial industry, office tenants moving into street level retail spaces. Of course office space tends to lease for far less than retail but ultimately a long term paying tenant is better than an empty storefront.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#154 29er Radio

29er Radio
  • Member
  • 671 posts

Posted 26 February 2015 - 10:13 AM

most office users I have come into contact with feel exposed when on the ground floor. Obviously some, like insurance agents and other similar service commercial uses have to be on ground floor.


Eric Bramble - http://www.29erradio.com
The Growler Hour
Lisa, Gene & Eric Show

#155 Mr Cook Street

Mr Cook Street
  • Member
  • 942 posts

Posted 26 February 2015 - 10:17 AM

The Carnegie building at Blanshard/Yates has gone from nearly empty to nearly full in the matter of a few months. Looks like some sort of IT firm has moved in (One Bit Labs?).

Looks like a local Viatec firm - http://www.go2mobi.com/


  • jonny likes this

#156 29er Radio

29er Radio
  • Member
  • 671 posts

Posted 26 February 2015 - 10:19 AM

Might not be a bad idea.  Start refurbishing some of these older, empty buildings into homes.  It'll be good for the community. 

 

We have discussed this concept a few times on Lisa, Gene & Eric. One of the hurdles is the cost to change from one use to another, especially when dealing with older brick buildings, new building codes and seismic requirements. It would be a great way to achieve some of the density people feel is required to stabilize our downtown core in existing buildings.


  • Mr Cook Street likes this
Eric Bramble - http://www.29erradio.com
The Growler Hour
Lisa, Gene & Eric Show

#157 Ben

Ben
  • Member
  • 19 posts

Posted 26 February 2015 - 12:01 PM

Does anyone know how many commercial buildings there are in the CRD?



#158 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 26 February 2015 - 01:15 PM

Commercial/retail or office buildings?

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#159 Ben

Ben
  • Member
  • 19 posts

Posted 26 February 2015 - 01:42 PM

Commercial/retail or office buildings?

 

Both would be great. Not sure where to find that kind of data.



#160 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 26 February 2015 - 02:02 PM

Geez, good luck with that. Seriously. ;)

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


You're not quite at the end of this discussion topic!

Use the page links at the lower-left to go to the next page to read additional posts.
 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users