1287 replies to this topic

[Casual Kev]

The gap between commercial and residential vacancies is pretty concerning. Not in a "why don't we turn empty retail/offices into homes" way but in a "apparently everyone wants to live here but economic activity says otherwise" sort of way.

[Brantastic]

Monthly upkeep costs? Wouldn't a storefront be making the developer more money leased than sitting empty? I can understand a brand new space downtown would be expensive to rent though.

[Mike K.]

Yup, the rent is much higher, plus the tenant takes on the finishing which can be a massive investment.

Much of the downtown core’s retail vacancy drop is due to pot shops. They played a huge role in dropping the vacancy rate from where it was in the Fortin era to where it is today.

[tjv]

Generally speaking the retail and office markets are near dead.  I have seen very little investments in these markets in the last 3 years.  This boom is solely is focused on the residential sector with the Mayfair Mall expansion and this building being the rare exceptions that I can think of

[Mike K.]

Mayfair, Sandown, Sidney Crossing, Belmont Market and Sooke Road/Westshore Parkway must be valued at about $500 million.

[RFS]

Generally speaking the retail and office markets are near dead. I have seen very little investments in these markets in the last 3 years. This boom is solely is focused on the residential sector with the Mayfair Mall expansion and this building being the rare exceptions that I can think of

Belmont market, sandown commons, sidney crossing

[jonny]

Interesting. I wonder what's taking so long. I've noticed most of the new developments downtown have been taking a long time to fill in with businesses - Yello, Janion, Legato (though there are "leased" signs at both store fronts here), etc. 595 Pandora has had an empty ground floor for quite some time now, as has 601 Herald. It's surprising considering the vacancy rate for businesses downtown has plummeted to around 3%, so one would think there's a demand and these spaces would fill up quickly. 

 

Nobody can hire enough staff and rental rates are exorbitant. 

Edited by jonny, 02 October 2018 - 08:48 AM.

[sdwright.vic]

No one goes to malls or builds new retail (except when they are).

[jonny]

Mayfair, Sandown, Sidney Crossing, Belmont Market and Sooke Road/Westshore Parkway must be valued at about $500 million.

 

Uptown Phase 3 finished relatively recently as well. 

[tjv]

Mayfair, Sandown, Sidney Crossing, Belmont Market and Sooke Road/Westshore Parkway must be valued at about $500 million.

Mayfair yes.  Maybe $50 million construction costs (construction costs not the other fluff)

 

Sandown is what a small Canadian Tire?  I'll put that at around $5 million construction max

 

Sidney Crossing has started?

 

Belmont park retail buildings.  I'd had to add them up, but I doubt there is that much.  It doesn't cost much to build little 10k sf stand alone buildings

 

Sooke Rd/Westshore Parkway I am struggling to visualize that in my head

[tjv]

Uptown Phase 3 finished relatively recently as well. 

Yup over 2 years ago

[RFS]

 

Belmont park retail buildings.  I'd had to add them up, but I doubt there is that much.  It doesn't cost much to build little 10k sf stand alone buildings

 

 

160,000 sq ft of retail and commercial space over 18 acres at Belmont Market

 

Crombie's website says $104m of construction cost

Edited by RFS, 02 October 2018 - 11:38 AM.

[tjv]

^hahaha, only $650/sf!!!!!!!!!!!!!!!!!  Ya right

[shoeflack]

The vacancy rate among new spaces remains very high due partly to the cost and delays that come with finishing a brand new space, and the monthly upkeep costs.

Spaces remain vacant in virtually every recently built condo or rental with ground floor commercial space:
- 1075 Pandora
- 595 Pandora
- Hudson Walk One (the space is now the Hudson Place 1 sales centre)
- Hudson Walk Two
- Yello
- Douglas House
- Union
- Janion
- Legato (what’s the story there?)
- Cityzen
- Azzurro (is it fully leased?)

Tenants have not really been announced for any of the towers and larger projects now underway, but I guess there’s plenty of time for that.

 

Looks like they've got the window wrap up now confirming that The Agency will be moving into both spaces at Legato.

 

The Agency is a luxury real estate company known for its presence on Million Dollar Listing Los Angeles. Cowichan Realtor Brian Danyliw very recently (summer time) acquired the Canadian rights to The Agency and has been aggressively expanding across Vancouver Island and the rest of BC/Alberta.

[Mike K.]

Interesting. Thanks for that.

[aastra]

Can I be a stinker and question the choice of tree on top of the short section between the two buildings? And also the frosted windows on the one part there on the front ground floor?

[Nparker]

Photos or it hasn't happened. 

[aastra]

No argument that I may have imagined these things...

[aastra]

Not really "on top" of the short section, but in the planter thingy. Sticking over the top of the short section from the Cormorant St. side.

[aastra]

I just don't like evergreen trees in the city like that. They aren't good for offering useful shade, and their basic form just looks awkward and out of place to my eye. I especially don't like it when their boughs are sticking out. It just looks unkempt and comes across as a contrived effort to seem rustic or whatever. In a park, fine. But not in confined spaces right in the city. And (as always) I'm left wondering why it couldn't have been oak or arbutus, etc.