Jump to content

      













BUILT
Douglas House
Uses: office, commercial
Address: 1515 Douglas Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 6
Douglas House is a six-storey, 111,428 square foot office complex with ground floor retail space at the inters... (view full profile)
Learn more about Douglas House on Citified.ca
Photo

[Downtown Victoria] 1515 Douglas and 750 Pandora | Office; commercial | 6- & 13-storeys (53.6m & 27.4m) | Completed - Built in 2018 and 2017

Office Commercial

  • Please log in to reply
1254 replies to this topic

#1241 Casual Kev

Casual Kev
  • Member
  • 434 posts

Posted 01 October 2018 - 09:26 PM

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.



#1242 Brantastic

Brantastic
  • Member
  • 139 posts

Posted 01 October 2018 - 09:28 PM

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.



#1243 Mike K.

Mike K.
  • Administrator
  • 44,865 posts

Posted 01 October 2018 - 09:59 PM

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.

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


#1244 tjv

tjv
  • Member
  • 2,043 posts

Posted 02 October 2018 - 08:10 AM

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



#1245 Mike K.

Mike K.
  • Administrator
  • 44,865 posts

Posted 02 October 2018 - 08:18 AM

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

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


#1246 RFS

RFS
  • Member
  • 2,415 posts

Posted 02 October 2018 - 08:20 AM

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

#1247 jonny

jonny
  • Member
  • 8,493 posts

Posted 02 October 2018 - 08:45 AM

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.


#1248 sdwright.vic

sdwright.vic

    Burnside-Gorge

  • Member
  • 5,830 posts

Posted 02 October 2018 - 08:45 AM

No one goes to malls or builds new retail (except when they are).
  • jonny likes this
Predictive text and a tiny keyboard are not my friends!

#1249 jonny

jonny
  • Member
  • 8,493 posts

Posted 02 October 2018 - 08:46 AM

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. 



#1250 tjv

tjv
  • Member
  • 2,043 posts

Posted 02 October 2018 - 11:30 AM

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



#1251 tjv

tjv
  • Member
  • 2,043 posts

Posted 02 October 2018 - 11:31 AM

Uptown Phase 3 finished relatively recently as well. 

Yup over 2 years ago



#1252 RFS

RFS
  • Member
  • 2,415 posts

Posted 02 October 2018 - 11:37 AM

 

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.


#1253 tjv

tjv
  • Member
  • 2,043 posts

Posted 02 October 2018 - 11:48 AM

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



#1254 shoeflack

shoeflack
  • Member
  • 1,593 posts

Posted 04 October 2018 - 08:21 AM

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.


  • cathawk likes this

#1255 Mike K.

Mike K.
  • Administrator
  • 44,865 posts

Posted 04 October 2018 - 08:28 AM

Interesting. Thanks for that.


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


 



5 user(s) are reading this topic

0 members, 5 guests, 0 anonymous users


To advertise on VibrantVictoria, call us at 250-884-0589.