69 replies to this topic

[Nparker]

Maybe landlord tripe nets the signage fees back to other tenants? ...

LOL! Landlord "tripe". Awesome Freudian slip.

[jklymak]

Well iOS has a good sense of humour.

[Koru]

Given your experience in the industry, what's your take on the future of the CIBC tower? I mean it's reaching the end of its life as far as being a prime location for the sorts of businesses that want to be in centralized office towers. With Colliers jumping ship that'll leave quite a bit dent in an already (relatively) poorly leased building.

 

I can't say I'm really dialed into the Victoria market place as a whole...However my two cents anyhow

 

I don't think the building is coming to the end of its lifespan. I think there is an opportunity to re-invigorate the building and attract tenancies at a later date. The location is prime and it has something no other office development has, a standing structure already. Retrofits of medium and large office buildings are happening all over the place right now. IF/When CIBC were to put it up on the market a value focused investor/developer would likely pick it up for a very good price, put some money into it and lease it out. I can't see it being converted to Residential. A. the City won't approve that and B. it just doesn't make sense from a market perspective to me.

I don't suspect CIBC is in a huge hurry to unload it either. That building has high security in it and serves as the clearing house for ALL banks on Vancouver Island prior to cheques/money etc being shipped out.

 

[Mike K.]

An different twist on the brutalist CIBC.

 

[Mike K.]

Workers atop the CIBC tower on May 12, 2015.

 

[jonny]

This building appears to have at least three floors that are completely vacant.

[Mike K.]

Yes, it's losing tenants pretty quickly. Colliers could vacate an entire floor if they move to 1515 Douglas.

[Nparker]

Yes, it's losing tenants pretty quickly. Colliers could vacate an entire floor if they move to 1515 Douglas.

It should probably undergo some renos to attract new tenants.

[thundergun]

Or drop their rates, change their leasing model to create some cheaper office space for smaller businesses and/or startups.

Not everyone can afford new Class A, or exposed brick in old town.

[Bernard]

Do new start ups want to be downtown?   There is still a fair amount of office space at UpTown to fill

[jonny]

Does this building have a parking garage?

[Nparker]

Does this building have a parking garage?

View Street parkade is right next door.

[Coreyburger]

Do new start ups want to be downtown?   There is still a fair amount of office space at UpTown to fill

 

Be interesting to see where new startups are, well, starting in Victoria. My guess would be mostly downtown, but I haven't seen any research done on the matter.

[Citified.ca]

An artist's rendering depicting the 12-storey CIBC Tower on View Street at Douglas Street with the addition of a corporate logo for Montréal-based CGI Group.

 

Landmark office tower in downtown Victoria could soon feature two corporate logos

https://victoria.cit...orporate-logos/

[Bob Fugger]

Cool, someone CGI'd the CGI logo on the CIBC building.

 

EDIT: 

Edited by Bob Fugger, 04 February 2019 - 05:11 PM.

[aastra]

Has anyone else heard the rumour that T.G.I. Friday's might be going into this building?

[Rob Randall]

Good Lord, no.

[AllseeingEye]

More befitting CGI's status I suppose - they're nearly twice the size of CIBC in terms of employees and a major player on the international (IT) consulting stage and the biggest tech firm in this country. I know we have a business relationship with them. Wonder if this move means they have won other local contracts with public and/or private clients, or both.....

[jonny]

They might as well be called the Ministry of CGI.

[Rob Randall]

The CIBC logo is toast and the CGI logo is installed.