Quote:
Originally Posted by esquire
You build a new parkade on the land just north of Edmonton Court, and you have new parking that suddenly also makes your office space more desirable.
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I really feel the issue with Portage Place office space, even if you did a full on conversion outside of the food court and third floor theaters which would cost more the total available square footage is too small to pull in tenants willing to pay a premium. I am not an expert on building classifications but I would guess the absolutely best case is it would a high end class B building. The challenge is the market is going to get flooded with class A space in the next year or two and its going to have incredible downmarket pressure on everyone that isn't offering brand new class A space. If you were renting office space and your choices were: a nearly renovated floor 10 or more stories up at 201 Portage Ave or the Ellice side of Portage Place mall on the second floor overlooking what is basically an alleyway which one are you going to choose?