COVID's impact on the future of work - Downtown 2030? - Page 7

Coldrsx · #**121** Posted **Jul 17, 2023, 4:31 PM**

Some positive news - anyone know what space they took? Was it vacant or sublease?
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Mark AndersonMark Anderson
(He/Him) •
Vice President at CBRE Canada
35m

On behalf of ATB Financial & Edmonton Office Advisors team we are happy to announce that a Fluor Corporation will be expanding into a new downtown office at ATB Place. This is a very exciting transaction for the market and terrific vote of confidence in our downtown.

A big thank you and shout out to Will Harvie for his diligent work in representing Fluor in this transaction. We expect this trend of companies coming downtown to continue as the value proposition of working in the core continues to grow.

Coldrsx · #**122** Posted **Aug 1, 2023, 5:39 PM**

Cory Wosnack
• 1st
Principal & Managing Director at Avison Young Commercial Real Estate

The question of “what is happening downtown?” has been coming up more often lately. Typically this is code for their frustration for what they presume isn’t happening.

Unfortunately, recreating vibrancy takes a long time. Tenants in the market today often have 18-24 months left on their current lease. It can take 6 months to negotiate a new lease, 3 months to design and another 6 months to renovate. It is easy to become impatient because from the time a company decides to relocate, it’s a year before there is a positive impact to the neighbourhood.

But things are about to get a whole lot busier around ICE District. Over the next 6 months, 500 more staff will be moving into Stantec Tower (just from the deals that have been announced publicly). Add to that the opening of Henry Singer’s new flagship store, a high-end sushi restaurant in Edmonton Tower and another 200+ staff moving into Bell Tower, and it’s going to feel significantly more energized in the core.

https://www.linkedin.com/in/cory-wosnack...hip3_feed%3BioKIl9D0TwyGbZgCgZ6ajg%3D%3D

EpicPonyTime · #**123** Posted **Aug 1, 2023, 5:45 PM**

Ice District about to become the most rat infested area in the province.

That's minimum four law firms in those two towers, not to mention the two biggest in the city (Dentons and BJs).

Hopefully the vacancies they leave elsewhere will result in some renovations and new tenants. BJs is a pretty big loss for ATB Place.

Coldrsx · #**124** Posted **Aug 1, 2023, 6:21 PM**

Flight to quality or follow the money or both?!

EpicPonyTime · #**125** Posted **Aug 1, 2023, 6:36 PM**

Quote:

Originally Posted by Coldrsx

Flight to quality or follow the money or both?!

Probably both, but definitely don't underestimate the former. Having a prestigious office is a pretty big deal in these legal industry, particularly for a firm like Bennett Jones. Always thought it was weird they were in ATB given how old their offices appeared. Definitely won't have that issue anymore.

Coldrsx · #**126** Posted **Aug 31, 2023, 4:10 AM**

Let's Talk Downtowns
https://open.spotify.com/episode/1PR8WjMSMk3yOiGkYxZgqB?si=8a95cac5b9714c82&nd=1

Coldrsx · #**127** Posted **Oct 4, 2023, 8:32 PM**

https://www.linkedin.com/in/nicholas-hre..._feed%3B4FSrbH%2F%2FTF6jR225MHacRg%3D%3D

Coldrsx · #**128** Posted **Oct 19, 2023, 2:42 PM**

Edmonton’s office market saw a net absorption of 165,000 square feet in the latest quarter, while downtown vacancies fell to 20.4% and suburban vacancies to 17.4%. Avison Young, which reported the numbers, said the absorption rate breaks the previous record set in Q3 of 2018, when 158,000 square feet was absorbed. Demand was driven by educational institutions, including NorQuest College, which expanded its downtown space by 63,000 square feet (Intact Building), and the Edmonton Classical Academy charter school, which signed a lease for 61,000 square feet. Edmonton has the second-highest downtown office vacancy rate of any major Canadian market after Calgary.
-Taproot

Coldrsx · #**129** Posted **Oct 19, 2023, 4:57 PM**

Avison Q3 Report

https://www.avisonyoung.ca/documents/956...6-435e-17ab-d2d229ade20c?t=1697236711850

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Is APEGA leaving Rice Howard Way Place with their new 37k in Commerce South?!?!?

YegFan · #**130** Posted **Oct 19, 2023, 5:59 PM**

Yes...they will be based close to Millgate on the southsdie.

Hardhatdan · #**131** Posted **Oct 23, 2023, 1:27 AM**

Millgate?
That's a wonderful choice...terrible, but will suited for a bunch of of squares.

Coldrsx · #**132** Posted **Oct 26, 2023, 1:37 AM**

An insightful podcast on 'the future of work', featuring one of Downtown's more innovative tenants, Work Nicer.

https://www.collisionsyyc.com/episodes/e378-alex-putici

EdmTrekker · #**133** Posted **Oct 26, 2023, 7:44 PM**

Quote:

Originally Posted by Hardhatdan

Millgate?
That's a wonderful choice...terrible, but will suited for a bunch of of squares.

I agree and am surprised that they would abandon downtown and then its members beg for city public works. Large engineering companies have a responsibility to contribute to building our downtown and their professional body should be part of that.

stefanYEG · #**134** Posted **Oct 26, 2023, 10:22 PM**

Quote:

Originally Posted by YegFan

Yes...they will be based close to Millgate on the southsdie.

Does that mean one of the office buildings off 86 street across from the Provincial Archives? Just a mind-boggling decision IMO. They'll have great views of parking lots and maybe the Whitemud if they're lucky. I think there's a Subway for lunch a few blocks west on 51 Ave.—just a short stroll through an industrial and commercial wasteland.

Edmontonguy · #**135** Posted **Oct 26, 2023, 11:04 PM**

well, heaven forbid their staff want to, perhaps, take their own vehicle to work, with a parking stall, and not deal with a slow, inconsistent, sometimes-pee smelling transit system.

Who knew that people, working for an organization, would want to pursue their career without having to worry about social disorder or other challenges.

This is a failure, not on this organization, but on a clueless city hall; and a province too focused on the success of Calgary (and their downtown) over that of the capital of Alberta.

TimB09 · #**136** Posted **Oct 27, 2023, 1:12 PM**

Quote:

Originally Posted by Edmontonguy

well, heaven forbid their staff want to, perhaps, take their own vehicle to work, with a parking stall, and not deal with a slow, inconsistent, sometimes-pee smelling transit system.

Who knew that people, working for an organization, would want to pursue their career without having to worry about social disorder or other challenges.

This is a failure, not on this organization, but on a clueless city hall; and a province too focused on the success of Calgary (and their downtown) over that of the capital of Alberta.

Bingo.

They asked for their employees say and it was given. What do you want them to do? Piss off employees by staying where they aren't happy?

Slide · #**137** Posted **Oct 27, 2023, 2:29 PM**

^an unfortunate truth, but yes. I know of another office downtown where employees are fighting to keep work from home just because they don't feel safe walking to their office from their car or bus. Some kind of hybrid compromise has been setup in the meantime.

Coldrsx · #**138** Posted **Nov 8, 2023, 2:08 AM**

ROHIT moves 'Downtown' in the former Stantec HQ on 112st.

Talk about walking the walk and talking the talk.

Hardhatdan · #**139** Posted **Nov 8, 2023, 2:14 AM**

Quote:

Originally Posted by TimB09

Bingo.

They asked for their employees say and it was given. What do you want them to do? Piss off employees by staying where they aren't happy?

Yea, help engineer a solution instead of running from the problem. Pun intended.

Harrison · #**140** Posted **Nov 8, 2023, 3:27 AM**

Quote:

Originally Posted by Coldrsx

ROHIT moves 'Downtown' in the former Stantec HQ on 112st.

Talk about walking the walk and talking the talk.

Yup, it's a great move and really shows they want to get into the multi-unit game even more.