Edmonton Construction 9 (2008-08) - Page 485

Coldrsx · #**9681** Posted **Dec 16, 2009, 5:45 PM**

Quote:

Originally Posted by RTA

^ Ah didn't see that. Ok, so it's better than I thought. Still, apparently the office tower access is only though the courtyard, not the street.

which is fine if they have active uses on the street.

240glt · #**9682** Posted **Dec 16, 2009, 6:09 PM**

That's okay, the office tower will be empty anyways

Cow-garian · #**9683** Posted **Dec 16, 2009, 6:30 PM**

Quote:

Originally Posted by 240glt

That's okay, the office tower will be empty anyways

We'll see about that.

240glt · #**9684** Posted **Dec 16, 2009, 6:34 PM**

How's the leasing at EAP going ?

Coldrsx · #**9685** Posted **Dec 16, 2009, 6:36 PM**

^or jammy.

Cow-garian · #**9686** Posted **Dec 16, 2009, 8:56 PM**

^^ you guys have so little faith in Calgary. EAP still has a way to go before its done.

We'll see who has the last laugh.

noodlenoodle · #**9687** Posted **Dec 16, 2009, 9:15 PM**

We only return the faith we receive...

Hardhatdan · #**9688** Posted **Dec 17, 2009, 12:08 AM**

Quote:

Originally Posted by Cow-garian

^^ you guys have so little faith in Calgary. EAP still has a way to go before its done.

We'll see who has the last laugh.

Who is going to back fill all of Encana's space? Who is going to fill EAP?

Honestly, what companies are looking to increase their lease rates and expand or consolidate?

TR_Tower · #**9689** Posted **Dec 17, 2009, 12:34 AM**

Half full / half empty towers, these are better than no towers at all, lol ... bulid it, they'll come!

kcantor · #**9690** Posted **Dec 17, 2009, 12:46 AM**

Quote:

Originally Posted by TR_Tower

Half full / half empty towers, these are better than no towers at all, lol ... bulid it, they'll come!

glad you're not managing my pension/retirement money...

CMD UW · #**9691** Posted **Dec 17, 2009, 1:05 AM**

Quote:

Originally Posted by Cow-garian

^^ you guys have so little faith in Calgary. EAP still has a way to go before its done.

We'll see who has the last laugh.

Don't get me wrong, the amount of new office towers Calgary has built / continues to build is impressive. But the reality is that there is a significant amount of office space (both new and backfill) that will need to be absorbed before we see any new towers. O&G companies are sub-leasing space and/or consolidating and returning space to the market. It is reasonable to expect no new office construction in Calgary for at least 5 or so years once Encana and EAP are completed. The A-class market should be ok, but the B-class market, particularly buildings in the Beltline will find it difficult.

Daveography · #**9692** Posted **Dec 17, 2009, 2:39 AM**

Quote:

Originally Posted by TR_Tower

Half full / half empty towers, these are better than no towers at all, lol ... bulid it, they'll come!

Really? 'Cuz, uh, Edmonton went through that phase already, and let me tell you it wasn't better having half/empty towers.

craner · #**9693** Posted **Dec 17, 2009, 4:21 AM**

As a skyscraper geek I'm thrilled about the towers in Calgary getting built although I recognize the concern over glutting the market.
I've lived through a few boom-bust cycles and as bad as it seems now, in a couple of years it could be turned around. I recall after the crash in 1983 vacancy rates skyrocketed, yet within a few years, the market had rebounded to the point where Canterra, BP (Amaco), Cascade, & Bankers Hall 1 all got built.
I am surprised and disappointed Edmonton didn't see a few more highrises built during the boom that just passed (again - I'm a skyscraper geek).
Anyway, as "Cowgarian" stated, I have faith that as bad as things might seem now in the Calgary office market, they will be much improved in a couple of years. I have even higher hopes for Edmonton as it seemes to be comming through the recession having only experienced a minor blip. I'm hoping for a new tallest for E-town the next time the boom winds blow (especially with the airport overlay removed).

BTW - if Ontario and Quebec don't want to pay for carbon emmissions from the oil sands does that mean they don't want any more money transfers from Alberta as well ?

WhipperSnapper · #**9694** Posted **Dec 17, 2009, 5:47 AM**

No doubt Calgary will eventually absorb all this space but, there is an incredible amount of space to absorb when you factor in everything under construction. For example, I don't think you can count on corporate relocations to quickly fill the space being as easy as decades ago.

Just look at the fully leased Jamieson Place. Half is available for sublet.
http://www.avisonyoung.com/library/pdf/Calgary/Office_Sublease/Jamieson_Place_Brochure_EMAIL.pdf

The amount of available sublet space in Calgary goes to show that companies were stockpiling space grossly inflating the huge absorption numbers over the past few years. It's not all recession.

Shodan · #**9695** Posted **Dec 17, 2009, 5:54 AM**

New Edmonton art gallery announces key partnerships

By SHAWN LOGAN, Edmonton Sun

Last Updated: 16th December 2009, 2:26pm

With just over one month until the new Art Gallery of Alberta opens its doors, two key players have stepped up to ensure art lovers will have plenty to feast on.

The gallery today announced three-year partnerships with the National Gallery of Canada and Capital Power Corporation, which will see a steady stream of world-class art on tap when the $88-million, 80,000 square-foot facility re-opens on Jan. 31...

http://www.edmontonsun.com/news/edmonton/2009/12/16/12180056.html

TR_Tower · #**9696** Posted **Dec 17, 2009, 6:20 AM**

My Half full / half empty comment was directed towards Calgary, since they've been very effective at attracting head offices and such, though as Sacamano has stated, it's gonna take time to fill up all that space. Edmonton will do fine for itself with the high rise condos that'll come to be built dt ... besides, these shall bring many benefits over having a core filled with vacant office towers by night .... not that I wouldn't mind seeing a few more awesome towers spring up, such as Manulife ...

Airboy · #**9697** Posted **Dec 17, 2009, 3:51 PM**

One other factor that affects the Calgary market is the mergers and purchasing of Junior O&G firms by the big boys. We don't tend to have that here. I also think it was cheaper to build your own suburban office than have a down town office.

Today observation (Barnett House crane looks like its coming down)

feepa · #**9698** Posted **Dec 17, 2009, 4:13 PM**

Whoa. I thought this was the Edmonton Construction thread...

I'll come back tomorrow and see if Edmonton has returned.

Daveography · #**9699** Posted **Dec 17, 2009, 4:14 PM**

Quote:

Originally Posted by craner

I am surprised and disappointed Edmonton didn't see a few more highrises built during the boom that just passed (again - I'm a skyscraper geek).

This last boom was mostly spent filling up all the empty space in the towers we already had. Last I heard vacancy rates are still pretty reasonably low, so we may yet see another tower or two when things pick up steam again.

MrOilers · #**9700** Posted **Dec 17, 2009, 4:41 PM**

I really think this next boom will be Edmonton's turn to see a bunch of new downtown towers rise.