Quote:
Originally Posted by gjhall
How are condos pushing up the rent on a movie theatre space in an office building? Is there a shortage of land for offices as a result of condos? No: office vacancies downtown are up.
Please explain your reasoning.
An aside: Let's not forget that Rideau Centre theatres closed not only because Empire is exiting the movie business, but also that the Centre is planning to expand, including the whole floor the Rideau Centre's theatre is located on.
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In a way, you are proving my point. It is only the construction of condos that is booming downtown. Obviously, this is the most profitable use of scarce downtown land at the present time. I am not saying this is a bad thing. You do say that office vacancies are up, which proves that the commercial sector cannot afford downtown space and likewise retail. Yes, the Rideau Centre is expanding but this project has been delayed by a number of years, while there are retail issues pretty well everywhere else downtown especially on Sparks Street as has been discussed at length.
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