Quote:
Originally Posted by UrbanClimate
Leader-Post pic of the new Ag Place tower downtown.
Source: Leader Post
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Mike Kelsey, associate vice-president of Colliers International in Regina, said Agriculture Place, a 10-storey, $60-million project of Harvard Developments, with 236,000 square feet of new space on the 1800 block of Hamilton Street, had the potential to dramatically increase the vacancy rate in the downtown core.
But with Farm Credit Canada as the major anchor tenant, more than 50,000 square feet were left to be leased. "That 50,000 square feet is now spoken for. Stantec is taking it," Kelsey said, referring to Stantec Architecture and Interior Design and Stantec Consulting.
"They're vacating their building at 1919 Rose St. ... next May."
"They've got 2,500 square feet left (to lease). For all intents and purposes, it's fully leased.' Of course, Agriculture Place will cause a chain reaction of events that could add another 120,000 square feet on the office market. Most of that vacancy will be felt in the Class B office market, Colliers said.
While Class A office space in Regina remains a scarce commodity, with less than a five per cent vacancy rate, Class B+ and Class B office space saw vacancy rates range from 12.6-15.6 per cent during the second quarter.