Quote:
Originally Posted by Biff
I respectfully disagree, because we can have it both ways....just not with office space. Everything moves up a level and when a heritage building is not viable as office space it can be reborn as residential - as it is now with the Avenue, Sterling, now Boyd buildings. All seem to be pretty successful and now we have more residence. Doesn't seem doom and gloom to me.
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It's never that simple because
a) we don't know if the market is willing to pay the high rates of a new building like TNS
b) if someone IS willing to pay, they will be coming from a next best building, likely, creating a void
c) If heritage buildings lose office tenants it's never that simply to simply convert. As demonstrated by the Nuttly Club scenario, it could be impossible. For example, the Grain Exchange is one of Winnipeg's absolute premier heritage buildings and that floor plate is useless for residential... it would be a colossal chore to re-fill and would have to sink their rents.