Tim Bousquet has a
very panicky entry in this morning news roundup today, making all kinds of tenuous links between the Nova Centre, Argyle Street, Chinese ghost cities, and his theory that urbanization represents the dying gasps of late-stage capitalism (seriously).
It's all a bit much, and pertaining to the Nova Centre, I think he's wrong about two things (he thinks the Argyle bar district will be destroyed, and he thinks the Nova Centre's architecture is horrible).
But wade through all that and you get to at least one indisputable fact, which is that the Centre is coming into an already very vacancy-saturated office market. It's either going to end up significantly vacant, or it'll cannibalize older office space. Either way it'll drive vacancy rates even higher. It's going to take quite a while, I bet, for office demand to rebalance with the amount of space on the market, and therefore probably many years before we see any significant new office construction.