Quote:
Originally Posted by fenwick16
From what I have read, this has also happened in Calgary in the past (and now) - an oversupply of office space (especially in the late 80's when some towers had only a couple of people on some floors). Because of a booming economy Calgary at the time, it was able to recover more quickly than Halifax. It was a couple factors that caused an oversupply in Halifax, the Purdy's Wharf development along with a recession and military downsizing in the early 90's. Halifax has seen fairly strong growth in the past 10 years, so I prefer to be optimistic and think that it will continue.
|
Calgary was able to recover by attracting most of the main offices of the oil companies; so now it's become a game of who can have the more prestigious office space. So it's become a leap frog game as the oil companies have grown bigger and bigger.
I think Encana will be in the lead once the Bow is finished - which is mid next year. But right now Suncor (IMO) is in first place with it's tower (which oddly enough is one block East of the Bow Tower Site).
The difficulty facing Calgary right now will be the glut of Condos in the downtown core. Because our economy is tied so much to oil/gas development, when people stopped moving here - many condo projects just stopped. Added to this were the layoffs.
Once the condo glut is gone, I think you'll see office towers go back up too - because many of the major oil and gas players (and their major support companies) want the prestige offices in downtown, where as the smaller players can't afford it. One exception to that was the recent decision by Bell to move out to the burbs - that one surprised me given their really nice building in downtown Vancouver.
For Halifax - i see the office situation changing in the next 10 years if oil spikes again. With the wealth of opportunities off shore (for both NS and NF); I see Halifax being the winner for the most part. Most oil companies that have invested (or are planning - from what I hear through friends in those companies) are already looking at the best place to setup regional offices. I suspect, that 9 times out of 10 they will do it in HRM because the transportation infrastructure, housing and amenities are all there - where as in NF they aren't as well established. Especially if these companies have US connections - the flight options (for example) will be easier to Halifax, than SJ's.
But I think this convention centre will tie back to the economic development opportunities quite well - because if resources do create economic spin offs; the convention centre could deal with many conferences related to off shore oil development.
On another note; the suport petition appears to now be about double that of the heritage trust and save the view's.