Commercial Real Estate News

[Proof Sheet]

Originally Posted by Marshsparrow

generalize and stereotype much?

I deal with government every day in my job, almost exclusively with the City of Ottawa and other local governments. I would go stir crazy after a few days working there.

[acottawa]

Originally Posted by J.OT13

So commercial developers' reluctance to pull the trigger on more office space pays off at the end...

The Feds flawed model to save office space is too cram as many people as possible in each building, resulting in horrible, unhealthy environments and increased stress leave.

I think the Fed plan is to make the workplace so miserable that most employees work from home.

All of this will have a knock on effect in the residential sector as well, will probably increase demand for larger homes.

[YOWetal]

Originally Posted by acottawa

I think the Fed plan is to make the workplace so miserable that most employees work from home.

All of this will have a knock on effect in the residential sector as well, will probably increase demand for larger homes.

Most of the public service seems poorly suited to working from home. Collaboration and supervision being a big part of most departments work. For better or worse.

[Capital Shaun]

Originally Posted by YOWetal

It's a big ship. They rushed in Phoenix. Look how that worked out.

"Rush" and yet there was a half decade of planning & development behind that fiasco.

[DarthVader_1961]

Originally Posted by Capital Shaun

"Rush" and yet there was a half decade of planning & development behind that fiasco.

And not enough testing...

[Capital Shaun]

Originally Posted by DarthVader_1961

And not enough testing...

It certainly wouldn't have passed testing if they had tested it properly. But you know, "deadlines" had to be met.

[J.OT13]

Originally Posted by Capital Shaun

"Rush" and yet there was a half decade of planning & development behind that fiasco.

It's a lot like LRT; years of planning and "studies" before launching the RFP, and then picking the cheapest bid regardless of technical scoring or compatibility.

[rocketphish]

Toronto's Crown Realty acquires 23-building portfolio in Ottawa

By: David Sali, OBJ
Published: May 4, 2020 3:48pm EDT

A major Toronto-based real estate investment firm has added to its growing portfolio in the National Capital Region after purchasing more than 400,000 square feet of office space in the south and east ends of the city.

Crown Realty Partners says it has acquired 23 buildings in Ottawa from CanFirst Capital Management in a deal that closed in late April. Financial terms of the agreement were not disclosed.

The company said the purchase includes 415,000 square feet of low-rise office space at seven locations: the Camelot Business Park, 14 and 20 Colonnade Rd., 106 Colonnade Rd., 169 Colonnade Rd., 36-38 Antares Dr., 1140-1150 Morrison Dr. and 2301-2327 St. Laurent Blvd.

Crown Realty partner Emily Hanna said such flex office buildings are “in short supply and costly to develop” and said their overall occupancy costs are lower than traditional office buildings.

The buildings are currently more than 90 per cent leased to nearly 70 tenants in a variety of industries, including government, engineering, finance and IT.

“The diversified income stream should assist in weathering the portfolio through any storm,” Hanna said in an email to OBJ on Monday, adding that the company may consider selling some of the buildings individually in the future.

Colliers International, which brokered the deal, will continue to act as the property manager for the buildings.

Hanna said Crown Realty will launch a “reinvigorated asset and leasing strategy” for the portfolio that will include upgrades to the buildings’ facades, replacing windows and renovating common areas and outdoor spaces. She said the company also plans to convert some offices into “model suites” ​– borrowing from the template popularized by co-working spaces by creating ready-made meeting rooms, kitchens and work areas aimed at smaller tenants who don’t have the resources to hire architects, designers and contractors.

Hanna added the company’s plans to upgrade the buildings will be “revisited” in the wake of the COVID-19 pandemic, “depending on when we all get back to work and the changing needs of the market.”

Many real estate observers argue the COVID-19 crisis could cause tenants and landlords to rethink the way office space is designed in an effort to accommodate physical distancing and other measures aimed at containing the spread of the novel coronavirus in the future.

Founded in 2001, Crown Realty now manages more than $3 billion worth of property, and the deal marks its second acquisition in the Ottawa area. Last summer, the firm bought the Carling Executive Park properties at 1525, 1545 and 1565 Carling Ave. from Vancouver-based QuadReal Property Group for $56.5 million.

Hanna said Ottawa is an attractive market for investors because of the “stability offered by the federal government,” the city’s thriving tech sector and its relative affordability.

Although measures to control COVID-19 have dealt a heavy blow to Canada’s economy, Hanna said Crown Realty is “known for the success we’ve had repositioning troubled assets,” adding that expertise will serve it well at a time when many commercial properties “will be in need of hands-on, thoughtful management” to retain existing tenants and find new ones.

https://www.obj.ca/article/torontos-...rtfolio-ottawa

[rocketphish]

‘Office exodus’ unlikely despite Shopify’s shift to remote-first working, observers say

By: David Sali, OBJ
Published: May 22, 2020 4:13pm EDT

Shopify’s shift to a permanent remote-work model isn’t viable for most companies over the long term, real estate experts told OBJ Friday, adding the tech giant’s decision is unlikely to trigger a domino effect of other tenants looking to vacate commercial office space.

The Ottawa-based e-commerce juggernaut made headlines Thursday when CEO Tobi Lutke tweeted that Shopify is now a “digital company” by default and will keep its offices closed until 2021.

“Office centricity is over,” said Lutke, prompting a wave of speculation about whether other tech firms would follow suit and implement a permanent work-from-home approach once restrictions to curb the spread of the novel coronavirus are lifted.

But several high-profile commercial real estate executives said Friday they believe many employees’ enthusiasm for remote work is already wearing thin, adding most companies feel the advantages of face-to-face interaction far outweigh the risks of returning to the office.

In addition, policies designed to foster greater physical distancing could ultimately drive increased demand for commercial space, some brokers contend.

“It is going to take a long time for us to get back and have our office buildings fully occupied,” says veteran broker Nathan Smith, managing director of Cushman & Wakefield Ottawa. “There’s no question about that. But it’s going to happen. The corporate world can’t exist with everybody working at their kitchen table. Your culture and your retention ​– which are the two No. 1 things for any corporation ​– will go out the door eventually.”

Smith says employees who never set foot in the office eventually start to feel disconnected from their colleagues as well as their employer’s corporate mission, no matter how effective the technology they use to stay in touch with goings-on at work.

“You start to erode your culture,” he says. “And at the end of the day, if I’m working from my kitchen, does it really matter who I’m working for? Productivity and creativity are best served when humans are together interacting in an office environment.”

Aik Aliferis, senior managing director of investments at Ottawa office of Marcus & Millichap, agrees. The longtime broker says he’d be surprised if Shopify ends up downsizing its hip headquarters at 150 Elgin St., where it occupies more than 100,000 square feet and the state-of-the-art amenities include a go-kart track and a massive games room.

Not everyone thrives away from the office, Aliferis says. Many workers relish the creative rush they get from bouncing ideas off colleagues and crave the social connection of chatting with co-workers, he explains, and he thinks Shopify will eventually realize that and backpedal from its remote-work stance.

“The suggestion that Shopify’s not going to need office space is not realistic,” he says. “The office environment is still required to do business. I don’t believe we're going to see a mass exodus of traditional office space.”

Darren Fleming, the CEO of Ottawa’s Real Strategy brokerage, says he’s already heard from at least one client that’s considering adopting a permanent work-from-home strategy.

“I do think it’s indicative of what’s going to come,” he says of Shopify’s decision, adding many tenants are re-evaluating the size of their footprints and whether it makes sense to keep shelling out rent for space they might no longer need. “I think that’s going to happen more. I think there’s a lot of companies who are waiting to see what happens with the office market after COVID.”

Still, Fleming says he’s not convinced it would be in Shopify’s long-term interest to shed most of its office space. As the battle for tech talent intensifies, taking away an employee’s choice of working environment might cause disgruntled workers to bolt for greener pastures at the first opportunity.

“I think it will not be easy to roll out as just telling everybody, ‘Yeah, you don't get to go back (to the office),’” he says. “I’ve got to think at the end of the day, if those people are unhappy working for Shopify because they have to work from home, Shopify can’t afford to ignore that.”

Fleming also says finding new takers for all that real estate could be easier said than done for Shopify, which has long-term leases on more than 20 floors at 150 Elgin St. and nearby 234 Laurier Ave.

“It certainly is not something that they’re just going to drop on the marketplace and it will suddenly get rented,” he says. “I don’t know that anyone’s going to be rushing in to take out half a million square feet (of office space).”

But he also says Shopify, which briefly surpassed RBC earlier this month to become Canada’s most valuable publicly traded company, has the financial wherewithal to absorb the cost of renting vacant real estate.

“In relation to payroll, it’s not that important,” he says of the company’s rent bill. “They’re sitting on cash. I think this makes a lot of sense for them.”

Aliferis adds that some tenants might end up renting even more space once the lockdown ends to accommodate more separation between desks and other design changes such as wider hallways in an effort to prevent another outbreak.

“I think it could have a lot of positive impact” on the market, he says. “I think where people can work from home and be productive, companies will look at that option a lot more seriously maybe than what they did before. But I think we’re also going to see space requirements and traditional office layouts change.”

https://www.obj.ca/article/office-ex...-observers-say

[rocketphish]

LRT ‘totally changing’ Ottawa's east-end office landscape, broker says

By: OBJ staff
Published: May 22, 2020 2:32pm EDT



The Canadian branch of a global real estate investment company has purchased a government-occupied office tower at the Ottawa Train Yards in a deal worth $97.5 million.

BentallGreekOak’s Prime Canadian Property Fund bought the 240,000-square-foot office building at 395 Terminal Ave. from 2237800 Ontario Ltd., a local company, earlier this spring. The Canada Revenue Agency occupies the entire building, which opened about seven years ago. The federal agency has eight years remaining on its lease as well as an additional five-year option.

Cushman & Wakefield Ottawa managing director Nathan Smith, who helped broker the deal, said the previous owner had received several offers for the property, which is located near the Train Yard shopping complex and a couple of hundred metres from the Tremblay LRT station.

Smith said the building was at the top of BentallGreenOak’s list of properties it was targeting in Ottawa’s suburbs due to its proximity to light rail, the Via Rail terminal and other transit-oriented development projects.

The east-end neighbourhood has recently become a hotbed of proposed new developments.

Last month, Colonnade BridgePort said it’s partnering with investment firm Fiera Real Estate to acquire five acres of land at nearby 25 Pickering Pl., just east of the Via Rail terminal, with the aim of turning the current industrial site into a “mixed-use, high-density community hub” that will include rental apartment highrises, retail space, parkland and possibly a hotel.

Meanwhile, the federal government said last month it’s seeking a private-sector partner to develop part of its 26-acre property farther east at 599 Tremblay Rd., across from the St. Laurent Shopping Centre. Current plans call for a 1.6-million-square-foot office complex and a mixed-use development with residential units, parks and shops.

“All of the stuff that’s happening in that area you could argue is a direct link to the LRT,” Smith said. “That totally changed the landscape in the east end from an office standpoint.”

https://www.obj.ca/article/lrt-total...pe-broker-says

[Harley613]

Wait, what? Proximity to light rail, the Via Rail terminal and other transit-oriented development projects? Is there a tunnel or bridge in the works that I haven't heard about? It's F@#$ing ridiculous how car oriented the Trainyards area is and how it's still completely cut off from transit despite being meters away from a rail station and light rail station.

[rocketphish]

Ottawa’s office leasing market poised to pull through COVID-19 crisis, but faces long-term challenges
Federation of Canadian Municipalities to take over 35K square feet at 66 Slater St.

By: David Sali, OBJ
Published: Jun 2, 2020 4:29pm EDT

Ottawa’s office leasing market is “holding up relatively well” despite the body blow the novel coronavirus has dealt to the local economy, one of Ottawa’s leading commercial brokers says.

Bruce Wolfgram, a principal at Ottawa-based Proveras Commercial Realty, concedes “there is a certain amount of anxiety” among landlords and tenants right now as the effects of the COVID-19 lockdown ripple through the real estate industry.

But the veteran broker says there’s been no shortage of interest in vacant office properties in Ottawa in recent weeks, noting his firm is currently in “a number of negotiations” with landlords on behalf of tenants seeking long-term leases.

“Office space is holding up relatively well in comparison to industrial or especially retail,” Wolfgram says.

Proveras recently negotiated a long-term lease for the Federation of Canadian Municipalities to take over 35,000 square feet on three floors at 66 Slater St., space formerly occupied by the federal government.

The group, which is headquartered in a building it owns at 24 Clarence St. in the ByWard Market and also occupies spillover office space at 10 Rideau St., will move into the new digs this fall after vacating the Rideau Street site. FCM will also maintain its head office on Clarence Street.

Wolfgram says the non-profit organization looked at a variety of properties in the central business district and the ByWard Market before deciding on the recently renovated Slater Street site, which is managed by Colonnade BridgePort.

“There was a lot of interest” among landlords when FCM began shopping for new space, he says. “It’s a very good-quality tenant.”

Ottawa’s commercial vacancy rate had been steadily tightening for more than two years before the pandemic hit. But some industry experts suggest the market is in for a rocky few months as landlords and tenants deal with the economic fallout of COVID-19.

A recent report from fellow Ottawa brokerage Real Strategy Advisors said that while the capital’s economic situation remains “fairly encouraging” in the wake of the crisis, the current economic slump “will likely create more vacancy and put downward pressure on rental rates for the remainder of the year.”

Meanwhile, some observers also wonder if more tenants will follow the lead of tech giants such as Ottawa-based Shopify or social media giant Facebook, which both recently announced they will be encouraging employees to work from home permanently once restrictions aimed at curbing the spread of the novel coronavirus are lifted. Some have questioned whether that could lead to a glut of office space as tenants downsize their footprints.

Wolfgram agrees that until a vaccine or effective treatment for COVID-19 is found, many workers likely won’t feel comfortable intermingling with colleagues on a regular basis.

But he also says he’s not seeing a rush toward the remote-first work strategies being championed by Shopify and others, adding he believes the benefits of shared workspaces will ultimately outweigh the perceived risks.

“We haven’t encountered anybody who said they can’t wait to continue (working from home) for the rest of their lives,” Wolfgram says, adding he was “quite surprised” at Shopify’s announcement.

“The idea in many companies’ minds of keeping all their employees at home ... we don't believe that’s going to happen. We believe the companies that are stating that now will (soon) realize that this is not a good move from a culture standpoint (and) employee retention standpoint. So much is gained by having people working together and having social interactions.”

https://www.obj.ca/index.php/article...aces-long-term

[OTownandDown]

Originally Posted by Harley613

Wait, what? Proximity to light rail, the Via Rail terminal and other transit-oriented development projects? Is there a tunnel or bridge in the works that I haven't heard about? It's F@#$ing ridiculous how car oriented the Trainyards area is and how it's still completely cut off from transit despite being meters away from a rail station and light rail station.

LOL, sure let's build a bridge over the VIA terminus. I would LOVE to walk 500m through a bridge followed by 1.5kms across parking lots in the middle of winter. SUPER pedestrian friendly.

Sorry, I agree with you completely. The trainyards is a sad, sad place. Also sadly, I go there more often than I'd like to admit. There's absolutely nothing pedestrian (or car) friendly about it.

The fact that we had such a large area of empty land redeveloped into a big-box parking lot is a sad state of affairs less than 5km from downtown. More than 50% of the parking is empty, even on the best of days. Shoulda been residential with commercial, like the new Westgate, or any of the other malls being redeveloped these days. Fronting onto the Via terminus/OC Transpo line. There's still vast tracts of wasteland surrounding this place, creating a pedestrian nightmare, whether it be running across Industrial, taking a 3-day hike across the Belfast Overpass, or being very uncomfortable choking on highway exhaust, and climbing a very slippery embankment on Riverside and then walking for an hour to Walmart on the far horizon...

Not to be a debbie downer: 2 good things to come out of the Trainyards:
1. The sheer quantity of solar panels.
2. ChickPeas.

[OTownandDown]

In hindsight, the train line should have stayed at grade at Hurdman, extending under the Via rail with the existing underpass, tunnelling under industrial/the trainyards with a station at Five Guys, passing by the new rail yard and arriving at St. Laurent . Tremblay is 'useful' but only for a handful of rail passengers.

Maybe a station at Industrial/Neighbourhood Way, a station at Belfast/Via Rail Tracks (with a pedestrian connection along the 100m to the Via station, behind/thru the creepy car repair under the belfast overpass) and then onwards to St. Laurent.

[YOWflier]

Originally Posted by OTownandDown

...
2. ChickPeas.

This is the correct answer.

[stolenottawa]

Originally Posted by ac888yow

This is the correct answer.

We're gonna need a Bank st subway to serve that location as well.

[rocketphish]

Surging office sublease market signals COVID-19's lasting impact, brokers say

By: David Sali, OBJ
Published: Jun 22, 2020 5:44pm EDT

A move by a Kanata tech firm to place 40 per cent of its space on the sublease market could be the tip of the iceberg for the capital’s office market as companies re-evaluate their space requirements amid a rise in remote work and the prospects of an economic downturn, some local brokers say.

Martin Aass, managing principal at Cresa Ottawa, says his firm has begun working with five clients – including Syntronic Canada, which is looking to shed 20,000 square feet – who are looking to sublease part of their office footprints as well as two more that are starting to search for subletters.

“That is really unusual to see that much activity on the sublets,” he says, noting he would typically see half a dozen such requests in a whole year. “To see five in a few weeks is pretty crazy.”

Darren Fleming, the CEO of Ottawa brokerage Real Strategy, says he just sublet 4,000 square feet of space for one client and is currently helping two others who each occupy about 12,000 square feet of commercial space and want to shed at least half of it. Meanwhile, another downtown tech firm he represents is looking to find a tenant to share its current office space.

As tech firms such as Ottawa’s own Shopify as well as Facebook and others grab the spotlight with plans to go “virtual by default,” Fleming says other companies are also looking at introducing more flexible work arrangements that could see many employees working from home at least part of the time.

“My sense of it is that total office demand is going to shrink,” Fleming says, estimating the overall demand for space in the capital’s office market could drop by 10 per cent in the coming months as tenants reassess their need for large blocks of closely packed cubicles and big boardrooms.

“I can tell you anybody who is considering growing their office space has for the most part put that on hold. I think there’s a whole lot of people who expect they're going to get smaller, but they're just not sure how to quite do that yet.”

Ottawa has yet to see a spike in subleased office space during the pandemic, says Ray Wong, vice-president of data operations at commercial real estate services firm Altus Group’s Toronto office ​– in fact, the total percentage of Ottawa’s available office space up for sublet actually declined from 6.9 per cent in the first three months of 2020 to 5.1 per cent in the second quarter up to the end of last week.

But Wong says Toronto and Vancouver have seen their share of available real estate for sublet nearly double in the last couple of months, and he expects Ottawa’s rate to rise in the months ahead asd companies of all stripes take a long, hard look at how much space they require.

“There’s a lot more discussion in the marketplace” about subleasing, he explains, adding the lockdown is giving companies “time to reassess what their needs are.”

KRP Properties president Martin Vandewouw, whose firm owns and operates 32 buildings in the Kanata area, says he believes many tenants are taking a wait-and-see approach. It’s still not clear how successful teleworking arrangements will be in the long term, he says, adding he thinks many companies are going to press pause on any major moves to shed or take on real estate.

Just as some companies might decide they need less space as more jobs are done remotely, some brokers and other real estate experts suggest that other firms might look to expand their footprints in an effort to accommodate physical distancing and other safety measures in a post-COVID world.

Then there’s another obvious question: if a rush of tenants scramble to ditch excess real estate en masse, will there be enough takers for the freshly available space?

Aass says he thinks subleased space could be an attractive commodity as companies struggle to emerge from the pandemic for several reasons: it’s typically cheaper than direct leasing, there’s usually just a few years left on a deal – meaning tenants aren’t locked into a long-term commitment – and the property is generally ready to be occupied immediately without any need for expensive retrofits.

“You don’t want to sign a five- or 10-year lease if you’re in a state of uncertainty,” he says. “Sublease space has real appeal in times like this.”

Fleming says while he expects to see more sublet business come his way, it’s still anybody’s guess what the long-term prognosis for the office market will be.

“I think the whole world is learning as we go on this one,” he says. “It’s probably going to take a year or two to fully understand it.”

https://www.obj.ca/article/surging-o...es-brokers-say

[J.OT13]

Considering the Ottawa office market was tight to the point that it discouraged businesses to set-up shop here, this could be a good thing.

[J.OT13]

No end to office space crunch in sight, veteran Ottawa real estate exec says

David Sali, OBJ
July 17, 2020

While some local brokers say the rise in teleworking during the COVID-19 era could lead to a surge in tenants looking to rent out excess office space, at least one prominent Ottawa real estate executive says he doesn’t expect a wave of new inventory to flood the market.

“There’s been a lot in the news about what is the sublease market going to be, what is the future of office going to be, and I would suggest that the story is still playing out,” CBRE Ottawa managing director Shawn Hamilton said after a new report showed the amount of sublease space in the region has been on the rise during the pandemic.

“My sense is the story won’t be as dramatic as some might think it could be.”

According to CBRE’s second-quarter office market report released this week, the amount of sublease space available in Ottawa jumped 11 per cent between the beginning of April ​– roughly the same time the effects of the coronavirus pandemic really began to hit the city ​– and the end of June.

But the 283,000 square feet of space now available for sublease is still a far cry from the nearly 2.2 million square feet of space that was up for grabs back in 2003, after the tech bubble of the late 1990s had burst.

Today, sublease space represents just 0.7 per cent of Ottawa’s total office inventory, well below the 2003 ratio of 4.2 per cent and barely half the region’s 17-year average of 1.3 per cent. While a few tech firms have already started putting space on the market, Hamilton said he thinks many tenants are still waiting to see how their return-to-work plans play out before they make any decisions.

“With leases having five-, 10-year periods, it’ll take a while for things to trickle on to the market,” he said. “I think in times of uncertainty, historically we've shown that the sublease market does generate some momentum. We expect that to a certain degree.”

Will Ottawa weather the storm?

CBRE’s report comes after a couple of leading local real estate brokers recently told OBJ they’re seeing a greater-than-usual number of clients looking to put space on the market as companies move toward more of a hybrid model that would see at least some employees work permanently from home.

Elsewhere, brokers in downtown Toronto also reported a “spike” in vacant offices as businesses struggle to sublet their spaces.

But Hamilton isn’t convinced a sea change in the market is approaching. He says the city has weathered the current storm comparatively well, and he expects many tenants will end up holding on to their space – if not expanding it – as the economy starts to recover over the longer term.

“We’re still seeing companies grow, we’re still seeing companies looking for space, albeit at a reduced rate just given the period of uncertainty,” he said.

“I’m not seeing any real signs from the tech community as a whole of slowing down or pulling back. There will be more sublets coming up, but I think the net growth will outweigh the subleases that are happening, and I think there will still be pressure to build (new inventory).”

About 330,000 square feet of new office space is currently under construction in the capital – but most of it is part of the $1.5-billion Zibi redevelopment project on the former Domtar lands just north of the Canadian War Museum and is already pre-leased, “providing little in the way of space for new growth,” the CBRE report says.

KRP Properties and Regional Group are both proposing significant new office builds on Solandt Road in the heart of the Kanata North tech park, and Hamilton said he expects those projects to go ahead.

“Design build opportunities such as 2700 and 2707 Solandt Road could offer viable options for tenants who seek modern, large blocks of space in the west end that can be customized to suit new social distancing protocols,” CBRE explained in its report.

The city’s overall office vacancy rate jumped 60 points to 7.2 per cent in the second quarter – although that’s still well below the five-year average of 9.4 per cent, and CBRE said it remains bullish on the market’s long-term prospects thanks to the strength of the tech sector and the stability of the federal government.

Downtown market

In the central business district, the rate increased from six per cent to 6.8 per cent – mostly due to the Department of National Defence vacating 190,000 square feet of space at 110 O’Connor St. earlier this year as it shifted its operations to the former Nortel campus on Moodie Drive – while in the tech hub of Kanata the vacancy rate ticked up one-tenth of a percentage point to 6.3 per cent.

Cominar’s property at 110 O’Connor is one of the few large blocks of space available anywhere in the city right now, and Hamilton said he’s eager to see what becomes of the 14-storey class-B office tower near the corner of Slater Street.

“I’m sure given the state of the multi-residential market in Ottawa, they’re giving thought to … a multi-residential play,” he said. “There’s a whole host of opportunities that surround that building. We’re waiting to see how it plays out.”

Meanwhile, Ottawa’s industrial availability rate dipped a tenth of a percentage point to 3.3 per cent in the second quarter.

With one major industrial development – Broccolini’s 2.7-million-square-foot warehouse project for Amazon at the Citigate Business Park in Barrhaven – already under way and another one million square feet of space proposed at a new business park on Russell Road, CBRE says the capital region could soon become a hub of new industrial activity.

“As e-commerce gains traction and an increase in storage and distribution facilities are needed, the industrial asset class is expected to see growth in a tight market, requiring the construction of new facilities,” the report said. “Evidence of this demand is seen with numerous large-scale development applications as well as new development land being brought on board.”

https://obj.ca/article/no-end-office...tate-exec-says

[DarthVader_1961]

Originally Posted by J.OT13

https://obj.ca/article/no-end-office...tate-exec-says

I am thinking that the feds are drooling over the potential for savings on leases. Not sure about other departments but mine is having no issues, or very small ones, in working from home.