COVID's impact on the future of work - Downtown 2030?

[Coldrsx]

I'd love to know people's thoughts on this on a more global scale and also on a more local scale.

What does Downtown look like in 1-5-10?

----
Has the Pandemic Transformed the Office Forever?

Companies are figuring out how to balance what appears to be a lasting shift toward remote work with the value of the physical workplace.

By John Seabrook
January 25, 2021

https://www.newyorker.com/magazine/2...office-forever

[Coldrsx]

Quick Stats

17.4%
Overall Office Vacancy

16.8%
Total Downtown Vacancy Rate

18.2%
Total Suburban Vacancy Rate

-121,632 sf
Downtown Absorption

-148,528 sf
Suburban Absorption

https://www.avisonyoung.ca/documents...5?t=-230543330

[Coldrsx]

From the same report:

(Stantec)

In terms of the downtown district, 100k sf of additional sublease space became available in Stantec Tower, offering the potential to lease 147k sf of contiguous space on floors 14 to 19 in addition to 24k sf on floor 28. This sublease opportunity is the result of increased efficiencies and implementation of a work-from-home strategy for the largest tenant in the building.

[Airboy]

Originally Posted by Coldrsx

From the same report:

(Stantec)

In terms of the downtown district, 100k sf of additional sublease space became available in Stantec Tower, offering the potential to lease 147k sf of contiguous space on floors 14 to 19 in addition to 24k sf on floor 28. This sublease opportunity is the result of increased efficiencies and implementation of a work-from-home strategy for the largest tenant in the building.

14 and 15 were interconnected. That was the Buildings group. Wow if they are giving that up. They must be way below 1000 people now.

[Coldrsx]

https://www.collierscanada.com/en-ca...report-2020-q4

[Coldrsx]

Positive news for Downtown:

We are pleased to announce the completion of a lease for 11,024 square feet of office space with Invistec Consulting Ltd at 10130-103 Street in Edmonton, Alberta.



More info:
https://epicinvestmentservices.com/l...street-centre/

[Harrison]

^Great news - they are moving from MNP Tower I believe. This is a firm that has grown a lot over the past few years.

[feepa]

Many orgs are looking at more work from home options. Will be interesting to see how much space is just not needed anymore over the next few years.

remaining spaces will need to be more flexible for hoteling/conferencing.

[Coldrsx]

As we are seeing in Calgary, we will see new firms choosing Downtown that were previously priced out or not in the market due to aggressive leasing deals.

[Airboy]

Interesting to see the reports. I have been working out of the office since the beginning. (Thank you Telus for no highspeed internet at my place).

For the most part I have been the only one on my floor, There are 5 others on other floors. This past 2 weeks I have noticed not only more traffic coming downtown but there are now more people in my office.

As more coworkers are getting their vaccines they are requesting to come back to the office. (there goes my peace and quiet).

I have asked a couple of people that are in why they are coming back. Most said they feel they can get more done in the office than at home since the home offices are really not great. And a few others said its either the office or kill the kids.

[Coldrsx]

Aspen Properties

Follow

Did you know that Bell Tower in Edmonton is now dog-friendly? Well, it is, and we had our #dogsofbelltower stop by and inspect the space for themselves! Say hi!👋
https://www.linkedin.com/feed/update...8699076653056/

[Coldrsx]

https://www.collierscanada.com/en-ca...istics-2021-q1

[Coldrsx]

The City of Calgary and its downtown partners must make the bold moves required to shift from vacancy to vibrancy. We are seeking an initial investment of $200 million in our downtown from Council on April 26 that will start this shift.

This initial investment of $200 million is focused on areas that will start to lower office vacancy, improve downtown vibrancy, and support the development of thriving neighbourhoods that attract residents, visitors, and talent for downtown’s businesses.

$45 million in financial incentives for office conversion, office replacement, and new residential development
$5 million in financial incentives to offset +15 Fund contributions for residential development, which has been a significant roadblock for residential development downtown
$55 million for impactful capital projects to improve public spaces, create vibrancy and support complete neighbourhoods
$5 million to activate downtown public spaces with festivals, events and community spaces to build vibrancy
$10 million over four years for a dedicated City of Calgary Downtown team
$80 million for Arts Commons Transformation Phase 1
This is just the beginning of our downtown’s long road to reinvention. The 10-year implementation of The Plan will require near-term and medium to long-term actions, along with a multi-pronged, multi-phased, and multi-stakeholder approach to reinvent Calgary’s downtown and begin the shift from vacancy to vibrancy. We need support of from all levels of government to reverse the course of our downtown.

We encourage you to virtually attend the April 26 City Council meeting to learn about Calgary’s Greater Downtown Plan and our initial financial investment in downtown’s road to reinvention.

Our best days are ahead of us. There is no easy fix, but we’ll come back stronger than ever with grit, determination, and collaboration to move the heart of Calgary along the road to reinvention.

Thank you,

Thom Mahler
Program Lead, Downtown Strategy
https://mailchi.mp/68530f5b6981/calg...6?e=8b5fa7728e

[Hallsy's Toupee]

^ Not to nitpick, but that belongs in the Calgary forum instead of the Edmonton forum.

[kcantor]

^
this thread’s topic is pretty broad and non-locational. it’s interesting and potentially relevant to edmonton to see what’s going on elsewhere relative to what we’re doing and/or not doing here.

[Coldrsx]

Downtown and its next step

https://www.nytimes.com/2021/04/09/r...b-to-city.html

[Coldrsx]

As much as I love the Downtown, I equally love what is happening around it.

----
The Evolution of the Core
https://avison-young-markets.foleon....eport-q1-2021/

[Coldrsx]

Moving their corp office from Windermere to Downtown.

Reference ID: Job No 396286158-002
Description: To install (1) Fascia On-Premises Sign(s) (WESTRICH PACIFIC CORP.)
Location: 10309 - 102 AVENUE NW
Plan 2021702 Unit 1
10180C - 103 STREET NW
Condo Common Area (Plan 2021702)
Applicant: CONCEPT 21 SIGN MANUFACTURERS INC.
Status: Intake Review
Create Date: 5/17/2021 4:45:18 PM
Neighbourhood: DOWNTOWN

[Coldrsx]

https://www.eventbrite.ca/e/fate-of-...s-153598959623

[Coldrsx]

Cameron Martin
Senior Leasing Manager at Epic Investment Services


Epic Investment Services is excited to announce that King & Company Chartered Accountants have secured space at 103 Street Centre. We look forward to having them join us in the building!

*moving from Energy Square (have to assume a resi-repurpose or full Reno is coming for that building).