Quote:
Originally Posted by Winsor_Pilates
Commercial Vacancy Dropping
Commercial Real Estate seems to be hitting it's stride. With the energy sector picking up, companies seem to be grabbing hold of good office locations quickly.
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It's amazing how 8th Avenue Place which was built with no major tenants is now 75% leased. A ballsy move by the developers that appears to be paying off. Great building and great location. I think we're seeing the trend where companies with lower commerical rates are willing to pay up for newer buildings with newer amenities such as gyms, kitchens, better bathrooms, more environmentally viable etc. The older towers are going to have spend a lot of money to update to keep pace.
Toronto is seeing this as well where the top floor of their tallest tower (BMO tower - 76 floors I believe) is vacant because it's an outdated building lacking amenities.