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 Posté le: Mer Oct 16, 2013 12:53 pm Sujet du message: mcm bags Office outlookThe year isn |
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Half full: SNC-Lavalin’s commitment for 100,000 square feet in the planned 745 Thurlow Street tower has Bentall Kennedy LP seeing its glass tower half fullBy Peter MithamTue Nov 8, 2011 12:01am PSTSecond baseTalk of job cuts and other retrenchment measures at Credit Suisse AG may make some wonder about the fate of the reinsurer?s planned tower in the Vancouver core, but the BC Investment Management Corp. and Bentall Kennedy LPhave better news regarding 745 Thurlow Street, which is now half leased thanks to a deal that will see engineering firm SNC-Lavalin join lawyers McCarthy Tétrault LLP when the building completes in 2015.SNC-Lavalin will take 100,000 square feet, or about six floors, in the 400,000-square-foot project. Because office space accounts for 365,000 square feet in the tower,[url=http://www.mcm-handbags.net]mcm bags[/url], the portion taken by McCarthy Tétrault seems set to be approximately 82,500 square feet (a figure was not disclosed in the press release announcing the law firm?s lease commitment).?SNC-Lavalin is very excited to be relocating its Vancouver offices to 745 Thurlow,? said Jim Burke, executive vice-president of the engineering firm. ?Not only will this enable us to expand into more efficient space and help us achieve our commitment to sustainability, it will also raise our corporate profile in downtown Vancouver.?SNC-Lavalin is currently at 1075 West Georgia Street, the landmark Arthur Erickson-designed MacMillan-Bloedel building. The move to 745 Thurlow will give it premises in a building that seeks to achieve LEED gold certification. The environment-friendliness of a building is a key feature tenants seek in new buildings, especially as these typically mean more natural light and other factors that make the premises attractive to workers.Cambie Street shuffleThe talk about the high values being paid for properties in the Cambie corridor makes good headlines, but lost in the chatter is the impact this will have on actual development. And development,[url=http://www.mcm-handbags.net]mcm handbags[/url], particularly forms denser than the single family homes that dominate parts of Cambie, is indeed what?s at issue.The problem lies partly in misunderstandings regarding the city?s plans to require a community amenity contribution (CAC) for properties undergoing rezoning in the corridor.Rezoning is a prerequisite for the densification of most sites and land assemblies here, and CACs will be a percentage – 75% is one figure that?s touted as average – of the lift in value the city believes rezoning will deliver.Unfortunately, if the CAC isn?t factored into the purchase price, the buyer who hopes to pursue redevelopment of the property may find he or she has paid too much. Contacts within the industry have indicated that some sites, based on the amount paid for them, would have to find buyers willing to pay $850 to $900 a square foot.This isn?t likely to pencil out, especially if prices drop. And even now, the average condo along the Cambie corridor is averaging $650 a square foot.?I am worried that we may not see a lot of development on some of those sites,? said Michael Geller, president of the Geller Group, a Vancouver real estate consulting and development firm.Any development that occurs in the near future – at least given current economics – will hardly be of the affordable sort everyone wants.The economics won?t allow it if the land owners demand a return. There may be rental units built, but these will be a sop to the Cerberus guarding the city?s desires for more affordable housing opportunities. (See Peter Ladner?s At Large column, page 28.)Office outlookThe year isn?t over, but the way the economy?s going, it may as well be.CB Richard Ellis has tallied its office market statistics for the third quarter and vacancies are stable at 8.7% for the region. While downtown triple-A space saw vacancies dip to a low of 1.2%, CB declares the overall outlook for leasing activity to be ?muted? thanks to ?unclear economic conditions? that are keeping tenant demand in check. All things being normal, CB expects vacancies and lease rates to remain stable until 2012.?Tags: Arthur Erickson, economics, Bentall Kennedy LP, British Columbia Investment Management Corp., CB Richard Ellis, Credit Suisse Securities (USA) LLC, McCarthy Tetrault LLP, SNC-Lavalin Group Inc., housing and urban planning, real estate
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