Edward
Senior Member
Fifth if you include Corus.
Fifth if you include Corus.
Mr.Tang
Active Member
PwC would be a bit surprising as they have the top half of Royal Trust Tower (RTT). The floors occupied by RBC Dexia are moving out to their new tower shortly. TD Securities is also in there - but they are downsizing this location for one at Yonge and York-Mills. So PwC has lots of room to expand at RTT - and conversly if they left, it would leave most of a large tower vacant. This is why I am skeptical about the ability to absorb all this new space.
grey
Senior Member
Yeah, it's really just existing firms moving around, so the only growth in office occupancy seems to be when a company purchases extra space in anticipation of future expansion, like that big law firm at Bay Adelaide leasing more floors than they can fill.
maestro
Senior Member
I don't know ...I may need to double cheack but absorption downtown has averaged over 1 million square feet for the last three to four years and the overall vacany rate and complete lack of large block of continuous space is on the low side of healthy.
urbandreamer
recession proof
Maybe it's not PWC but RBC/PHN?
jgreebnerg76
New Member
I heard that PwC has been negotiating for a couple of months. The problem with Royal Trust Tower is that the common area expenses are VERY high. Also, the ventialation system takes up a lot useable floor space. For instance, the vents are about 1-2 feet away from the window, and on the ground. So that's dead space. Considering they have something like 10 floors in Royal Trust Tower, and a 2 foot space around the floorplate is unusable, that's easily $100k a month being spent on nothing. With 18 York they will occupy much of the builiding, and be the anchor tenant. They will have a say over the design, even down to things like what's on the elevator tv's. That's something that can't be done with Royal Trust Tower. Without changing the name from Royal Trust Tower to PwC Tower then it makes more sense to move.
JG
JG
sauga
New Member
We officially have a new tower!
Apparently PwC signed up to lease a huge portion of the building.
PricewaterhouseCoopers leases 280,000 square feet to launch bcIMC’s sustainable office development at 18 York Street in Toronto
TORONTO, August 7, 2008 – British Columbia Investment Management
Corporation (bcIMC) today announced that PricewaterhouseCoopers (PwC) has signed a long-term lease for approximately 280,000 square feet of office space at 18 York Street, kicking-off bcIMC’s first targeted LEED® Gold development in downtown Toronto.
Designed by the award-winning firm, KPMB Architects, 18 York will total 650,000 square feet and rise 26-storeys on the north-west corner of York Street and Bremner Boulevard. This is an emerging area directly south of Toronto’s financial core and one block from Union Station. The building will be developed and managed by GWL Realty Advisors Inc. acting on behalf of bcIMC.
Targeting a Leadership in Energy and Environmental Design (LEED) Gold
standard, as specified by the Canada Green Building Council, 18 York will
feature state-of-the-art operating and life safety systems including: rain water collection system, Enwave’s deep lake central cooling supplemented by a thermal storage system, 18” raised floor, and enhanced indoor air quality.
The building’s advanced systems are designed to provide tenants with meaningful operating savings through the efficient use of energy and office space flexibility.
“We are delighted that PwC will anchor our next development in Toronto,”
commented Gwen-Ann Chittenden, spokesperson for bcIMC. “With this project, bcIMC and PwC are helping to advance sustainable office developments that are designed to benefit tenants, employees, and the environment.”
PwC will move its national headquarters and downtown Toronto locations to the new state-of-the-art building beginning the fall of 2011.
David Forster, PwC’s Greater Toronto Area Managing Partner, noted that, “18
York appealed due to its location, access to public transit, and leading green
design features, all of which support PwC’s environmental objectives. Our aim is to create a truly unique PwC work space that meets the diverse and long-term needs of the firm, both for our people and our business. A big part of meeting that objective will be to engage a significant number of our staff for their ideas and feedback on a range of design options.”
Construction on the site will commence this fall and is scheduled for completion in the fall of 2011. Additional information on Toronto’s newest development can be found at www.18york.com
http://s50.photobucket.com/albums/f306/sauga_01/?action=view¤t=pwcpic.jpg
-- > apparently construction is set to begin by December 2008
Apparently PwC signed up to lease a huge portion of the building.
PricewaterhouseCoopers leases 280,000 square feet to launch bcIMC’s sustainable office development at 18 York Street in Toronto
TORONTO, August 7, 2008 – British Columbia Investment Management
Corporation (bcIMC) today announced that PricewaterhouseCoopers (PwC) has signed a long-term lease for approximately 280,000 square feet of office space at 18 York Street, kicking-off bcIMC’s first targeted LEED® Gold development in downtown Toronto.
Designed by the award-winning firm, KPMB Architects, 18 York will total 650,000 square feet and rise 26-storeys on the north-west corner of York Street and Bremner Boulevard. This is an emerging area directly south of Toronto’s financial core and one block from Union Station. The building will be developed and managed by GWL Realty Advisors Inc. acting on behalf of bcIMC.
Targeting a Leadership in Energy and Environmental Design (LEED) Gold
standard, as specified by the Canada Green Building Council, 18 York will
feature state-of-the-art operating and life safety systems including: rain water collection system, Enwave’s deep lake central cooling supplemented by a thermal storage system, 18” raised floor, and enhanced indoor air quality.
The building’s advanced systems are designed to provide tenants with meaningful operating savings through the efficient use of energy and office space flexibility.
“We are delighted that PwC will anchor our next development in Toronto,”
commented Gwen-Ann Chittenden, spokesperson for bcIMC. “With this project, bcIMC and PwC are helping to advance sustainable office developments that are designed to benefit tenants, employees, and the environment.”
PwC will move its national headquarters and downtown Toronto locations to the new state-of-the-art building beginning the fall of 2011.
David Forster, PwC’s Greater Toronto Area Managing Partner, noted that, “18
York appealed due to its location, access to public transit, and leading green
design features, all of which support PwC’s environmental objectives. Our aim is to create a truly unique PwC work space that meets the diverse and long-term needs of the firm, both for our people and our business. A big part of meeting that objective will be to engage a significant number of our staff for their ideas and feedback on a range of design options.”
Construction on the site will commence this fall and is scheduled for completion in the fall of 2011. Additional information on Toronto’s newest development can be found at www.18york.com
http://s50.photobucket.com/albums/f306/sauga_01/?action=view¤t=pwcpic.jpg
-- > apparently construction is set to begin by December 2008
Solaris
Senior Member
wow Railway Lands East is really taking shape now ... with MLS & Telus under construction ... ICE and Infinity 3+4 on the horizon, the only block left with unconfirmed plans is the parcel to the west (Block 7B?) where rumours of a Fairmont Hotel was once floating around ... not sure where that stands now
Architecturefan
Active Member
hmm I wouldn't have thought this one would get off the ground with all the recent office construction saturating the market... but this is great news
yyzer
Senior Member
Great news indeed!
marcus_a_j
Senior Member
Awesome news. That PwC rumour was true.
I was hesitant to open this thread in case it was one of those "any news yet?" posts, but I'm glad some actual news. I wonder how the construction will affect Telus, with their concrete pumping system in place. At the rate Telus is going these days though, they might have a significant amount built by December
I was hesitant to open this thread in case it was one of those "any news yet?" posts, but I'm glad some actual news. I wonder how the construction will affect Telus, with their concrete pumping system in place. At the rate Telus is going these days though, they might have a significant amount built by December
grey
Senior Member
This doesn't really help market saturation, though. PwC is "moving" all of those employees from another location a few blocks away (one of the TD centre towers, I believe), so the space they plan to occupy in this building will be left vacant in another building -- unless they've leased more space than they need in anticipation of future expansion.
Unfortunately, it won't create additional demand for commercial space. In fact, it may increase market saturation if GWL goes ahead and builds the full 650,000 sqft of office space based on this anchor tenant. In terms of total commercial space available to the market, that adds an additional 400,000 sqft + whatever PWC is leaving behind.
Therefore commercial vacancy levels will rise and construction of office space will decrease
Unfortunately, it won't create additional demand for commercial space. In fact, it may increase market saturation if GWL goes ahead and builds the full 650,000 sqft of office space based on this anchor tenant. In terms of total commercial space available to the market, that adds an additional 400,000 sqft + whatever PWC is leaving behind.
Therefore commercial vacancy levels will rise and construction of office space will decrease
Archivist
Senior Member
This is cool. More connections for PATH, too.
P
pancsi
Guest
Let me see if I understand you. Someone is building a new office building but because there will be vacancies elsewhere as a result this is will mean less new office buildings constructed. New buildings are bad because there will be fewer new buildings? So instead they shouldn't build new buildings because that way there will be more new buildings (but they can't build new buildings).
I realize that companies moving employees from one location to another may not be ideal but typically that is what happens in most cases. Hopefully there are increasing their space when doing this.
One of the reasons Brookfield went ahead with BA was because they feared losing tenants from their other properties to other developers building new buildings.
I realize that companies moving employees from one location to another may not be ideal but typically that is what happens in most cases. Hopefully there are increasing their space when doing this.
One of the reasons Brookfield went ahead with BA was because they feared losing tenants from their other properties to other developers building new buildings.
yyzer
Senior Member
some people see the glass half-full....others, half-empty.....