christiesplits

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I doubt it, commercial vacancy in the core, in class A space is still quite respectable ~9.5%; that's better than most major cities in North America pre-Covid.

It's also transitory. I expect to see that number decline rapidly in 2022.

Older buildings, that don't have the configuration/floor plate that most easily supports the growing sectors; particularly tech/creative and finance are those where repurposing makes sense.

There are a smattering of such buildings; but even then, there is commercial demand for some of these if restored.

I think you may see one or two more, but I'd be surprised if it went much beyond that in Toronto.

Great, thank you for the 101 on commercial real estate. What about office parks in the inner-suburbs, like Don Mills, Lesmill or Consumers Road? Are these office buildings more ripe for conversions?
 
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Northern Light

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Great, thanks you for the 101 on commercial real estate. What about office parks in the inner-suburbs, like Don Mills, Lesmill or Consumers Road? Are these office buildings more ripe for conversions?

I'm not as tuned into that market, which tends to have higher vacancies.

But large chunks are also not in particularly desirable spots.

I don't foresee large demand for residential conversion in Lesmill; I could see something for the periphery, perhaps, but transit right on Lesmill isn't great, bit of a dead zone....

I think Consumers Rd has some possibilities, Sheppard subway is going east, area will see an MTSA designation; office demand in the area isn't as strong as it once was; though most of those sites are probably more ripe for
redevelopment than repurposing.

The 19th C designated buildings would be hard to get permission to tear down (as it should be); which means, most profitable use of the existing form is on the table.

Relatively few would lament the loss of the mid or lower hirise office forms in the inner/outer burbs, making repurposing less likely.
 

ProjectEnd

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I doubt it, commercial vacancy in the core, in class A space is still quite respectable ~9.5%; that's better than most major cities in North America pre-Covid.

It's also transitory. I expect to see that number decline rapidly in 2022.

Older buildings, that don't have the configuration/floor plate that most easily supports the growing sectors; particularly tech/creative and finance are those where repurposing makes sense.

There are a smattering of such buildings; but even then, there is commercial demand for some of these if restored.

I think you may see one or two more, but I'd be surprised if it went much beyond that in Toronto.
CBRE has downtown Class A at 7.8% as of September 2021. It's 9.9% downtown across all classes.
 

ADRM

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CBRE has downtown Class A at 7.8% as of September 2021. It's 9.9% downtown across all classes.

So, basically, Toronto's downtown Class A market during a global pandemic would make loads of cities in North America deeply jealous in normal times.
 

condovo

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Does this building have underground parking? I hate to say it but, even in a core location like this, without parking high-end condos would be a tough sell, maybe even a non-starter.
 

Northern Light

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Does this building have underground parking? I hate to say it but, even in a core location like this, without parking high-end condos would be a tough sell, maybe even a non-starter.

No, it does not.
 

Northern Light

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*Docs are Up*

Partisans will be leading the effort here

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innsertnamehere

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Sounds like a great plan - but the claim that there is no new GFA here seems.. false, as they are proposing to both convert an existing underground storage area to a restaurant and add a residential mezzanine level on the 15th floor, both of which add GFA.
 

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