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Calgary wants to spend $450 million to help downtown vacancy, but to what end? As office tower vacancies in downtown Calgary exceed 30 per cent and the resulting hole in municipal tax revenues increases along with it, the city has formally outlined its vision for renewal and revitalization in the core. Social Sharing City wants to incentivize the owners of downtown towers to change, part of a plan to save hollowed out core Posted: May 26, 2021 5:00 AM MT | Last Updated: May 26 Calgary was already suffering from high vacancies in downtown office towers before the pandemic, now the city is hoping to fund conversions to eliminate some of that excess space and bring life to the core. (Jim Brown/CBC) ....
CI Financial launches global real estate, infrastructure joint venture CI Financial launches global real estate, infrastructure joint venture Bloomberg CI Financial announced the launch of Axia Real Assets, a joint venture which will invest in global real estate and infrastructure, a news release said Tuesday. CI Financial has a 50% stake in the new firm, and its four founding partners own the balance, spokesman Murray Oxby said in an email. CI will provide seed money to Axia to start new investment funds, but the amount isn t being disclosed, Mr. Oxby said. Three of the four founding partners Kelsey Boland, Darrell Shipp and ....
The Globe and Mail WALLACE IMMEN Published March 16, 2021 Slate Asset Management/Handout In launching the redevelopment of a pair of office towers in Burnaby, B.C., Slate Asset Management is promoting added amenities, including a fitness centre and outdoor terraces between the two buildings, as attractions designed to entice employees back to the office. With renovations set to begin in July, more than 10 per cent of the Capital Point complex at 4330 Kingsway Ave. in Burnaby’s Metrotown will be devoted to tenant amenities such as a double-height lobby in a shared podium at the base of the 10- and 19-storey buildings. Other additions will include a private courtyard with an outdoor kitchen, fitness centre, sun loungers for employees, bookable boardrooms and flexible meeting rooms. ....
VANCOUVER By now, many people working from home may be going stir crazy and looking forward to going back to the office. While that does not look hopeful any time soon, that time is coming – but things will be different. As we have gotten used to distancing, there may be a reluctance to cram back into small office cubicles. Distancing ourselves from each other in the office will require more space and commercial real estate developers are taking notice. A new office building will soon emerge at 4330 Kingsway in Burnaby that is expected to create a trend in commercial real estate development. ....