What the heck happened in Montreal? Is there something missing from these numbers?
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After the 2013 it had that's not exactly a good thing.
Why is McGill's expansion included in the lease transactions? Would that not be institutional space and not office space? |
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Don't know where GreaterMontreal is getting his numbers (there are a lot of credible sources who differ) but CBRE is saying -185,000 sq ft downtown Montreal for Q1. If it were positive 95,000 that would make almost one million sq ft of negative absorption in the suburbs which i have a hard time believing. |
ColliersCanada Montréal Q1 2014.
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Ahh gotcha, took a look at the report, looks like they booked a lot of the negative absorption in FY 2013. CBRE only showed a couple hundred thousand sq ft of negative absorption in 2013 while Coliers showed -885,000, so it is a timing issue that explains the discrepancy.
Like I said, a lot of credible firms that have differing analytically techniques can make this a tricky business. |
Ottawa is the best performing office market in the country right now? That's a big shock, given that the downsizing feds are vacating a lot of their rented office space right now.
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Also don't underestimate the number of tech companies that are already in our downtowns. They are not all suburban as some may think. |
While IT does have a history of locating in suburban office parks (cheaper rent?), there have been some notable exceptions - every single Google office in Canada and Apple and Amazon in Toronto, for example.
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Thankfully, we're seeing a reversed trend in OT with companies like Open Text and Shopify settling and expanding downtown. Quick question for the rest of Canada; how much office space does your respective CBD hold? OT has around 20 million square feet, including a few buildings under reno. Downtown Hull has around 6 million. |
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