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Old Posted Apr 19, 2011, 11:30 PM
sdm sdm is offline
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Quote:
Originally Posted by fenwick16 View Post
Toronto saw a long period of little office development in the downtown core. During that time several condominium towers sprung up in downtown Toronto. Over the past few years, office towers have started to be built again.

Although there might not be strong demand for office space in the downtown core, I believe residential development could succeed. Having several thousand people living in downtown Halifax would do wonders for the vitality of the downtown core.

I don't think that people should give up on development in downtown Halifax. Halifax can still encourage residential projects in areas such as the Cogswell Interchange.
I believe we are on the same page fenwick. I much rather see people living within or nearby the core. That is what should be concentrated on for developments right now. But as previously stated, residential rental is really the only projects that can go without waiting for the market to either pre lease or pre buy the amount to fund a construction start.

That said, there is plenty of opportunities to do such with the existing inventory of land. WDCL can only be rental due to provincal rules passed after bishops landing was built.

Office development will be very slow in the CBD as there isn't an industry that is growing that is looking for space. Back in 1997-1998 the CBD experienced 220,000 sqft of positive absorption for two years straight in all classes of buildings. This was mostly directed at the oil and gas industry taking space. We need another boost like them.
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