Quote:
Originally Posted by somethingfast
This is a choice bc we have the attitude of "we'll taking anything!"
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You're about to spin off this planet, I love it!
Here is the reality. 2017 has been a rush to the DT rental residential marketplace. It has been first come, first serve... literally. If you're a developer, and you're not B23, Link, Stewart, Palmcourt, Central Park East, Derby, Colliers etc - sorry you missed the boat. Market has become saturated and it makes little financial sense for others to build at this time. (Look at that list though, holy cow what a year!)
It's a cycle. Supply meets demand. Marketplace ruminates for a few years. Then the next cycle begins!
Here are my personal predictions for 2018-19:
1) I'm not confident we'll see
another ready-to-be-built high-rise rental residential project in 2018. Again, supply will meet demand upon completion of the projects already in development. Developers money will, frankly, be better invested elsewhere at this time. Really hope I'm wrong!
2) Same with DT high-rise hotels. Completion of the AC Marriott at Arizona Center and there are enough hotel rooms for downtown to accommodate demand 95% of the year. Would be surprised if we see another start construction in 2018-19.
3) All that being said, it's not doom and gloom! There ARE a few exceptions to look forward to. Keep an eye out on Central Station. As a public/private project with the city retaining ownership of the land, my guess is this particular parcel will have some hefty financial incentives for the developer. We're going to likely see a cool, multi-use development here that would otherwise have not been possible without the unique public/private situation.
4) Barrister. While this is residential - it's not rentals! Developers will be keeping a close eye on this project. If we see these units get bought up soon after they become available - look out!
5) Block 23. If you think for 2 seconds that other developers aren't watching vacancy rates of the office portion... you're very mistaken. If this 'cool' and 'new' creative space (generally a first for DT) becomes in demand - oh boy!
6) Wouldn't surprise me if a multi-use development pop up... That would be a safer investment than a hotel-only. Or residential-only. etc