Pinnacle International’s mixed-use 1 Yonge St proposal is still in front of the city for consideration, but that didn’t stop the architects from releasing a new set of renderings. Hariri Pontarini’s David Pontarini says this is a more detailed exploration of its six towers (good thing we stole those 3D glasses after watching Iron Man 3). This includes a clearer look at what the top of the buildings will look like, especially the one that stretches up 89 storeys. “It’s all part of the ongoing design work,” says David about the potentially landmark development, which’ll total 6.4M SF.
In there among the mix of towers is the old Toronto Star building. If this gets city approval, the folks in the newsroom better get used to an army of construction people in their midst. The Star HQ, built in 1970, will be re-clad, and another 10 storeys will be built on top.
Two of our landlord’s gave us some great feedback on our listing services. If you have a space for lease or want to sublease your premises, give us a call at 416-643-3713 to discuss!
Check what rights you have in your lease. If you don’t own your building, your landlord may not allow subleasing, may limit the types of businesses to which you can sublease or may stipulate the rent at which you can sublease, because the building doesn’t want to compete with its own tenants for new occupants, he says. Those conditions may also change depending on the occupancy levels of the building.
Make sure the space is suitable. We suggests checking that the space, once divided, meets fire and exiting codes. If the space does not, you may not be able to sublease it.
Check with your neighbors. If your lease and space allow you to sublease, check whether tenants in your building need more space. They’re often more motivated to choose adjoining or nearby space and may be able to move in sooner, especially if they’re in too-tight quarters.
Look for suitable tenants. Cast a wider net if no neighbors can take your space. The best way to do this is to hire a broker, like us. You can expect them to make calls and canvass the market looking for a suitable tenant. Fees for this service are typically paid from the deposit provided by the new subtenant!
Read more: http://www.entrepreneur.com/article/218127#ixzz2QipX6FPE
First quarter 2013 office market reports on the Colliers website. Some highlights of the quarter include:
• The downtown market has seen an increase in demand for office space as shown in the steady decline in the vacancy rate from 4.6 percent to 4.2 percent since last quarter.
• Heightened leasing activity, especially with the more significant deals done at Commerce Court West, has resulted in fewer large block opportunities. In the past six months, the several large block spaces that have been vacant in the building have been leased to sizeable tenants, including Chubb Insurance, Inmet Mining and Laurentian Bank, resulting in this building being almost fully leased.
• Quick absorption of new product in the downtown core has boosted developer confidence, resulting in the escalation in the number of developments moving into the construction phase before pre-leasing commitments reach the standard 60 percent. With roughly 5 million square feet of office space currently under construction in the downtown core and 17 projects in the planned/proposed phase, new supply could add a potential 14 million square feet to the downtown office inventory from 2015 to 2018.
• After 2 consecutive quarters of relatively high absorption, the GTA West market posted low levels of absorption this quarter at a total of 4,806 square feet. Despite the low overall absorption number, there was a heightened amount of activity this quarter. Several new tenants entered the market as well as several companies either vacated their space or downsized this quarter, including RIM and Odyssey Financial, both leaving space at 2425 Matheson Boulevard East.
Big news this week. Rumors are that the following developments have landed big tenants!
100 Adelaide Street West – Oxford – Has landed a big tenant! I know whom but I can’t say until it is officially announced!
Prediction – Video will have a serious influence in CRE marketing for 2013. In honor of that, here are two of my favorite video from 2013.
I put this office survey together for my top choice of space over 10,000 square feet. We do this on a regular basis for tenants of all size. If you have an office space requirement, E-mail Us Here!!
What do you think?