Quote:
Originally Posted by CoryB
The Avenue was vacant for 20+ years and a highly derelict building before the conversion. There have even been pictures shared here of missing windows which turned an upper floor into a pigeon roost, including a petrified pigeon corpse.
The Sterling (283 Portage) went from an "office" building to an apartment conversion without even a blink as it too was almost entirely vacant.
The Dreman Building (238 Portage) was also mostly vacant before being sold as condos, a move that seeming was done of desperation to get some value back out of the building.
Sort of interesting to read some of the comments here as it seems people are somehow looking past all the vacancies on the market.
Just because buildings don't have "For Lease" signs hanging prominently off them doesn't mean there is likely more downtown office space available on the market today than the whole of what TNS is going to build.
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The common factor is old dated, small floor plate office buildings obviously unsuited to current customer needs. All buildings lend themselves to residential conversion fairly easily. I think we would need to be worried when a significant, newer, larger floor plate office building was being converted to residential. The Ceridian Building is and example - it will be interesting to see what happens there.