Quote:
Originally Posted by dleung
Once again you're talking about a city-specific situation "those damn pension fund developers!" But as we can tell from projects everywhere else from Chicago to Sydney to Madrid to Vienna to Singapore etc, large firms can and do invest in architecture.
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God damn annoying. Don't waste my time. I have giving numerous insite on the situation in Canada and why things may be different elsewhere.
I REPEAT
There's alot more competition in the US from developers and municipalities in luring tenants. There's also a greater desire by tenants to stand out in a crowd. They have access to more and better architects. Europe has always put additional effort into planning and design. It helps they don't have anywhere close to the development pressure as the average Canadian city. Most of what gets built in Sydney is inspired garbage by crappy local frms. The good stuff is usually spearheaded by international tenants that have an ingrain sense for a landmark address.
There is no crowd in Toronto to stand out from. Our few Bay Street corporations are largely protected from international operations. They don't need a primary address.
There have been few developers capable of building large scaled office towers. They have been very good at eliminating competition. Starting to see some REIT emerge as builders of large towers Cities offer little incentives here. In fact, they fleece developers for all sorts of community improvements.