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The pandemic has had a dramatic impact on the way we work. Many are still working from home and Zoom calls are the new meeting standard. Although we are learning to interact in this way, it’s a poor substitute for an in-person meeting. The conversation just doesn’t flow as well. That being said…most of us have gotten used to it and it has become the “new normal”. Are you sick of that expression yet?
Two recent articles published on the on-line Real Estate News Exchange talks about the Top-6 Ways the workplace is changing post-COVID-19. Their thoughts on this include:
- Communications technology will get better – and fast
- Employees will want to continue working from home, but only for part of the week
- The physical office will still have its place, albeit with a few modifications
- Buildings will focus more on health and wellness
- The workplace itself is likely to change dramatically
- Amenities within buildings will also likely change
One of the passages that really resonated with me related to office space use. The article said “Thirty years of workplace densification is likely to reverse course, to some degree.” and went on to say…
Today, most companies offer either a dedicated (assigned offices/workstations) or agile (unassigned seating) environment.
We may very well see the introduction of “semi-assigned” seating that will have small groups with compatible hybrid work schedules sharing private offices with colleagues with whom they are comfortable. This solution could be the balance of cost-efficiency and the productivity benefits of a dedicated, private workspace.
While there will be a greater demand for individual workspaces and potential shifts in workplace accommodation, the role of collaborative spaces in the office environment will not only stay intact but become more integral.
I know this is not an easy period we are weathering. Please use me as a resource for any questions or concerns you may have about the commercial real estate market. If/when you are ready to look at properties, please know that we have COVID protocols in place to keep you safe and for contract tracing should the need arise. In the meantime, ask about what we can do virtually!
90 Paradise Row, Saint John, New Brunswick
SJ Energy closes on purchase. Plan to relocate Smythe Street substation.
After over a year of searching and after considering at least 16 locations, SJ Energy has purchased 90 Paradise Row in Saint John, NB. The property consists of a commercial building with a gross leasable area of 8,934 square feet sitting on 0.42 acres. The property also includes surplus land of 0.89 acres. This surplus land has been identified as the site of a new SJ Energy substation which will replace the current facility located on Smythe Street by Harbour Passage.
According to a http://www.thewave.ca story which ran back in early August, the Smythe Street substation is at the end of its life. Dana Young, manager of asset management for Saint John Energy, said there are several reasons why they want to build the new substation elsewhere. “The Union substation is currently in a zone that’s at risk of flooding as sea levels continue to rise. 90 Paradise Row is at a higher elevation.”
The property required a rezoning for this use which took a little longer than planned due to COVID and the challenges in holding public hearings. Ultimately the re-zoning was approved and the sale closed at the end of August.
The Smythe Street substation sits on some pretty desirable waterfront real estate. While the substation was at the end of its useful life and at risk of flooding some day, it could also be argued that it was not the highest and best use of that land. Once the new Paradise Row substation is built, SJ Energy will start the process of decommissioning the Smythe Street facilities.
Stephanie Turner represented the purchaser (SJ Energy) in this commercial real estate transaction.
To read the entire story than ran back on August 5th, click the link below
Some of you have seen the news that the Saint John & Moncton offices of Partners Global have rebranded. Back in 2015, just about the time I joined the brokerage, Brunswick Brokers Limited created an alliance with Halifax based Partners Global Corporate Real Estate. After a five year partnership, it was determined that it was time for each company to stand on it’s own again.
With the help of local company Bonfire, we developed a new logo which was the launching point for our whole new look. We hired a local in-house marketing resource, rolled out a new website www.bbrokers.ca, new email addresses and new signage. Otherwise, It’s business as usual in Saint John!
DON’T FORGET TO UPDATE MY EMAIL ADDRESS! It’s now firstname.lastname@example.org and watch for our new signs out in the market now!
855 Bayside Drive, Saint John, New Brunswick
14,000+sq ft Industrial Warehouse available immediate for sub-lease or purchase.
Tour properties from the comfort of your desk/home/favourite coffee shop!
More virtual tours coming soon…
CLICK IMAGE BELOW TO TOUR THE FACILTY
New technology to help market our commercial listings. Features of tour include floorplan, 3D “dollhouse” with walk around capabilities and measurement tool all accessible from bottom left corner of the software.
Try it now! Click image below!
For more info on this Listing Click here>>> 50 Whitebone Way, Saint John
75 Prince William Street, Saint John, NB
Known as the Bank of Canada Building, the circa 1960’s office building with a mid-century vibe has sold. The property, strategically located at the epicenter of uptown Saint John’s business district, was acquired by an investor from Calgary Alberta. The property traded for $1,680,000
The Seller, Prince Williams Properties ULC, based in California, had owned the building for several years. Strong leasing activity in the building over the last 18 months meant that the building was almost fully occupied with a strong mix of tenants making the property more attractive to investors.
“I really appreciate the expertise and diligence of Stephanie Turner in securing the leases in a challenging environment and ultimately closing the sale on the property. It’s been a pleasure to work with her.” commented the seller.
In their own announcement earlier today, the buyer stated “At 34,500 sq ft and 12 units, it is the largest office building I have bought yet. But what is more impressive is the team of extremely competent pros that made this happen during the chaos of COVID19 over the past couple months.”
Although these are uncertain times, the property boasts tenants in industries such as law, tech and alternative energy which continue to perform well despite the pandemic.
Stephanie Turner was the Listing Agent and Milad Debly, Century 21 represented the Buyer.
819 Millidge Ave, Saint John, New Brunswick
Site of the former Mission Church (St John the Baptist & St Clement)
Two signs have recently appeared at the corner of Millidge Avenue and Daniel Drive in Millidgeville. Work is now scheduled to begin on a $17-million multi-residential development called “SEA Bird Suites”.
According to the sign, the demolition of the existing church and rectory will start on March 23rd and is estimated to last approximately 10 days. Anyone interested in the development can contact Stephen: 647-3228
Stephanie Turner represented both the seller and the buyer on the 1.94 acre property acquisition.
According to a recent article “Office, industrial vacancies decline across New Brunswick” published in the on-line Real Estate News Exchange.
“There were 43 office buildings with a combined gross leasable area of 2.51 million square feet surveyed in Greater Saint John.”
The overall office vacancy rate in our market decreased from 19.1% in 2018 to 14.07% last year. Despite this improvement, the vacancy rate is still considered higher than is desirable. A couple of explanations were given…
“The office market in Saint John is in some ways the victim of the city’s past economic success, which saw a number of urban shopping centres constructed in the 1960s and 1970s,” Baird Allen [manager of Turner Drake’s economic intelligence unit] explained. “When demand for retail space shifted away from these malls, they were converted to office space, so the city has a disproportionate amount of class-C office space for a city of its size.
“This oversupply is a contributing factor to the high vacancy rate. Other factors include the nature of the economy in Saint John, which has a strong industrial focus, as well as broader trends in how office space is utilized — going from individual offices to cubicles, and now to flex space and bullpen environments where employees work in communal spaces that require fewer square feet of office space per person.”
Read the entire article below which provides further insight in the Saint John office & warehouse leasing market as well as stats for Moncton and Fredericton.
295 Bayside Drive, Saint John, New Brunswick
The Saint John SPCA Animal Rescue needs a new home and are seeking community support.
Their current facility located at 295 Bayside Drive no longer meets their long term requirements. The facility has been listed FOR SALE but finding a buyer for this property is only the beginning. The search for a new location along with securing the necessary capital are key to the success of their relocation strategy. Please follow them on FACEBOOK or watch their WEBSITE. Information will be posted in the coming weeks regarding this exciting initiative!
The SJ SPCA Animal Rescue is non-profit and provides rescue, temporary housing, care and assistance to stray and unwanted animals in our community. They do their best to find loving, caring and responsible forever homes for all of the animals in their care. They also attempt to educate our community about responsible pet ownership and the humane treatment of animals.
Stephanie Turner is the Listing Agent for their current facility at 295 Bayside Drive.
New leasing availability at CenterBeam Place!
Old-World Character Combined with New-World Engineering. A much sought-after location for any company seeking an unparalleled work environment of beauty and efficiency.
5,658 sf or 6,633 sf options ready for tenant fit-up. These ‘brick & beam style’ office suites offer plenty of large windows and natural light, as well as private elevator access
VIEW/DOWNLOAD/PRINT Marketing Flyer HERE