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Converted Malls & Bullpen Environments: Effects on Office Leasing

bull pen exampleAccording 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.

Office, industrial vacancies decline across New Brunswick

Welcome Hatch to Uptown Saint John

58 King Street, Saint John, New Brunswick

Directly on the heals of Commercial Properties Limited announcing they were moving their offices from the 4th floor of 58 King to a much needed/expanded space at the Red Rose building, we are pleased to confirm that the space has been leased to Hatch. The space is 2,932 square feet (located above the radio station on King Street) and needed very little in the way of leasehold improvements to meet Hatch’s needs. The space has some exposed brick and an open ceiling offering a modern industrial feel while maintaining much of the heritage character of the building.

Hatch supplies engineering, project & construction, business consulting and operational services to the mining, metallurgical, energy and infrastructure industries. They are relocating their office from the Marr Road in Rothesay to the uptown core.

“We see Saint John as a growth market for us and this new location brings us closer to two of our major clients while also providing additional amenities for our staff such as nearby parks, coffee shops and eateries.” commented Lorne Flowers from Hatch.

Please join me in welcoming Hatch to Uptown Saint John.

Stephanie Turner, Partners Global represented the Landlord and Greg Brewster, Colliers represented the Tenant in the transaction.

Partners Global Instant Alerts

In an attempt to make staying on top of what’s happening in the market as effortless as possible for everyone, we’re trialing real-time updates – so as soon as something new hits the Partners Global Corporate website, you can be notified!  And actually, it’s more than just for new listings. Our instant alerts extend to other status updates, such as reduced price, leased and sold.  Whether you’re an advisor, investor, landlord or a tenant looking for the perfect space, we’ve made the alerts customizable by region.  Want to start getting our Instant Alerts? Click HERE>>> http://eepurl.com/cZmClD

NOTE: If you find yourself receiving some information that you just simply aren’t interested in, you can change your preferences at any time using the update subscription preferences

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Scotsburn “Popsicle Plant” SOLD

130 Station Street, Saint John, New Brunswick

sold-imageThe Scotsburn Frozen Novelty plant on Station Street across from Harbour Station has a new owner. Commercial Properties Limited already owned the land on either side of the property so it’s no surprise that they had an interest.  Paul Moore, VP of Commercial Properties explained “Commercial Properties Limited is a commercial real estate company with a desire to do new development.  The ability to assemble substantially sized parcels of land is key to being ready to pursue opportunities when the timing is right.”  A recent example of this is the new liquor store. Commercial Properties had acquired the parking lot at the corner of Wellington and Union in 2014 which meant they were well positioned to respond to the NB Liquor Corporation RFP.

Commercial Properties has been working on plans to demolish the Station Street building. “There’s a lot of concrete & rebar in there” said Erica Gorman, an engineer with Commercial Properties.  “Taking the building down is not a simple exercise.” The building is slated for the wrecking ball in the near future.

Stephanie of Partners Global Corporate Real Estate was the listing agent.

Thanks to HUDDLE for also running with the story today.

Want to learn more about the NB Liquor project mentioned above? Watch a 4:37 minute video called Reimagining 10 Wellington Row 

Academy of Hair Design closing doors

The Academy of Hair Design is currently in the process of closing the school at 200 Union Street in Uptown Saint John as the owner is retiring. Although attempts were made to sell the school in order to keep it open, no buyer was found.

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Over the years their students worked on thousands of clients doing cuts, colours, perms etc. Hundreds, if not thousands, of people in our area will be looking for low-medium cost hair services in the uptown. This presents a huge opportunity for someone to purchase this building and re-open offering these services. The owner would also consider leasing the ground floor to a tenant for this purpose or for other uses.

There’s a parking lot at the rear of the building for clients and one across the street. There are also 12 parking spots for staff at the rear of the building. The building has air conditioning, as well as all the plumbing fixtures and the electrical that such a business would need. With a built in clientele, it would be a perfect spot for anyone wanting to offer low to medium cost hair services.

For more info on the Academy of Hair Design visit them at www.hairnb.com or on Facebook HERE

For more info on 200-206 Union Street click HERE

7 Bold Commercial Real Estate Predictions

How will we work, live, shop or do business? Perhaps no other investment sector is so closely tied to people’s most fundamental needs and behaviors; its evolution, to a large extent, follows ours.”

Predictions include:”Most shopping malls will be extinct.” & The much-reported death of the suburbs will prove to be greatly exaggerated.” Read all 7 predictions here (These are U.S. centric but interesting nonetheless.) 

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Erasing content from the internet

Trujillo (Honduras) inquiries are still coming in… 2 year later! Some of you may remember a few years ago I was selling ocean front lots in Honduras. Believe it or not I sold 12 lots although not one to an Atlantic Canadian. I sold mostly to people from Alberta and B.C. I think the main reason is that they have better and cheaper access to get there. How did I find these buyers? Mostly using social networking like Facebook and Linkedin.

Although I’m no longer involved, the Toronto development company continues to expand the project and sell lots.  The Facebook group that I started is still going strong and people are now posting photos of their new villas in the gated community.

Even though I’ve tried to delete all of my marketing from the web, people are still finding my ads and contacting me. I got an email yesterday from someone who found an ad from 2010. I searched Google and found a Slideshare presentation that I uploaded in 2008.

I’ve heard that when you post something to the web it’s there forever. I’m starting to believe it!

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