Wednesday, June 17, 2015

100,000 ft² building for sale

The building that housings Canada Border Services and a few other federal agencies in Saint John is going to be for sale soon.

With high office vacancy a reality, one idea (shared by architect Bob Boyce with the CBC) is to convert the building to residences.

While the location is prime for uptown living, one has to wonder how many more units uptown can absorb when Historica Properties has been steadily increasing the supply of high quality apartments in recent years.

According to CMHC statistics the south end currently has a 11.2% apartment vacancy. 

Can uptown continue to attract more and more people to apartments if the office vacancy rate is still high (Class A space is 9.4% vacant and Class B space is 16.31% vacant according to Turner Drake)? 

While uptown offers access to cultural amenities, one has to wonder how much draw this part of town will continue to have as offices empty.

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This is the account used for updating the Urban Plans for Saint John Blog.