Insider: Commercial real estate vacancies are up, what does it mean for downtown?

Good day!

Welcome back to the Insider! The full council was back in action today, so we’ve got some fun votes broken down. We’ve also got a bit on the situation downtown, as commercial real estate vacancies open up. What we do with the core of the city is going to be a major question in the years ahead. The changes in work patterns, especially among office workers, require us to really rethink what we want out of downtown.

And please don’t forget, tonight at 7 pm the 417 will begin closing between Carling and Metcalfe. By 8 pm it will be fully closed, and isn’t expected to reopen until 6 am Monday for the replacement of the Bronson overpass. Traffic is going to be ugly this weekend, so be sure to plan ahead if you’re going anywhere remotely urban.

Let’s get to it.

— Robert Hiltz, managing editor

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REAL ESTATE

Commercial real estate market in “bear” territory, what’s next for downtown?

What happened: The federal government’s decision to significantly cut down on the amount of physical office space it uses has put the commercial real estate in the city into a bear market, according to a new report from Avison Young. It raises complicated questions about the future of downtown.

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