Real eState
Battered Calgary office owners await 'new normal' fallout – Real Estate News EXchange
As office buildings in Canada are prepared for workers to return, the big question is how much space companies will need in the new reality with COVID-19 impacting revenues, and the potential increase in remote work.
That question is even more significant for the beleaguered Calgary downtown office market which continues to see an elevated vacancy rate due to persistent low oil prices.
Todd Throndson, managing director and principal of commercial real estate firm Avison Young and a member of BOMA Calgary’s board of directors, said change is inevitable, but that isn’t necessarily a bad thing.
“Every organization is re-looking at how they use their office space and most organizations that we have talked to have found that they’ve been able to operate their business with their people at home in a reasonable fashion, if not a good fashion,” he said.
As a result, he expects more people to be able to work from home.
“That doesn’t mean that they’re not going to continue to need space,” he said. “Most organizations will still define that they need most of their people to be able to come into the office. Let’s say two-thirds of an operation will stay structured in a downtown buns-and-seats type of environment.
“A third of the office is going to be a floating group. That could mean they’re permanently off-site working from home or working out of their car or working from hotels.
“Or it could mean an organization is rotating people around to get some connectivity still in their office space for different business lines.”
Office workspaces to be adapted
While there might be fewer employees, he expects companies will adapt their workspaces to allow individuals more space. He also expects more personal work areas to be created.
Another factor to consider is whether business will want to be downtown, because public transportation will become a bigger issue.
At the end of Q1 2020, Calgary’s downtown vacancy rate was 24.7 per cent with an additional 225,000 square feet on the market, according to Avison Young.
Net absorption for the last 12 months is 316,000 square feet, but the five-year average annual absorption for office space in downtown Calgary is -897,000 square feet/year.
There are many questions right now.
How many businesses will survive the pandemic? How will tenants use their space when they return? What will be the impact to vacancy and occupancy costs? What type of market will there be for office lease transactions?
How will landlords approach deals when tenants’ financial covenants are strained due to reduced revenues? What will Calgary’s CRE industry look like in a year’s time?
“It is unlikely we will see much impact from the COVID pandemic on the office market until the third quarter of 2020. Calgary’s unemployment rate increased to 8.6 per cent in March 2020, up from 7.4 per cent just one month prior,” said the Avison Young report. “How high it will reach is anyone’s guess, but the reporting we have so far is just the tip of the iceberg.
“The good news is landlords and building owners are already making changes to their buildings to keep their tenants safe, preparing for the eventual return-to-office timeframe. Cleaning and sanitation schedules will be increased. HVAC systems will be modified or improved.
“Population densities in common areas such as lobbies and elevators will be regulated. Changes to office layouts will be made to accommodate social distancing. In a very short period of time, the experience of going to an office will be much different for the foreseeable future.”
BOMA Canada’s Pathway Back to Work
BOMA Canada recently released its Pathway Back to Work guide to help building owners and property managers provide a safe return for building personnel, visitors, vendors, contractors and others to commercial real estate across Canada.
“No two properties are alike, so we cannot recommend a single one-size-fits-all approach nor can the approach . . . capture every single consideration. Instead, we have prepared a framework which individual property managers can both adapt and adopt,” said the report.
Benjamin Shinewald, president and CEO of BOMA Canada, said the guide’s key message is one of hope.
“There may be ups and downs and there may be timing issues, but we will get back to normal. We will be at a point where COVID is behind us. We are at the earliest stages of that process right now and now is the time to start to prepare for re-entry, staggered or otherwise, into our assets,” said Shinewald.
“We exist for our tenants and they’ve got to be able to enjoy their space, but it’s a weird moment and it’s hard. It’s complicated, but let’s start now with that process.”
Lloyd Suchet, executive director of BOMA Calgary, said the one other characteristic of Calgary’s office market is the extensive Plus-15 walkway network connecting downtown buildings. That will have to be taken into consideration for health and safety protocols during the reopening of towers in the core.
Suchet said the economic downturn caused by COVID and lower oil prices will continue to weigh on the downtown office market in Calgary.
“It was a challenging market prior to COVID and this is only going to make it even more challenging,” he said.
“Real challenges lie ahead and (when) you look at the role commercial real estate plays in our society and in our market in a lot of public pensions, there is significant concern out there.”
BOMA Canada has about 3,500 members spread across 11 regional chapters. It focuses on asset management, property management, building operations and associated vendors, suppliers and partners.
BOMA Canada is an affiliated member of BOMA International, a federation of 93 BOMA U.S. associations and 16 international affiliates.
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Real eState
This Toronto home is a ’90s decor trip but a steal at only $600K
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If you’re a millennial and grew up in the ’90s, you’ll probably remember a fair amount of ’90s home decor trends that might still haunt you to this day.
There were sponge-painted walls, all-beige everything, wallpaper borders, oak cabinets, carpets in places where there shouldn’t be carpets, bedroom sets from big-box stores, Southwestern or Tuscan decor in homes that weren’t in Arizona or Italy, and the list goes on.
We thought we’d left those troubling times in the past, but 39 Hatherley Rd. really brings back all those memories.
Somehow this two-bedroom, one-bathroom house hit almost every ’90s trend, except for carpets in the bathroom (phew!).
What’s weird is this house has changed ownership a few times since the 90s. In fact, it was most recently purchased in 2010 for $250,000.
So it’s somewhat surprising that when you look at past listing photos, almost nothing has changed. In fact, it seems they added the sponge-painted walls in 2010.
But despite 39 Hartherley Rd. being a total throwback, this house is, as the listing says, “a diamond in the rough.”
First off, it’s a detached house with a 125-foot deep lot in a good location.
The main floor has a living room and kitchen with enough space for a dining table.
The layout is a bit awkward but the Dutch door off the kitchen is too cute.
Off the kitchen is a laundry room/mud room that leads to the spacious backyard.
Upstairs, there are two decently sized rooms and a small bathroom.
The house definitely needs some updating but the roof was done in 2015, the furnace is only a few years old, the electrical has been updated, and there’s room for expansion.
Also, a coat of paint will do wonders to brighten up the all-beige ’90s aesthetic.
However, the biggest selling point of this home is the price point.
39 Hatherley Rd. is listed for only $599,999, which is almost unheard of in Toronto, even if this place will probably go for closer to $700K.
Real eState
Blending Function and Style: The Best Garage Door Designs for Contemporary Homes
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Modern and contemporary residences stand out with streamlined shapes and minimalist designs. They span from sleek global styles to cozy ranch layouts, offering something unique for all tastes.
Selecting the perfect garage door can pose a challenge for homeowners. Garage doors seamlessly blend with style and durability. This article offers insights on choosing garage doors that complement contemporary homes.
Key Architectural Elements
Contemporary homes are distinguished by their clean lines and minimalist aesthetics. Architects focus on crisp, sharp lines to delineate spaces distinctly. Expansive windows often play a pivotal role, inviting natural illumination indoors and blurring boundaries between interior and exterior living.
Materials utilized are typically modern, like glass, steel, and concrete, contributing to a cohesive design that emphasizes simplicity.
In these designs, every element serves a purpose. There’s no room for superfluous details. Hues tend to remain neutral or monochrome, creating a canvas where architectural forms take center stage.
This approach ensures that today, garage doors look like part of the house. They use the same materials and designs as the home’s outside.
Home Styles: From International to Ranch
Houses come in many different styles. The international style is from the 1910s and has European influences and industrial design. This style is simple and focuses on function.
On the other hand, classic American homes like Cape Cod, country French, Colonial, Tudor, and ranch all look different. Cape Cod homes are symmetrical and simple. Country French styles look rustic and elegant. Colonial houses are formal with balanced proportions. Tudor homes have steep roofs and decorative wood beams.
Ranch-style homes are one story and blend the indoors and outdoors. All these styles developed over time and show different cultural influences. Each style needs a specific type of garage door to match the overall look – like traditional panels for Colonial or Cape Cod homes, or sleek options for modern or contemporary homes.
The variety of home styles reflects how architecture has changed, not just in design but in the cultural influences behind each style.
Garage Door Styles for Contemporary Homes
Today’s modern homes demand garage doors blending sleek lines with practical use. From minimalist to sophisticated, various styles fit any contemporary aesthetic perfectly.
Traditional and Raised Panel Options
Traditional and Raised options meld classic appeal with modern flair, and According to the experts of garage door repair West Vancouver experts, they are ideal for today’s homes. These garage doors boast rectangular raised panels adding depth and texture to any facade. Each meticulously designed panel exudes elegance while respecting the home’s architectural integrity. Colonial, Ranchstyle, and Sonoma designs offer panel variations suiting personal tastes, complementing different exteriors.
Choosing the right traditional door involves subtle differences:
- Colonial panels evoke old-world charm.
- The ranch style is laid-back yet chic.
- Sonoma stands out in refined simplicity.
Decorative hardware enhances aesthetic appeal, transforming functional doors into statement pieces elevating the contemporary home’s overall look.
The Carriage House Appeal
Carriage house doors blend timeless style and modern function—a perfect pick for homes nodding to tradition. Owners love their timeless elegance elevating exterior design.
Carriage house doors stand out. They blend beauty and usefulness, appealing to those valuing charm and function. These garage doors combine tradition with modern homeowner needs. Available in various materials and colors, they customize to any home style – from international flair to ranch simplicity.
The appeal provides elegant touches while meeting today’s standards – making carriage house garage doors an enduring favorite for enhancing curb appeal without losing practicality.
Sleek Contemporary Designs
Sleek contemporary garage door designs offer minimalist, modern looks with clean geometric lines and patterns. Ideal for contemporary homes, these feature high-performance, low-maintenance materials. They boast subtle colors blending seamlessly with home exteriors. The key is using durable yet stylish natural looks.
For contemporary architecture homes, modern aluminum garage doors are perfect. Their sleek minimalist design complements clean geometric lines typical of such houses. Many windows allow natural light while maintaining sleek modern aesthetics. Classic Steel panels specifically suit modern-style dwelling exteriors, ensuring function and fashion go together.
Selecting the Right Garage Door
Picking a garage door combines appearance with utility, making your house exceptional. Judge both looks and toughness to get a flawless match for your contemporary abode.
Durable and Stylish Material Options
Steel garage doors strike a great balance of affordability, resilience, and chic style for contemporary residences. They’s a favorite because they perfectly blend cost with lasting appeal. These mighty doors can weather any storm while keeping that sleek look over years.
Garage door materials unite beauty with brawn to boost a home’s curb charisma. Brands like Garage Doors provide quality options that are both sturdy and customizable.
Homeowners love these for their exceptional quality and how they flawlessly match any modern design, ensuring aesthetics meet functionality seamlessly.
Colour Schemes Enhancing Exterior Design
Picking the right color scheme for a garage door can transform a contemporary home’s exterior design. Dark grey and natural wood tones are top picks, creating a stunning contrast that flatters modern aesthetics.
Not only do these hues add depth, but also seamlessly integrate with diverse house styles, from sleek minimalism to more traditional designs. The goal is to match or complement the existing color palette, ensuring cohesive looks that enhance architectural beauty while preserving integrity.
Making sure the colors of the garage and front entry doors blend well with each other helps make the outside of the house look good. This is a smart move that shows care was put into home renovations.
Balancing Design with Functional Requirements
After picking the right color scheme, striking a balance between design and practical needs is key. A garage door needs to look nice but also works well for daily use. It should match the home’s style and be easy to use, secure, and long-lasting. Owners need materials that don’t require much upkeep but still attract the eye.
Security can’t be forgotten either. Looking good is great, but a garage door must help keep the home safe too. Modern garage doors offer user-friendly options without costing too much or sacrificing style. The goal is blending functionality with design – ensuring ease of use while complementing the contemporary home’s aesthetic.
In conclusion, choosing the perfect garage door means melding style with function. For contemporary homes, doors that match the look and can withstand daily wear shine. Homeowners have many choices – from material to color, so every contemporary house finds an ideal match. Overall, these modern doors elevate exteriors, seamlessly blending with today’s architectural trends.
Real eState
Once the West Coast's crown jewel, San Francisco's real estate market is crashing – New York Post
San Francisco, once the crown jewel of the West Coast, is now teetering on the brink of collapse — and it seems like nobody is sounding the alarm.
The city’s housing market, in particular, has been hit hard over the past year, with prices plummeting and homeowners fleeing in droves.
JPMorgan Chase CEO Jamie Dimon didn’t mince words when he compared San Francisco’s woes to those of New York City, calling the Bay Area “in far worse shape.”
“I think every city, like every country, should be thinking about what makes an attractive city,” Dimon told Maria Bartiromo in an interview on Fox Business.
“It’s parks, it’s art, but it’s definitely safety, it’s jobs and job creation, it’s the ability to have affordable housing. Any city that doesn’t do a good job will lose its population.”
San Francisco is failing on all fronts and in turn, its housing market is quietly crashing.
Once-luxurious properties are now listing and selling for massive discounts just to attract buyers.
Consider the penthouse at the San Francisco Four Seasons Residential, initially listed in November 2020 for $9.9 million, now begging for buyers at $3.75 million — a jaw-dropping 62% markdown.
It remains on the market today.
Homeowners desperate to escape the sinking ship are offloading their properties at losses, with many seeing their investments dwindle by hundreds of thousands of dollars in just months.
A five-bedroom home at 478-480 Fourth Ave. sold for $1.1 million earlier this month, after selling less than a year prior for $1.6 million.
At 88 King St., a two-bedroom condo overlooking a ball park that sold for $1.12 million more than a decade ago in 2014, recently sold last month for $1.08 million.
Another two-bedroom condo at 1075 Market St., which sold in 2019 for $1.25 million just traded hands earlier this month for $675,000 — and after a price cut, to boot.
The broader trend, according to the latest Redfin analysis, is stark. Nearly one in five homeowners in San Francisco are selling their homes for a loss.
Another one among them: A rare home overlooking the Golden Gate Bridge with oceanfront views was initially listed for the first time in nearly 35 years last March for a price of $12.8 million.
After several price cuts, it took a year to sell at the fairly modest price tag $7.85 million for the area.
The commercial sector isn’t faring any better, with office vacancies soaring post-pandemic.
And the desperation is palpable, as evidenced by the recent sale of a property on Market Street at a mind-boggling 90% discount.
The building at 995 Market St. was acquired for just $6.5 million during a public auction last week.
The previous owner had paid $62 million for it in 2018.
Even retail giants are abandoning ship.
In February, Macy’s announced that it was closing its massive flagship store in San Francisco’s Union Square.
The year prior, Nordstrom had announced it was closing two of its stores over the “deteriorating situation in the area.”
The mall had been inundated with fentanyl overdoses, drug dealers and thieves.
Real estate veteran Craig Ackerman, who’s witnessed San Francisco’s rise and fall over three decades, laments the city’s potential squandered by inept leadership.
He predicts years of continued mismanagement unless drastic changes are made. However, with the current administration’s penchant for liberal grandstanding over pragmatic solutions, the outlook remains grim.
“I do think that San Francisco probably has another five to eight years of mismanagement. I mean things are a mess out here and they don’t need to be. This could all be changed by the stroke of a pen,” Ackerman told The Post.
“But the mayor — they choose to continue this ridiculousness.”
“I don’t think it’s going to change,” Ackerman added.
“They are happy waving their liberal flags and looking for a fantasy land that doesn’t exist … It’ll kill you on the way there.”
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