Toronto CIBC SQUARE | 241.39m | 50s | Hines | WilkinsonEyre

  • Thread starter Suicidal Gingerbread Man
  • Start date
Its more of the short term dev teams getting jammed into the conference rooms .. but CIBC has had a slow build up but is ready to ramp up its Work from Home program. The new philosophy is try to get people to work from home instead of investing in more space it seems.
 
maestro said:
CIBC's approach much like the other banks is to cram more and more people in with smaller workstations or in any other available space. Who needs a small conference room when you can have a dozen contract workers there juggling keyboards on their laps.

Investment banking and head office functions are downtown. Day to day banking operations are in lower class, cheaper space or the suburbs.

A bank choosing one of these proposals with irregular floorplates and plenty of tenant amenities would be a welcome step in the right direction. I just don't see it. I do believe someone is looking for a landmark tower but, I be shocked if it turns out a bank.
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Cramming more and more people into smaller and smaller space isn't their only method of reducing their cost of manpower and office space requirements, they are also outsourcing huge numbers of jobs to companies located outside Canada.

Letting go hundreds of overpaid Canadians also has the net benefit if reducing their need for office space.

It's quite heart warming to know our banks are trying so hard to reduce exorbitant banking fees in such creative ways.
 
Big Daddy said:
Cramming more and more people into smaller and smaller space isn't their only method of reducing their cost of manpower and office space requirements, they are also outsourcing huge numbers of jobs to companies located outside Canada.

Letting go hundreds of overpaid Canadians also has the net benefit if reducing their need for office space.

It's quite heart warming to know our banks are trying so hard to reduce exorbitant banking fees in such creative ways.
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Step 1: Slash employment, reducing payroll and office costs

Step 2: ???

Step 3: Reduce bank charges

Too bad they haven't figured out "Step 2" yet, although I think underwear are involved somehow. The Gnomes of Toronto are clever!
 
Our office space inventory would double if our banks treated employees the way the large energy companies due out west. I've seen a manager out there with a larger office than the CEO of a couple of our banks.
 
maestro said:
Our office space inventory would double if our banks treated employees the way the large energy companies due out west. I've seen a manager out there with a larger office than the CEO of a couple of our banks.
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They'll eventually change, just like every other industry, the energy sector is always slow to change.
 
From BisNow:

Jonathan Pearce, Ivanhoé Cambridge's freshly minted SVP for Toronto, says his inaugural mission will be overseeing leasing for the proposed 45-141 Bay Street office project. “That's the initial primary thrust of my objectives,” he tells Bisnow, noting his appointment signals that the development—a JV with Metrolinx and US-based Hines which could include mixed-use office space that incorporates a new bus terminal (a leaked early rendering of the project is below)—is getting closer to becoming reality.

Jonathan, who spent two decades with Avison Young, says he's been working with Ivanhoé's development partners and government authorities, “taking the necessary steps” to move ahead with its Bay Street plans. “My appointment speaks to the seriousness and intentions of Ivanhoe to proceed with this project at the appropriate time,” he says, noting the challenge of coordinating all the different stakeholders to ensure "the orchestra is playing together.” One key advantage for Jonathan: an Englishman working in Toronto for a Montreal-based firm, he's neither a Habs nor Leafs fan. "So I won't be bumping heads with my colleagues in Montreal."
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http://www.bisnow.com/commercial-re...eed-to-know-about-avison-young-ceo-mark-rose/
 
^ That's very interesting. Well let's hope he has luck getting some tenants because this project has potential to transform the city.
 
maestro said:
I do believe someone is looking for a landmark tower but, I be shocked if it turns out a bank.
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‘Strong Growth’

“We take confidence with the strong growth we’ve seen through the last cycle,†he said. “Every single Canadian financial institution seems to be looking for space.â€

Additional projects are planned. City officials last month approved rezoning applications for three office buildings, including a 54-story, 126,570-square-meter property proposed by Cadillac Fairview Corp., the real estate unit of Ontario Teachers’ Pension Plan, and a 48-floor tower by Allied Properties REIT.

Ivanhoe Cambridge, the real estate unit of Caisse de Depot et Placement du Quebec, Canada’s second-largest pension manager, is using land it purchased at 45 Bay St., just south of the financial district, to build office towers above the busiest subway station in the city. A broker has been hired to begin preleasing before construction starts.

The flood of new space will challenge the market, said Benjamin Tal, deputy chief economist at Canadian Imperial Bank of Commerce. Older bank towers in the financial core and suburban buildings will be hurt the most as tenants are drawn to more up-to-date properties, he said.
More............http://www.businessweek.com/news/20...ded-with-office-space-spurs-fears-of-new-bust
 
Sadly, Businessweek didn't factcheck properly - it isn't like they are building atop Yonge-Bloor (and 45 Bay isn't above any subway station period).

AoD
 
Are the number of people switching subway lines, or entering/exiting the station altogether, at Bloor-Yonge really more than the number of people entering/exiting Union subway station plus Union GO station (both trains and buses)? My impression was always more people enter/exit/transfer transit at Union than at Bloor-Yonge. Plus I expect that Businessweek is referring to the whole project, not just the first tower.
 
Bloor Yonge is by far the busiest subway station, Then St. George, then Union, and shortly behind Union is Finch. For the subway exclusively it handles way less passengers than Bloor Yonge, but has the largest amount of walk off passengers (Bloor Yonges numbers are really high as they count everyone transferring trains). Once you count the GO and VIA trains, Union becomes the largest passenger hub in Canada, beating out Pearson by a significant margin.
 
I bet you they are referring to Union Station (train) - and got nothing to do with the subway at all (which isn't even close to the site).

AoD
 
I wonder if Hudsons Bay is a potential tenant? I believe they are vacating a bunch of their offices in their current building (upper floors of The Bay in the Eaton Centre) to make space for the Saks, so I wonder if they are looking for new build space or if they will be happy to just hole up in some older bank buildings, if they need more space at all.
 
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