Toronto Scotiabank North Tower at Bay Adelaide Centre | 140.2m | 32s | Brookfield | KPMB

Feb 28, 2020

Second batch of pics.

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Yeah, at least it'll tie together this part of the Financial District. Hopefully the new Cloud Gardens is nice.
 
I hope that attention will also be paid to the Richmond Street side and that it won't get a back of the building treatment there. Has anyone seen plans for the Cloud Gardens renovations? I can't recall any community consultations having been held yet.
 
I have an eerie feeling that we're about to get a new Bay-Adelaide Stump.

Due to the pandemic, offices the world over are instituting systems to work from home and will by necessity have to make this a part of the new normal for what they probably expect will be temporary. But if this pandemic goes on for as long as epidemiologists are projecting (up to 18-24 months until a vaccine), then this is going to become the new status quo and I expect many companies to adopt it permanently, which will have a significant impact on office space vacancies.

Secondly, the inevitable recession or depression that will no doubt take hold while the world economy is ground to a halt, will do to this new tower what the recession in the 90s did to the first one.

Thoughts?
 
MetroMan said:
I have an eerie feeling that we're about to get a new Bay-Adelaide Stump.

Due to the pandemic, offices the world over are instituting systems to work from home and will by necessity have to make this a part of the new normal for what they probably expect will be temporary. But if this pandemic goes on for as long as epidemiologists are projecting (up to 18-24 months until a vaccine), then this is going to become the new status quo and I expect many companies to adopt it permanently, which will have a significant impact on office space vacancies.

Secondly, the inevitable recession or depression that will no doubt take hold while the world economy is ground to a halt, will do to this new tower what the recession in the 90s did to the first one.

Thoughts?
Click to expand...

Not to go off topic too much but, the expedited projection is closer to 12 months for vaccine production (one already in phase 1 trials - a record I think), and then the question becomes how long to get that vaccine mass produced.
There are also antivirals, and strangely a few antibiotics that seem to have a positive effect on those infected. As well, once the pandemic is more under control, the pent up demand will likely fuel a boom. How all this affects the market is unclear I think.
 
Urban-Affair said:
As well, once the pandemic is more under control, the pent up demand will likely fuel a boom. How all this affects the market is unclear I think.
Click to expand...
Agreed that the longer term impact on the market is unclear; but in looking at the commercial real estate market and demand for office space, I personally don't see any pent up demand being unleashed (at best a return to normal), and I do see potential for all of this WFH to shift demand downwards for office space, if employers really embrace WFH and the space savings it can bring. I don't think anyone really knows what that future looks like right now, which is certainly causing some uncertainty in trying to underwrite buildings, and I"m sure in evaluating development economics.
 
Urban-Affair said:
Not to go off topic too much but, the expedited projection is closer to 12 months for vaccine production (one already in phase 1 trials - a record I think), and then the question becomes how long to get that vaccine mass produced.
Click to expand...

Not to continue off topic but it’s that second part where the additional time comes in. Also, there is no guarantee that any of the vaccines in research will be efficacious. There was never a successful SARS vaccine in 18 years. They were just able to get a handle on it because symptoms were so quick to appear that they could isolate those infected.

So, with a year of research, trials and safety testing, add up to 6 months for mass production and worldwide population inoculation and you have 18 months (if it all works). So yes, like the Prime Minister subtly indicated, this is the new normal for a while. And if employees are working from home for over a year, then companies are going to have to adapt to that workflow and create systems to make it work for them. Once that’s established, there’s a very good chance that many companies are just going to keep it in place. Humans adapt pretty quickly. Soon, working from home will be just as accepted as going to an office.

Bad for offices... though, hey the TTC might suit us in its current state for decades longer than we’d expected.
 
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