TELUS Sky | 222.19m | 60s | Westbank | Bjarke Ingels Group

General Rating for this project

  • 1 Great

    Votes: 129 86.6%

  • 2 Very Good

    Votes: 11 7.4%

  • 3 Good

    Votes: 3 2.0%

  • 4 So So

    Votes: 4 2.7%

  • 5 Not Very Good

    Votes: 0 0.0%

  • 6 Terrible

    Votes: 2 1.3%
  • Total voters
    149
Always_Biking said:
Interesting. From what I've heard Encana Place is all but completely empty, so they must have gotten a sweet deal. 75k in Encana Place is what 4 floors? That's a lot of employees, much more than a startup.
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They were talking about this on the radio a while back, and I iirc, they are starting out with somewhere in the neighborhood of a dozen people, but there are plans to increase # of employees. I think they said up to 1,000 employees eventually.
 
Beltline_B said:
The office space is around 33% leased, but yes quite a ways to go before it could be considered successful.

The thing in favour of Telus Sky is that the office space is only 400K . They may be able to attract tenants who only want a floor or two, but want to be in a shiny brand-new high-profile building.
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I don't see a tenant paying the amount to make it worthwhile for Telus Sky Ltd to lease the space.
 
Always_Biking said:
Interesting. From what I've heard Encana Place is all but completely empty, so they must have gotten a sweet deal. 75k in Encana Place is what 4 floors? That's a lot of employees, much more than a startup.
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Rocketspace. The name really says it all. "come to our space and we'll rocket you to a billion dollar market value all for a small piece of your company"

It's a shared work space incubator for tech startups.
 
From Twitter @everydaytourist
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The market has changed just a little bit since Telus signed onto the project. If my memory serves me, they signed before Cenovus million square feet at Brookfield. Look at Cenovus today.
 
maestro said:
The market has changed just a little bit since Telus signed onto the project. If my memory serves me, they signed before Cenovus million square feet at Brookfield. Look at Cenovus today.
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With the market changed though, wouldn't this also mean lower lease rates?
 
Maybe, maybe not. When the office space is owned by a REIT there may not be a desire to lower rates, but instead sit and wait things out.
I have heard that 80% of Calgary's downtown office space is owned by 5 REIT/Pension funds, and all of that office space represents only 3% of their total holdings.....so definitely a situation where they can wait things out. How long is anyone's guess.
 
Always_Biking said:
With the market changed though, wouldn't this also mean lower lease rates?
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A new building has a high break even point. Vacancy is approaching 30%. Tenants are looking for deals. It's better to wait and see where the market is in, for example, 3 years than to lock in a money losing contract with a tenant for the next, for example, 10 years.
 
It's really getting exciting now. I can't wait for them to install 3 or 4 more floors of glass.
 
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