Construction and absorption tend to be closely linked with each other at this point in the recovery because of the challenges of
financing new office developments: most projects still need a significant amount of pre-leasing before lenders will commit.
Savills predicts that as good quality space remains limited, prime rents will continue to grow in some locations in 2018, with specific price corrections occurring in after 2019
as new office developments are completed.
After the 2005 rezoning, the area now has capacity for approximately 26 million square feet
of new office development, 20,000 units of housing (of which almost 5,000 units will be affordable), 2 million square feet of retail, and 3 million square feet of hotel space.
Colliers International EVP Stephen Rutchik talked to Commercial Property Executive about
the new office developments coming to Wynwood, with a focus on R&B Realty's Class A project dubbed The Gateway at Wynwood, as well as what tenants look for when choosing office space.
«After years with
no new office developments, the new Nun's Island project is an important signal that the private sector is, once again, investing in Montreal.»
Adaptive reuse projects and
new office developments are plentiful in RiNo and LoDo districts.