Survival strategy for B-class buildings
Landlords of lower-quality B-Class office buildings may well fear the deluge of AAA-class space coming online the next few years in markets like Vancouver and Toronto.
But repurposing or repositioning lesser office spaces to lure specific, niche industries could be the secret to survival, says Curtis Scott, Collier's Vancouver-based market intelligence analyst, who just penned a report on the matter. "It is a viable option for some landlords," he tells Bisnow, especially landlords looking to tap into the growing trend of organizations looking for creative spaces that spur collaboration. "But it's important to understand that it restricts that building's use to a specific industry."