Toronto Portland Commons | 71.7m | 15s | Carttera | Sweeny &Co

AHK said:
Last update I heard was that there were still no leases in place. Appears to be three buildings in a similar situation- the two Hines T3 buildings (Queens Quay and Sterling) and Portland Commons. All three are great buildings, but not exactly in the most prime locations. While there have been a few large scale deals done over recent months, they have generally been in the larger downtown buildings.
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There are no interior/fit-out permits pulled; the only 'new' permit is for this:

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Also, @AHK T3 Bayside does have 2 leases in place; but yes, still a ton of vacant space.
 
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AHK said:
A couple of photos - current overview of the building from our place, and a more detailed look at the ongoing preparations for the Wellington Street boulevard area - soil spreader actively filling in the plant beds. Some additional comments below.

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Last update I heard was that there were still no leases in place. Appears to be three buildings in a similar situation - the two Hines T3 buildings (Queens Quay and Sterling) and Portland Commons. All three are great buildings, but not exactly in the most prime locations. While there have been a few large scale deals done over recent months, they have generally been in the larger downtown buildings.

I suspect that most of the current activity tends to be on the smaller scale, new startups looking for very modest amounts of space, plus the more dynamic smaller businesses, whose requirements, in proportion to their existing footprints, may be more volatile - and there is plenty of such space on the market. The new buildings would, I believe, be looking for larger initial leases to take up their space - not wanting to rent out 1,500 - 3,000 square feet and then have a user come along looking for a large contiguous space, that has already been broken up by one or more smaller tenants.

In the particular case of Portland Commons, I spoke with one of the construction coordinators on site when the site prep work was being done about three years ago, asked if it might not be more appropriate to defer the actual construction until there was more clarity about where the market would be going. HIs reply was that Carterra was acting on behalf of institutional investors, pension funds with a long term horizon, and that short term market issues were not a problem for them.

I am sure that in the longer term, this building will lease up, but in the interim, as was posted above, the ongoing carrying and operating costs will be a burden.
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There are 2 small leases in T3 Bayside.
 
Northern Light said:
There are no interior/fit-out permits pulled; the only 'new' permit is for this:

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Also, @AHK T3 Bayside does have 2 leases in place; but yes, still a ton of vacant space.
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The base shell is not close to complete at all. Especially all the ingress/egress to the building from grade and parking garage, including the life safety systems, etc. so you won't see permits for any fit out for quite a while.
 
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A new section of the Portland Street sidewalk, behind the tree and between the old and new buildings, freshly poured this morning. Also, a delivery of some of the remaining glazing sections being lifted onto the building.

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Now that the fire is basically out - just smoke from the embers and fire suppression materials on the hot surfaces - some more excitement. A couple of Toronto Fire Department's high rise ladder trucks, have arrived and one of them had the opportunity to show its stuff. The fire crew on the roof appears to be quite taken with its deployment.

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...looked like something in that bin decided to barbecue itself. Glad they put that out in a hurry!
 
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