03-23-2025, 03:45 PM
The city can't just say well you need to include commercial units or we won't approve this. The developer would just say no thanks. A big problem is that people don't want to start a business downtown/in these expensive units.
Take a look at how many mixed use buildings exist within Waterloo Region which have failed to attract any tenants, particularly newish builds downtown. The Bright Building, Civic 66, Station Park (maybe the units are just not ready yet? but they've been finished for months), Young Condos, 276 King and many more. Some buildings such as 1 Victoria are like a revolving door of businesses that come and go. Then we also have office buildings like One Young which still has units available, half of the brand new 345 King office tower sits vacant, neighbouring 305 struggles to attract tenants, 50Q I think still has a lot of unused space and so on.
Economics unfortunately has a lot to do with it, going back to the geopolitical situation of the world, our botched global response to the pandemic and land speculation that grew when the region tried to rebrand itself as this "Silicon Valley of the North" nonsense, abandoning the working class history to try and steamroll in this bougie rationalist tech-bro image. Last year saw the highest office vacancy rate in downtown Kitchener's history, with nearly 1/4th of units sitting vacant. In contrast, regionally we are seeing the highest residential vacancy rates since the early 1990s. There are many options out there for business owners and people seeking a home, but the cost of doing so has made it a challenge hence not only the slowdown in new project proposals/construction, but fewer units and in many cases the omission mixed-use features. Although, it's much deeper than just needing cheaper costs of living...a good neighbourhood requires more than just places for commercial consumption. You also need to ensure you have cultural and recreational things included as well.
Take a look at how many mixed use buildings exist within Waterloo Region which have failed to attract any tenants, particularly newish builds downtown. The Bright Building, Civic 66, Station Park (maybe the units are just not ready yet? but they've been finished for months), Young Condos, 276 King and many more. Some buildings such as 1 Victoria are like a revolving door of businesses that come and go. Then we also have office buildings like One Young which still has units available, half of the brand new 345 King office tower sits vacant, neighbouring 305 struggles to attract tenants, 50Q I think still has a lot of unused space and so on.
Economics unfortunately has a lot to do with it, going back to the geopolitical situation of the world, our botched global response to the pandemic and land speculation that grew when the region tried to rebrand itself as this "Silicon Valley of the North" nonsense, abandoning the working class history to try and steamroll in this bougie rationalist tech-bro image. Last year saw the highest office vacancy rate in downtown Kitchener's history, with nearly 1/4th of units sitting vacant. In contrast, regionally we are seeing the highest residential vacancy rates since the early 1990s. There are many options out there for business owners and people seeking a home, but the cost of doing so has made it a challenge hence not only the slowdown in new project proposals/construction, but fewer units and in many cases the omission mixed-use features. Although, it's much deeper than just needing cheaper costs of living...a good neighbourhood requires more than just places for commercial consumption. You also need to ensure you have cultural and recreational things included as well.