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10 Colliers International

upgrades as well, which resulted in the commitment of      that added parking components will help satisfy some of
Bank of America to consolidate a number of offices into     the demand. Some skeptics believe this will only address
the building. Additionally, 330,000-square-foot 111 Lyon   the new demand created by the associated development.
Street NW is slated to undergo a similar transformation,   The planned Studio C! entertainment/commercial mixed-
and the currently-vacant 50 Monroe building will be split  use project downtown is in the center of this situation. The
and converted into an AC Hotel and renovated office         development is planned on land that is currently 300 city-
building. 50 Monroe was one of four local properties       owned surface spaces, and although the project calls for
recently approved for Brownfield tax credits.               a 900-space ramp, there is question as to whether this
                                                           will be a net gain or loss for day-time employee parking.
As these buildings downtown get redeveloped and            The project has evolved recently, with updates to project
filled, options for new companies will grow increasingly    partnerships as well as its planned use. Once slated to
limited. The downtown office vacancy is approximately 5     contain 187 apartment units, developers have amended
percent, while suburban vacancy continues to lower, now    plans to include hotel and office space instead.
around 14 percent.
                                                           Suburban office buildings are seeing a lot of attention,
Along with limited available office space, limited parking  and will again in 2018, as space and parking
has been a much-discussed topic with tenants and           downtown remain tight. 1925 Breton Road SE is
landlords downtown. Recently, the City has become          undergoing renovation by ownership and has attracted a
engaged, holding community feedback forums and             new government agency that will be moving out to the
working on alternative mobility and efficiency options. As  suburbs during 2018. In addition, a notable company that
new development occurs downtown, the city is hopeful       made a move from the downtown area to the suburbs

                                                           1925 Breton Road SE
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