The Office Condo: Growth Opportunity

Building Exterior

Owners of small- and medium-sized businesses looking to buy decent workspace condo, with ample room for growth, know how difficult it is to find premises that offer everything they want for a price that will fit their budget. In fact, there simply isn’t much that is available in Ottawa.

Enter Takol Real Estate Inc., a company on a mission to repurpose and optimize quality commercial office space into affordable and professional office condo for growing startups and established firms alike. Daniel Kolber, Takol’s partner in charge of this development, points out that these companies are underserved when it comes to affordable Class A condominium workspace.

“If you require only a few thousand square feet, there aren’t a lot of standalone buildings of that size available,” he said. “They’re simply not there, and most industrial condominiums do not have any amenities.”

Takol’s newest offering for early 2017 occupancy is 21 customizable units in the Ottawa Business Park at 2283 St. Laurent Blvd. The units range in size from 690 to 1,804 square feet, and are priced to keep pace with the enthusiasm of motivated business owners in search of improved workspace performance and growth. Prices range from $254,000 to $654,000, with full-floor occupancy options still available.

The various unit sizes and pricing allow potential buyers to purchase a single workspace best suited to their needs, or to take ownership of a cluster of contiguous units for maximum flexibility. With today’s low mortgage rates, translating rental payments into an affordable, comparable mortgage option makes ownership an optimal business case. Owners can expand into the extra space, rent out their additional units, or sell off investment units as necessary.

The building’s current tenant, the Medical Council of Canada (MCC), is a perfect example of how an organization can make the most out of a workspace condo with a growing workforce. The MCC was the original owner of the third floor after the building was constructed in 1989. They subsequently bought all floors, but have finally outgrown the available space.

“It was seen as a bit of an investment,” explained MCC executive director Dr. Ian Bowmer. “We couldn’t find this level of office space downtown for the price, and as we expanded, it seemed to make sense to buy the space on the other floors rather than try to work out rental deals. So we gradually took over the whole building.”

"Owning your office condo is superior to renting and grows equity"

Twenty-Two 83 Workspace Condominiums is a 30,000-square-foot, three-storey building that has been repurposed to respond to an evolving market. “This is a building with a contemporary exterior that offers a lot of interior flexibility,” Kolber said. “Instead of using your precious office space for certain support functions, we provide these for you.”

Takol has shouldered most of the burden and front-end costs normally associated with securing business premises of this calibre. The savings are significant enough that, within 10 years, additional equity will have built up to offset what a business might have paid in rent.

The building has undergone significant infrastructure improvements over the past four years — including a roof replacement — and will have a new, energy-efficient HVAC system installed this fall. Among the shared indoor amenities are a finished boardroom with caterer’s bar, ideal for client presentations or staff events; newly renovated washrooms; a private meeting room; on-site bike racks; and shower facilities for a modern workforce.

Rendering

The facility has dedicated on-site unit parking, and flexible additional parking options that would put any downtown office location to shame. The building is also served by OC Transpo bus routes 112 and 114, has easy access to Highway 417 via Walkley Rd., and is just minutes away from Ottawa International Airport.

Architect Paul Martineau, Takol’s vice-president for the National Capital Region, likes what he sees.

“This is a highly efficient building with a very steady operating history,” he said. “The landscaping, the building envelope — everything has been meticulously maintained. The bones are very good.” Good bones indeed.

“This building has served us exceptionally well,” Bowmer said.

For more information, contact Michael Pyman at (613) 683-2202, or visit twenty-two83.com

This story was created by Content Works, Postmedia’s commercial content division, on behalf of Takol Real Estate Inc.