I am really interested in these sorts of spaces. In this case, these is an old brutalist office building in Kanazawa, Japan that was purchased in 2019 by artist Hiraki Sawa. The original intent was to turn it into a co-working space, but eventually the idea evolved into a hybrid "co-being" space that can be rented as a place to stay and/or as a place to facilitate creativity.

The space itself was left mostly raw and exposed, but neon movable walls were inserted by AB Rogers Design that allow you to configure the volumes as you'd like. What's interesting about spaces like these is that they enable play and experimentation. Maybe it also makes money, or maybe it doesn't. But that doesn't seem to be the main point.

The point is to empower creativity. And finding spaces to do this can be tough in competitive markets where demand is consistently outstripping supply. Oftentimes you need some slack in the system so that there's literal breathing room for new ideas, or rich people who can make it so.

Whatever the case, I am a believer that when given the opportunity, people will generally find a way to imagine and create. So if you happen to find yourself in Kanazawa and would like to book this space, which is called Fish Market, click here. Guests are being asked to submit a request explaining how and why they'd like to use the space.

It'll be fun to see what this leads to.

Photos: Takumi Ota via AB Rogers Design

It’s the dog days of summer right now and I suspect that some of you may be spending your time (or at least some of it) near water. So here is one of my favorite lakeside homes. It is a live/work photography studio sitting on top of a boathouse on Stoney Lake in the Kawartha Lakes region of Ontario. It is by gh3*. They do terrific work.

I love the relationship to the Canadian Shield (see above). And I love how it is a dramatic departure from the archetypal Ontario cottage. I am more impressed by a project like this (it has 1 bedroom) than I am by a 5,000 square foot “cottage estate.”

Some of you may be wondering how a largely all glass curtain wall box performs environmentally during these dog days of summer and I am wondering the exact same thing. But it is north facing. And the goal was to create a space that would enable photos not possible in a conventional studio.

For more on the project, including other photos, go here.

Last Friday the Toronto Star published an article talking about the growing demand for character office buildings in submarkets outside of Toronto’s core. Specifically, it was talking about the Downtown West and Liberty Village submarkets (citing a report from CBRE).

I’m sure this isn’t news to most of you. Cool loft spaces have been popular for years. But it’s interesting to look at how rents and vacancy rates have changed for these submarkets and product types over time.

Since 2002, average (net) asking rents for brick-and-beam buildings in the west end have gone from $16.12 to $22.23 per square foot. Almost a 38% increase. By comparison, office space in the core has gone from $28.40 to $32.38 per square foot. A 14% increase.

And if you look at vacancy rates since 2007, you’ll see that the character office market has really tightened up over the past 4 years or so. There’s growing demand for a limited amount of supply.

With the growth that the downtown core is seeing and with the rise of Toronto as a creative startup hub, I’m sure we’ll continue to see strong demand for this type of space. But there’s only so much of it to go around. So I think we’ll also end up seeing greater interest in the east side of downtown and also more interesting new builds.

Images/Charts: CBRE