Office Market Dashboards Colliers International | Greater Toronto Area
Q 2
2009
Greater Toronto Area Office Market Dashboards Q2 2009 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21.
GTA Regional GTA Central Downtown Financial Core Downtown East Downtown West Downtown South Downtown North GTA Midtown Yonge & St. Clair Yonge & Eglinton Yonge & Bloor GTA West Oakville Mississauga City Centre Meadowvale Hurontario & Highway 401 Cooksville Burlington Brampton Highway 427 & Bloor-Islington
22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41.
Airport West Airport East Airport Corporate Centre Sheridan GTA North North Yonge Corridor Dufferin-Finch Yorkdale Vaughan Richmond Hill GTA East Woodbine-Steeles Toronto East Pickering-Oshawa Markham Highways 404 & 407 Duncan Mill Don Mills & Eglinton Consumers Road Scarborough Town Centre
Office Region Dashboard: Greater Toronto Area REGIONAL INDICATORS
Q2-09
MAP OF REGION Q1 2009
Q2 2009
Trend
Office Inventory*
180,142,712
180,664,489
Net Absorption
(432,214)
657,589
Vacancy Rate
5.5%
5.7%
Average Asking Net Rent
$17.66
$17.58
Average Additional Rent
$15.86
$15.94
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 2045 office buildings surveyed in the GTA office region.
AVAILABLE SPACE OPTIONS Number of units on the regional market by size brackets
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
1626
664
406
333
53
24
50%
18,000,000 16,000,000
Total Available Office Space: 15285487 sf
45% 40%
Square Feet
14,000,000
35%
Available Sublease 20%
12,000,000 10,000,000
4,000,000
Address
Suite
Sq. Ft.
100 Wellington Street W
505
150 Ferrand Drive
600
15%
Available Direct 80%
10% 5%
0
0%
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Not Avail. Office Space $70
Avail. Office Space
90 Eglinton Avenue E
16,985
Cadillac Fairview
N/A
16,630
The Last Minute Club
N/A
15,000
90 Eglinton Ave Holdings
ThinData Inc.
Date
Address
Price
Vendor
Purchaser
Size
$/PSF
6/18/2009
415 Yonge Street
$32,100,000
Anthem Properties
Crown Realty Partners
191,880
$172.00
5/27/2009
6700 Century Avenue
$7,000,000
A Private Individual
Sanyo Co.
56,607
$124.00
6/15/2009
21 Randolph Avenue
$5,765,000
Don Valley Storage Inc
Canadian Red Cross
59,000
$98.00
80,000,000 70,000,000
$63.22 60,000,000
$50
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
40,000,000 $30
$23.43
Sq. Ft.
50,000,000 $40
30,000,000
Data,Publishing, Broadcasting Services 10%
$29.27
$20
20,000,000
$10
10,000,000
$-
Finance 28% Professional Services 22%
Class AAA
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Manufacturing & Distribution 17%
18 MONTH TREND Absorption
Asking Net Rent
Vacancy Rate
17 $17.58
8.0%
15 7.0%
13 5.7%
9
5.0%
7 4.0%
5
3.0%
3 1
2.0% Q1 2008
Q2 2008
Q3 2008
(3) (5)
Q4 2008
Q1 2009
Q2 2009 1.0% 0.0%
Vacancy Rate
6.0%
11
Others 3%
Public Service & Private Sector Services 20%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
9.0%
19
Net Rent $/sf. / Absorption (100,000's)
Tenant
TOP Office Sale Transactions by Price
Gross Rent
$34.55
301
Q2 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS
(1)
Landlord
20%
Q1 2008
Gross Rent $/Sq. Ft.
TOP Office Lease Transactions by Size
25%
2,000,000
$60
RECENT TRANSACTIONS Q2 2009
30%
8,000,000 6,000,000
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
155 Wellington Street West
Cadillac Fairview
1,223,891
RBC Dexia, Fairmont
Q2 2009
333 Bay Street
Brookfield Properties
1,127,986
KPMG, Goodmans,
Q3 2009
25 York Street
Menkes
780,000
Telus, Kinross,
Q3 2009
REGIONAL CHARACTERISTICS * The GTA is Canada's largest urban economic region in terms of size in population, economy and office space. * Built on strong foundations that include world-renowned educational and health institutions, a diversity of internationally competitive sectors and clusters, and a highly-skilled, well-educated and growing population. * GTA includes the City of Toronto plus & surrounding regional municipalities, which are comprised of 25 local municipalities of which 11 have populations greater than 100,000 (as of 2008). * Over time Toronto has maintained its position as Canada's financial and industrial center. * Economic strength and dominance of the area is reflected in its concentration of corporate headquarters.
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Market Dashboard: GTA Central
Q2-09
MARKET INDICATORS
MAP OF MARKET Q1 2009
Q2 2009
Trend
Office Inventory*
84,971,884
84,997,879
Net Absorption
196,322
85,909
Vacancy Rate
4.6%
4.7%
Average Asking Net Rent
$22.99
$22.49
Average Additional Rent
$21.40
$21.17
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 724 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS Sublease
Sublease as % of Total Available
Number of units on the market by size brackets 50%
Square Feet
8,000,000
45%
7,000,000
40%
6,000,000
35%
5,000,000
30% 25%
4,000,000
# of units**
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
717
317
144
127
0
1
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
20%
3,000,000 2,000,000 1,000,000
15%
Address
Suite
10%
100 Wellington Street W
505
16,985
Cadillac Fairview
N/A
90 Eglinton Avenue E
301
15,000
90 Eglinton Ave Holdings
ThinData Inc.
85 Richmond Street W
500
13,091
N/A
N/A
0%
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Not Avail. Office Space
Avail. Office Space
Tenant
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS Gross Rent
$70
Date
Address
Price
Vendor
Purchaser
Size
$/PSF
6/18/2009
415 Yonge Street
$32,100,000
Anthem Properties
Crown Realty Partners
191,880
$172
6/15/2009
21 Randolph Avenue
$5,765,000
Don Valley Storage Inc
Canadian Red Cross
59,000
$98
5/6/2009
860 - 862 Richmond St W
$4,356,000
City of Toronto
Allied Properties REIT
27,317
$159
40,000,000 35,000,000
$60 $63.22
30,000,000
$50 $36.54
25,000,000
$40
$28.66
20,000,000
Sq. Ft.
Gross Rent $/Sq. Ft.
Landlord
5%
0
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$30 15,000,000 $20
Finance 33%
10,000,000
$10
Data,Publishing, Broadcasting Services 11%
Class A
Class B
Class C
18 MONTH TREND Absorption
Asking Net Rent
Manufacturing & Distribution 7%
Vacancy Rate
25 23
8.0%
21
Others 3%
Public Service & Private Sector Services 21%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
$22.49
19 6.0%
17
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
155 Wellington Street West
Cadillac Fairview
1,223,891
RBC Dexia, Fairmont
Q2 2009
333 Bay Street
Brookfield Properties
1,127,986
KPMG, Goodmans,
Q3 2009
25 York Street
Menkes
780,000
Telus, Kinross,
Q3 2009
13
4.0%
11 9 2.0%
7 5 3
0.0% 1 Q1 2008
Q2 2008
Q3 2008
(3)
Q4 2008
Q1 2009
Q2 2009 -2.0%
Vacancy Rate
4.7%
15
(1)
Professional Services 25%
5,000,000
$-
Net Rent $/sf. / Absorption (100,000's)
Sq. Ft.
MARKET CHARACTERISTICS * Largest office market in the GTA with the lowest vacancy rate * GTA top annual rental rates of $70.39 are asked for at the Royal Bank Plaza * Market is in high demand by users looking for a prestige urban location and modern, state-of-the-art architecture * Limited parking, but great access to public transit and the PATH system, Toronto's underground walkway * Proximity to multiple amenities and services add convenience for employees and customers * Vacancy rates are fairly stable at a low value as this market is in high demand by companies looking to locate in this well located office market * Abundance of amenities are in walking distance in all three submarkets
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Market Dashboard: Downtown
Q2-09
MARKET INDICATORS
MAP OF MARKET Q1 2009
Q2 2009
Trend
Office Inventory*
67,957,121
67,983,116
Net Absorption
86,529
(49,185)
Vacancy Rate
4.2%
4.4%
Average Asking Net Rent
$24.83
$24.26
Average Additional Rent
$22.30
$22.02
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 559 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
8,000,000
50%
7,000,000
45%
Square Feet
35%
5,000,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
506
255
101
119
50k - 100k sf 100k sf +
30%
4,000,000
25% 20%
3,000,000
15%
2,000,000
# of units**
1,000,000
5%
0
0%
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
1
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size Address
Suite
Sq. Ft.
Landlord
Tenant
100 Wellington Street W
505
16,985
Cadillac Fairview
N/A
85 Richmond Street W
500
13,091
N/A
N/A
401 Bay Street
1000
11,908
N/A
N/A
Gross Rent
$70
0
** Counting smallest divisible units in existing buildings and buildings which are under construction.
10%
Q1 2008
30,000,000
TOP Office Sale Transactions by Price
$37.78 $63.22
25,000,000
$45.54
$50 20,000,000 $40 15,000,000
$28.20 $30
Sq. Ft.
Gross Rent $/Sq. Ft.
Number of units on the market by size brackets
40%
6,000,000
$60
AVAILABLE SPACE OPTIONS
10,000,000
Date
Address
Price
6/18/2009
415 Yonge Street
$32,100,000
21 Randolph Avenue 860 - 862 Richmond St W
6/15/2009 5/6/2009
$5,765,000 $4,356,000
Vendor
Purchaser
Anthem Properties Don Valley Storage Inc King Lofts Toronto
Crown Realty Partners Canadian Red Cross Allied Properties REIT
Size
$/PSF
191,880
$172
59,000
$98
27,317
$159
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$20 5,000,000
$10 $-
Finance 35%
-
Class AAA Class A Class B Class C Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Data,Publishing, Broadcasting Services 12%
18 MONTH TREND Absorption
Asking Net Rent
Manufacturing & Distribution 6%
Vacancy Rate
10.0%
29
Professional Services 23%
9.0%
Public Service & Private Sector Services 21%
Others 3%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
8.0% $24.26 21
17 4.4%
13
7.0%
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
6.0%
155 Wellington Street West
Cadillac Fairview
1,223,891
RBC Dexia, Fairmont
Q2 2009
333 Bay Street
Brookfield Properties
1,127,986
KPMG, Goodmans,
Q3 2009
25 York Street
Menkes
780,000
Telus, Kinross,
Q3 2009
5.0% 4.0%
9 3.0% 5 2.0% 1
1.0% Q1 2008
Q2 2008
Q3 2008
(3)
Q4 2008
Q1 2009
Q2 2009 0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (100,000's)
25
MARKET CHARACTERISTICS * Largest office market in the GTA with the lowest vacancy rate * GTA top annual rental rates are achieved in buildings located in this market * Market is in high demand by users looking for a prestige urban location and modern, state-of-the-art architecture * Limited parking, but great access to public transit and the PATH system, Toronto's underground walkway * Proximity to multiple amenities and services add convenience for employees and customers
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Financial Core SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Trend
Office Inventory*
30,410,745
30,411,232
Net Absorption
(11,549)
(55,215)
AVAILABLE SPACE OPTIONS
Vacancy Rate
3.4%
3.5%
Number of units on the submarket by size brackets
Average Asking Net Rent
$27.82
$27.66
0 - 4k sf
166
Average Additional Rent
$27.29
$27.31
4k - 10k sf
128
10k - 20k sf
70
20 - 50k sf
85
50k - 100k sf
0
100k sf +
0
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 105 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
4,000,000
50% 45%
3,500,000
# of units**
** Counting smallest divisible units in existing buildings and buildings under construction.
40%
RECENT TRANSACTIONS Q2 2009
3,000,000
Square Feet
35%
2,500,000
TOP Office Lease Transactions by Size
30%
2,000,000
Address
Suite
Sq. Ft.
Landlord
Tenant
100 Wellington Street W
505
16,985
Cadillac Fairview Corporation
N/A
85 Richmond Street W
500
13,091
N/A
N/A
401 Bay Street
1000
11,908
N/A
N/A
25% 20%
1,500,000
15%
1,000,000 10%
500,000
TOP Office Sale Transactions by Price
5%
0
Date
0%
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Avail. Office Space
Vendor
Purchaser
Size
$/PSF
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
Gross Rent
Finance 47%
14,000,000 $70
Price
No transactions took place during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Address
$63.22 12,000,000
$55.51 $60 Gross Rent $/Sq. Ft.
$44.94
10,000,000 8,000,000
$35.92
$40
Sq. Ft.
$50
6,000,000
$30 $20
4,000,000
$10
2,000,000
$-
Data,Publishing, Broadcasting Services 5%
Class AAA
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
Vacancy Rate
32
$27.66 3.5% 3.5%
24
3.0%
20 16
2.5%
12 8
2.0%
4 1.5%
Q2 2008
Public Service & Private Sector Services 16%
Q3 2008
(8) (12)
Q4 2008
Q1 2009
Q2 2009 1.0% 0.5%
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
155 Wellington Street West
Cadillac Fairview
1,223,891
RBC Dexia, Fairmont
Q2 2009
333 Bay Street
Brookfield Properties
1,127,986
KPMG, Goodmans,
Q3 2009
SUBMARKET CHARACTERISTICS Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
28
Q1 2008
Others 2%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Asking Net Rent
4.0%
(4)
Professional Services 25%
Manufacturing & Distribution 5%
* Most dense office submarket in the GTA with one of the lowest vacancy rates * GTA top annual rental rates are achieved in buildings located in this market * Majority of tenants occupy 4,000 sf or less * Prestige urban location and modern, state-of-the-art architecture * Limited parking, but great access to public transit and the PATH system, Toronto's underground walkway * Proximity to multiple amenities and services add convenience for employees and customers
(16) (20)
0.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Downtown East SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
4,512,403
4,527,403
Net Absorption
31,082
23,683
Vacancy Rate
3.7%
3.8%
Average Asking Net Rent
$15.83
$17.27
Average Additional Rent
$4.71
$7.90
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 107 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
350,000
50% 45%
Square Feet
300,000 250,000
35%
200,000
30% 25%
Number of units on the submarket by size brackets 0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
69
26
4
14
0
1
# of units**
150,000
20%
100,000
15%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
10%
RECENT TRANSACTIONS Q2 2009
50,000
5%
0 Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Gross Rent
$35
Address
Suite
Sq. Ft.
Landlord
Tenant
145 King Street E
200
9,174
Alliance Entertainment
N/A
105-109 King Street E
300
3,245
Tippin Capital
N/A
105-109 King Street E
200
2,555
Tippin Capital
N/A
3,000,000
$32.62 $30
TOP Office Lease Transactions by Size
0%
Q1 2008
$32.50
TOP Office Sale Transactions by Price
2,500,000
$25
Date
Address
4/14/2009
71 Front Street East
Price
Vendor
Purchaser
Size
$/PSF
$4,940,000
Front Esplanade Holdings
Pajelle Investments Ltd.
N/A
N/A
2,000,000 $20 1,500,000 $15
Sq. Ft.
Gross Rent $/Sq. Ft.
AVAILABLE SPACE OPTIONS
40%
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$1.84 1,000,000
Data,Publishing, Broadcasting Services 38%
$10 500,000
$5 $-
Finance 7% Professional Services 22%
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
Asking Net Rent
Manufacturing & Distribution 9%
Vacancy Rate
20 $17.27
16
7.0%
Public Service & Private Sector Services 14%
6.0%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
14 5.0%
12 3.8%
10
4.0%
8 3.0% 6 4
2.0%
2 1.0% Q1 2008
Q2 2008
Q3 2008
(2)
Q4 2008
Q1 2009
Q2 2009 0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
18
Others 10%
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
125 Queen's Quay East
Aecon
550,000
TEDCO, Corus
Q1 2010
SUBMARKET CHARACTERISTICS * Includes original 10 blocks of Toronto and historic buildings allow for remarkable office space features (Brick&Beam) * Northern part of submarket well connected to downtown & rest of the GTA through public transportation and Gardiner Expressway & Don Valley Parkway * With new residential high-rise developments (e.g. Corktown, Distillery District), the labour pool will increase, expand and diversify * George Brown College's third main Toronto campus will support growth of up to 4,000 new students per year and energize the new East Bay lakefront development by Fall 2011
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Downtown West SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
14,529,996
14,540,504
Net Absorption
-6,116
39,489
Vacancy Rate
8.2%
8.5%
Average Asking Net Rent
$22.02
$21.64
Average Additional Rent
$15.40
$14.93
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 215 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available 60%
1,600,000 50%
Square Feet
1,400,000
Number of units on the submarket by size brackets
1,200,000
40%
1,000,000 30%
800,000 600,000
200,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
188
77
18
8
0
0
# of units**
20%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
10%
RECENT TRANSACTIONS Q2 2009
400,000
TOP Office Lease Transactions by Size
0
0%
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Not Avail. Office Space
Avail. Office Space
Address
Suite
Sq. Ft.
Landlord
Tenant
49 Bathurst Street
400
5,750
Lipson & Doran Group
Hambly & Woolley
488 Wellington Street W
302
5,625
Doubledown Holdings
Up Inc.
214 King Street W
214
3,300
Humbold Properties
N/A
Q2 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Gross Rent
$45
10,000,000 $28.80
9,000,000
$40 $41.45
TOP Office Sale Transactions by Price
8,000,000
$35
7,000,000
$30
6,000,000 $25 5,000,000 $20
Sq. Ft.
Gross Rent $/Sq. Ft.
AVAILABLE SPACE OPTIONS
4,000,000
$20.18 $15
Date
Address
Price
Vendor
Purchaser
Size
$/PSF
5/6/2009
860-862 Richmond St. W.
$4,356,000
City of Toronto
Allied Properties REIT
27,317
$159
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
3,000,000
$10
2,000,000
$5
Data,Publishing, Broadcasting Services 20%
1,000,000
$-
Class A Class B Class C Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Professional Services 36%
Finance 6%
18 MONTH TREND Absorption
Asking Net Rent
Manufacturing & Distribution 13%
Vacancy Rate
25
10.0% $21.64
23
Others 9%
9.0% 8.5%
19 17
8.0%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
7.0%
Address
15 6.0%
13
5.0%
11 9
4.0%
7 5
3.0%
3
2.0%
1 (1)
1.0% Q1 2008
Q2 2008
Q3 2008
(3)
Q4 2008
Q1 2009
Q2 2009 0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
21
Public Service & Private Sector Services 16%
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period. SUBMARKET CHARACTERISTICS * Offering all downtown location advantages but at lower rental prices than in the Financial Core excellent options for those tenants whose operations do not require a core location * Good connections to public transit (streetcars along King St W and Queen St W) and easy access to Gardiner Expressway makes this submarket accessible to employees and customers. * With new residential high-rise development (e.g. Concord's CityPlace), the labour pool will increase, expand and diversify * Significant amount of former factory buildings have been converted into office buildings hosting information industry, art and design workspaces - aka Brick & Beam office space
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Downtown South SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
2,453,525
2,453,525
Net Absorption
(2,065)
(11,467)
Vacancy Rate
2.9%
3.2%
Average Asking Net Rent
$22.06
$22.28
Average Additional Rent
$17.94
$17.99
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 15 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
200,000
60%
180,000 50%
160,000
Number of units on the submarket by size brackets
140,000 Square Feet
AVAILABLE SPACE OPTIONS
40%
120,000
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
12
9
5
27
0
0
# of units** 30%
100,000 80,000
20%
60,000
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
40,000
10%
Address
20,000
Suite
Q2 2008
Q3 2008
Q4 2008
Q1 2009
TOP Office Sale Transactions by Price
Q2 2009 Date
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Address
1,200,000
$49.38 $50
800,000
Purchaser
$31.88 600,000
$-
Data,Publishing, Broadcasting Services 32%
Sq. Ft.
$40
$20
Vendor
Size
$/PSF
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
1,000,000
$30
Price
No transactions were recorded during this period.
Gross Rent
$60
Finance 13%
400,000
$10
200,000
$-
Manufacturing & Distribution 19%
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Others 3%
18 MONTH TREND Absorption
Asking Net Rent
5.0%
23
4.5%
21
$22.28 4.0%
19 3.2%
17
2.5%
9
2.0%
7 5
1.5%
3
1.0%
1 0.5% Q1 2008
Q2 2008
Q3 2008
(3)
Q4 2008
Q1 2009
Q2 2009 0.0%
Vacancy Rate
3.0%
11
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
25 York Street
Menkes
780,000
Telus, Kinross,
Q3 2009
18 York Street
Great West Life
650,000
PricewaterhouseCoopers
Q1 2011
15 York Street
Cadillac Fairview
207,000
N/A TBD
Q1 2010
3.5%
15 13
Public Service & Private Sector Services 10%
Professional Services 23%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
Vacancy Rate
25
Net Rent $/sf. / Absorption (10,000's)
Tenant
Landlord
0% Q1 2008
(1)
Sq. Ft.
No transactions were recorded during this period.
0
Gross Rent $/Sq. Ft.
0 - 4k sf
SUBMARKET CHARACTERISTICS * Offering many downtown location advantages but at lower rental prices than in the Financial Core along the city's waters' edge * Good connections to public transit and easy access to Gardiner Expressway & DVP makes this submarket accessible to employees and customers. * Submarket is part of the Waterfront Revitalization project will continue to change the area into a more urban community in the years to come * With new residential high-rise development (e.g. Pier 27/Quay West), the labour pool will increase, expand and diversify
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Downtown North SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Trend
Office Inventory*
14,740,192
14,740,192
Net Absorption
105,869
(43,109)
Vacancy Rate
1.8%
2.4%
Average Asking Net Rent
$18.14
$18.71
Average Additional Rent
$18.49
$20.34
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 73 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
1,000,000
60%
900,000 50%
800,000
Number of units on the submarket by size brackets
Square Feet
700,000
40%
600,000 500,000
30%
400,000 20%
200,000
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
70
19
8
9
0
0
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
10%
100,000 0
0%
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Not Avail. Office Space
Avail. Office Space
Sq. Ft.
Landlord
Tenant
229 Yonge Street
400
9,223
Milcan Enterprises
St Michael's Hospital
1422
626
Northam Realty
N/A
Gross Rent 7,000,000
$45 $40
Suite
TOP Office Sale Transactions by Price
$36.55
$42.87
Address
2 Carlton Street
GROSS RENT & AVAILABILITY BY BUILDING CLASS
6,000,000
$33.66
$35
Date
Address
6/18/2009
415 Yonge Street
Price
Vendor
Purchaser
Size
$/PSF
$32,100,000
Anthem Properties
Crown Realty
191,880
$172
5,000,000
$30 4,000,000
$25
Sq. Ft.
$50
0 - 4k sf # of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
300,000
Gross Rent $/Sq. Ft.
AVAILABLE SPACE OPTIONS
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
3,000,000
$20 $15
2,000,000
$10
Professional Services 9%
1,000,000
$5 $-
Class A
Class B
Public Service & Private Sector Services 69%
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Finance 17%
18 MONTH TREND Absorption
Asking Net Rent
4.0%
$18.71
20
3.5%
3.0%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
15 2.5%
10
2.4%
2.0%
1.5%
5 1.0%
Q1 2008
Q2 2008
Q3 2008
(5)
Q4 2008
Q1 2009
Q2 2009
0.5%
0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Data,Publishing, Broadcasting Manufacturing & Others Distribution Services 2% 1% 2%
Vacancy Rate
25
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No Construction took place during this period SUBMARKET CHARACTERISTICS * Offering all downtown location advantages but at lower rental prices than in the Financial Core * Great connections to public transit and road system makes this submarket accessible to employees and clients/customers. * Great proximity to an educated and productive labour force * With new residential high-rise development, residential development will increase and expand and diversify labour pool * Incorporates Toronto Discovery District a 2.5 square km research park with a highly concentrated mix of research, bio-medical companies, finance and business support services
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Market Dashboard: GTA Midtown
Q2-09
MARKET INDICATORS
MAP OF MARKET Q1 2009
Q2 2009
Trend
Office Inventory*
17,014,763
17,014,763
Net Absorption
109,794
135,095
Vacancy Rate
6.1%
Average Asking Net Rent Average Additional Rent
AVAILABLE SPACE OPTIONS # of units**
5.5%
Number of units on the market by size brackets
$16.45
$16.40
0 - 4k sf
211
$18.17
$18.25
4k - 10k sf
62
10k - 20k sf
43
20 - 50k sf
8
50k - 100k sf
0
100k sf +
0
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 165 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
1,600,000
50% 45%
1,400,000
** Counting smallest divisible units in existing buildings and buildings under construction.
40%
1,200,000 Square Feet
35%
1,000,000
30%
800,000
25%
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
20%
600,000
15%
Address
10%
90 Eglinton Avenue E
301
45 St Clair Avenue W
1100
2 Bloor Street W
2601
Suite
Landlord
Tenant
15,000
Madison Group
ThinData Inc.
4,588
Manulife Financial
N/A
3,141
Oxford Properties
N/A
Sq. Ft.
400,000 200,000
5%
0
0%
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Gross Rent
$45
12,000,000
$40
Address
4/15/2009
327 Eglinton Avenue East
$33.73
$35 $30
8,000,000
$29.42
$25
6,000,000
$20 $15
Price
Vendor
Purchaser
Size
$/PSF
$1,200,000
A Private Individual
The Cosmetic Surgery Institute
2,329
$515
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
10,000,000
$38.70
Finance 23%
Sq. Ft.
Gross Rent $/Sq. Ft.
Date
Professional Services 24%
4,000,000
$10 2,000,000 $5 $-
Manufacturing & Distribution 9%
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Data,Publishing, Broadcasting Services 14%
18 MONTH TREND Absorption
Asking Net Rent
Vacancy Rate 9.0%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
8.0%
Address
$16.40 13
7.0%
9
6.0% 5.5%
5
5.0% 4.0%
1 3.0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009 2.0%
(7)
1.0%
(11)
0.0%
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction occurred during this period Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
17
(3)
Public Service & Private Sector Services 28%
Others 2%
MARKET CHARACTERISTICS * Well established office market in a continuously densifying urban area consitsting of three office submarkets: Yonge-Bloor, Yonge-St.Clair and Yonge-Eglinton * Lower real estate costs than in Downtown Toronto * Vacancy rates are fairly stable at a low value as this market is in high demand by companies looking to locate in this well located office market * Great access to public transit and highly educated labour force * Abundance of amenities are in walking distance in all three submarkets
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Yonge & St. Clair SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
2,851,688
2,851,688
Net Absorption
21,583
20,397
Vacancy Rate
1.6%
1.4%
Average Asking Net Rent
$15.96
$16.83
Average Additional Rent
$18.57
$18.67
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 37 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
250,000
75%
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
65%
Square Feet
200,000
55% 45%
150,000 100,000
# of units**
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
33
10
2
2
0
0
35%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
25%
RECENT TRANSACTIONS Q2 2009
15%
50,000
TOP Office Lease Transactions by Size
5%
0
Address
Suite
Sq. Ft.
Landlord
45 St. Clair Avenue W
1100
2,879
Manulife Financial
-5%
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Avail. Office Space
Gross Rent
Date
Address
Price
Vendor
Purchaser
Size
$/PSF
2,000,000
$45
No transactions took place during this period.
1,800,000
$40
$33.67
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
1,600,000
$39.87
$35
1,400,000
$30
1,200,000
$31.79
$25
1,000,000 $20
Sq. Ft.
Gross Rent $/Sq. Ft.
N/A
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Tenant
Finance 15%
800,000 $15
Professional Services 24%
600,000
$10
400,000
$5
Manufacturing & Distribution 10%
200,000
$Class A Class B Class C Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Data,Publishing, Broadcasting Services 8%
18 MONTH TREND Absorption
Asking Net Rent
Public Service & Private Sector Services 41%
Others 2%
Vacancy Rate
9.0% 17 $16.83
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
7.0%
Address 13
5.0%
11 3.0% 9
1.4% 1.0%
7 5
-1.0%
3 -3.0% 1 (1)
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period. Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
15
SUBMARKET CHARACTERISTICS * Smallest office submarket of the Midtown office market * Due to small total inventory submarket usually doesn’t have many space options available * Vacancy Rate remains below the 9% threshold and Rental costs are fairly stable due to this fact * Great access to public transit and proximity to local labour force * Most buildings in this submarket have been built between 1960-1990 with some of them being renovated in the 1990s
-5.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Yonge & Eglinton SUBMARKET INDICATORS
Office Inventory*
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Trend
4,628,878
4,628,878
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
# of units**
Net Absorption
31,037
81,767
Vacancy Rate
8.8%
7.0%
Average Asking Net Rent
$14.76
$15.01
0 - 4k sf
88
Average Additional Rent
$17.49
$17.52
4k - 10k sf
21
10k - 20k sf
18
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 55 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT
Square Feet
Direct
Sublease
Sublease as % of Total Available
600,000
60%
500,000
50%
400,000
40%
300,000
30%
200,000
20%
1 0
100k sf +
0
** Counting smallest divisible units in existing buildings and buildings under construction.
RECENT TRANSACTIONS Q2 2009
100,000
10%
0
TOP Office Lease Transactions by Size Address 90 Eglinton Avenue E 1 Eglinton Avenue E
Sq. Ft.
Landlord
Tenant
301
15,000
90 Eglinton Ave Holdings
Madison Group
502
2,343
Davpart
N/A
1,561
1881 Yonge Street Holdings
Adgar Investments and Development Inc.
Suite
0%
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
1881 Yonge Street
504
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Gross Rent
$40
Date
Address
Price
Vendor
Purchaser
Size
$/PSF
4/15/2009
327 Eglinton Avenue East
$1,200,000
Private Individual
The Cosmetic Surgery Institute
2,329
$515
2,500,000
$35
$35.65
2,000,000
$31.03
$30
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES $29.35
$25
1,500,000
$20
Sq. Ft.
Gross Rent $/Sq. Ft.
20 - 50k sf 50k - 100k sf
Professional Services 30%
Finance 14%
1,000,000
$15 $10
500,000
Manufacturing & Distribution 15%
$5 $-
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Data,Publishing, Broadcasting Services 8%
18 MONTH TREND Absorption
Asking Net Rent
$15.01
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
9.0%
Address
7.0%
5
5.0%
1 3.0% Q3 2008
Q4 2008
Q1 2009
Q2 2009
(3) 1.0% (7)
(11)
(15)
-1.0%
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period.
7.0%
9
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
13
Q2 2008
Public Service & Private Sector Services 29%
Vacancy Rate
17
Q1 2008
Others 4%
SUBMARKET CHARACTERISTICS * Lively urban area with a great mix of uses with lower real estate costs than in the core. * Several recent residential densification projects e.g. Minto Towers on Yonge Street will reenforce great proximity to diversified labour pool. * Easy access to public transit (subway and buses). * Multiple amenities and services add convenience for employees and customers. * Node has been identified as an “Urban Growth Centre” by the Provincial Government’s Growth Plan for the Greater Golden Horseshoe - activities along those lines will re-energize this area so it will remain a vibrant and successful area of the city.
-3.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Yonge & Bloor SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
9,534,197
9,534,197
Net Absorption
57,175
32,930
Vacancy Rate
6.1%
6.1%
Average Asking Net Rent
$18.31
$17.70
Average Additional Rent
$18.80
$18.86
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 73 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available 65%
Square Feet
900,000 800,000
55%
700,000
45%
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
600,000 35%
500,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
90
31
23
5
0
0
400,000
25%
300,000
15%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
5%
RECENT TRANSACTIONS Q2 2009
200,000 100,000 0
# of units**
TOP Office Lease Transactions by Size
-5%
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
$45
Avail. Office Space
Address
Suite
Sq. Ft.
Landlord
Tenant
2 Bloor Street W
2601
3,141
Oxford Properties
N/A
TOP Office Sale Transactions by Price
Gross Rent
6,000,000
$38.16
Date
Address
Price
Vendor
Purchaser
Size
$/PSF
$40
$41.69
5,000,000
No transactions took place during this period. OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
4,000,000
$30
$29.42
$25
3,000,000 $20
Sq. Ft.
Gross Rent $/Sq. Ft.
$35
Finance 31%
2,000,000
$15 $10
1,000,000
$Class A Class B Class C Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
Asking Net Rent
Manufacturing & Distribution 6%
Vacancy Rate 9.0%
21
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
$17.70 7.0%
13
Address
6.1% 6.0%
9 5
5.0%
1
4.0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
3.0%
(7)
2.0%
(11)
1.0%
(15)
0.0%
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period. Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Public Service & Private Sector Services 22%
Others 1%
8.0%
17
(3)
Professional Services 20%
Data,Publishing, Broadcasting Services 20%
$5
SUBMARKET CHARACTERISTICS * Largest Midtown office submarket in terms of total inventory and most occupied space * Highest real estate costs on average in the Midtown market but still less than in the core * Multiple residential condominium developments will increase and diversify labour force * Limited parking, but great access to public transit and the northern part of the PATH system, Toronto's underground walkway * Proximity to multiple amenities and services add convenience for employees and customers
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Market Dashboard: GTA West
Q2-09
MARKET INDICATORS
MAP OF MARKET Q1 2009
Q2 2009
Office Inventory*
44,829,290
45,307,826
Net Absorption
(196,364)
319,955
Vacancy Rate
5.4%
6.2%
Average Asking Net Rent
$15.10
$14.91
Average Additional Rent
$10.94
$11.07
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 667 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS Sublease
Number of units on the regional market by size brackets
Sublease as % of Total Available
5,000,000
Square Feet
4,500,000
50%
Total Available Office Space: 15285487 sf
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
379
160
140
104
17
12
45% # of units**
4,000,000
40%
3,500,000
35%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
30%
RECENT TRANSACTIONS Q2 2009
Available Sublease 21%
3,000,000 2,500,000
25%
2,000,000
TOP Office Lease Transactions by Size
20%
1,500,000 Available Direct
10%
500,000
5%
0
0%
Q1 2008
Address
Suite
Sq. Ft.
Landlord
Tenant
2381 Bristol Circle
100
15,000
N/A
N/A
2 County Court Boulevard
441
8,058
Investors Group
Regional Municipality Of Peel
2550 Argentia Road
121
7,741
Euromart Realty
N/A
15%
79%
1,000,000
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Gross Rent
5/27/2009
6700 Century Avenue
6/3/2009
2444 Hurontario Street
$28.77 $25.13
20,000,000
$25
$20.75
Price
Vendor
Purchaser
Size
$/PSF
$7,000,000
A Private Individual
Sanyo Co.
56,607
$124
$3,500,000
CCSM Incorporated
P & S Ramlochan
13,300
$263
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES 15,000,000
$20 $15
Data,Publishing, Broadcasting Services 10%
Sq. Ft.
Gross Rent $/Sq. Ft.
Address
25,000,000
$35 $30
Date
10,000,000
Finance 19%
$10 5,000,000 $5 $-
Manufacturing & Distribution 36%
Class A
Class B
Class C
Professional Services 19%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Others 2%
18 MONTH TREND Absorption
Asking Net Rent
Vacancy Rate
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
9.0% 15 $14.91
8.0%
6.2%
11
7.0% 6.0%
9 5.0%
7
4.0%
5
3.0%
3
2.0%
1 Q1 2008
Q2 2008
Q3 2008
(3)
Q4 2008
Q1 2009
Q2 2009
1.0% 0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (100,000's)
13
(1)
Public Service & Private Sector Services 14%
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
2465 Argentia Road
First Gulf Corporation & Sun Life
250,000
BMO
Q1 2010
5550 Explorer
HOOPP
227,000
N/A
Q4 2010
2050 Derry Road West
Great West Life
125,700
Shaw Communications Inc.
Q1 2010
MARKET CHARACTERISTICS * Well connected to several 400 series highways (401, 427, 410, 409, 407) and Lester B. Pearson International Airport; close commute to Hamilton's John C. Munro International Airport which is Canada's #1 freight airport. * Lower real estate costs than in the core (City of Toronto) * Great proximity to diversified suburban labour pool which is educated with 10 universities and 11 colleges within commuting distance. * Market area is home to 24.6% of the GTA office space and 43.5% of industrial inventory supported by a population of approximately 1.463 million. * Area is home to many top 100 companies, including: Deloitte & Touche LLP, Morguard Investments, and the Canadian headquarters of the Ford Motor Company.
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Oakville
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
2,788,089
2,788,089
Net Absorption
(24,408)
(28,637)
Vacancy Rate
6.2%
6.3%
Average Asking Net Rent
$17.10
$16.39
Average Additional Rent
$10.93
$11.19
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 54 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
300,000 70% 250,000
60%
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
11
6
13
5
1
1
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
Square Feet
200,000
50%
150,000
TOP Office Lease Transactions by Size
30%
Address
Suite
Sq. Ft.
Landlord
Tenant
20%
871 Equestrian Court
6
1,800
N/A
N/A
100,000 50,000
TOP Office Sale Transactions by Price
10%
0
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Not Avail. Office Space
Avail. Office Space
Date
Address
Q2 2009
Purchaser
Data,Publishing, Broadcasting Services 6%
1,800,000
$30
1,600,000
$23.03
Finance 24%
1,000,000 $15
Sq. Ft.
1,200,000
$20
Professional Services 27%
800,000 600,000
$10
Manufacturing & Distribution 28%
400,000 $5
200,000
$-
Others 2%
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Asking Net Rent
Public Service & Private Sector Services 13%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
18 MONTH TREND Absorption
$/PSF
1,400,000
$27.10
Class A
Size
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES 2,000,000
$29.10
Vendor
Gross Rent
$35
$25
Price
No transactions were recorded during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS
Gross Rent $/Sq. Ft.
RECENT TRANSACTIONS Q2 2009
40%
Vacancy Rate
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
1315 North Service Road
LPF Realty Inc.
109,250
LIUNA
Q3 2009
23 $16.39
SUBMARKET CHARACTERISTICS
14.0% 12.0%
15
10.0%
11
6.3%
7
6.0%
3 (1)
8.0%
4.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(5)
2.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
19
* Lease rates and property taxes in this submarket are competitive with other suburban locations * High amenity business parks and highway exposure characterize much of Oakville's office space and development sites * Strong and diversified economic base with over 260 national and international corporate headquarters (e.g. Ford Motor Company of Canada, Limited, The TDL Group Corp.,) * High quality local work force as 58% of residents have a post secondary education - within a onehour drive, Oakville workers/employers have access to eight universities and eight technical colleges for formal or continuing education * Fully serviced by passenger rail service to Union Station in Downtown Toronto * There are two International airports within 30 minutes of Oakville : Lester B. Pearson International Airport and Hamilton's John C. Munro International Airport (Canada's number one freight airport)
0.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Mississauga City Centre SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
3,728,208
3,728,208
Net Absorption
47,409
35,184
Vacancy Rate
6.5%
6.8%
Average Asking Net Rent
$17.00
$17.07
Average Additional Rent
$15.32
$15.20
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 36 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT
Square Feet
Direct
Sublease
Sublease as % of Total Available
500,000
20%
450,000
18%
400,000
16%
350,000
14%
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets 0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
46
19
5
3
0
1
300,000
12%
250,000
10%
200,000
8%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
150,000
6%
RECENT TRANSACTIONS Q2 2009
100,000
4%
50,000
2%
0
# of units**
TOP Office Lease Transactions by Size Address
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Suite
55 City Centre Drive
507
Not Avail. Office Space
Avail. Office Space
Gross Rent
Address
$32.42
2,000,000
$15
1,500,000
$10
1,000,000
$5 $-
Size
$/PSF
Class B
Finance 34%
Manufacturing & Distribution 15%
18 MONTH TREND Asking Net Rent
20
Professional Services 27%
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Others 1%
Public Service & Private Sector Services 19%
Vacancy Rate
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
$17.07 10.0%
18
Address
16
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period
14
6.8%
8.0%
12 6.0%
10 8
4.0%
6 4
2.0%
2 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Purchaser
Data,Publishing, Broadcasting Services 4%
-
(2)
Vendor
No transactions were recorded during this period
500,000
$-
Absorption
Price
2,500,000
$20
Class A
N/A
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$29.36
$25
2,364
Tenant Calian Technology Services Ltd.
3,000,000
Sq. Ft.
Gross Rent $/Sq. Ft.
Date
3,500,000
$30
Landlord
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS $35
Sq. Ft.
SUBMARKET CHARACTERISTICS * This submarket represents the centre of the City of Mississauga where high urban density is encouraged * Well connected to Highway 400 series and Lester B. Pearson International Airport * Availability of highway exposure sites * Lower real estate costs than in the core (City of Toronto) * Great proximity to diversified labour pool which is fueled by multiple residential condominum developments e.g. Parkside Village by Amacon Developments * Top 10 Employers are Baxter Corporation, Deloitte & Touche LLP, E D S Canada, Edulinx Canada Corporation, Morguard Investments, Personal Insurance Company of Canada/Certas Direct Insurance Company, Praxair Canada Inc., PricewaterhouseCoopers LLP, Quantum Management Services Ltd. and Symcor Inc.
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Meadowvale SUBMARKET INDICATORS
Q2-09 MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
6,417,363
6,522,755
Net Absorption
102,116
60,606
Trend
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
# of units**
Vacancy Rate
3.2%
3.6%
Average Asking Net Rent
$16.25
$15.50
0 - 4k sf
44
Average Additional Rent
$10.99
$10.99
4k - 10k sf
13
10k - 20k sf
23
20 - 50k sf
27
50k - 100k sf
5
100k sf +
3
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 90 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
500,000 70%
450,000 400,000
60%
RECENT TRANSACTIONS Q2 2009
350,000 Square Feet
** Counting smallest divisible units in existing buildings and buildings under construction.
50%
TOP Office Lease Transactions by Size
300,000 40%
250,000 200,000 150,000
Address
Suite
Sq. Ft.
Landlord
Tenant
30%
2550 Argentia Road
121
7,741
Euromart Realty
N/A
20%
6790 Century Avenue
101
3,086
N/A
N/A
100,000
0
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
$35
Avail. Office Space
Date
Address
5/27/2009
6700 Century Avenue
Price
Vendor
Purchaser
Size
$/PSF
$7,000,000
A Private Individual
Sanyo Co.
56,607
$124
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
Gross Rent
3,500,000
$24.85 $27.58
$30
Data,Publishing, Broadcasting Services 5%
3,000,000 $29.91
$25
2,500,000
$20
2,000,000
$15
1,500,000
$10
1,000,000
$5
Sq. Ft.
Gross Rent $/Sq. Ft.
TOP Office Sale Transactions by Price
10%
50,000
Manufacturing & Distribution 55%
Finance 20%
500,000
$-
Others 1%
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Professional Services 13%
Public Service & Private Sector Services 6%
18 MONTH TREND Absorption
Asking Net Rent
Vacancy Rate
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Address
7.0%
17
$15.50
15
5.0%
13 3.6%
11
3.0%
9 1.0%
7 5
-1.0%
3 1 (1)
-3.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(3)
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
19
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
2465 Argentia Road
First Gulf Corporation & Sun Life
250,000
BMO
Q1 2010
2050 Derry Road West
Great West Life
125,700
Shaw Communications Inc.
Q1 2010
2100 Derry Road West
Great West Life
107,445
Volvo
Q2 2009
SUBMARKET CHARACTERISTICS * Well connected to Highway 400 series and close to international airport * Great proximity to labour pool * Numerous major corporations have recently located their offices, factories and research & development facilities into this submarket (e.g. GE Canada Inc., Microsoft, RBC Financial Group) * Lower commercial tax rates than in the core (City of Toronto)
-5.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Hurontario & Hwy 401
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
3,191,959
3,191,959
Net Absorption
65,166
(19,539)
Trend
AVAILABLE SPACE OPTIONS
Vacancy Rate
1.8%
2.3%
Number of units on the submarket by size brackets
Average Asking Net Rent
$13.79
$13.91
0 - 4k sf
18
Average Additional Rent
$10.69
$11.41
4k - 10k sf
13
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 36 office buildings surveyed in this submarket.
10k - 20k sf
5
20 - 50k sf
19
50k - 100k sf
5
100k sf +
2
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
Sublease Total Available Office58% Space: 15285487 sf
250,000
70%
Square Feet
** Counting smallest divisible units in existing buildings and buildings under construction.
60%
200,000
50%
RECENT TRANSACTIONS Q2 2009
150,000
TOP Office Lease Transactions by Size 40%
100,000
30%
Address
Suite
135 Matheson Boulevard W
101
244 Britannia Road E
0
440 Britannia Road E
B
20% 50,000 10% 0 Q1 2008
Available Direct Q2 2008 42% Q3 2008
0% Q4 2008
Q1 2009
Q2 2009
Not Avail. Office Space
Avail. Office Space
Address
Price
Tenant
4,540
Crown Realty Partners
Mitel Corporation
3,154
N/A
Reliance Electric
2,950
Atlantis Realty
N/A
Vendor
Purchaser
$/PSF
2,500,000
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$25
2,000,000
$25.24 $20
1,500,000
$20.00 $15
1,000,000 500,000
$5 $-
Data,Publishing, Broadcasting Services 3%
Finance 30%
Manufacturing & Distribution 45%
$10
Class A
Size
No transactions were recorded during this period.
Gross Rent
$25.52
Sq. Ft.
$30
Landlord
Sq. Ft.
TOP Office Sale Transactions by Price Date
GROSS RENT & AVAILABILITY BY BUILDING CLASS
Gross Rent $/Sq. Ft.
# of units**
Class B
Class C
Others 4%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Public Service & Private Sector Services 12%
Professional Services 6%
18 MONTH TREND Absorption
Asking Net Rent
$13.91
7.0% 5.0%
10 8
3.0%
6
2.3% 1.0%
4 2
-1.0%
(2)
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(4)
-3.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
14 12
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
Vacancy Rate
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
430 Courtneypark Dr E
Hallmark Design-Build
48,439
Typhon Group Ltd
TBD
SUBMARKET CHARACTERISTICS * Submarket is part of a diverse business community which includes many Fortune 500 headquarters and leading clusters in aerospace, automotive, biomedical, financial services, and information & communications technologies. * Provides companies with solid infrastructure in the heart of a major air, road and rail network. * Well educated talent pool, there are 10 universities and 11 colleges within commuting distance. * Lower commercial tax rates than in the core (City of Toronto), competitive lease rates and land prices contribute to a business-friendly environment.
-5.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Cooksville SUBMARKET INDICATORS
Q2-09 MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
1,747,724
1,747,724
Net Absorption
7,979
4,402
Vacancy Rate
6.2%
5.9%
Average Asking Net Rent
$10.99
$12.41
Average Additional Rent
$11.67
$12.06
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 33 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
250,000
10% 9%
200,000
8%
Square Feet
7% 150,000
6%
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
23
7
5
0
0
0
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009
5% 100,000
TOP Office Lease Transactions by Size
4% 3%
50,000
Address
2%
Suite
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
$35
TOP Office Sale Transactions by Price
0% Q1 2008
Avail. Office Space
Gross Rent
Address
6/3/2009
2444 Hurontario St
800,000 700,000 $18.00
Vendor
Purchaser
Size
$/PSF
$3,500,000
CCSM Incorporated
P & S Ramlochan
13,300
$263
Finance 9%
600,000
$20
500,000 $15
400,000
$10
300,000
Sq. Ft.
Gross Rent $/Sq. Ft.
$25
Price
Data,Publishing, Broadcasting Services 2%
900,000
$24.52
$30
Date
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
1,000,000
$29.14
Tenant
Landlord
No transactions were recorded during this period.
1% 0
Sq. Ft.
Professional Services 16%
Manufacturing & Distribution 42%
200,000 $5
100,000
$-
Others 8%
Class A
Class B
Class C
Public Service & Private Sector Services 23%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Asking Net Rent
$12.41
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period.
15.0% 13.0%
SUBMARKET CHARACTERISTICS
11
11.0%
9
* This submarket represents the southern portion centre of the City of Mississauga where high urban density is encouraged
9.0%
7
7.0% 5.9%
5
5.0% 3.0%
3
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
13
Address
Vacancy Rate
* Largely residential area with extensive park and golf course networks * Well connected to Highway 400 series and Lester B. Pearson International Airport * Availability of highway exposure sites
1.0% 1 (1)
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(3)
-1.0%
* Lower real estate costs than in the core (City of Toronto)
-3.0%
* Great proximity to diversified labour pool which is fueled by multiple residential condominum developments
-5.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Burlington SUBMARKET INDICATORS
Q2-09 MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
4,263,537
4,263,537
Net Absorption
(82,610)
9,986
Vacancy Rate
7.5%
8.5%
Average Asking Net Rent
$15.18
$14.64
Average Additional Rent
$9.57
$9.36
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 79 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT 600,000
Direct
Sublease
Sublease as % of Total Available
40% 35%
500,000
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
Square Feet
30% 400,000
25% 20%
300,000
15%
200,000
10% 100,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
61
28
20
7
1
0
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
5%
0
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Address
Q2 2009
Suite
Not Avail. Office Space
Date
Address
2,000,000
Price
Vendor
Purchaser
$/PSF
No transactions were recorded during this period OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$17.86
Data,Publishing, Broadcasting Services 7%
1,400,000
$15
Sq. Ft.
1,200,000 1,000,000
Finance 20% Professional Services 24%
800,000 $10
600,000 400,000
$5
Manufacturing & Distribution 30%
200,000 $-
Class A
Class B
Class C
Others 5%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND
Public Service & Private Sector Services 14%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Asking Net Rent
8.5%
16
Address
Vacancy Rate
$14.64 11
9.0% 7.0% 5.0%
6
3.0% 1.0%
1 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
-1.0%
(4) -3.0% (9)
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction occurred during this period.
Vacancy Rate
Absorption
Net Rent $/sf. / Absorption (10,000's)
Size
1,800,000 1,600,000
$20
Tenant
TOP Office Sale Transactions by Price
Gross Rent
$20.76
$25 Gross Rent $/Sq. Ft.
Avail. Office Space
$27.06
Landlord
No transactions were recorded during this period
GROSS RENT & AVAILABILITY BY BUILDING CLASS $30
Sq. Ft.
SUBMARKET CHARACTERISTICS * Located at the hub of the Golden Horseshoe with easy major highway access and close proximity to Hamilton's John C. Munro International Airport (Canada's number one freight airport) * Burlington's economy is largely driven by both the financial and the automotive sector * Resilient local economy that employs a variety of talent * Local post secondary college and university resources (e.g. McMaster University) are within commuting distance * Many head office operations, but also a competitive location for back office operations
-5.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Brampton SUBMARKET INDICATORS
Q2-09 MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
2,299,507
2,299,507
Net Absorption
4,449
0
Vacancy Rate
0.8%
1.0%
Average Asking Net Rent
$12.71
$11.96
Average Additional Rent
$9.89
$10.12
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 26 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT 70,000
Direct
Sublease as % of Total Available
50,000
Number of units on the submarket by size brackets
100% 90%
Total Available Office Space: 15285487 sf Available Sublease 31%
60,000
Square Feet
AVAILABLE SPACE OPTIONS
Sublease
80% 70% 60%
40,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
17
10
1
2
1
1
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009
50% 30,000
40%
20,000
30% 20%
10,000 Available Direct 0 69% Q1 2008
TOP Office Lease Transactions by Size Address
Suite
Sq. Ft.
Landlord
Tenant
2 County Court Boulevard
441
8,058
N/A
Regional Municipality Of Peel
201 County Court Boulevard
601
2,486
N/A
TQS Logistics
2 County Court Boulevard
405
1,067
Investors Group
Ontario Realty Corporation
10% 0% Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Gross Rent
$30
Address
Price
$27.26
Purchaser
Size
$/PSF
No transactions were recorded during this period. OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
1,000,000
$18.14
$15
800,000
$19.21
Data,Publishing, Broadcasting Services 51%
Sq. Ft.
1,200,000
$20
600,000
$10
Finance 3%
400,000 $5
200,000
$-
Class A
Class B
Class C
Manufacturing & Distribution 19%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
Asking Net Rent
15
5.0%
13
4.0%
11
$11.96
3.0%
1.0% 1.0% 0.0% 5 -1.0% 3
-2.0%
1 (1)
-3.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(3)
Public Service & Private Sector Services 23%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
-4.0% -5.0%
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
7900 Hurontario Street
Private Company
40,000
N/A
Q2 2009
SUBMARKET CHARACTERISTICS
2.0%
9 7
Others 0%
Professional Services 4%
Vacancy Rate
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Vendor
1,400,000
$25 Gross Rent $/Sq. Ft.
Date
1,600,000
* Small office submarket in size with a traditionally low vacancy rate. * 3rd largest population agglomeration in the Greater Toronto Area. * Sectors of strength inlcude automotive, food&beverage, telecommunications, advanced machinery & equipment and consumer packaging. * This submarket offers immediate highway access (Hwy 400-series) and proximity to airport. * Brampton Transit's new project AcceleRide will bring rapid transit services to the community and connect with surrounding urban centres and commuter links. * Local post secondary college: Sheridan Institute of Technology and Advanced Learning - 17 colleges and universities within a 80km radius. * Lower commercial tax rates than in the core (City of Toronto), competitive lease rates and land prices contribute to a business-friendly environment. * There is a fair amount of room for growth - many opportunities for design-build projects.
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Highway 427/Bloor-Islington
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
4,561,364
4,561,364
Net Absorption
(39,165)
41,821
Trend
AVAILABLE SPACE OPTIONS
Vacancy Rate
4.9%
4.7%
Number of units on the submarket by size brackets
Average Asking Net Rent
$12.24
$12.50
0 - 4k sf
70
Average Additional Rent
$9.99
$10.53
4k - 10k sf
28
10k - 20k sf
27
20 - 50k sf
2
50k - 100k sf
0
100k sf +
1
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 70 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
400,000
50% Total Available Office Space: 15285487 sf
45%
350,000
Square Feet
250,000
** Counting smallest divisible units in existing buildings and buildings under construction.
40%
Available Sublease 28%
300,000
35%
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
30%
200,000
25%
150,000
20%
Address 3300 Bloor Street W
15%
100,000
# of units**
Suite
Sq. Ft.
612
1,241
Tenant
Landlord
N/A
Oxford Properties
TOP Office Sale Transactions by Price
10% Date
Available Direct 50,000 72% 0 Q1 2008
Address
Price
Vendor
Purchaser
Size
$/PSF
5% No transactions were recorded during this period.
0% Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Gross Rent
Data,Publishing, Broadcasting Services 12%
2,500,000
$35 $27.09 $30.15
$30
1,500,000
$20 $15
$6.60
1,000,000 Manufacturing & Distribution 23%
$10 500,000 $5 $-
Others 4%
Public Service & Private Sector Services 20%
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Address
18 MONTH TREND Absorption
Asking Net Rent
7.0% $12.50
10
6.0%
4.7%
6
4.0% 3.0%
4
2.0%
2
1.0%
-
0.0%
(2)
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(4)
-1.0%
Vacancy Rate
5.0%
8
Sq. Ft.
Anchor Tenant
Est. Com.
SUBMARKET CHARACTERISTICS * Less dense submarket between the Central Area of the GTA and the Suburban municipalities of Mississauga and Brampton.
8.0% 12
Developer
No construction took place during this period.
Vacancy Rate
14 Net Rent $/sf. / Absorption (10,000's)
Professional Services 15%
Sq. Ft.
Gross Rent $/Sq. Ft.
2,000,000 $25
Finance 26%
* Proximity to those denser areas, public transit lines (subway, GO Train, bus routes), access to several major highways routed through the submarket and proximity to the airport allows for easy in-and-out of the office and acceptable commutes for employees and customers. * Majority of the office building are located along Bloor Street and the Hwy 427 corridor and were built prior 1992. * Lower parking rates than in more dense office submarkets in the GTA.
-2.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Airport West SUBMARKET INDICATORS
Office Inventory*
Q2-09 MAP OF SUBMARKET
Q1 2009
Q2 2009
4,108,253
4,456,253
Trend
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
# of units**
Net Absorption
(21,457)
315,860
Vacancy Rate
3.7%
4.6%
Average Asking Net Rent
$14.40
$14.68
0 - 4k sf
31
Average Additional Rent
$10.59
$10.29
4k - 10k sf
8
10k - 20k sf
2
20 - 50k sf
0
50k - 100k sf
0
100k sf +
0
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 56 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT 350,000
Direct
Sublease
Sublease as % of Total Available
45%
300,000
Square Feet
50% 40%
250,000
35%
200,000
30% 25%
150,000
20%
100,000
15%
** Counting smallest divisible units in existing buildings and buildings under construction.
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size Address
10%
50,000
Suite
Sq. Ft.
Tenant
Landlord
No transactions were recorded during this period.
5%
0
TOP Office Sale Transactions by Price
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Date
Address
Avail. Office Space
Vendor
Purchaser
Size
$/PSF
No transactions were recorded during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Price
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
Gross Rent
2,500,000 Data,Publishing, Broadcasting Services 10%
$25.27 $30.22
$25
2,000,000
$20
$16.42
1,500,000
Finance 24%
Sq. Ft.
Gross Rent $/Sq. Ft.
$30
$15 1,000,000 $10 500,000
$5 $-
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Manufacturing & Distribution 38%
Others 1%
18 MONTH TREND Asking Net Rent
Public Service & Private Sector Services 15%
Vacancy Rate
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
35
10.0%
30
9.0%
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
8.0%
75 Courtneypark West
Higgens Development
70,721
N/A
Q3 2009
25 7.0% 20
6.0% $14.68
15
5.0% 4.0%
10
4.6%
3.0%
5 2.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 (5)
1.0% 0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Absorption
Professional Services 12%
SUBMARKET CHARACTERISTICS * Submarket contains Lester B. Pearson International Airport and an abundance of close-by hotels allow for easy corporate travelling * Highly industrial area with great highway accessibility and exposure allowing great signage opportunities * Provides state-of-the-art facilities to businesses seeking to locate near Pearson International Airport * Lower real estate costs than in the core with just a 15 minute drive from downtown Toronto. * Employess have access to 10 major universities and 11 technical colleges within commuting distance * Quick highway access to the North and West sides of the GTA * Close to large supply of affordable labour markets
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Airport East SUBMARKET INDICATORS
Q2-09 MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
4,099,907
4,099,907
Net Absorption
(253,929)
(85,422)
Vacancy Rate
12.0%
15.5%
Average Asking Net Rent
$13.65
$13.62
Average Additional Rent
$11.21
$11.36
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 69 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT Direct
1,000,000 900,000
AVAILABLE SPACE OPTIONS
Sublease
70%
Total Available Office Space: 15285487 sf
800,000 700,000 Square Feet
Number of units on the submarket by size brackets
Sublease as % of Total Available
Available Sublease 15%
400,000 Available 300,000 Direct 85% 200,000
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
45
71
35
10
2
1
# of units**
50%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
40%
RECENT TRANSACTIONS Q2 2009
600,000 500,000
0 - 4k sf
60%
TOP Office Lease Transactions by Size
30% 20% 10%
100,000 0
0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
Address
Suite
Not Avail. Office Space
Avail. Office Space
202
2,841
515 & 525
2,353
The Arcadia Group
Igor Estrah
89 Galaxy Boulevard
21
2,100
N/A
Penncorp Life Insurance
TOP Office Sale Transactions by Price
Gross Rent
Date
Address
$20
$21.15
1,500,000
Data,Publishing, Broadcasting Services 12%
1,000,000 500,000
$Class B
Class C
Others 3%
18 MONTH TREND Asking Net Rent
Address 15.0% 10.0%
(5) (10) (15)
5.0% 0.0% -5.0%
(20) -10.0% (25) (30) (35)
-15.0% -20.0%
Sq. Ft.
Anchor Tenant
Est. Com.
SUBMARKET CHARACTERISTICS
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
Developer
No construction took place during this period.
5
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
20.0%
15.5%
10
Public Service & Private Sector Services 17%
Vacancy Rate
$13.62
15
$/PSF
Professional Services 22%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Absorption
Size
Finance 7%
Manufacturing & Distribution 39%
Class A
Purchaser
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$10 $5
Vendor
No transactions were recorded during this period.
2,000,000
$15
Price
Sq. Ft.
Gross Rent $/Sq. Ft.
$24.66
$27.59
N/A
1 Greensboro Drive 135 Queen's Plate Drive
2,500,000
$25
Landlord A. Mantella & Sons Limited
GROSS RENT & AVAILABILITY BY BUILDING CLASS $30
Tenant
Sq. Ft.
*Highly industrial area with great highway accessibility and exposure allowing great signage opportunities * Provides state-of-the-art facilities to businesses seeking to locate near Pearson International Airport - proximity to Lester B. Pearson International Airport and an abundance of close-by hotels allow for easy corporate travelling * Lower real estate costs than in the core with just a 15 minute drive from downtown Toronto. * Employess have access to 10 major universities and 11 technical colleges within commuting distance * Quick highway access to the North and West sides of the GTA * Close to large supply of affordable labour markets
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Airport Corporate Centre SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
5,444,321
5,444,321
Net Absorption
19,769
(24,719)
Vacancy Rate
6.7%
8.0%
Average Asking Net Rent
$16.30
$15.95
Average Additional Rent
$11.17
$11.10
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 77 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT Direct
1,400,000
AVAILABLE SPACE OPTIONS Sublease
70%
Total Available Office Space: 15285487 sf
1,200,000 Square Feet
Number of units on the submarket by size brackets
Sublease as % of Total Available
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
64
32
35
29
5
3
60%
# of units**
50%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
800,000
40%
RECENT TRANSACTIONS Q2 2009
600,000
30%
400,000
20%
Available Sublease 27%
1,000,000
Available Direct 200,000 73% 0 Q1 2008
10% 0% Q2 2008
Q3 2008
Q4 2008
Q1 2009
Not Avail. Office Space
$35
$31.33
Avail. Office Space
TOP Office Lease Transactions by Size Address
Suite
Sq. Ft.
Landlord
Tenant
2810 Matheson Boulevard E
410
6,787
H & R REIT
N/A
5025 Orbitor Drive
2-400
757
N/A
N/A
Q2 2009
TOP Office Sale Transactions by Price Date
GROSS RENT & AVAILABILITY BY BUILDING CLASS
Address
Price
Data,Publishing, Broadcasting Services 12%
1,500,000 $23.19
$15
1,000,000
Sq. Ft.
$25
$10
$-
Class B
Class C
Others 0% Public Service & Private Sector Services 10%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
Asking Net Rent
$15.95
13
9.0% 8.0% 7.0%
7
6.0%
5
5.0%
3
4.0%
1 (1)
3.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(3)
2.0%
(5)
1.0%
(7)
0.0%
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
5550 Explorer Drive
HOOPP
227,000
N/A
Q4 2010
SUBMARKET CHARACTERISTICS Vacancy Rate
8.0%
9
Professional Services 22%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
10.0%
11
Finance 16%
Vacancy Rate
17 15
$/PSF
Manufacturing & Distribution 40%
500,000
Class A
Size
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES 2,000,000
$5
Net Rent $/sf. / Absorption (10,000's)
Purchaser
2,500,000
$27.14
$20
Vendor
No transactions were recorded during this period
Gross Rent
$30 Gross Rent $/Sq. Ft.
0 - 4k sf
* Office Business Park with great highway accessibility and exposure allowing great signage opportunities * Provides state-of-the-art facilities to businesses seeking to locate near Pearson International Airport - proximity to Lester B. Pearson International Airport and an abundance of close-by hotels allow for easy corporate travelling * Lower real estate costs than in the core with just a 15 minute drive from downtown Toronto. * Top five employers are Accenture Inc., Baylis Medical Co., Carlson Marketing Group Canada, Chubb Security Systems, Citigroup * Employess have access to 10 major universities and 11 technical colleges within commuting distance * Centennial Park south of Eglington Ave W offers close-by golfing at Centennial Park Golf Centre
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Sheridan
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
2,179,058
2,204,202
Net Absorption
(21,684)
10,414
Trend
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
# of units**
Vacancy Rate
3.7%
4.8%
Average Asking Net Rent
$16.89
$16.55
0 - 4k sf
11
Average Additional Rent
$4.17
$7.46
4k - 10k sf
6
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 41 office buildings surveyed in this submarket.
10k - 20k sf
5
20 - 50k sf
12
50k - 100k sf
0
100k sf +
0
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
50% 140,000
45%
Square Feet
120,000
** Counting smallest divisible units in existing buildings and buildings under construction.
40% 35%
100,000
RECENT TRANSACTIONS Q2 2009
30% 80,000
25%
60,000
Address
Suite
Sq. Ft.
Landlord
15%
2381 Bristol Circle
100
15,000
N/A
N/A
10%
2381 Bristol Circle
201
1,645
N/A
Viridian Automation
20%
40,000 20,000
TOP Office Lease Transactions by Size
5%
0
TOP Office Sale Transactions by Price
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Date
Avail. Office Space
Gross Rent
$35
1,800,000
Data,Publishing, Broadcasting Services 4%
1,600,000
$25
1,400,000 1,200,000
$20
1,000,000 $15
Vendor
Purchaser
$/PSF
Professional Services 46%
800,000
$16.96
Size
Finance 11%
Sq. Ft.
Gross Rent $/Sq. Ft.
$30.84
$17.03
Price
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
2,000,000
$30
Address
No transactions took place during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Tenant
600,000
$10
400,000 $5
200,000
$-
Manufacturing & Distribution 30%
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Others 2%
Public Service & Private Sector Services 7%
18 MONTH TREND Absorption
Asking Net Rent
20
$16.55
18 16
6.0%
5.0%
14
4.8%
12
4.0%
10 8
3.0%
6 4
2.0%
2 (2)
1.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(4)
0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
Vacancy Rate
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
2699 Speakman Drive
GE Real Estate
99,478
Atomic Energy Canada
4/1/2009
SUBMARKET CHARACTERISTICS * Well connected to several 400 series highways (401, 427, 410, 409, 407) and Lester B. Pearson International Airport; close commute to Hamilton's John C. Munro International Airport which is Canada's #1 freight airport. * Availability of highway exposure sites with excellent signage opportunities. * Lower real estate costs than in the core (City of Toronto) * Great proximity to diversified suburban labour pool which is educated with 10 universities and 11 colleges within commuting distance, with Sheridan College located within the submarket.
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Market Dashboard: GTA North
Q2-09
MARKET INDICATORS
MAP OF MARKET Q1 2009
Q2 2009
Trend
Office Inventory*
15,372,154
15,372,154
Net Absorption
(152,573)
(3,630)
Vacancy Rate
4.1%
4.6%
Average Asking Net Rent
$16.23
$16.92
0 - 4k sf
122
Average Additional Rent
$17.12
$17.00
4k - 10k sf
37
10k - 20k sf
18
20 - 50k sf
19
50k - 100k sf
29
100k sf +
3
AVAILABLE SPACE OPTIONS Number of units on the regional market by size brackets
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 197 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available 50%
1,200,000
45%
1,000,000
40%
** Counting smallest divisible units in existing buildings and buildings under construction.
Square Feet
35%
800,000
30%
RECENT TRANSACTIONS Q2 2009
25%
600,000
TOP Office Lease Transactions by Size
20%
400,000
15% 10%
200,000
Address
Suite
4100 Yonge Street
402
Tenant
Sq. Ft.
Landlord
10,997
Ontario Teachers Pension Plan Board
N/A
RioCan REIT
New Heights Community Health Centre
5% 700 Lawrence Avenue W
0 Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
16,630
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Gross Rent
Date
Address
5/5/2009
4792 Highway No. 7 East
$1,700,000
N/A
Sanmayhia Inc
8,118
$209.00
4/30/2009
292 Sheppard Avenue West
$1,100,000
Fair Group Corporation
Aloris Precious Metals Inc
3,499
$314.00
9,000,000
$36.57
8,000,000
$35
$30.27
Price
Vendor
Purchaser
Size
$/PSF
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
7,000,000
$30
6,000,000
$25
5,000,000 $20
$21.37
4,000,000
$15
Data,Publishing, Broadcasting Services 3%
Sq. Ft.
$40
326
0%
Q1 2008
Gross Rent $/Sq. Ft.
# of units**
Finance 15%
Professional Services 10%
3,000,000
$10
2,000,000
$5
Manufacturing & Distribution 10%
1,000,000
$-
Class A
Class B
Public Service & Private Sector Services 17%
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Others 45%
18 MONTH TREND Absorption
Asking Net Rent
Vacancy Rate
27
5.0%
23
4.5% 4.0%
15
$16.92
11
3.0% 2.5%
3 2.0% Q1 2008
Q2 2008
Q3 2008
(5)
Q4 2008
Q1 2009
Q2 2009
1.5%
(9)
1.0%
(13)
0.5%
(17)
0.0%
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this quarer.
3.5%
7
(1)
Address
MARKET CHARACTERISTICS Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
4.6% 19
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
* Smallest office market in the GTA with lowest vacancy and highest sublease rates, and highest net asking rates on average of suburban markets. * Strategically located in the GTA with easy access to the areas east, west, north and south of the GTA. * Market is surrounded by highways (including Highways 427, 407, and 400) and residents and local businesses are linked by a network of public transit operated by York Region Transit, GO Train and VIVA * Located adjacent to Buttonville Airport and a short drive to Pearson International Airport * Close to well-educated labour force
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: North Yonge Corridor
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
8,906,079
8,906,079
Net Absorption
(127,351)
14,140
Trend
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
# of units**
Vacancy Rate
5.1%
5.8%
Average Asking Net Rent
$16.97
$17.69
0 - 4k sf
72
Average Additional Rent
$18.83
$18.86
4k - 10k sf
21
10k - 20k sf
14
20 - 50k sf
8
50k - 100k sf
0
100k sf +
3
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 66 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available 60%
1,000,000
Total Available Office Space: 15285487 sf Available Sublease 32%
900,000 800,000
Square Feet
700,000
40%
RECENT TRANSACTIONS Q2 2009
600,000
TOP Office Lease Transactions by Size 30%
500,000
Address
400,000 20%
300,000 200,000
0
Direct 68% Q1 2008
4100 Yonge Street
402
Sq. Ft.
Landlord
Tenant
10,997
Ontario Teachers Pension Plan Board
N/A
TOP Office Sale Transactions by Price Date
Address
4/30/2009
292 Sheppard Avenue West
Price
Vendor
Purchaser
Size
$/PSF
$1,100,000
Fair Group Corporation
Aloris Precious Metals Inc
3,499
$314
0% Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space $39
Suite
10%
Available 100,000
Avail. Office Space
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
Gross Rent
$38.01
Professional Services 18%
6,000,000
$38 $37
Finance 26%
5,000,000
$36 4,000,000 $35
$33.16
$34
$33.00
$33
3,000,000
Sq. Ft.
Gross Rent $/Sq. Ft.
** Counting smallest divisible units in existing buildings and buildings under construction.
50%
Manufacturing & Distribution 13%
2,000,000
$32 1,000,000
$31 $30
Data,Publishing, Broadcasting Services 6%
Class A
Class B
Class C
Others 4%
Public Service & Private Sector Services 33%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
Absorption
Asking Net Rent
Address
Vacancy Rate
$17.69
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period.
7.0%
18
* Traditionally tighter submarket with limited larger office space availabilities
10
5.0%
6
4.0%
2 3.0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
5.8%
(2)
SUBMARKET CHARACTERISTICS
6.0%
14
* Yonge Subway and other public transit, great proximity to Hwy 401 makes this submarket in the North of the City of Toronto very accessible to employees and customers * Continuing development of residential high-rise condominiums will increase and diversify local labour pool
2.0% (6) (10) (14)
1.0%
0.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Dufferin-Finch SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
1,216,160
1,216,160
Net Absorption
(250)
(780)
Vacancy Rate
2.9%
1.9%
Average Asking Net Rent
$8.61
$9.23
Average Additional Rent
$14.69
$14.80
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 29 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT
Square Feet
Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
100,000
50%
90,000
45%
80,000
40%
70,000
35%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
60,000
30%
RECENT TRANSACTIONS Q2 2009
50,000
25%
40,000
20%
30,000
15%
20,000
10%
10,000
5%
0
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
12
2
1
1
0
0
# of units**
TOP Office Lease Transactions by Size Address
Avail. Office Space
Address
Price
Vendor
Purchaser
Size
$/PSF
No transactions were recorded during this period. OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES 1,200,000
$25
Professional Services 9%
1,000,000
$24.89 $20
Public Service & Private Sector Services 65%
800,000
$17.11
$15
600,000
$10
Sq. Ft.
Gross Rent $/Sq. Ft.
Tenant
Landlord
TOP Office Sale Transactions by Price Date
Gross Rent
$30
$5
Sq. Ft.
No transactions were recorded during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Suite
Finance 12%
400,000
$-
200,000
$-
Data,Publishing, Broadcasting Manufacturing & Services Distribution 7% 4%
Class A
Class B
Class C
Others 3%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Asking Net Rent
Address
Vacancy Rate
6.0%
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period.
5.0% 11
$9.23 4.0%
6 3.0% 1.9% 1
2.0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
(4)
1.0%
(9)
0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (1,000s)f
16
SUBMARKET CHARACTERISTICS *Residential-Industrial submarket with easy access to large diverse labour pool. * Well serviced by both the TTC (Downsview Subway), Viva, York Region Transportation and the 400 series highways (400 & 407, minutes from the 401) *Submarket is adjacent to Downsview Airport, and 15 minutes from Lester B. Pearson International Airport. *York University is situated in this submarket, bringing over 60,000 students and staff into the submarket everyday (second largest single-day destination in the GTA after Pearson Airport).
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Yorkdale
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
1,956,079
1,956,079
Net Absorption
(22,868)
(3,807)
Vacancy Rate
2.3%
2.8%
Average Asking Net Rent
$11.68
Average Additional Rent
$15.72
Trend
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
# of units**
$11.67
0 - 4k sf
9
$11.75
4k - 10k sf
5
10k - 20k sf
1
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 32 office buildings surveyed in this submarket.
20 - 50k sf
0
50k - 100k sf
0
100k sf +
0
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
80,000
25%
70,000 20%
Square Feet
60,000 50,000
** Counting smallest divisible units in existing buildings and buildings under construction.
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
15% Address
40,000 10%
30,000
Suite
700 Lawrence Avenue W
Sq. Ft.
326
1,788
Landlord
Tenant
RioCan REIT
New Heights Community Health Centre
TOP Office Sale Transactions by Price
20,000
5%
10,000 0
Date
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Price
Vendor
Purchaser
Size
$/PSF
No transactions were recorded during this period.
0% Q1 2008
Address
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Gross Rent
Professional Services 8%
$40 Finance 27%
1,400,000 $35 1,200,000
$30
1,000,000
$25
$18.39
$24.95
$20
800,000
$15
600,000
$10
400,000
$5
200,000
$-
Sq. Ft.
Gross Rent $/Sq. Ft.
$27.00
Data,Publishing, Broadcasting Services 5%
Manufacturing & Distribution 18%
Public Service & Private Sector Services 40%
Others 2%
Class A
Class B
Class C
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Address
18 MONTH TREND Absorption
Asking Net Rent
4.0% 3.5%
2.8%
9
3.0% 2.5%
7
2.0%
5 3
1.5%
1
1.0%
(1)
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(3)
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
13 11
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period.
Vacancy Rate
$11.67
Developer
SUBMARKET CHARACTERISTICS *Residential-Industrial submarket with easy access to large diverse labour pool. * Well serviced by both the TTC (Downsview Subway), Viva, York Region Transportation and the 400 series highways (400 & 407, minutes from the 401) *Submarket is adjacent to Downsview Airport, and 15 minutes from Lester B. Pearson International Airport. * Submarket contains Oxford Properties' Yorkdale Shopping Centre: The 5th largest mall in Canada (1.4 million GLA), it attracts 400,000 customers per week with over $1,000/sf of sales (highest in Canada).
0.5% 0.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Vaughan
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
2,654,013
2,654,013
Trend
Net Absorption
8,366
-9,223
Vacancy Rate
3.2%
3.6%
Average Asking Net Rent
$18.33
$17.40
Average Additional Rent
$10.79
$10.59
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 59 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
200,000
25%
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
25
8
2
9
1
0
180,000 160,000
20%
Square Feet
140,000
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
120,000
15%
RECENT TRANSACTIONS Q2 2009
100,000
TOP Office Lease Transactions by Size
80,000
10% Address
60,000 40,000
Suite
5%
TOP Office Sale Transactions by Price
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Date
Address
Avail. Office Space
Gross Rent
Data,Publishing, Broadcasting Services 0%
1,400,000
$25
1,200,000 $24.00
1,000,000 800,000
$15
Sq. Ft.
Gross Rent $/Sq. Ft.
Purchaser
Size
$/PSF
1,600,000
$24.10 $31.57
$20
Vendor
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$35 $30
Price
No transactions were recorded during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Tenant
Landlord
No transactions were recorded during this period
20,000 0
Sq. Ft.
Professional Services 24%
Finance 19%
600,000
$10
400,000
$5
200,000
$-
Manufacturing & Distribution 29%
Class A
Class B
Class C
Others 11%
Public Service & Private Sector Services 17%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Asking Net Rent
20
$17.40
18 16
7.0% 6.0% 5.0%
10 8
3.6%
4.0%
6 3.0%
4 2
2.0%
(2)
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(4)
Sq. Ft.
Est. Com.
* Vaughan has a resident labour force of more than 90,000 and is home to some 7,000 companies. More than half of Vaughan's residents have some post-secondary education. * Vaughan has the lowest Commercial and Industrial Property Taxes in the Greater Toronto Area. * Vaughan's telecommunications network is composed of state-of-the-art fibre optics and 100 percent digital switching. * With over 2,654.8 acres (1,073.7 hectares) of vacant employment land, Vaughan has the second largest inventory of vacant industrial/commercial land within the Greater Toronto Area. Approximately 28 percent of this vacant land is serviced and ready for development. * Area is serviced by multiple transportation routes including Highways 427, 407, and 400, as well as extensive public transportation lines.
1.0%
(6) (8)
Anchor Tenant
SUBMARKET CHARACTERISTICS
14 12
Developer
No construction took place during this period.
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Address
Vacancy Rate
0.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Richmond Hill SUBMARKET INDICATORS
Q2-09 MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
639,823
639,823
Net Absorption
(10,470)
(3,960)
Trend
AVAILABLE SPACE OPTIONS
Vacancy Rate
1.3%
1.9%
Number of units on the submarket by size brackets
Average Asking Net Rent
$15.47
$15.34
0 - 4k sf
4
Average Additional Rent
$11.59
$10.97
4k - 10k sf
1
10k - 20k sf
0
20 - 50k sf
1
50k - 100k sf
28
100k sf +
0
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 11 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
35,000 70% 30,000
Square Feet
50% 40%
15,000
30%
10,000
20%
5,000
10%
0
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Not Avail. Office Space
Avail. Office Space
Address
Suite
Sq. Ft.
Tenant
Landlord
No transactions took place during this period. TOP Office Sale Transactions by Price Date
Q2 2009
Address
Price
Vendor
Purchaser
Size
$/PSF
No transactions were recorded during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
Gross Rent
$35
600,000
$30
500,000 $29.00
Finance 61%
$22.50 400,000
$20 300,000 $15
Professional Services 6%
Sq. Ft.
Gross Rent $/Sq. Ft.
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
20,000
$25
** Counting smallest divisible units in existing buildings and buildings under construction.
60%
25,000
# of units**
200,000
$10 $-
$5
100,000
$-
Class A
Class B
Class C
Data,Publishing, Broadcasting Services Manufacturing & Distribution 1% 5%
Others 13%
Public Service & Private Sector Services 14%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Address
18 MONTH TREND Absorption
Asking Net Rent
$15.34 1.9%
11 9 5
3.0%
* Strategically located in the GTA with easy access to the areas east, west, north and south of the GTA.
2.0%
0.0%
3
-1.0%
1 (3)
Est. Com.
1.0%
7
(1)
Anchor Tenant
SUBMARKET CHARACTERISTICS * Smallest office submarket in the GTA
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(5) (7) (9) (11)
-2.0%
Vacancy Rate
Net Rent $/sf. / Absorption (1,000's)
13
Sq. Ft.
No construction took place during this period.
Vacancy Rate
4.0%
15
Developer
* Submarket is surrounded by highways and residents and local businesses are linked by a network of public transit operated by York Region Transit, GO Train and VIVA
-3.0%
* Located adjacent to Buttonville Airport and a short drive to Pearson International Airport
-4.0%
* Close to well-educated labour force
-5.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Market Dashboard: GTA East
Q2-09
MARKET INDICATORS
MAP OF MARKET Q1 2009
Q2 2009
Office Inventory*
34,969,384
34,986,630
Net Absorption
(279,599)
255,355
Vacancy Rate
8.2%
8.2%
Average Asking Net Rent
$13.04
$12.96
Average Additional Rent
$12.74
$12.77
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 457 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT
Square Feet
Direct
AVAILABLE SPACE OPTIONS Sublease
Number of units on the regional market by size brackets
Sublease as % of Total Available
5,000,000
50%
4,500,000
45%
4,000,000
40%
3,500,000
35%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
3,000,000
30%
RECENT TRANSACTIONS Q2 2009
2,500,000
25%
2,000,000
20%
1,500,000
15%
Address
Suite
Sq. Ft.
Landlord
Tenant
1,000,000
10%
150 Ferrand Drive
600
16,630
The Last Minute Club
N/A
250 West Beaver Creek Road
123A
6,610
Acura Technology
Neo Post Canada Ltd
2034631 Ontario Inc.
InCharge Debt Solutions Canada
500,000
5%
0
0%
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
408
150
104
83
7
8
# of units**
TOP Office Lease Transactions by Size
200 Consumers Road
800
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
$30
Avail. Office Space
Gross Rent
Date 18,000,000
$24.82
Address
Price
Vendor
Purchaser
Size
$/PSF
No transactions took place during this period.
16,000,000
$28.40 $25
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
14,000,000 $20
12,000,000 $18.96
10,000,000
$15 8,000,000 $10
Finance 23%
Data,Publishing, Broadcasting Services 12%
Sq. Ft.
Gross Rent $/Sq. Ft.
5,200
Professional Services 23%
6,000,000 4,000,000
$5 2,000,000 $-
Class A
Class B
Manufacturing & Distribution 21%
Class C
Public Service & Private Sector Services 17%
Others 4%
18 MONTH TREND Absorption
Asking Net Rent
Vacancy Rate
15
8.2%
Address 8.0%
$12.96 11
7.0%
9
6.0%
7
5.0%
5
4.0%
3
3.0%
1
2.0%
(1)
Q1 2008
Q2 2008
Q3 2008
(3)
Q4 2008
Q1 2009
Q2 2009
1.0% 0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (100,000's)
13
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
9.0%
11258 Woodbine Avenue 220 Commerce Valley Drive
Developer
Sq. Ft.
Anchor Tenant
N/A
138,425
Honda Canada Inc
8/1/2009
Metrus Properties
103,256
TD BANK
Fall 2009
Est. Com.
MARKET CHARACTERISTICS *GTA East Market includes submarkets of Don Mills/Eglinton, Duncan Mills, Consumers Road, Scarborough Town Centre, Markham Town Centre, Pickering/Oshawa, Hwy 404/Hwy 407, Woodbine/Steeles, and Toronto East. *Serviced by multiple high-density transportation routes (401, 407, 404, DVP) and several public transit services (TTC, Go, Ajax Pickering TA, Oshawa Transit, Whitby Transit, York Region Transit) *Close proximity to suburban labour pool *Post-Secondary education campuses include University of Toronto - Scarborough, Seneca College Newham, Durham College. *Major companies in this area inlude Celestica, IBM, Wrigley's Canada, NestlĂŠ Canada, Mony Life, McDonald's Canada, Alcatel Canada Wire.
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Woodbine-Steeles
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
5,086,142
5,086,142
Net Absorption
(28,932)
(2,454)
Vacancy Rate
6.4%
6.6%
Average Asking Net Rent
$12.60
$12.13
Average Additional Rent
$12.90
$12.99
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 49 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
50%
600,000
45%
Square Feet
500,000
40% 35%
400,000
30%
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
54
26
15
19
1
2
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009
25%
300,000
TOP Office Lease Transactions by Size
20% 200,000 100,000
15%
Address
Suite
Sq. Ft.
Landlord
Tenant
10%
155 Gordon Baker Road
206
4,546
Blackwood Partners
N/A
7181 Woodbine Avenue
235
997
N/A
N/A
700-780 Gordon Baker Road
109
451
IG Real Estate
N/A
5% 0
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
TOP Office Sale Transactions by Price
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Gross Rent
Date
Address
Size
$/PSF
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$19.79
$15
2,000,000
$19.48
Sq. Ft.
2,500,000
Finance 38%
1,500,000 $10
1,000,000
$5
Data,Publishing, Broadcasting Services 6%
500,000
$-
Class A
Class B
Class C
Manufacturing & Distribution 14%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
Asking Net Rent
13
Vacancy Rate
$12.13
8.0%
6.6%
7.0%
5.0%
3 4.0%
1 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
3.0%
(3) (5) (7)
2.0% 1.0%
Vacancy Rate
6.0%
5
Others 5%
Public Service & Private Sector Services 5%
Developer
Sq. Ft.
Est. Com.
SUBMARKET CHARACTERISTICS * Great access to Hwy 404/407, closeness to highways also offers highway signage opportunities. * Toronto Buttonville Municipal Airport is just minutes away to the North. * Lower real estate costs than in denser submarkets. * Toronto - Markham border runs from East to West through this area resulting in the fact that office building owners North of Steeles Ave E have to pay lower taxes than South of it. * The Seneca College of Applied Arts and Technology - Newham College is located in this submarket offering post-secondary education on a full and part-time basis.
(9) (11)
Anchor Tenant
No construction took place during this period.
9 7
Professional Services 32%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Address
11 Net Rent $/sf. / Absorption (10,000's)
Purchaser
3,000,000
$20
(1)
Vendor
No transactions were recorded during this period.
$28.33 $25 Gross Rent $/Sq. Ft.
Price
3,500,000
$30
0.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Toronto East SUBMARKET INDICATORS
Q2-09 MAP OF SUBMARKET
Q1 2009
Q2 2009
Trend
Office Inventory*
1,390,916
1,390,916
Net Absorption
(14,970)
(6,628)
Vacancy Rate
1.6%
1.6%
Average Asking Net Rent
$8.83
$8.77
Average Additional Rent
$15.13
$15.03
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 22 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT
Square Feet
Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
100,000
10%
90,000
9%
80,000
8%
70,000
7%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
60,000
6%
RECENT TRANSACTIONS Q2 2009
50,000
5%
40,000
4%
30,000
3%
20,000
2%
10,000
1%
0
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Not Avail. Office Space
Avail. Office Space
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
20
5
0
4
0
0
# of units**
TOP Office Lease Transactions by Size Address
Suite
Sq. Ft.
Tenant
Landlord
No transactions were recorded during this period TOP Office Sale Transactions by Price Date
Address
Price
Vendor
Purchaser
Size
$/PSF
No transactions were recorded during this period
GROSS RENT & AVAILABILITY BY BUILDING CLASS Gross Rent
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
2,000,000
$30
0 - 4k sf
1,800,000 Finance 75%
1,600,000 $25.48
1,400,000
$20
1,200,000
$20.43
$15
1,000,000
Sq. Ft.
Gross Rent $/Sq. Ft.
$25
800,000 $10
600,000 Data,Publishing, Broadcasting Others Services 1% 1% Manufacturing & Distribution 4%
400,000
$5
$-
200,000
$-
Class A
Class B
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
Address
Vacancy Rate
$8.77
9
1.6%
7
3.0%
5
1.0%
3
-1.0%
1 -3.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(3)
Sq. Ft.
Anchor Tenant
Est. Com.
SUBMARKET CHARACTERISTICS
5.0% Vacancy Rate
11
Developer
No construction took place during this period
7.0%
13
Net Rent $/sf. / Absorption (10,000's)
Professional Services 2%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Asking Net Rent
15
(1)
Public Service & Private Sector Services 17%
*Submarket is primarily residential with extremely diverse areas such as GreekTown (Danforth), The Beaches, The Scarborough Bluffs, Chinatown East, Little India and The Portlands. *Area serviced by the Gardiner Expressway and the Don Valley Parkway on the Eastern border. Area is also serviced by the Bloor-Danforth Subway line, as well as multiple bus and streetcar routes allowing easy access to the Downtown and Financial Core. *Area will experience near-term economic benefits from Toronto's Waterfront redevelopment initiative, attracting new labour. *Construction of new Filmport facility will establish a film industry concentration on Toronto's waterfront.
-5.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Pickering-Oshawa SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
1,624,240
1,624,240
Net Absorption
0
0
Vacancy Rate
2.1%
2.1%
Average Asking Net Rent
$11.33
$11.84
Average Additional Rent
$8.06
$9.13
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 32 office buildings surveyed in GTA office
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
100,000 70%
90,000
60%
80,000 Square Feet
70,000
50%
60,000 40%
50,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
7
1
2
1
1
0
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
30%
40,000 30,000
20%
Address
20,000 0 Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Date
Not Avail. Office Space
Avail. Office Space
Address
Price
Vendor
Purchaser
Size
$/PSF
No transactions were recorded during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS Gross Rent
$25
Tenant
Landlord
TOP Office Sale Transactions by Price
0% Q1 2008
Sq. Ft.
No transactions were recorded during this period
10%
10,000
Suite
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
1,000,000 900,000 $20.95
800,000 $20.98
700,000
$15
600,000 500,000
$10
Sq. Ft.
Gross Rent $/Sq. Ft.
$20
400,000 $-
300,000
$5
Finance 4% Data,Publishing, Broadcasting Services 11%
Professional Services 6% Public Service & Private Sector Services 63%
200,000 100,000
$-
Manufacturing & Distribution 15%
Class A
Class B
Class C
Others 1%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Asking Net Rent
6.0%
15 13
$11.84
5.0%
11 4.0%
9 7
3.0% 5 3
2.1%
2.0%
1 1.0% (1)
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(3)
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Address
Vacancy Rate
SUBMARKET CHARACTERISTICS * This submarket is part of Durham Region and therefore the most eastern office submarket of the GTA with considerably lower real estate costs than in more central areas in the GTA. * One of the smallest office submarkets with a very limited amount of space options for traditional office space users as key sectors in this area are advanced manufacturing, agri-business, energy and tourism. * Area is home to large amount of skilled labour force. * Large supply of land resources offers up design-build opportunities.
0.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Markham
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
3,136,084
3,136,084
Net Absorption
40,333
62,363
Trend
AVAILABLE SPACE OPTIONS
Vacancy Rate
4.9%
4.5%
Number of units on the submarket by size brackets
Average Asking Net Rent
$14.43
$14.17
0 - 4k sf
Average Additional Rent
$10.45
$10.70
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 42 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
300,000 70%
Square Feet
250,000
4k - 10k sf
5
10k - 20k sf
12
20 - 50k sf
3
50k - 100k sf
2
100k sf +
0
50% 40%
150,000
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
30% 100,000 20% 50,000 0 Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Not Avail. Office Space
Avail. Office Space
Date
Address
Price
Vendor
Purchaser
Size
$/PSF
5/5/2009
4792 Highway No. 7 East
$1,700,000
N/A
Sanmayhia Inc
8,118
$209
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
1,800,000
$25
1,600,000
$25.44
Finance 38%
1,200,000 $18.40
1,000,000
Sq. Ft.
1,400,000
$20
800,000 $10
600,000
Data,Publishing, Broadcasting Services 6% Professional Services 32%
400,000
$5
200,000 $-
Class A
Class B
Tenant
Landlord
TOP Office Sale Transactions by Price
2,000,000
$15
Sq. Ft.
0%
Gross Rent
$25.14
Suite
10%
Q2 2009
$30
Address
No transactions were recorded during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS
Gross Rent $/Sq. Ft.
21
** Counting smallest divisible units in existing buildings and buildings under construction.
60%
200,000
# of units**
Manufacturing & Distribution 14%
Class C
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Others 5%
Public Service & Private Sector Services 5%
18 MONTH TREND Asking Net Rent
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
Vacancy Rate
10.0%
20
9.0%
18
8.0%
16
$14.17
14
6.0%
12
4.5%
5.0%
10 4.0%
8
3.0%
6 4
2.0%
2
1.0%
-
0.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
11258 Woodbine Avenue
N/A
138,425
Honda Canada Inc
8/1/2009
SUBMARKET CHARACTERISTICS
7.0% Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Absorption
22
* Close to Hwy 400 series and a well developed road infrastructure make this submarket very accessible by car * Lower real estate costs that in the City of Toronto * Proximity to labour pool in suburban municipalities * Buttonville airport is easily accessable * High-Technology and Life Sciences are the two key business clusters in this area * Seneca College recently opened their Markham campus, the first post-secondary educational research and training facility in Markham.
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Hwy 404 & Hwy 407 SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
8,325,872
8,325,872
Net Absorption
-199,588
83,982
Vacancy Rate
7.6%
Average Asking Net Rent Average Additional Rent
Trend
AVAILABLE SPACE OPTIONS # of units**
7.4%
Number of units on the submarket by size brackets
$13.70
$13.70
0 - 4k sf
83
$10.21
$10.09
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 123 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT
Square Feet
Direct
Sublease
Sublease as % of Total Available
1,200,000
70%
1,000,000
60%
800,000
50%
30% 400,000
20% 10%
0
20 - 50k sf
32
50k - 100k sf
0
100k sf +
3
** Counting smallest divisible units in existing buildings and buildings under construction.
RECENT TRANSACTIONS Q2 2009
Address
Suite
Sq. Ft.
Landlord
Tenant
250 West Beaver Creek Road
123A
6,610
Acura Technology
Neo Post Canada Ltd
100 Mural Street
202
3,056
View Sonic Corp
N/A
TOP Office Sale Transactions by Price
0% Q1 2008
Q2 2008 Q3 2008
Q4 2008
Q1 2009 Q2 2009
Date
Not Avail. Office Space
Avail. Office Space
Gross Rent
3,500,000
$24.70
3,000,000
$14.98
2,500,000
$15
2,000,000
$10
1,000,000
Others 3%
Class A
Class B
Class C
18 MONTH TREND Absorption
$/PSF
Professional Services 32%
500,000
$-
Size
Finance 16%
Manufacturing & Distribution 31%
1,500,000
$5
Purchaser
Sq. Ft.
$20
Vendor
Data,Publishing, Broadcasting Services 9%
4,000,000
$26.76
$25
Price
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
4,500,000
$30
Address
No transactions took place during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS
Gross Rent $/Sq. Ft.
33
TOP Office Lease Transactions by Size
200,000
Public Service & Private Sector Services 9%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Asking Net Rent
Vacancy Rate
9.0%
24 20
7.4%
16
8.0%
$13.70
12
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
220 Commerce Valley Drive
Metrus Properties
103,256
TD BANK
Fall 2009
SUBMARKET CHARACTERISTICS * Convenient access to Hwy 400 series and a well developed road infrastructure make this submarket very accessible by car
7.0% 6.0%
8 5.0%
4
4.0%
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(8) (12)
3.0% 2.0%
(16)
1.0%
(20)
0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
44
40%
600,000
(4)
4k - 10k sf 10k - 20k sf
* Lower real estate costs that in the City of Toronto * Proximity to labour pool in suburban municipalities * Buttonville airport is located in the center of this submarket * Most office space is concentrated in business parks located along Hwy 404 (e.g. Beaver Creak and Headford Business Park)
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Duncan Mill SUBMARKET INDICATORS
Q2-09 MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
2,240,003
2,240,003
Net Absorption
(13,020)
47,974
Vacancy Rate
11.2%
11.3%
Average Asking Net Rent
$13.98
$13.91
Average Additional Rent
$14.72
$14.67
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 39 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
25%
400,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
12
5
1
10
0
0
350,000 20%
Square Feet
300,000
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
250,000
15%
RECENT TRANSACTIONS Q2 2009
200,000
TOP Office Lease Transactions by Size
10%
150,000
Address
100,000
5%
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Date
Address
Not Avail. Office Space
Avail. Office Space
Gross Rent
1,800,000 $24.74
1,400,000 1,200,000
$20
1,000,000 $15
Purchaser
Size
$/PSF
Finance 12%
Professional Services 18%
Sq. Ft.
Gross Rent $/Sq. Ft.
Data,Publishing, Broadcasting Services 13%
1,600,000
$29.16
$25
Vendor
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
2,000,000
$30
Price
No transactions were recorded during this period.
GROSS RENT & AVAILABILITY BY BUILDING CLASS $35
Tenant
Landlord
TOP Office Sale Transactions by Price
0% Q1 2008
Sq. Ft.
No transactions were recorded during this period.
50,000 0
Suite
800,000 600,000
$10
$-
$5
400,000 Manufacturing & Distribution 23%
200,000
$-
Class A
Class B
Class C
Public Service & Private Sector Services 27%
Others 7%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
TOP PROJECTS UNDER CONSTRUCTION BY SIZE Asking Net Rent
15
$13.91
13
12.0%
11
11.3%
9
10.0%
7
8.0%
5
6.0%
3
4.0%
1 (1)
2.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(3)
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period.
14.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000s)f
Address
Vacancy Rate
SUBMARKET CHARACTERISTICS * Submarket has second highest vacancy rate in the entire GTA next to Scarborough Town Centre at 13.8% * Great access to Don Valley Parkway which runs North-South through the submarket and Hwy 401 which represents the northern most border of this submarket * Extensive public transit coverage via bus connecting to TTC Subway along York Mills Road and Lawrence Avenue * Signage opportunities along the highway * Real Estate costs lower than in denser areas * Contains most expensive residential neighbourhood in Canada - The Bridle Path
0.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Don Mills-Eglinton SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
5,533,530
5,550,776
Net Absorption
(29,355)
21,101
Vacancy Rate
12.1%
12.1%
Average Asking Net Rent
$12.17
$12.15
Average Additional Rent
$14.18
$14.19
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 62 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
1,000,000 70%
Total Available Office Space: 15285487 sf
900,000
60%
800,000 Square Feet
700,000
50%
Available Sublease 21%
600,000 500,000
40%
400,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
68
24
22
2
3
3
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
30%
300,000 Available Direct 200,000 79% 100,000
20% 10%
0
0%
Address
Suite
Sq. Ft.
Landlord
Tenant
150 Ferrand Drive
600
16,630
The Last Minute Club
N/A
75 The Donway W
605
3,957
Cadillac Fairview
N/A
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
TOP Office Sale Transactions by Price Date
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
$30
Price
Vendor
Purchaser
Size
$/PSF
No transactions were recorded during this period.
Gross Rent
4,500,000
$26.44
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
4,000,000
$28.10
$25
3,500,000
$20
Data,Publishing, Broadcasting Services 16%
3,000,000 $21.02
2,500,000
$15
2,000,000
$10
Sq. Ft.
Gross Rent $/Sq. Ft.
Avail. Office Space
Address
Finance 17%
Professional Services 12%
1,500,000 Manufacturing & Distribution 31%
1,000,000
$5
500,000
$-
Class A
Class B
Public Service & Private Sector Services 23%
Class C Others 1%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
18 MONTH TREND Absorption
Asking Net Rent
Address
14
$12.15
14.0%
12 10
12.1%
8
12.0% 10.0%
6 4
8.0%
2 (2)
6.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(4) (6)
4.0% 2.0%
(8) (10)
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period.
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
Vacancy Rate
SUBMARKET CHARACTERISTICS * Great access to Don Valley Parkway which runs North-South through the submarket. * Convenient public transport to the TTC Subway along Eglinton and Don Mills Roads. * Major companies in this area inlude Celestica, IBM, Wrigley's Canada, McDonald's Canada, and Home Depot Head Office. * Real Estate costs lower than in denser areas. * Cadillac Fairview is developing Shops at Don Mills, a 450,000-sq.ft. communitybased lifestyle centre on the SW corner of Lawrence Ave and Eglinton Ave E with 1,300 mid-rise residential units, retail and office space.
0.0%
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Consumers Road SUBMARKET INDICATORS
Q2-09
MAP OF SUBMARKET
Q1 2009
Q2 2009
Office Inventory*
3,717,206
3,717,206
Net Absorption
(36,320)
41,234
Vacancy Rate
8.3%
8.2%
Average Asking Net Rent
$12.27
$12.30
Average Additional Rent
$13.14
$12.87
Trend
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 30 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
AVAILABLE SPACE OPTIONS
Sublease
Number of units on the submarket by size brackets
Sublease as % of Total Available
600,000 14%
Square Feet
500,000
12% 10%
400,000
8%
300,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
74
25
9
2
0
0
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009 TOP Office Lease Transactions by Size
6% 200,000 4% 100,000
2%
0
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Avail. Office Space
Suite
Sq. Ft.
Landlord
Tenant
800
5,200
2034631 Ontario Inc.
InCharge Debt Solutions
1200 Sheppard Avenue E
514
4,262
Amexon
Edisoft Inc.
Q2 2009
TOP Office Sale Transactions by Price Date
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Address 200 Consumers Road
Price
Vendor
Purchaser
Size
$/PSF
No transactions were recorded during this period.
Gross Rent
2,500,000
$35
Address
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
2,000,000
$29.95
$25
Data,Publishing, Broadcasting Services 9%
$23.28 1,500,000
$20 $19.51 $15
Sq. Ft.
Gross Rent $/Sq. Ft.
$30 Finance 21%
1,000,000
$10
Manufacturing & Distribution 27%
500,000 $5 $-
Professional Services 29%
Class A
Class B
Class C
Others 5%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Public Service & Private Sector Services 9%
18 MONTH TREND Absorption
Asking Net Rent
14
Vacancy Rate
$12.30
10 8.2%
8 4
6.0%
2
5.0%
-
4.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(4) (6)
3.0% 2.0%
(8)
1.0%
(10)
0.0%
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period.
8.0% 7.0%
6
(2)
Address
9.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
12
TOP PROJECTS UNDER CONSTRUCTION BY SIZE 10.0%
SUBMARKET CHARACTERISTICS * Comparably small submarket with budget-friendly real estate costs. * Excellent access to Hwy 400 series allows for easy in-and-out of the office by employees and customers. * Well served by TTC buses and the Sheppard Subway. * High profile location visible from Highway 401 and Highway 404. * With new residential development at the Concord Park Place and the Don Mills Centre labour pool will expand and diversify. * Fairview Mall offers a sufficient selection of amenities to employees.
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.
Office Submarket Dashboard: Scarborough Town Centre
Q2-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q1 2009
Q2 2009
Trend
Office Inventory*
3,915,391
3,915,391
Net Absorption
2,253
7,783
Vacancy Rate
12.4%
12.5%
Average Asking Net Rent
$14.14
$14.13
Average Additional Rent
$14.01
$14.05
*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 58 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Direct
Sublease
Sublease as % of Total Available
700,000
10% 9%
600,000
Square Feet
8% 500,000
7%
400,000
6% 5%
300,000
4% 3%
200,000
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets 0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
69
15
10
10
0
0
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q2 2009
2% 100,000 0
0% Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space
Avail. Office Space
Address
Suite
Sq. Ft.
Landlord
Tenant
305 Milner Avenue
209
1,290
305 Milner Avenue Inc.
Ashkar & Associates Inc.
55 Town Centre Court
518
956
Skyline International
OM Mortgage Financial Group
TOP Office Sale Transactions by Price
Gross Rent
$35
2,000,000 Date
1,800,000
$31.35 $24.22
1,400,000
$24.81
$20
1,200,000 1,000,000
$15
Address
Price
Finance 15%
600,000
Data,Publishing, Broadcasting Services 32%
400,000 $5
200,000
$-
-
Class A
Class B
Purchaser
Class C
Manufacturing & Distribution 5%
18 MONTH TREND Asking Net Rent
$/PSF
Professional Services 7%
Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.
Absorption
Size
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
800,000
$10
Vendor
No transactions were recorded during this period.
1,600,000
$25
Sq. Ft.
$30
Gross Rent $/Sq. Ft.
TOP Office Lease Transactions by Size
1%
Others 4%
Vacancy Rate
Public Service & Private Sector Services 37%
20.0% 14
$14.13
18.0%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
16.0% 12.5%
10
12.0%
8
10.0%
6
8.0% 4 6.0% 2
4.0%
-
2.0% Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009
(2)
Address
14.0%
0.0%
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
12
SUBMARKET CHARACTERISTICS *Compared to the City of Toronto as a whole, industry in Scarborough is similar in all labour force categories, save for manufacturing which is higher in Scarborough, and professional, scientific and technical services which are lower. *Submarket is well serviced by both public transportation and the 400 series highways. *Notable companies that have their headquarters in Scarborough include Toyota Canada Inc., Eli Lilly Canada Inc., Thomson Carswell, CTVglobemedia, Novopharm, Cinram, Honda Canada Inc., Royal Doulton, SKF, Alfa Laval, President's Choice Financial, Aviva, Yellow Pages, and Telus. * Submarket is home to the University of Toronto - Scarborough campus, as well as many other postsecondary campuses.
Source: Colliers International, Q2 2009 Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available.
Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.