Office Submarket Dashboard: Downtown East SUBMARKET INDICATORS
Q3-09
MAP OF SUBMARKET
Q2 2009
Q3 2009
Office Inventory*
4,076,065
4,076,065
Net Absorption
6,653
(35,884)
Vacancy Rate
4.6%
4.9%
Average Asking Net Rent
$17.67
$17.44
Average Additional Rent
$7.82
$10.40
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 108 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT
Square Feet
Direct
Sublease
Sublease as % of Total Available
500,000
50%
450,000
45%
400,000
40%
350,000
35%
300,000
30%
250,000
25%
200,000
20%
150,000
15%
100,000
10%
50,000
5%
0
0%
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Not Avail. Office Space
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 +
73
27
5
18
0
1
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
RECENT TRANSACTIONS Q3 2009 TOP Office Lease Transactions by Size Address
Suite
Sq. Ft.
Landlord
Tenant
152 King Street E
Suite 400-500
5,751
Webster-Callahan Inc.
N/A
1,957
1026552 Ontario Limited
EDF EN Canada
1,550
Buckareff Properties Inc.
N/A
172 King Street E
Gross Rent
$35
AVAILABLE SPACE OPTIONS
Suite 200
3,000,000 76 Richmond St E
$30
$31.61
Suite 350
TOP Office Sale Transactions by Price
2,500,000
$31.90
$25
Date
Address
9/10/2009
110 Lombard St
Price
Vendor
Purchaser
Size
$/PSF
$2,600,000
Gilda's Club Toronto
Rose & Thistle Group
13,823
$188
$20 1,500,000
$4.55
$15
Sq. Ft.
Gross Rent $/Sq. Ft.
2,000,000
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
1,000,000 $10
Data,Publishing, Broadcasting Services 34%
500,000
$5 $-
Finance 8% Professional Services 26%
-
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.
15 MONTH TREND Absorption
Asking Net Rent
Manufacturing & Distribution 10%
Vacancy Rate
20
$17.44 16
7.0%
6.0%
4.9% 12
5.0%
10 4.0%
8 6
3.0%
4 2.0%
2 -2
Q3 2008
Q4 2008
-4
Q1 2009
Q2 2009
Q3 2009
1.0%
0.0%
Public Service & Private Sector Services 16%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
14 Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
18
Others 6%
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 * Submarket will benefit from the development of the Metrolinx transportation plan and MoveOntario 2020.
Source: Colliers International, Q3 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.