Office Region Dashboard: Greater Toronto Area REGIONAL INDICATORS
Q3-09
MAP OF REGION Q2 2009
Q3 2009
Trend
Office Inventory*
180,757,318
182,472,236
Net Absorption
322,920
(196,347)
Vacancy Rate
6.0%
5.9%
Average Asking Net Rent
$17.67
$17.69
Average Additional Rent
$15.90
$15.84
*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 2069 office buildings surveyed in the GTA office region.
AVAILABLE SPACE OPTIONS Number of units on the regional market by size brackets
AVAILABLE SUPPLY SPLIT Sublease
Direct
Sublease as % of Total Available
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
1613
661
359
327
26
26
50%
18,000,000
Total Available Office Space: 15285487 sf
45%
16,000,000
40%
Square Feet
14,000,000
35%
12,000,000
Available Sublease 20%
10,000,000 8,000,000 6,000,000 4,000,000
RECENT TRANSACTIONS Q3 2009 TOP Office Lease Transactions by Size
30% 25%
Address
Suite
Sq. Ft.
15%
Available Direct 80%
10%
2,000,000
5%
0
0%
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Avail. Office Space
Not Avail. Office Space
121 King Street W
Suite 1550
21,834
Standard Life
N/A
155 Gordon Baker Rd
Suite 401
21,289
Blackwood Partners
Dyadem International
5 Park Home Ave
Suite 300
17,912
GE Real Estate
Vale Inco Ltd
TOP Office Sale Transactions by Price
Q3 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Gross Rent
$70
80,000,000
$60
70,000,000
$62.98
Date
Address
Price
Vendor
Purchaser
Size
$/PSF
9/1/2009
Commerce West
$82,250,000
Trangslobe
Whiterock REIT
441,693
$187.00
9/1/2009
McMurtry-Scott Building
$25,400,000
H&R REIT
Dundee REIT
221,950
$229.00
7/31/2009
110 Yonge Street
$21,750,000
CREIT
Bayfield Realty
150,323
$289.00
60,000,000
$50
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
40,000,000 $30
$23.01
$35.00
Sq. Ft.
50,000,000 $40
20,000,000
$10
10,000,000
$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.
Manufacturing & Distribution 18%
18 MONTH TREND Absorption
Asking Net Rent
9.0%
17
$17.69
15 13
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
8.0% 7.0%
11
5.9% 6.0%
7 5.0%
5 3
4.0%
1
Q3 2008
Q4 2008
-5
Q1 2009
Q2 2009
Q3 2009
3.0% 2.0%
-7 -9
1.0%
-11 -13
0.0%
Vacancy Rate
9
Q2 2008
Public Service & Private Sector Services 20%
Others 3%
Vacancy Rate
19
Net Rent $/sf. / Absorption (100,000's)
Professional Services 22%
Class AAA
-3
Finance 26%
Data,Publishing, Broadcasting Services 11%
30,000,000
$28.48
$20
-1
Tenant
Landlord
20%
Q2 2008
Gross Rent $/Sq. Ft.
# of units**
** Counting smallest divisible units in existing buildings and buildings which are under construction.
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
2465 Argentia Road
First Gulf Corporation & Sun Life
250,000
BMO
Q1 2010
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, 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.