Office Market Dashboard: GTA Midtown MARKET INDICATORS
Q3-09 MAP OF MARKET
Q2 2009
Q3 2009
Trend
Office Inventory*
17,329,606
17,329,606
Net Absorption
95,200
3,496
Vacancy Rate
4.4%
Average Asking Net Rent Average Additional Rent
AVAILABLE SPACE OPTIONS # of units**
4.3%
Number of units on the market by size brackets
$16.46
$16.34
0 - 4k sf
209
$18.47
$18.55
4k - 10k sf
57
10k - 20k sf
36
20 - 50k sf
7
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 166 office buildings surveyed in this market.
AVAILABLE SUPPLY SPLIT Sublease
Direct
Sublease as % of Total Available
1,600,000
50%
1,400,000
45%
** 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%
600,000
20%
RECENT TRANSACTIONS Q3 2009 TOP Office Lease Transactions by Size
15%
Address
10%
1881 Yonge St
Suite 710
151 Bloor St W
Suite 890
Suite
Landlord
Tenant
2,017
Adgar
Exclusive Communications
1,727
Lingo Media
Lingo Media
Sq. Ft.
400,000 200,000
5%
0
0%
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
TOP Office Sale Transactions by Price
Q3 2009 Date
GROSS RENT & AVAILABILITY BY BUILDING BUILDING CLASS CLASS Avail. Office Space
Not Avail. Office Space
$45
Finance 23%
Size
$/PSF
$28.69
$25
6,000,000
$20 $15
Professional Services 23%
Sq. Ft.
8,000,000
4,000,000
$10
Manufacturing & Distribution 10%
2,000,000 $5 $-
Class A
Class B
Data,Publishing, Broadcasting Services 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.
Public Service & Private Sector Services 28%
Others 2%
15 MONTH TREND Absorption
Asking Net Rent
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
Vacancy Rate
9.0% 17
$16.34
13
4.3% 5
5.0% 4.0%
1 3.0% Q2 2008
Q3 2008
Q4 2008
Q1 2009
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction occurred during this period
7.0%
MARKET CHARACTERISTICS
6.0%
9
-3
Address
8.0%
Q2 2009 2.0%
-7
1.0%
-11
0.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Purchaser
10,000,000
$39.01
$30
Gross Rent $/Sq. Ft.
Vendor
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
$33.65
$35
Price
No transactions were recorded during this period 12,000,000
$40
Address
Gross Rent
* 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 * 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.