Office Submarket Dashboard: North Yonge Corridor
Q3-09
SUBMARKET INDICATORS
MAP OF SUBMARKET
Q2 2009
Q3 2009
Office Inventory*
8,887,040
8,887,040
Net Absorption
13,468
31,302
Trend
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
# of units**
Vacancy Rate
5.5%
4.9%
Average Asking Net Rent
$17.94
$18.25
0 - 4k sf
66
Average Additional Rent
$19.09
$19.18
4k - 10k sf
20
10k - 20k sf
16
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 Sublease
Direct
Sublease as % of Total Available
1,000,000
75%
Total Available Office Space: 15285487 sf
900,000
65%
** Counting smallest divisible units in existing buildings and buildings under construction.
800,000
Square Feet
55%
Available Sublease 43%
700,000 600,000
45%
RECENT TRANSACTIONS Q3 2009 TOP Office Lease Transactions by Size
500,000
35%
400,000
Address
Suite
Sq. Ft.
Landlord
Tenant
25%
300,000
5 Park Home Ave
Suite 300
17,912
GE Real Estate
N/A
100 Sheppard Ave E
Suite 600
6,996
Standard Life
N/A
4101 Yonge St
Suite 706
4,203
Bentall
N/A
15% 200,000 5%
100,000 0
Available Direct 57% Q2 2008 Q3 2008
-5% Q4 2008
Q1 2009
Q2 2009
TOP Office Sale Transactions by Price
Q3 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Not Avail. Office Space $45
Avail. Office Space
Gross Rent
$38.70
Address
Price
Vendor
Purchaser
Size
$/PSF
185 Sheppard Ave W
$4,250,000
Sutton Group Quantum
Ontario Residential Care Association
16,013
$265
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
6,000,000
$40
Date 9/15/2009
$33.49
$35
5,000,000
Professional Services 18%
4,000,000 $25 3,000,000
$20 $15
Finance 26%
Sq. Ft.
Gross Rent $/Sq. Ft.
$30
2,000,000
$10 1,000,000
$5
Manufacturing & Distribution 13%
$-
$-
Class A
Class B
Class C
Data,Publishing, Broadcasting Services 6%
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
Public Service & Private Sector Services 33%
Vacancy Rate 7.0%
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
18
$18.25 14
Address
6.0%
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
No construction took place during this period. 5.0%
10
4.9%
6
4.0%
2 3.0% -2
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
-14
SUBMARKET CHARACTERISTICS * Traditionally tighter submarket with limited larger office space availabilities * 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
2.0%
* Continuing development of residential high-rise condominiums will increase and diversify local labour pool
1.0%
* Submarket will benefit from the development of the Metrolinx transportation plan and MoveOntario 2020.
-6 -10
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
Others 4%
0.0%
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.