Office Submarket Dashboard: Yonge & Eglinton SUBMARKET INDICATORS
Q3-09
MAP OF SUBMARKET
Q2 2009
Q3 2009
Office Inventory*
4,777,559
4,777,559
Net Absorption
71,374
25,178
Vacancy Rate
5.7%
4.8%
Average Asking Net Rent
$14.69
Average Additional Rent
$17.88
Trend
AVAILABLE SPACE OPTIONS Number of units on the submarket by size brackets
# of units**
$14.82
0 - 4k sf
91
$17.93
4k - 10k sf
14
10k - 20k sf
23
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 submarket.
AVAILABLE SUPPLY SPLIT
Square Feet
Direct
Sublease
Sublease as % of Total Available
600,000
60%
500,000
50%
** Counting smallest divisible units in existing buildings and buildings under construction.
40%
400,000
30%
300,000
RECENT TRANSACTIONS Q3 2009 TOP Office Lease Transactions by Size
20%
200,000
10%
100,000
0%
0
Address
Suite
Sq. Ft.
Landlord
Tenant
1881 Yonge St
Suite 710
2,017
Adgar Investments
Exclusive Communications
TOP Office Sale Transactions by Price
-10%
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Date
Address
Not Avail. Office Space
Gross Rent
$40
Vendor
Purchaser
Size
$/PSF
No transactions were recorded during this period
GROSS RENT & AVAILABILITY BY BUILDING BUILDING CLASS CLASS Avail. Office Space
Price
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
2,500,000
$35
$36.07
$31.36
2,000,000
Professional Services 28%
$30 1,500,000
$24.83
$20
1,000,000
$15
Finance 13%
Sq. Ft.
Gross Rent $/Sq. Ft.
$25
Manufacturing & Distribution 16%
$10 500,000 $5 $-
Data,Publishing, Broadcasting Services 7%
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.
Public Service & Private Sector Services 32%
Others 4%
15 MONTH TREND Absorption
Asking Net Rent
Vacancy Rate
17
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
9.0%
Address
$14.82
4.8% 5
5.0%
1 3.0% -3
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009 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
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. * Submarket will benefit from the development of the Metrolinx transportation plan and MoveOntario 2020.
-3.0%
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.