Office Submarket Dashboard: Yonge & St. Clair SUBMARKET INDICATORS
Q3-09
MAP OF SUBMARKET
Q2 2009
Q3 2009
Office Inventory*
2,853,211
2,853,211
Net Absorption
16,648
(21,133)
Vacancy Rate
1.3%
2.7%
Average Asking Net Rent
$16.94
$17.02
Average Additional Rent
$18.78
$19.11
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 37 office buildings surveyed in this submarket.
AVAILABLE SUPPLY SPLIT Sublease
Direct
Sublease as % of Total Available
AVAILABLE SPACE OPTIONS
250,000
75%
Number of units on the submarket by size brackets
65%
Square Feet
200,000
55% 45%
150,000 100,000
0 - 4k sf
4k - 10k sf
10k - 20k sf
20 - 50k sf
50k - 100k sf
100k sf +
32
10
3
2
0
0
# of units**
35%
** Counting smallest divisible units in existing buildings and buildings which are under construction.
25%
RECENT TRANSACTIONS Q3 2009
15%
50,000
TOP Office Lease Transactions by Size
5%
Address
0
Suite
-5%
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Not Avail. Office Space
Tenant
TOP Office Sale Transactions by Price
Gross Rent
$45
Date
Address
Price
Vendor
Purchaser
Size
$/PSF
2,000,000
$33.45
$40
No transactions took place during this period.
1,800,000
$41.12
OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES
1,600,000
$35
1,400,000
$30
1,200,000
$31.79
$25
1,000,000 $20
Sq. Ft.
Gross Rent $/Sq. Ft.
Landlord
No transactions took place during this period.
Q3 2009
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Sq. Ft.
800,000 $15
Professional Services 24%
Finance 15%
600,000
$10
400,000
$5
200,000
$-
-
Manufacturing & Distribution 10%
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.
Data,Publishing, Broadcasting Services 8%
18 MONTH TREND Absorption
Asking Net Rent
Public Service & Private Sector Services 41%
Others 2%
Vacancy Rate
9.0% 17
$17.02
TOP PROJECTS UNDER CONSTRUCTION BY SIZE
7.0%
Address
Developer
Sq. Ft.
Anchor Tenant
Est. Com.
13
No construction took place during this period.
5.0% 11
2.7%
9
3.0%
7 1.0% 5 3
-1.0%
1 -3.0% -1
Q2 2008
Q3 2008
Q4 2008
-3
Q1 2009
Q2 2009
Q3 2009 -5.0%
Vacancy Rate
Net Rent $/sf. / Absorption (10,000's)
15
SUBMARKET CHARACTERISTICS * Smallest office submarket of the Midtown office market * Due to small total inventory submarket usually doesn’t have many space options available * Vacancy Rate remains below the 9% threshold and Rental costs are fairly stable due to this fact * Great access to public transit and proximity to local labour force * Most buildings in this submarket have been built between 1960-1990 with some of them being renovated in the 1990s * 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.