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-   -   Canada’s office space vacancy improved in the second quarter (http://forum.skyscraperpage.com/showthread.php?t=192174)

WhipperSnapper Feb 17, 2012 12:11 AM

I would really have to go through the individual buildings to figure the square footages and floorplates sizes but, BMO at the very least covers 4 million square feet in the GTA. Scotia's requirements should be similar.

caltrane74 Feb 18, 2012 2:44 AM

Positive News regarding Toronto vacancy - From the star

• Toronto downtown office vacancy rates up 17.5%
• Office vacancy in Toronto ended the year at 4.7%
• New Office Space south of Financial Core coming online to meet demand
• demand to locate offices downtown, influenced by number of young people
• Young people live downtown, they walk and bike to work
• Companies want to take advantage of this dynamic labour pool
• No interest amoung the young in reverse commuting to the suburbs for work

Read the article here

http://www.thestar.com/iphone/Top%20...rticle/1133309

Innsertnamehere Feb 21, 2012 4:59 AM

I first read that torontos vacancy rates went up 17%, but then i read its at 4%. was the rate at -13% in 2010 or something? If so, how does that work? Are there desks in the elevators, rooftops and lobbies? Lol (i realize its a typo, no worries)

Ramako Feb 21, 2012 6:25 AM

Quote:

Originally Posted by Innsertnamehere (Post 5598878)
I first read that torontos vacancy rates went up 17%, but then i read its at 4%. was the rate at -13% in 2010 or something? If so, how does that work? Are there desks in the elevators, rooftops and lobbies? Lol (i realize its a typo, no worries)

Rents went up by 17.5% last year.

caltrane74 Feb 24, 2012 1:01 AM

Leftcoaster did your boss leave you out of the loop?

From Travis via urbandreamer

Quote:

Originally Posted by Travis
Credit goes to urbandreamer, as he posted this link last night on his Twitter feed: http://twitter.com/#!/urban__dreamer


http://www.realestateforums.com/toro...ry_Lyon_A2.pdf

Scroll down, to about 1/3rd of the .pdf file to the coming office buildings section. States that there will be 1 million sf of office space. Completion is speculated to be 2016/17.

This matches the rumours swirling in the BAC2 thread, about a potential new tower at the SE end of the Eaton Centre.

http://urbantoronto.ca/forum/showthr...811#post601811
Last edited by Travis; Today at 18:40.

This gets Toronto to 34 - 200 meter towers including built/under-construction/proposed/potential development.

WhipperSnapper Feb 24, 2012 2:02 AM

Quote:

This gets Toronto to 34 - 200 meter towers including built/under-construction/proposed/potential development.
You're jumping to conclusions yet again. 700 University (formerly OPG) is around a million five (not a single parking spot either) yet tops out at 80 metres. The Eaton Centre has a massive Yonge Street frontage that can gobble hundreds of thousands of square feet just by adding a few floors.

caltrane74 Feb 24, 2012 2:05 AM

I thought you might say that, but it seems unlikely they could utilize all that Yonge Street frontage without severely encroaching on the interior space of the mall.

WhipperSnapper Feb 24, 2012 2:22 AM

The mall would be largely unaffected either way as whatever gets built will be built overtop the parkade instead of from the ground up. I also think offering 80 to 100,000 square foot plates would make a popular alternative to the boom district offerings by Union. They already have banks leasing space in the complex.

caltrane74 Feb 29, 2012 1:47 PM

http://m.theglobeandmail.com/globe-i...service=mobile

* Scotiaplaza is getting a lot of interest from pension funds across Canada
* OMERS / CPPIB / Alberta Investment Management Council
* Brookfield Asset Management may be forced out due to lack of Tax Free Pension Exemptions on Earnings
* Brookfield will regardless benefit from a high price due to its large Toronto Office Portfolio
* International Investors and Pensions are also eyeing Scotiaplaza

Doug Mar 14, 2012 4:13 PM

http://www.calgaryherald.com/busines...921/story.html

Calgary office market ‘on fire’
Demand for space bucks national trend
By Mario Toneguzzi, Calgary Herald March 14, 2012 10:04 AM


CALGARY — While demand for office space has slowed across most of the country in the first quarter of 2012, it remains ‘on fire’ in Calgary with low supply, according to a report released today by Cushman & Wakefield Canada.

The National Office Trends: First Quarter Report said Calgary’s central business district saw vacancy drop from 9.2 per cent in the first quarter of 2011 to 3.6 per cent in the first quarter of 2012. Class A space in the core is virtually non-existent, with vacancy at a low 1.1 per cent now, said the commercial real estate firm.

It said Class A space in the suburbs also tightened from 9.7 per cent in the fourth quarter of 2011 to 9.0 per cent in the first quarter of this year. The overall vacancy rate, including the suburbs and downtown, dipped from 10.3 per cent last year to 5.8 per cent this year.

Coldrsx Mar 27, 2012 4:01 PM

So Enbridge is taking another 75,000sqft in downtown Edmonton... Manulife Place.

In the past 6 months they have absorbed 223,000sqft!!!

http://www.avisonyoung.com/sites/def...e_Report_0.pdf

240glt Mar 27, 2012 4:12 PM

^ and looking for more, so I hear.

craneSpotter Mar 27, 2012 7:00 PM

Cushman & Wakefield: Pause in GDP Translates to Slowdown in Demand for Office Space in First Quarter


Business Wire
Financial Post
Mar 14, 2012


Quote:

Demand for office space has slowed across most of the country in the first quarter of 2012, according to the National Office Trends: First Quarter Report, released today by Cushman & Wakefield Canada (C&W).

A pause in GDP in the fourth quarter of 2011 has translated into a slowdown in demand strength, and slow growth is likely over the coming quarters.

“While demand has slightly diminished, there appears to be a tilting of the demand axis toward Western Canada,” says Pierre Bergevin, President and CEO, C&W Canada. “The energy and resource sectors are driving this demand, and in turn have put some upward pressure on rental rates in Vancouver, Edmonton, and Calgary.”
Quote:

Vancouver

Vancouver’s central and suburban office markets continued to show intense demand in the first quarter of this year. Vacancy in the central business district dropped from 3.7% in Q4 2011 to 3.5% in Q1 2012. Class A vacancy in the city’s core, already at an extremely low 2.8% in Q4 2011, has dipped to just 2.4% in Q1 2012.
Quote:

Calgary

Much like Vancouver, Calgary’s office space is in high demand, and with low supply. Year-over-year, Calgary’s central business district saw vacancy drop from 9.2% in Q1 2011 to just 3.6% in Q1 2012. Class A space in the core is virtually non-existent, with vacancy at a low 1.1% in Q1 2012.
Quote:

Edmonton

Activity in Edmonton has been slow but steady in Q1 2012, with modest absorption in the core. The vacancy rate in the central business district experienced only a slight decrease from 8.0% in Q4 2011, to 7.8% in Q1 2012, however, 625,000 sq. ft. of new space was added to the market in Q4 2011, which was a factor in the increase.
Quote:

Winnipeg

The overall vacancy rate in Winnipeg's CBD office market ended in the first quarter of 2012 at 7.5%, a 0.5 percentage point decrease from the end of 2011. Winnipeg’s overall vacancy rate dipped by nearly half a point from 8.8% in Q4 2011, to 8.4% in Q1 2012.
Quote:

Toronto

Although vacancy in Toronto’s central market is extremely tight, with limited existing options, the rate did climb slightly from 4.9% in Q4 2011 to 5.0% in Q1 2012. Vacancy in the suburbs remained flat for the most part, though Class A space vacancy dropped from 8.5% in Q4 2011 to 8.3% in Q1 2012.
Quote:

Ottawa

On a year-over-year basis, Ottawa’s overall vacancy rate declined by 0.5%, from 7.9% in Q1 2011, to 7.4% in Q1 2012. On a quarterly basis, rates rose slightly from 7.1% in Q4 2011 to 7.4% in Q1 2012.
Quote:

Montreal

Activity in Montreal as a whole remained flat, aside from a slight dip in Class A CBD space from 6.6% in Q4 2011 to 6.2% in Q1 2012. One year prior, however, Class A vacancy in the CBD was over a full point higher at 7.3%. This indicates that demand for quality space in Montreal continues to be strong so far in 2012, despite a slowing in activity.
link to whole article

PoscStudent Mar 27, 2012 9:01 PM

Quote:

St. John’s

Though overall vacancy rates in St. John’s increased slightly from 3.3% in Q4 2011 to 3.7% in Q1 2012, this still represents a decrease in vacancy year-over-year. In Q1 2011 the overall vacancy rate in St. John’s was 4.1%.

In the suburbs, year-over-year vacancy witnessed a decline from 5.7% in Q1 2011 to 4.8% in Q1 2012. At 3.3% overall vacancy, St. John’s has the least available space of any of the cities in the report.

“Demand in St. John’s has remained stable in the first quarter,” says Susan Morrison, General Manager, C&W Newfoundland. “Any space that comes to the market is quickly taken up, and pre-leasing activity for the buildings currently being constructed is ongoing and demand for that space is very strong.”
http://www.financialpost.com/markets...678/story.html

Doug Mar 28, 2012 6:49 PM

Calgary soon to outstrip Montreal as office centre

By Allison Lampert, The Gazette March 27, 2012

http://www.montrealgazette.com/busin...#ixzz1qRHR8cZQ

http://www.montrealgazette.com/busin...?size=620x400s


MONTREAL - Driven by a commodities-fuelled boom, Calgary is expected to overtake Montreal as Canada’s second-largest downtown office market after Toronto, commercial real estate executives predict.

“Our expectation is that Calgary is eventually going to surpass what we have in our core,” said Louis Burgos, senior managing director of real estate services firm Cushman & Wakefield in Montreal.

“I would expect it.”

Strong demand by oil companies for large blocks of space in Calgary, combined with nearly a decade-long absence of new office tower construction in downtown Montreal, have narrowed the gap between the two cities over the last six years.

According to Cushman & Wakefield projections, Montreal’s central office inventory will hit 49.2 million square feet in 2016, compared with 48.8 million square feet in Calgary, a gap of just 400,000 square feet. In 2007, Montreal’s central office inventory was larger than Calgary’s by about 10 million square feet, Cushman data says.

Dirt_Devil Mar 28, 2012 8:15 PM

Quote:

Originally Posted by Doug (Post 5644877)
Calgary soon to outstrip Montreal as office centre

By Allison Lampert, The Gazette March 27, 2012

http://www.montrealgazette.com/busin...#ixzz1qRHR8cZQ

http://www.montrealgazette.com/busin...?size=620x400s

Downtown office market. I would be curious to see the CMA's numbers, where Montréal probably still has a much bigger inventory. Still impressive for Calgary though.

Wooster Mar 28, 2012 8:22 PM

http://farm3.static.flickr.com/2722/...328ea84ee3.jpg

Interestingly, this building on the left is not considered downtown office inventory (despite being attached to the Calgary Tower). It fronts 10th Avenue, which counts as Beltline inventory (6 million square feet). The building on the right, is 'downtown'.

It's like the Okotoks of downtown office space inventory counts. :cool:

rbt Mar 28, 2012 8:22 PM

Quote:

Originally Posted by Dirt_Devil (Post 5644974)
Downtown office market. I would be curious to see the CMA's numbers, where Montréal probably still has a much bigger inventory. Still impressive for Calgary though.

Montreal almost certainly has more space in total. Old Montreal, Laval, … add a ton to the total space available. Calgary is very centralized compared to the Greater Montreal Area.

It is possible that Calgary has more Class A space than Montreal. Calgary doesn't really have a supply of converted warehouses old smaller office buildings. Much of the space in Calgary is fairly new and for large, growing, and well monied tenants.

MTLskyline Mar 28, 2012 8:28 PM

Hey, it was only a matter of time. Calgary already has taller office buildings and is building more of them.

I bet the mtlurb forumers are taking this news personally. It doesn't take anything away from Montreal when Calgary does well (unlike Toronto in the 70s and 80s which truly gained at Montreal's expense). CP Rail is about the only company I can think of that left Montreal for Calgary.

someone123 Mar 28, 2012 8:50 PM

Quote:

Originally Posted by rbt (Post 5644982)
Montreal almost certainly has more space in total. Old Montreal, Laval, … add a ton to the total space available. Calgary is very centralized compared to the Greater Montreal Area.

It would be interesting to see maps of office space. The office space statistics are typically very limited in a number of ways. For example, the "downtown" areas can be very small and are not necessarily consistent between cities. The statistics are also typically for leased space and it's not clear that leased space makes up the same percentage of office space in all cities.


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