Canadian Office Space Market

[240glt]

LOL.... I'd say it's impressive

[caltrane74]

Originally Posted by Doug

Since this is based on absolute numbers, it is not even remotely impressive. Calgary is far and away the smallest city on that list.

Well surprising because Toronto has not had a surge in demand for corporate office space, yet investment continues in our commercial real estate market.

[WhipperSnapper]

Yeah, how is it not impressive? There are 29 other cities on the list.

[someone123]

It seems impressive to me that Toronto is in the same ballpark as LA, Chicago, Shanghai, or San Francisco. I would not necessarily have expected any Canadian cities to be near the top in the world -- in past decades they probably were not.

Calgary may be getting more investment per capita but I'm not sure why that means nobody's allowed to mention Toronto.

[DizzyEdge]

Calgary has 1/2 the investment of Toronto, even though it's metro is 1/5 the size.

Toronto has more than 1/3 the investment of New York City even though it's metro is almost 1/4 the size.

Now, can't we all get along?

[caltrane74]

Toronto is exactly 1/3 the size of New York.


So we are not outperforming New York, and no we cannot all get along.

[PoscStudent]

St. John's Office Vacancy Rate 'Very Low': Report

New statistics show that office and industrial space vacancy rates have declined to their lowest level in five years in the capital city.
 
Turner Drake & Partners have just released their December 2011 statistics. St. John's total office vacancy rate is the lowest in Atlantic Canada, sitting at 3.53 per cent. Class A space is at 0 per cent, with Class B space following closely behind at 2.78 per cent. Industrial space is also hard to come by in the city, with a total vacancy of 3.32 per cent. Construction permit values nearly doubled from 2009-2010, indicating St. John's has recognized the need for additional space in the market.
 
While these results seem positive for the capital city, the survey also says lack of available space and increasing net rents are discouraging for tenants looking space. Twelve rental surveys were recently conducted throughout the six major city centres in Atlantic Canada.

http://vocm.com/newsarticle.asp?mn=2&id=20650&latest=1

[Surrealplaces]

Calgary top-quality downtown office space heading for zero vacancy

Read more: http://www.calgaryherald.com/homes/C...#ixzz1lit5FtAq

“New office development is likely to be announced in the coming months,” it said.

Read more: http://www.calgaryherald.com/homes/C...#ixzz1litlS5Xb

[caltrane74]

Good news for Calgary, I hope Toronto can share in some of the residuals of Calgary's oilsands growth, with investment in office space for 2012 keeping steady with that of Calgary.

[Coldrsx]

Good news for Calgary.

Curious to see what shakes out for Edmonton given that there are 2-3 players considering a few different options.

[Habanero]

They say a new office development will be announced in the spring. City Center perhaps?

Originally Posted by Surrealplaces

Calgary top-quality downtown office space heading for zero vacancy

Read more: http://www.calgaryherald.com/homes/C...#ixzz1lit5FtAq

[DizzyEdge]

Originally Posted by caltrane74

Good news for Calgary, I hope Toronto can share in some of the residuals of Calgary's oilsands growth, with investment in office space for 2012 keeping steady with that of Calgary.

I'd be curious what percentage of the Toronto financial industry is oilsands related (or simply Canadian energy related in general)

[LeftCoaster]

Originally Posted by Habanero

They say a new office development will be announced in the spring. City Center perhaps?

City Centre will almost certainly be officially announced by the spring, if not sooner.

[Calgarian]

Originally Posted by Habanero

They say a new office development will be announced in the spring. City Center perhaps?

I don't think they were saying any single office development was going to be announced, I get the impression they are hinting that they are expecting a few announcements will be made.

[craner]

Originally Posted by Coldrsx

Good news for Calgary.

Curious to see what shakes out for Edmonton given that there are 2-3 players considering a few different options.

Yes me too - any updates on Manu2?
What are the other likely developments?

[Coldrsx]

Manu 2 - still being worked on behind the scenes... no hint at release but I am thinking 2012 announcement still.

Stationlands 2 - Qualico showed a rendering and permits are basically in place.

Melcor has a 450k tower on an uber prime lot (jasper 102) being marketed that would be ideal for Enbridge

Procura still has 2 sites it could move forward, but I dont see it at the moment.

Oxford staples lot has a rumoured design done of about 400k...

[Surrealplaces]

Originally Posted by Calgarian

I don't think they were saying any single office development was going to be announced, I get the impression they are hinting that they are expecting a few announcements will be made.

That's how I interpreted it. I think EAP Tower II is pretty much a given, and City Center would be a likely second tower to break ground, especially given Leftcoaster's comments.

You never know, things could get crazy and Herald Square could also go.

[Andrewjm3D]

A nice 300m tower would be good for Cow Town, but I'd hate you guys for it.

[shreddog]

Originally Posted by DizzyEdge

I'd be curious what percentage of the Toronto financial industry is oilsands related (or simply Canadian energy related in general)

[Anecdotal]
About 30% of O&G energy financing is done by pure-Calgary based companies, about 50% from Canadian companies based outside Calgary (mainly Toronto) and about 20% international based. For Canadian non-Calgary based and international, the much of the work will be local (most Canadian banks have all their energy/O&G groups based in Calgary), but possibly up to half that work would be in Toronto as lots of the capital funds (pensions) are based there.

Given that, I think you could say that about 20-30% of the O&G related financial work in Canada is done in Toronto with the rest done through Calgary offices. That said, I have no idea how much that relates to the overall Toronto financial industry.
[/Anecdotal]

[TallBob]

I'd be willing to bet Herald Square is gonna be started in a years' time. I think there's already been notices given to some small tennants on that parcel.... I think that's what I heard.