Canadian Office Space Market

[taal]

Wasn't there another rumor floating around about a tenant for the ICE office tower ? Or was that just confusion with the other office tower nearby.

Any news on the other projects ? BA or Oxford's ?

[Surrealplaces]

Originally Posted by caltrane74

I think this thread needs a better name?

Great Canadian Office Development and Leasing thread??

Or does the first page article prevent that?

I agree. it should be an ongoing thread. Either that or everyone enters updated info the second quarter of each year

[Surrealplaces]

From the Calgary thread: Another 700k of office space absorbed in Q1 of 2012

Originally Posted by Spring2008

Another 700,000square feet of city-wide absorption in Q1 2012. Downtown Vacancy sitting at 3.3%. AA vacancy sitting at 0.2%(only 20,000 feet left-better scoop it up fast).Over 8 million square feet absorption since Q4 2009.


One thing I found interesting is that Avison Young has Herald Square listed as 1.3million square feet, which is larger than the original proposal by 200,000 square feet!!

http://www.avisonyoung.com/sites/def...0Q1%202012.pdf

Edit-I can't remember if the original HS proposal was 1.1 or 1.2 million s feet....

[caltrane74]

BAC (In Toronto) which has the same basic design as Herald Square is 1.1 million square feet, but I believe it has a slightly larger footprint.

1.3 would put it at 55 to 58 floors, I'm assuming.

[Surrealplaces]

Originally Posted by caltrane74

BAC (In Toronto) which has the same basic design as Herald Square is 1.1 million square feet, but I believe it has a slightly larger footprint.

1.3 would put it at 55 to 58 floors, I'm assuming.

That's what I'd like to see. Brookfield bought the rest of the block and thus there is some speculation that it might be two buildings

[WhipperSnapper]

BAC has the same commonplace shape as Herald Square however, the proposed curtain wall finish is quite different.

[Coldrsx]

Originally Posted by Surrealplaces

From the Calgary thread: Another 700k of office space absorbed in Q1 of 2012

Jesus

[Spring2008]

Originally Posted by WhipperSnapper

BAC has the same commonplace shape as Herald Square however, the proposed curtain wall finish is quite different.

About a month or two ago Brookfield acquired the adjacent parkade and announced that they`re holding an international design competition with the increased flexibility they have with the additional space. Bye-Bye glass box design!

[Doug]

Originally Posted by Coldrsx

Jesus

Yeap balls to the wall in Cowtown again

[taal]

There's a report regarding Toronto's office market in Q1 as well. Quite different: Essentially no growth in the core or midtown market, actually a little (granted very little) contraction i.e. more sublet space. I think this is the first time in 1 year this has happened.

905 Suburbs did a little better.

[caltrane74]

A successive string of positive results finally turned negative for Toronto's downtown and midtown markets. Midtown closed out the first quarter of 2012 with availability and vacancy rates of 7.7% and 6%, respectively. After falling to a four-year low of 4.9% at year-end 2011, the vacancy rate in downtown Toronto climbed 40 bps to settle at 5.3%. Coincidentally, availability decreased by the same measure, closing the three-month period ending March 31, 2012 at 7.6%.

Argeropoulos continues: "With respect to the downtown market, it was only a matter of time before we saw a slackening in the pace of demand levels, due to the shuffling of tenants among the existing and recently-completed office towers. One quarter does not signal a trend, as Toronto's downtown market is one of the healthiest in North America, characterized by continued low vacancy rates and upward pressure on rents. We continue to see the confidence in the marketplace via a steady pipeline of tenant mandates for various space requirements, as well as a number of new developments that have been - or are about to be - announced."

http://news.google.com/news/url?sa=t...ng-strong-2011

[taal]

Thanks!

Honestly total available space is more interesting ... so in reality less space is available.

The very low 4/5% vacancy rates you usually see quoted for Canadian cities is direct vacancy i.e. does not include sublets. That's why in Toronto for example the real rate is closer to 7/8%, similar story in the other cities.

[Ramako]

http://business.financialpost.com/20...wer-onslaught/

Toronto braces for new office tower onslaught

Rumours continue to swirl that Brookfield Office Properties will begin a new round of aggressive building in the country’s largest office market with an announcement that it will go ahead with the second tower for its Bay-Adelaide Centre which provided much of the impetus for a round of construction when its first tower was announced in 2006.

Accounting and consulting firm Deloitte Canada is said to be the big fish Brookfield is courting for its second tower while the CPP Investment Board is said to be looking for as much as 180,000 square feet of space.

...

“You can feel the wave building by the day,” says Mr. Moore, about new construction. “I think in the next 60 days we are going to have announcements that will probably surprise a lot of people.”

[Nouvellecosse]

I would be really excited about that if I wasn't so scared that the second tower is going to be identical to the first.

[LeftCoaster]

There will likely be 2-3 150-200m office towers announced for Tonroto over the next several months.

They are already known on these forums though so don't expect any new projects.

[Innsertnamehere]

so hopefully that means that that Bay Adelaide centre 2, Richmond Adelaide centre 3, and the Ice condos office building (I forget the exact name) will be going through. that would be amazing... and leaving that much less space downtown for a really tall building lol, even a 250m office building would make me happy.

[LeftCoaster]

^16 York.

And ya that's about the rundown, plus the Menkes 90 harbour tower which is likely to be built on spec.

[Ramako]

Now I'm all excited about 100 Adelaide West again. Looking at the renderings, I find it amazing that, despite its size, it will make no impact on the skyline from virtually any direction. I guess that speaks to the extreme density of Toronto's CBD.

[WhipperSnapper]

Originally Posted by Nouvellecosse

I would be really excited about that if I wasn't so scared that the second tower is going to be identical to the first.

Last I heard it will be a twin. There are many things far worse than a twin of Bay Adelaide. The architecture won't win awards however, the quality is there (especially at street level). The third tower is a go as well so it will be satisfying to finally see an end to the 20 plus years of chain link fences and gravel in the heart of downtown Toronto.

[WhipperSnapper]

100 Adelaide is least likely to break ground with Oxford already invested in Waterpark 3. I think it will take several years of sustained activity for it's chances to favourable.