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DOWNTOWN OFFICE SURVEY Hamilton, Ontario

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DOWNTOWN OFFICE SURVEY Hamilton, Ontario 2017 DOWNTOWN OFFICE SURVEY Hamilton, Ontario Prepared by: Mr. David H. Blanchard, B.A., CCIM, S.I.O.R., CPM. President, Blair Blanchard Stapleton Limited & Mr. Evan J. Apostol, B.Comm Sales Representative, Blair Blanchard Stapleton Limited Effective Date: December 31st 2017 DISCLAIMER: ANY REPRODUCTION AND/OR DISTRIBUTION OF THIS MATERIAL OR INFORMATION THEREFROM IS STRICTLY FORBIDDEN UNLESS PRIOR WRITTEN APPROVAL IS RECEIVED FROM MR. DAVID H. BLANCHARD, PRESIDENT, BLAIR BLANCHARD STAPLETON LIMITED, 701 MAIN STREET WEST, SUITE 101, HAMILTON ONTARIO L8S 1A2 PHONE 905 529 5900 FAX 905 529 7474 Table of Contents Introduction General ...................................................................................................................................................... ii Assumptions .............................................................................................................................................. ii Summary .................................................................................................................................................... ii Buildings 21 King Street West ................................................................................................................................... 1 1 King Street West, Commerce Place, Phase 1 .......................................................................................... 2 120 King Street West, Standard Life Centre .............................................................................................. 3 110 King Street West, Robert Thompson Building .................................................................................... 4 5 100 King Street West ................................................................................................................................. 5 1 James Street North, Bank of Montreal Pavilion ..................................................................................... 6 One Main Street West ............................................................................................................................... 7 5 One Hunter Street East .............................................................................................................................. 8 4 Hughson Street South, HSBC Bank Building ........................................................................................... 9 5 25 Main Street West ................................................................................................................................ 10 5 One James Street South .......................................................................................................................... 11 5 20 Hughson Street South, Union Gas Building ........................................................................................ 12 35 King Street East, Right House ............................................................................................................. 13 31 King Street East, Hughson Centre ....................................................................................................... 14 5 21 Hunter Street East .............................................................................................................................. 15 77 James Street North, Hamilton City Centre ......................................................................................... 16 5 105 Main Street East, Effort Square ........................................................................................................ 17 119 King Street West, The Ellen Fairclough Building ............................................................................... 18 25 Charlton Avenue East, Charlton Centre .............................................................................................. 19 123 James Street North ........................................................................................................................... 20 5 69 John Street South ............................................................................................................................... 21 5 180 James Street South ........................................................................................................................... 22 1 Young Street, Hamilton Medical Arts Building ..................................................................................... 23 Appendix A: Summary Table Appendix B: Timeline Graph i Introduction General Data for this study was compiled from major office complexes in the Downtown Core of Hamilton Ontario. Sources of data includes building representatives, tenants, and/or MLS / Market listings. All information in this study was taken from reliable sources and is adjudged to be correct but is not guaranteed. Scope The focus of this survey is mid-to large scale Class ‘A’ and ‘B’ office buildings in the downtown core of Hamilton. For this reason, the following buildings are omitted from the survey: Buildings with a Gross Leasable Area of less than 20,000 square feet; Public/government buildings such as: o David Braley Health Sciences Centre located at 100 Main St W; o Federal Building located at 55 Bay St N; o Lister Block located at 50 James St N; o Hamilton City Hall located at 71 Main Street West; Any building that is privately held, but not available for lease on the open market (such as owner occupied buildings); Similar non market-driven buildings. Assumptions Vacancies shown are typically an aggregate of multiple suites unless otherwise specified. Space available directly from landlords is shown as a separate item within the survey (“Direct”). Space that is available for sublease and space that is currently being subleased is shown as a separate item (“Sublease”). Rates quoted are building asking rates and not sub-lease rates. Space that will be vacated based on a firm tenant commitment elsewhere is included in the total building vacancy, and space that will be occupied based on a firm commitment will be omitted from the total building vacancy. Summary Number of Buildings Surveyed .................................................................................................................... 23 2,876,451 Total space available directly from Landlords .................................................................................... 616,681 Total subleased space .......................................................................................................................... 18,081 Total vacant space (including subleased space) ................................................................................. 634,762 Percentage total direct vacancy .......................................................................................................... 20.97% Subleased space as a percentage of total market ................................................................................. 0.61% Percentage total vacancy (including subleased space) ....................................................................... 21.59% ii 21 KING STREET WEST Building Info: Year Built / Renovated: Built 1991 Rentable Area (RSF): 194,540 Full Floor Size (RSF): 12,417 Vacancy Info: Direct (RSF): 40,748* Sublease (RSF): None. Percentage Vacant: 20.95% Current Rental Rates: Type of Lease: Net Net Rental Rate: $14.00 per Rentable Square Foot Additional Rent: $12.30 per Rentable Square Foot (estimate for 2018) Remarks: One of the few class “A” office buildings in the downtown core. Ideally situated just off the intersection of King and James Streets. Underground parking available. Ample surface parking nearby. Suites feature many windows, great views and natural light. * Notable Vacancies: Ground Floor: 7,031sf + 2nd Floor: 14,774sf page 1 COMMERCE PLACE, Phase 1 1 King Street West Building Info: Year Built / Renovated: Built 1985 Rentable Area (RSF): 185,091 Full Floor Size (RSF): 11,478 Vacancy Info: Direct (RSF): 26,490 Sublease (RSF): None. Percentage Vacant: 14.31% Current Rental Rates: Type of Lease: Net Net Rental Rate: $10.00 - $12.00 per Rentable Square Foot Additional Rent: $18.00 per Rentable Square Foot (estimate for 2018) Remarks: Major tenant C.I.B.C. page 2 120 KING STREET WEST Building Info: Year Built / Renovated: Built 1983 Rentable Area (RSF): 477,265 Full Floor Size (RSF): 40,000 Vacancy Info: Direct (RSF): 124,360 Sublease (RSF): None. Percentage Vacant: 26.06% Current Rental Rates: Type of Lease: Net Net Rental Rate: $10.00 per Rentable Square Foot Additional Rent: $16.00 per Rentable Square Foot (estimate for 2018) Remarks: Phase IV of Lloyd D. Jackson Square Complex. Atrium design featuring column-free floorplates. Full elevator moderization completed. Common washrooms recently renovated. page 3 ROBERT THOMSON BUILDING 110 King Street West Building Info: Year Built / Renovated: Built 1976 Rentable Area (RSF): 170,797 Full Floor Size (RSF): 20,500 Vacancy Info: Direct (RSF): 28,349 Sublease (RSF): None. Percentage Vacant: 16.60% Current Rental Rates: Type of Lease: Net Net Rental Rate: $10.00 per Rentable Square Foot Additional Rent: $16.00 per Rentable Square Foot (estimate for 2018) Remarks: Phase II of Lloyd D. Jackson Square Complex, featuring column free floorplates. Full elevator modernization underway. page 4 100 KING STREET WEST Building Info: Year Built / Renovated: Built 1972 Rentable Area (RSF): 375,889 Full Floor Size (RSF): 16,500 Vacancy Info: Direct (RSF): 162,070 Sublease (RSF): 18,081 Percentage Vacant: 47.93% Current Rental Rates: Type of
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