Toronto North and East Office Market Report

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Toronto North and East Office Market Report First Quarter 2019 / Office Market Report Toronto North & East Quick Stats Leasing activity in the Toronto North its downward trend, dropping 30 bps 9.2% and East office markets started 2019 on during the quarter (the fourth consecutive North Yonge class A office a positive note, building on the overall quarter with a drop), but has risen 50 bps vacancy rate success of 2018. Collectively, occupancy year-over-year to 6.7%. The North market’s levels increased by 85,000 square feet (sf) most notable lease transactions during 34% with class C buildings marginally making up the quarter were in North Yonge, where Hwy. 404 & Steeles sublet the bulk of the gain. Quarter-over-quarter, Questrade consolidated operations from two available space as a percentage availability declined by 40 basis points (bps) buildings into one and extended its lease at of total available space to 11.3% while overall vacancy fell 40 bps Manulife’s North American Centre (105,000 to 7.1%. The amount of space on the sublet sf) and tech firm Alithya Technology leased a market increased by almost 250,000 sf full floor in RioCan’s 2 Sheppard Ave. E. 88,227 sf quarter-over-quarter, offering nearly 920,000 Sublet available area in Toronto After years in flux, Menkes Developments sf – mainly credited to new offerings in the North, vs. 829,143 sf in has reached a settlement with the City of Toronto East East market. Toronto for its development at 4800 Yonge Toronto North saw occupancy levels fall by St. (at the southwest corner of Yonge St. 11,035 sf during the first quarter, continuing and Sheppard Ave.). Recently ratified by the 2 a trend of shrinking occupied area for a Local Planning Appeal Tribunal to gain the Buildings with largest contiguous available area greater than fourth consecutive quarter. Vaughan was the zoning bylaw amendments needed for site 100,000 sf in Toronto East, vs. six only submarket of the North’s six nodes to plan approval, the development moves a one year ago see positive occupancy change (+19,841 sf), step closer to realization. The settlement all of which was in class A buildings. Overall incorporates some building modifications, availability rose 20 bps quarter-over-quarter including almost doubling the office $37.60 psf to 10.4%, but is down 20 bps from the same component from 91,160 to 161,459 sf. Total estimated direct gross quarter one year ago, further demonstrating Menkes had purchased the site, which sits at rental rate for class A space in Toronto North vs. $31.87 psf in the relatively flat leasing in the North market the last remaining surface parking lot at the Toronto East over the last year where any advances in intersection of two subway lines in Toronto, absorption were negated by returning for $12.7 million in 2015 from Oxford space to the market. Vacancy also continued Properties. Partnership. Performance. avisonyoung.ca Toronto North & East First Quarter 2019 / Office Market Report 11.7% $20.49 psf 58,543 sf Overall availability rate in Average asking class A net Total office area under Toronto East, vs. 13.8% one rent in the Vaughan node construction in Toronto year ago East Toronto North Occupancy Costs - All Classes Toronto East Occupancy Costs - All Classes $40 $40 $35 $35 $30 $30 $25 $25 $20 $20 $15 $15 $10 $10 $5 $5 $0 $0 Net Asking Rent (Avg. $psf) Additional Costs (Avg. $psf) Net Asking Rent (Avg. $psf) Additional Costs (Avg. $psf) Partnership. Performance. avisonyoung.ca Toronto North & East First Quarter 2019 / Office Market Report On the development front, while no for 30,300 sf at The Remington Group’s buildings were completed during 10 Aviva Way in Markham’s new the quarter in the North market, five downtown for an R&D effort. Vaughan was the only buildings are now under construction, On the new supply front, construction submarket of the North’s with the commencement of 5 has commenced at Canada’s first six nodes to see positive Shoreham Dr. in North York. The 86,376 net-positive energy office building occupancy (19,841 sf), all sf building is slated for completion (Howland Green Business Centre) at of which was in class A in 2021 and will be the new home of 200 Cachet Woods Crt. in the Highway buildings. the Toronto and Region Conservation 404 & Highway 7 node. The building is Authority. The four-storey building planned to produce more energy than will be of mass timber construction it will consume when fully operational. and have several green features. Six The three-storey, 59,000 sf building buildings are in the preleasing phase is 80% preleased and expected Toronto North & East with the potential to add more than completion is targeted for December Overall Availability & Vacancy Trends 1.1 msf to the North market if built. 2019. Northwest Healthcare Properties 16% In Toronto East, occupancy levels has leased to Lakeridge Health 30,000 14% continued to build on the success of sf (a 50% interest) in a planned medical 12% the last couple of years – most notably office project at 2580 Brock Rd. in 10% 8% in class A and C buildings during north Pickering. Completion is targeted 6% the first quarter of 2019. Occupancy for early 2021, and will add 30,000 sf of 4% rose by 96,000 sf during the quarter, available space to the Pickering node. 2% with five of the market’s seven nodes 0% Investment sales during the first 2015 2016 2017 2018 YTD recording positive and varied net Q1'19 quarter of 2019 started at a slower North Availability East Availability absorption, while Don Mills & Eglinton than normal pace in the Toronto North North Vacancy East Vacancy and Scarborough both dipped into and East markets. However, Davpart negative territory. Availability across Toronto North & East purchased Warden City Centre (3760 all building classes dropped 60 bps Overall Absorption Trends & 3762 Fourteenth Ave.) in Markham quarter-over-quarter to 11.7% and from the Insurance Corporation of 700 is down 210 bps year-over-year, British Columbia for $26.5 million 600 attributed to steady absorption ($208 psf) at an estimated 6.2% 500 throughout the last year – notably capitalization rate, taking the title 400 in Consumers Road and Duncan Mill of the largest suburban trade thus 300 during the first quarter of 2019. Overall far in 2019. Several significant assets (thousands) 200 sf vacancy followed availability over the including Slate’s 225 Duncan Mill Rd. 100 past year, ending the first quarter at (159,877 sf), Unifor’s 205 Placer Crt. 0 7.3% and dropping 60 bps during the (45,000 sf) and Crown’s three towers at -100 quarter and 200 bps year-over-year. 2015 2016 2017 2018 YTD 675 Cochrane Dr. (totaling 380,850 sf) Q1'19 The East market’s sublet availability had been put on the market for sale North East rate spiked at 2.6% to end the first during the first quarter of 2019. These quarter, rising 70 bps attributed to offerings demonstrate the appetite Toronto North & East 200,000 sf (Nielson sublet) coming to Overall New Supply Trends for investment office product in the market at 150-160 McNabb St. in the market from the landlord community. 700 Highway 404 & Steeles node. As a final note, the long-awaited sale 600 Notable first-quarter deals were of Celestica’s Toronto campus was 500 concentrated in the Highway 404 announced during the quarter. The 400 & Highway 407 node and included 60.5-acre site at 844 Don Mills Rd. and 300 (thousands) Qualcomm renewing and right-sizing 1150 Eglinton Ave. E. in North York sf 200 to 75,000 sf at Northam’s 55 and 105 was purchased by the Condrain Group 100 Commerce Valley Dr. W. (returning for $348 million and is slated for an 0 20,000 sf to the market); Combined intensive mixed-use redevelopment to 2015 2016 2017 2018 YTD Q1'19 Insurance Co. of America signing a be built in phases in the coming years. North Completions East Completions lease for 30,900 sf at 150 Commerce Current plans call for almost 645,000 sf North Under Construction East Under Construction Valley Dr. W.; and Huawei inking a deal of new office space. Partnership. Performance. avisonyoung.ca Toronto North & East First Quarter 2019 / Office Market Report Toronto North and East Market Summary Change in Availability Trend Vacancy Trend New Supply (000's of sf) Occupied Area (000's of sf) 12 Months 3 Months Current 12 Months 3 Months Current Current YTD Under YTD Preleased Ago Ago Quarter Ago Ago Quarter Quarter Completions Construction Toronto North 10.6% 10.2% 10.4% 6.2% 7.0% 6.7% -11 -11 0 625 74% Toronto East 13.8% 12.3% 11.7% 9.3% 7.9% 7.3% 96 96 0 59 0.0% Comparison of Leasing Options for Tenants – Toronto North Available Space Availability Rate Buildings with largest Office Space at Selected Buildings with more than Number of spaces between No. of Bldgs. contiguous available area Direct % Sublet % Total % Nodes 50,000 sf 4,000 sf and 8,000 sf greater than 50,000 sf North Yonge 39 9 3 23 11.5 0.6 12.1 Richmond Hill 3 0 0 0 5.7 0.0 5.7 Vaughan 46 2 1 9 6.1 1.1 7.2 Comparison of Leasing Options for Tenants – Toronto East Available Space Availability Rate Buildings with largest Office Space at Selected Buildings with more than Number of spaces between No.
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