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Review Market Report 2017 Greater Montreal Area

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Review Market Report 2017 Greater Montreal Area YEAR-END OFFICE REVIEW MARKET REPORT 2017 GREATER MONTREAL AREA PAGE 1 2017 YEAR-END REVIEW OFFICE MARKET REPORT | GREATER MONTREAL YEAR-END OFFICE REVIEW MARKET REPORT 2017 GREATER MONTREAL AREA 2017 proved to be a very successful 15.5% to 14.7%. The GMA’s vacancy year for the Greater Montreal Area, rate is expected to tick back up as the Province’s unemployment over the next months, as many rates dropped to unprecedented mixed-use and office projects are lows and the city’s economy currently under construction on thrived in numerous activity and off-island. sectors. Artificial intelligence (AI) stole the spotlight last year, as Overall, the average net rental rates Montreal is becoming a growing in the GMA remained relatively hub for AI. The city is now home unchanged over the past year, to AI research laboratories from hovering around $14.00 per square Microsoft, Facebook, Google, foot (psf) for all office classes, while Samsung and Thales, and local- the additional rates remained in based AI players such as Element the vicinity of $13.00 psf. However, AI keep on expanding at a the gap between rental rates in drastic pace. The metropolitan the Downtown core and the other area maintained the sustained submarkets remains significant, as economic growth witnessed over net rental rates in the central areas the past years in 2017, leaning are closer to $17.00 psf and the towards an optimistic outlook for additional rents are approaching the years to come. $18.00 psf. From an office market perspective, The demand for quality office there has been a healthy decrease space in the Downtown Core is in available space, slightly shifting improving. This trend is observable the market in favour of landlords. at Maison Manuvie, which was Vacancy dropped to 12.8 % at the inaugurated last November by end of 2017, as nearly 1.7 million Ivanhoé Cambridge and Manulife. square feet (msf) of office space The prestigious $220 million were absorbed over the past 12 property already shows an 83% months. During the same period, occupancy rate, with only the the Laval submarket has seen the top three floors left available. The most significant vacancy drop, as insurance company occupies the rate decreased from 16.8% to 260,000 square feet (sf) on eleven 14.8%. The Midtown submarkets floors. Manulife will soon be joined recorded the second strongest by Ernst & Young and Boralex, who activity in the Greater Montreal will be relocating to the building Area (GMA), with a vacancy over the course of 2018. decrease of 80 basis points, from Image Credit: Avison Young Québec Inc. Young Image Avison Credit: 2017 YEAR-END REVIEW OFFICE MARKET REPORT | GREATER MONTREAL PAGE 2 YEAR-END OFFICE REVIEW MARKET REPORT 2017 GREATER MONTREAL AREA SID LEE AT PLACE VILLE MARIE Located in the banking halls of the lobby and on the mezzanine levels, the new Sid Lee campus at Place Ville Marie will consist of office spaces specifically designed to meet the needs of the agency’s multidisciplinary creative teams. Image Credit: Ivanhoé Cambridge ALL EYES ON PLACE VILLE MARIE 2017 announced a major wind Ivanhoé Cambridge also Moreover, 1 Place Ville Marie will of change for Place Ville Marie. announced the complete also be home to creative agency The Royal Bank of Canada (RBC) revitalization of the Place Ville Sid Lee as of 2019. Sid Lee signed announced that they have signed Marie Esplanade as part of its a long-term lease for 61,000 sf a long-term lease agreement with vision for downtown Montreal, previously occupied by the RBC Ivanhoé Cambridge for their known as “Projet Nouveau to accommodate 350 employees. premises at 1 Place Ville Marie, Centre.” The construction should Ivanhoé Cambridge partnered under which RBC will invest in be completed by 2019. Ivanhoé with Sid Lee Architecture for the renovations to its premises. RBC’s Cambridge will invest nearly $200 conception and the design of plans include the renovation of million in the project, which will the new premises. Located in the selected areas, and the relocation feature an elegant glass pavilion in banking halls of the lobby and on of some operations to purpose- the centre of the plaza and a vast the mezzanine levels, the new Sid built office space on the concourse staircase connecting the Place Ville Lee campus at Place Ville Marie will level, providing RBC with excellent Marie Esplanade to McGill College consist of office spaces specifically visibility at street level as well as Avenue, opening the artery designed to meet the needs of the in the underground pedestrian all the way down to the newly agency’s multidisciplinary creative network. RBC was the first tenant redeveloped Fairmont Queen teams. of the tower built in 1962, and Elizabeth Hotel. remains the largest in the building. PAGE 3 2017 YEAR-END REVIEW OFFICE MARKET REPORT | GREATER MONTREAL YEAR-END OFFICE REVIEW MARKET REPORT 2017 GREATER MONTREAL AREA 18.0% 16.0% 1.4% 0.9% 1.5% 1.0% 14.0% 1.5% 12.0% 1.2% 0.8% 10.0% 1.1% 1.2% AVAILABILITY, 1.0% ALL OFFICE CLASSES 8.0% OFFICE SPACE GREATER MONTREAL AREA 6.0% 4.0% 2.0% 8.6% 10.7% 10.3% 9.7% 9.6% 11.9% 14.1% 14.5% 14.7% 14.1% 0.0% Limited Group Altus InSite, : Altus Source Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Direct Available Rate Sublet Available Rate There has been a strong demand owned by Oxford Properties launched in the spring of 2018. iA for high-quality office space in the and Carbonleo in Brossard. The Financial Group announced that South Shore market. Newly-built available area spreads over eight they will also occupy one floor SSQ Tower, located at 1225 Saint- high-quality properties, including of the Place de la Gare Tower, the Charles Street West in Longueuil, newly-built 9150 Leduc Boulevard, first office building of the TOD, in serves as an excellent example an elegant 16-storey tower with late summer 2018, adding to the of the popularity of the sector, as over 64,500 sf of contiguous space insurance company’s presence in Avison Young managed to lease available. The property is home the area. Upon completion, Solar 99% of the building within a year to new Industrial Alliance (iA) Uniquartier will include nearly of its delivery. New occupiers Financial Group offices as well as 500,000 sf of office space. include high-profile tenants such an Alt+ Hotel, the very first of its as Ville de Longueuil, Public Works kind. On the North Shore, Espace and Government Services Canada, Montmorency will break ground Innergex, Jacques Cartier and Across Highway 10 from Quartier in Laval early 2018. The mixed- Champlain Bridges Incorporated DIX30TM, the construction of use project estimated at $500 and EBOX. Solar Uniquartier is progressing. million is expected to be delivered Developed around the future by 2020. The development will With this vibrant success, the Réseau express metropolitain consist of ten buildings reaching Avison Young agency leasing (REM), the transit-oriented up to 20 storeys, surrounding the team was awarded a new landlord development (TOD)’s firstMontmorency subway station and representation mandate for the condominium phase, Magellan bus terminus. The project includes leasing of 154,000 sf of office Condos, already sold 95% of the a 400,000-sf office component and space in Quartier DIX30TM, units, and the second phase of aims for a LEED-Gold certification. the prestigious lifestyle centre the project is expected to be 2017 YEAR-END REVIEW OFFICE MARKET REPORT | GREATER MONTREAL PAGE 4 In terms of investments, the GMA 2018 started with exciting and office market is getting more unexpected news, as Broccolini aggressive. As prices are gradually Construction and Banque increasing and capitalization rates Nationale purchased one of are dropping, several owners are the last prime sites Downtown looking to trade their assets to Montreal from Magil Laurentian benefit from the good market Realty Investments Inc., Laurentian conditions. In comparison with Weloga LP and Desjardins. The other Canadian metropolitan 136,500-sf site located on Robert- areas, Montreal remains an Bourassa Boulevard between Saint- affordable option for local and Jacques and Notre-Dame Streets foreign investors. Even if the was purchased for a whopping recent hikes in interest rates made $100 million, which represents financing slightly more expensive, approximately $740 psf. Several the investment forecast for 2018 projects had been designed for looks promising. The office market the site over the past decade, such saw a drastic year-over-year as Place University-Saint-Jacques increase in investment volumes, and Univers Condos, but it seems peaking at $446 million at mid- none of them could get past the year 2017 from $297 million 12 incubation phase. months before. Class-AA office buildings Downtown Montreal The site will be home to Banque currently trade at capitalization Nationale’s new headquarters, as rates ranging from 4.5% to 5.5%, part of Broccolini’s new, mixed-used as Class-B assets sell at 6% to 6.5%. development. The construction In suburban markets, the overall cost for the new head office is capitalization rates for Class-A estimated at $500 million. The buildings range from 6.5% and 7%, 36-storey tower will break ground as Class-B buildings range from this spring, and is expected to be 7.25% to 7.5%. the largest office development in Montreal over the past 25 years. The most significant sale of 2017 The new complex will aim for was part of the sale-leaseback LEED and WELL certifications upon transaction for the SNC-Lavalin delivery in 2022.
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