Commercial Real Estate – Greater Toronto Area

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OfficeSearchToronto.com tracks available office space across the GTA. Want a survey or availability report somewhere else in Toronto? Are these space too big? Call us at 416-992-9869 or E-mail Me!.

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Ecovert – Company Profile

Ecovert is a full service environmental real estate consulting firm. We provide our clients with practical, sustainable solutions that best match their business needs. Incorporating a holistic approach to the design and construction process, we aim to take full advantage of innovative green technologies and processes, while incorporating the most economical methods.

I had the pleasure of meeting Adolfo Silva for a coffee to discuss the process of “Greening” an office building.  Adolfo has a background in construction and it was obvious he understands the concerns of most landlords these days – capitol improvements.

We also spoke briefly about moving forward with a “Green” plan, something I have been recommending to the landlords I work with.  The concept is to take baby steps forward now so that the expense of going green in the future becomes a more reasonable endeavor.  For example, as suites become vacant the landlord should replace the lights with new LED systems, move to environmentally friendly carpet and use low VOC paint.  I believe most tenants will be searching out green office space exclusively in the future; you might as well start greening your building now and be ahead of the curve.

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Commercial Real Estate Bounces Back

While not a full-blown recovery, sector sees encouraging trends ‘across the country’ in renewed transactions

Canada’s commercial real estate market is on the mend, as an 18-month slump in Toronto has ended and other urban centres are showing signs of renewed activity that suggest the sector has de-coupled from its troubled U.S. counterpart.

After almost two years of flat or declining activity, industry tracker RealNet Canada Inc. said investments in commercial property in the Greater Toronto Area increased by 46 per cent in the third quarter over the second quarter, to $1.31-billion, while the number of transactions increased by 20 per cent.

“This is a statistical sign of a recovery, even if it’s not a full-blown recovery,” said RealNet president George Carras, adding that sales are still only half of what they were going into the recession. “You can’t call a bottom until it’s passed, but this data is positive and very factual – it’s real, hard evidence, and not anecdotal comments.”

More real-estate investors signed deals above the “critical” $10-million threshold. The third quarter saw 27 such deals worth $617-million, nearly double the value in the second quarter, when there were just 17 of those deals worth $313-million, a low point for the recession.

A healthy real-estate sector is considered important because commercial and residential property underpins a significant proportion of the assets of banks, pension funds and other institutions. Troubles in the sector contributed to the demise of some large trust companies in the early 1990s.

CB Richard Ellis vice-chairman John O’Bryan said the Canadian market still faces challenges as corporate tenants negotiate cheaper leases and others abandon warehouses and factories, but the numbers are encouraging as commercial real estate tends to lag the broader economy coming out of a recession. “We’re nowhere near the volumes we were seeing in 2007,” he said, when the value of deals neared $3-billion a quarter in the GTA. “But before things can get better, they have to stop getting worse and start to firm up – and this is what we are seeing.”

While the RealNet data only reflect activity in the GTA, there have been signs of recovery elsewhere and office vacancy rates have stayed below 10 per cent, in contrast to the U.S. where vacancy rates have crept up toward 20 per cent.

“This isn’t a local phenomenon – transaction volume is picking up with each passing week across the country,” Mr. O’Bryan said. “There has been an exponential jump in inquiries to brokers.”

Real estate investment trusts are in a particular position of strength, after raising almost $1-billion in equity in the last year while their main competitors – particularly private buyers – have found capital difficult to obtain. Whiterock REIT, for example, raised about $30-million through bought deals this year and in September took part in an $82-million deal for two office towers in the west end of Toronto.

“We really believe that Canadian commercial real estate is at a good point,” Whiterock CEO Jason Underwood said. “The headlines have been so negative because of the problems in the United States, but Canada is so different from a performance standpoint and we believe there are some good opportunities. There’s excess capacity in the pipelines and that means you’re probably going to see a lot more transactions in the months ahead.”

Patrick Lai of Toronto’s Redcliff Realty Advisers said it’s becoming difficult to justify sitting defensively on cash as quality properties come on the market. Mr. Lai signed a deal in September, buying a Markham, Ont., shopping centre for $32-million. “We all know what’s happened this year in terms of the economic crisis, but now we certainly feel this is a good opportunity before everyone else starts to be really interested,” he said.

****

Property transactions

TOTAL VOLUME BY SECTOR, 2009

Residential lots 6.5 % and land 17.6 %

Industrial 25.2%

Office 12.6 %

Apartment 10.0 %

Retail 11.8%

Hotel 2.6. %

ICI* land 13.7 %

*Industrial, commercial and institutional

THE GLOBE AND MAIL / SOURCE: REALNET CANADA INC.

© The Globe and Mail

http://www.globeinvestor.com/servlet/story/GAM.20091019.RCOMMERCIAL19ART1941/GIStory/

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New Office Buildings in Toronto Already 70% Leased

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The new office buildings in Toronto are already 70% leased!  The vacant space still left over will only add 1.2% to the Downtown vacancy rate.  If this were to happen today the total vacancy rate would only increase to 6.4%.  Most commercial real estate experts suggest the tipping point between a Landlord and Tenant market is between 8 – 10% – by my numbers we’re still in excellent shape to weather this storm.

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Midtown Toronto Commercial Real Estate

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If you would like floor plans or to arrange a tour for any of these office space please E-mail Me or call 416-992-9869. Remember, our services are free to you, the Tenant, until we find the right office space and then our fees are paid by your new landlord!

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Dundee GTA Toronto Commercial Real Estate October 2009

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Downtown West Toronto – Less than 3000 sf

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If you would like floor plans or to arrange a tour for any of these office space please E-mail Me or call 416-992-9869. Remember, our services are free to you, the Tenant, until we find the right office space and then our fees are paid by your new landlord!

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Bentall Commercial Real Estate – October 2009

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Colliers Office Statistics – GTA

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Commercial Real Estate – Adgar Properties

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