Office Market Dashboard Greater Montréal Area
2014 Q4 MARKET SNAPSHOT
MAP OF MARKET
Indicators
2014 Q3
2014 Q4
Office Inventory*
75,341,982
75,685,245
1
1,096,389
166,486
2
7.3%
7.4%
11.7%
13.3%
$17.06
$17.31
$15.99
$15.89
Net Absorption Vacancy Rate
Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
Trend
p q p p p q
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 563 office buildings surveyed in the Montreal office region.
AVAILABLE SUPPLY SPLIT Direct Avail
1,200
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
1,000 SF (10,000's)
* Population of over 3,957,700 which is approximately half the population of the province of Québec * The GMA has the highest population in the province of Québec. It is the second largest city in Canada and largest in Québec. * Montréal is an important centre of commerce, finance, industry, world affairs, and is the headquarters of the Montréal Stock Exchange * Its economy is largely focused on service-based business, which employs 81% of the population
Sublease % of Total Avail.
800 600 400 200
0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space $40
2014 Q4
Not Avail. Office Space
$35
Vacancy Rate
Asking Net Rent 20 18
1,000
$17.31
Thousands (SF)
800
14
600
12
400
10 7.4%
200
8 6
(200)
16
2013 Q3
2013 Q4
2014 Q1
(400)
2014 Q2
2014 Q3
2014 Q4
4 2
Asking Net Rent ($) / Vacancy Rate (%)
1,200
Gross Rent $/SF
18-MONTH TREND
3,500
$27.38
$25
3,000 $26.48
2,500
$20
2,000
$15
1,500
$10
1,000
$5
500
$-
0 Class A
Class B
Class C
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class. Quoted asking rents are based on a 5 year deal with TI's of $25.00 Class A, $20.00 Class B & C.
RECENT LEASE TRANSACTIONS
0
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
6
4,000
$37.49
$30
Absorption
Gross Rent
SF (10,000's)
Sublease Avail
MARKET CHARACTERISTICS
8851-8885, aut. Transcanadienne TELUS
185,670
1500, rue University
L'Oréal
97,479
5001-5003, rue Levy
Alstom
69,646
1, place Ville Marie
Blakes Services Inc.
59,000
2280, boul. Alfred-Nobel
Genetec
53,495
La Tour Deloitte
26 storeys
495,067
3500, rue Saint-Jacques
7 storeys
227,900
Tour SSQ
12 storeys
215,000
UNDER CONSTRUCTION
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Market Dashboard Downtown
2014 Q4 MARKET SNAPSHOT
MAP OF MARKET
Indicators Office Inventory*
2014 Q3
2014 Q4
49,610,579
49,610,579
1
-94,902
87,323
2
6.1%
6.0%
10.2%
12.7%
$20.79
$21.31
$16.02
$16.63
Net Absorption Vacancy Rate
Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
Trend
tu p q p p p
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 267 office buildings surveyed in the Downtown office region.
AVAILABLE SUPPLY SPLIT
700
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
600 SF (10,000's)
* Home to numerous AAA buildings with quality tenants. * Presence of three major universities, McGill, UQÀM and Concordia. * Shopping district, restaurants, theatres and museums abound. * Many of the office towers in this market were built in the 1960's through to the 1980's, with very few newer towers having been built in the last 10 years
Sublease % of Total Avail.
500 400 300 200
100 0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS 6
Avail. Office Space
2014 Q4
18-MONTH TREND Absorption
Vacancy Rate
Asking Net Rent 25
$21.31 100
20
Thousands (SF)
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
(100)
15
(200)
10
(300) (400) (500)
6.0%
5 0
Asking Net Rent ($) / Vacancy Rate (%)
200
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
$50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $-
Not Avail. Office Space
Gross Rent
2,500
$46.10
2,000 $31.52
1,500 $26.48
1,000 500
SF (10,000's)
Direct Avail
Gross Rent $/SF
Sublease Avail
MARKET CHARACTERISTICS
0
Class A
Class B
Class C
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class. Quoted asking rents are based on a 5 year deal with TI's of $25.00 Class A, $20.00 Class B & C.
RECENT LEASE TRANSACTIONS 1500, rue University
L'Oréal
97,479
1, place Ville Marie
Blakes Services Inc.
59,000
1250, boul. René-Lévesque Ouest PSP Investment Board
23,727
2000, av. McGill College
RGN Quebec VI Limited Partnership
15,735
3400, boul. de Maisonneuve
Sagemcom Canada Inc.
15,030
La Tour Deloitte
26 storeys
495,067
700 Saint-Antoine Street East
6 storeys
82,431
L'Avenue
8 storeys
76,000
UNDER CONSTRUCTION
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Submarket Dashboard Downtown Core
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory*
2014 Q4
33,902,740
33,902,740
1
-84,422
44,967
2
7.2%
7.1%
11.9%
15.4%
$22.01
$22.57
$18.72
$18.50
Net Absorption Vacancy Rate
2014 Q3
Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
Trend
tu p q p p q
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 128 office buildings surveyed in the Downtown Core office region.
AVAILABLE SUPPLY SPLIT Sublease % of Total Avail.
600
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
SF (10,000's)
500 400
300 200 100
0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space $50
2014 Q4
18-MONTH TREND Vacancy Rate
Asking Net Rent $22.57
25
50 20
Thousands (SF)
(50)
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4 15
(100) (150)
10
(200) (250)
7.1%
5
(300) (350)
0
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
Asking Net Rent ($) / Vacancy Rate (%)
Absorption 100
Not Avail. Office Space
Gross Rent
2,000
$46.65
$45 $40 $35 $30 $25 $20 $15 $10 $5 $-
$31.29 $27.88
Class A
6
Class B
1,800 1,600 1,400 1,200 1,000 800 600 400 200 0
SF (10,000's)
Direct Avail
Gross Rent $/SF
Sublease Avail
SUBMARKET CHARACTERISTICS * The Downtown Core, with the largest inventory of office space, offers a highly-skilled and well-educated labour pool. * The Core is home to many of the leading professional office users, as it is the central business district of Montréal. * Limited parking, but quick access to public transit such as the metro, bus, train station and the Montréal's underground walkway. * Easy access to major highways, namely the 720, 20, 15 and 10. Only 20 minutes to P.E.T. International Airport. * Indoor access to over 1,600 shops, restaurants, offices, businesses, museums and universities, as well as metro stations, train stations, bus terminals, and the underground city
Class C
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class. Quoted asking rents are based on a 5 year deal with TI's of $25.00 Class A, $20.00 Class B & C.
RECENT LEASE TRANSACTIONS 1500, rue University
L'Oréal
97,479
1, place Ville Marie
Blakes Services Inc.
59,000
1250, boul. René-Lévesque Ouest
PSP Investment Board
23,727
2000, av. McGill College
RGN Quebec VI Limited Partnership
15,735
1, place Ville Marie
Palos Management
10,216
La Tour Deloitte
26 storeys
495,067
700 Saint-Antoine Street East
6 storeys
82,431
L'Avenue
8 storeys
76,000
UNDER CONSTRUCTION
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Submarket Dashboard Downtown East
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory* Net Absorption
1
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
2014 Q3
2014 Q4
5,961,956
5,961,956
-8,595
-1,654
1.6%
1.7%
3.4%
2.8%
$10.89
$10.38
$13.16
$13.16
Trend
tu p tu q q tu
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 30 office buildings surveyed in the Downtown East office region.
AVAILABLE SUPPLY SPLIT
25
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
20 SF (10,000's)
* Quartier des Spectacles, Montréal's cultural heart, featuring 1 square mile with over 80 cultural venues. * Home to one of Montréal's largest French universities, Université de Québec à Montréal. * 30 performance halls with almost 28,000 seats. The diverse cultural activities of the neighbourhood unfold in indoor venues as well as outdoors, during major events and internationally known festivals
Sublease % of Total Avail.
15 10 5 0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Vacancy Rate
Thousands (SF)
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
(5)
12 10
8 (10) 6 (15) (20) (25)
4 1.7%
2 0
Asking Net Rent ($) / Vacancy Rate (%)
$10.38 2013 Q3
300
$25
14
-
6
$28.52
Asking Net Rent
5
Gross Rent
$30
2014 Q4
18-MONTH TREND Absorption
Not Avail. Office Space
250
$25.61
$22.87
$20
200
$15
150
$10
100
$5
50
$-
SF (10,000's)
Direct Avail
Gross Rent $/SF
Sublease Avail
SUBMARKET CHARACTERISTICS
0 Class A
Class B
Class C
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 2120, rue Sherbrooke Est
Francisation Interglobe Inc.
533, rue Ontario Est
Réseau Canadien des Entreprises 788 d'Entraînement
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
2,400
Office Submarket Dashboard Downtown West
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory* Net Absorption
1
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
2014 Q3
2014 Q4
2,552,035
2,552,035
48,872
16,018
6.1%
3.8%
6.1%
5.5%
$16.00
$16.03
$16.13
$16.13
Trend
tu q q q p tu
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 27 office buildings surveyed in the Downtown West office region.
AVAILABLE SUPPLY SPLIT Sublease Avail
SUBMARKET CHARACTERISTICS
Direct Avail
30
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
25 SF (10,000's)
* Home to one of Montréal's largest English universities: Concordia University. * Access to green spaces, such as Westmount Park and Murray Hill Park in Westmount, one of Montréal's most upscale residential areas. * Proximity to the shopping district and Alexis Nihon mall. *Public transit is abundant, with access to multiple bus and metro lines
Sublease % of Total Avail.
20
15 10
5 0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Not Avail. Office Space
Gross Rent
$40
2014 Q4
$35
6
120
$35.45 $33.32
100
60 50 40 30 20 10 (10) (20) (30) (40) (50)
Vacancy Rate
Asking Net Rent $16.03
18 16 14
12 10 8 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
6 4
3.8%
2 0
Asking Net Rent ($) / Vacancy Rate (%)
Thousands (SF)
Absorption
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
80
$25 $25.50
$20
$15
60
40
$10
SF (10,000's)
18-MONTH TREND
Gross Rent $/SF
$30
20
$5 $-
0 Class A
Class B
Class C
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 3400, boul. de Maisonneuve
Sagemcom Canada Inc.
15,030
1500, av. Atwater
Club Med Sales Canada Inc.
7,504
1500, av. Atwater
Northwest Atlantic (Canada) Inc.
1,644
1500, av. Atwater
Reiss Paper Converting & Sales Inc.
849
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Submarket Dashboard Old Montreal
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory*
2014 Q4
7,193,848
7,193,848
1
-50,757
27,992
2
5.2%
4.9%
9.4%
10.6%
$16.54
$16.80
$16.08
$17.20
Net Absorption Vacancy Rate
2014 Q3
Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
Trend
tu p q p p p
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 82 office buildings surveyed in the Old Montreal office region.
Sublease Avail
SUBMARKET CHARACTERISTICS
Direct Avail
Sublease % of Total Avail.
90
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
80
SF (10,000's)
70 60 50
40 30 20 10 0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
* Booming area as young couples and families move in due to an explosion in the condo market in this submarket and an abundance of hip restaurants, bars and art galleries. More than half of the population speaks both English and French * Proximity to the waterfront, the highway 720 and the metro system * Historic buildings converted into office space and condos * Nearly half of Montréal's government workers operate daily in the Old Montréal * Home to a relatively new multimedia building: the Cité du Multimédia
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space $45
2014 Q4
Not Avail. Office Space
Gross Rent
400
$41.32
$40
350 $35.69
$35
300
Absorption
Vacancy Rate
Asking Net Rent 18
$16.80
Thousands (SF)
100
16 14
50
12 10
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
(50)
(100) (150)
8 6
4.9%
4 2 0
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
Asking Net Rent ($) / Vacancy Rate (%)
150
Gross Rent $/SF
$30
18-MONTH TREND
6
250
$25
$24.45
$20
200 150
$15 $10
100
$5
50
$-
SF (10,000's)
AVAILABLE SUPPLY SPLIT
0 Class A
Class B
Class C
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 55, rue Prince
Entreprise de Communication Tank Inc. 10,572
465, rue Saint-Jean
Fondation Paul Gérin Lajoie
9,000
75, rue Queen
OMSignal
8,871
465, rue Saint-Jean
Creation Diving Horse Ltée
7,355
87, rue Prince
Entreprise de Communication Tank Inc. 5,880
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Market Dashboard Montréal Midtown
2014 Q4 MARKET SNAPSHOT
MAP OF MARKET
Indicators Office Inventory* Net Absorption
2014 Q3
2014 Q4
10,690,152
10,690,152
618,906
2,284
8.3%
8.2%
13.0%
12.0%
$14.01
$14.54
$12.11
$12.08
1
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
Trend
tu q tu q p q
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 100 office buildings surveyed in the Midtown office region.
AVAILABLE SUPPLY SPLIT Direct Avail
Sublease % of Total Avail.
180
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
160 SF (10,000's)
140 120
100 80 60
40 20 0
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
700
$30
Vacancy Rate
Asking Net Rent $14.54
600
14
Thousands (SF)
500
12
400
8.2%
300
10 8
200
6
100
4
-
(100)
16
2013 Q3
2013 Q4
2014 Q1
(200)
2014 Q2
2014 Q3
2014 Q4
2
0
Asking Net Rent ($) / Vacancy Rate (%)
Absorption
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
Gross Rent $/SF
18-MONTH TREND
6
Gross Rent
$31
2014 Q4
600
$30.01
$29
700
Not Avail. Office Space
500
$28
400
$27 300
$26
$25.76
$25
200
SF (10,000's)
Sublease Avail
MARKET CHARACTERISTICS * Consists mainly of older loft-type properties, many of those properties still have to be converted to office space * Well-deserved by transit and highway systems * Easy access to downtown and suburbs * Very popular for start-up companies, digital and new media studios, as well as back office activities * Less-expensive alternative to the downtown market for office users
100
$24 $23
0
Class A
Class B
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 5445, av. de Gaspé
Union des Artistes Inc.
24,500
800, rue de Maisonneuve Est
Société de Transport de Montréal
18,452
4700, rue de la Savane
Landmark Properties Inc.
9,754
101-111, rue de Louvain Ouest
ESKI Inc. (Studio Pixmob)
9,600
4700, rue de la Savane
9209-5256 Québec Inc.
8,497
3500, rue Saint-Jacques
7 storeys
227,900
6666, rue Saint-Urbain
5 storeys
203,575
6650, rue Saint-Urbain
5 storeys
167,345
UNDER CONSTRUCTION
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Submarket Dashboard Centre West
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory* Net Absorption
1
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
2014 Q3
2014 Q4
6,988,424
6,988,424
263,273
27,212
6.4%
6.1%
10.6%
9.5%
$14.63
$14.67
$12.23
$11.69
Trend
tu q q q p q
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 70 office buildings surveyed in the Centre West office region.
AVAILABLE SUPPLY SPLIT
90
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
80
70 SF (10,000's)
* Future home to the McGill University Health Center, Super Hospital, to open its doors in 2014. * Contains one of the most sought-after residential neighbourhoods: Notre-Dame-DeGrâce (NDG) * Numerous educational facilities, including one of Concordia University's campuses and several private high schools * Good connections to public transit: train, metro and bus lines which provide access to the northern and western parts of the city * Easy access to highways 15 and 40
Sublease % of Total Avail.
60
50 40 30
20 10
0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Vacancy Rate
Asking Net Rent
$14.67
Thousands (SF)
250
16
14
200
12
150
10
100
6.1%
8
50
6
-
4
(50)
2013 Q3
2013 Q4
2014 Q1
(100)
2014 Q2
2014 Q3
2014 Q4
350
$30.32
$30
2
0
Asking Net Rent ($) / Vacancy Rate (%)
Absorption
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
6
Gross Rent
$31
2014 Q4
18-MONTH TREND 300
Not Avail. Office Space
300
$29
250
$28
200
$27
$26.65
150
$26
100
$25
50
$24
SF (10,000's)
Direct Avail
Gross Rent $/SF
Sublease Avail
SUBMARKET CHARACTERISTICS
0 Class A
Class B
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 4700, rue de la Savane
Landmark Properties Inc.
9,754
101-111, rue de Louvain Ouest
ESKI Inc. (Studio Pixmob)
9,600
4700, rue de la Savane
9209-5256 Québec Inc.
8,497
6789, boul. Léger
Bell Technical Solutions
8,375
5101-5151, rue Buchan
Tiburon Inc.
7,682
3500, rue Saint-Jacques
7 storeys
227,900
401, av. Ogilvy
6 storeys
85,000
UNDER CONSTRUCTION
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Submarket Dashboard Centre East
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory* Net Absorption
1
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
2014 Q3
2014 Q4
3,701,728
3,701,728
355,633
-24,928
11.7%
12.3%
17.7%
16.7%
$13.38
$14.29
$11.99
$11.84
Trend
tu q p q p q
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 30 office buildings surveyed in the Centre East office region.
AVAILABLE SUPPLY SPLIT Sublease Avail
SUBMARKET CHARACTERISTICS
Direct Avail
Sublease % of Total Avail.
90
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
80 SF (10,000's)
70 60
50 40 30
20 10 0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
* Home to TOHU, the Cirque du Soleil school and performing centre, the Complexe Environmental de Saint-Michel, the Olympic Stadium, Biodôme, and others. * The relatively low land prices and proximity to downtown have attracted developers, who have taken down older buildings and replaced them with offices and condominiums. * The Chabanel district, which used to house the garment industry, is now under full conversion and many industrial spaces are being converted into office space.
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Not Avail. Office Space
$35
2014 Q4
6
Gross Rent
250
$30
$29.45
200
Vacancy Rate
Asking Net Rent
24
350
22
300
20
Thousands (SF)
250
18
200 150
$14.29
100
12.3%
50
14
12
-
(50)
16
2013 Q3
2013 Q4
2014 Q1
(100)
2014 Q2
2014 Q3
2014 Q4
10 8
Asking Net Rent ($) / Vacancy Rate (%)
Absorption
400
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
Gross Rent $/SF
$24.03
18-MONTH TREND
$20
150
$15
100
$10 50
$5 $-
SF (10,000's)
$25
0 Class A
Class B
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 5445, av. de Gaspé
Union des Artistes Inc.
24,500
800, rue de Maisonneuve Est
Société de Transport de Montréal
18,452
6750, av. de l'Esplanade
Samuel Gervais
8,000
6750, av. de l'Esplanade
LightSpeed Retail
6,007
4200, boul. Saint-Laurent
Staffr Integrated/ Alaya Care
6,000
6666, rue Saint-Urbain
5 storeys
203,575
6650, rue Saint-Urbain
5 storeys
167,345
UNDER CONSTRUCTION
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Market Dashboard Montréal Suburbs (excl. Midtown)
2014 Q4 MARKET SNAPSHOT
MAP OF MARKET
Indicators
2014 Q3
2014 Q4
Office Inventory*
15,041,251
15,384,514
1
1,191,291
76,879
10.5%
11.6%
16.2%
16.2%
$13.11
$13.10
$12.11
$12.42
Net Absorption
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
Trend
p q p tu q p
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 296 office buildings surveyed in the Suburb office region.
AVAILABLE SUPPLY SPLIT Sublease Avail
MARKET CHARACTERISTICS
Direct Avail
Sublease % of Total Avail.
300
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
250 SF (10,000's)
* Includes Baie-D'Urfé, Beaconsfield, Kirkland, Pierrefonds, Dollard-des-Ormeaux, Pointe-Claire, Dorval, St-Laurent, Lachine, Côte-Saint-Luc, Hampstead, LaSalle, Verdun, Montreal West, Westmount, Ahuntsic, Saint-Léonard, Montréal-Nord, Montréal-Est, Anjou, Pointe-aux-Trembles and Rivière-des-Prairies. * Public transit includes commuter trains, the metro and buses. * Labour pool includes bilingual population * Education facilities include numerous colleges and universities such as Concordia, McGill, Université de Montréal, Dawson College, and Marianopolis College * Major companies include Bombardier Aerospace, CGI, CAE, Molson, Rio Tinto Alcan and Domtar * Cottage country an hour away in any direction
200
150 100
50 0
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Not Avail. Office Space
$28
1,600 $27.65
2014 Q4
6
Gross Rent
1,400
$27
1,200
Absorption
Vacancy Rate
Asking Net Rent 16 $13.10
1,200
Thousands (SF)
1,000
12
800
11.6%
600
10 8
400
6
200
4
-
(200)
14
2013 Q3
2013 Q4
2014 Q1
(400)
2014 Q2
2014 Q3
2014 Q4
2
0
Asking Net Rent ($) / Vacancy Rate (%)
1,400
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
1,000
$25
800 $24.26
$24
600 400
$23
SF (10,000's)
18-MONTH TREND
Gross Rent $/SF
$26
200
$22
0
Class A
Class B
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 8851-8885, aut. Transcanadienne TELUS
185,670
5001-5003, rue Levy
Alstom
69,646
2280, boul. Alfred-Nobel
Genetec
53,495
5000-5050, rue Levy
GN Johnston
49,071
2310, boul. Alfred-Nobel
Belden Canada
36,400
Tour SSQ
12 storeys
215,000
2400, boul. Alfred-Nobel
4 storeys
135,000
1863-1865, rte Transcanadienne
1 storey
44,000
UNDER CONSTRUCTION
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Submarket Dashboard West Island
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory* Net Absorption
1
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
2014 Q3
2014 Q4
3,130,213
3,309,029
180,779
152,868
12.4%
12.6%
15.6%
16.8%
$11.24
$11.94
$14.81
$13.97
Trend
p q p p p q
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 39 office buildings surveyed in the West Island office region.
AVAILABLE SUPPLY SPLIT Direct Avail
Sublease % of Total Avail.
60
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
SF (10,000's)
50 40 30 20
10 0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Not Avail. Office Space
$28
2014 Q4
250
$27
$26.97
200
Vacancy Rate
Asking Net Rent 20
200
19
150
18 17
100
16
50
15
(50)
2013 Q3
2013 Q4
2014 Q1
(100)
(150)
2014 Q2
2014 Q3
2014 Q4 12.6% $11.94
14 13 12
11
Asking Net Rent ($) / Vacancy Rate (%)
Thousands (SF)
Absorption 250
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
Gross Rent $/SF
$26
18-MONTH TREND
6
Gross Rent
$25
150
$24
$22.93
$23 $22
100 50
SF (10,000's)
Sublease Avail
SUBMARKET CHARACTERISTICS * The ever-growing and multicultural West Island submarket is made up of a multitude of boroughs and cities such as Dorval, Pointe-Claire, Dollard-des-Ormeaux, to name a few * Easy access to green spaces, free parking and great amenities * Close proximity to the P.E.T. International Airport, Laval and to the Ontario and U.S.A. borders. Good mixture between residential areas and largely industrial areas * Development and concentration of industrial activities along highways 20 and 40. 20 minutes to Downtown. Well served by public transit * Diversified economy, highly educated bilingual work force * Dynamic West Island Economic Development Corporation that provides the support necessary
$21 $20
0
Class A
Class B
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 5001-5003, rue Levy
Alstom
69,646
5000-5050, rue Levy
GN Johnston
49,071
1955, ch. de la Côte-de-Liesse
Displetech Inc.
20,606
1425, aut. Transcanadienne
Orthogone Technologies Inc.
6,439
1000, boul. Saint-Jean
Développement Économique de l'Ouestde-l'Île
6,289
1 storey
44,000
UNDER CONSTRUCTION 1863-1865, rte Transcanadienne
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Submarket Dashboard Saint-Laurent
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory* Net Absorption
1
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
2014 Q3
2014 Q4
4,172,155
4,172,155
130,626
-45,790
11.9%
12.9%
18.0%
17.7%
$13.22
$13.45
$12.38
$12.54
Trend
tu q p q p p
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 49 office buildings surveyed in the St. Laurent office region.
AVAILABLE SUPPLY SPLIT Direct Avail
80
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
70
60
SF (10,000's)
* Offering a great variety of office types and locations. Newer office towers are in close proximity to highway 40. Air Canada, AirTransat, and Bombardier Aerospace all have headquarters in SaintLaurent * It is the second largest employment hub within the metropolitan region * Access to highways 40, 15, 520 and 13 in a matter of minutes from any location in Saint-Laurent * The P.E.T. International Airport is partialy located in Saint-Laurent at the western border * Public transit, including three commuter trains and two metro stations, cover most of the territory * Recent housing developments have brought renewal to parts of Marcel-Laurin and C么te-Vertu
Sublease % of Total Avail.
50 40
30 20
10 0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space $30
Not Avail. Office Space
350
$27.47
2014 Q4
300
$25 $22.26
250
Absorption
Vacancy Rate
Asking Net Rent 16 $13.45
100 12.9% Thousands (SF)
50
14
12 10
-
8 2013 Q3
2013 Q4
2014 Q1
(50)
(100) (150)
2014 Q2
2014 Q3
2014 Q4
6
4 2 0
Asking Net Rent ($) / Vacancy Rate (%)
150
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
Gross Rent $/SF
$20
18-MONTH TREND
6
Gross Rent
200 $15 150
$10
100
$5
SF (10,000's)
Sublease Avail
SUBMARKET CHARACTERISTICS
50
$-
0 Class A
Class B
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 8851-8885, aut. Transcanadienne TELUS
185,670
2280, boul. Alfred-Nobel
Genetec
53,495
2310, boul. Alfred-Nobel
Belden Canada
36,400
1111, boul. Dr.-Frederik-Philips
Makivik Corporation
21,431
2280, boul. Alfred-Nobel
Genetec
16,113
4 storeys
135,000
UNDER CONSTRUCTION 2400, boul. Alfred-Nobel
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) 漏 2014 . All rights reserved.
Office Submarket Dashboard Laval
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory* Net Absorption
1
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
2014 Q3
2014 Q4
3,509,186
3,562,941
198,379
-26,614
9.5%
11.6%
14.1%
15.5%
$12.96
$13.16
$11.68
$11.47
Trend
p q p p p q
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 44 office buildings surveyed in the Laval office region.
AVAILABLE SUPPLY SPLIT Sublease Avail
SUBMARKET CHARACTERISTICS
Direct Avail
60
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
50 SF (10,000's)
* Easy access to Montréal with the new metro extension into Laval, and also through commuter rail and buses (STL) * New highway 25 built to link Montréal and Laval * Université de Montréal has expanded into Laval in the Cité de Savoir * Home to the Laval Technopole International Business Centre, Laval has a diversified economy, centered around the technology, pharmaceutical, industrial and retail sectors, and has been one of the strongest economies in Québec, with investments totaling over 1 billion dollars for the past 6 years
Sublease % of Total Avail.
40 30 20 10
0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Not Avail. Office Space
Gross Rent
$27
6
180
2014 Q4
160
$26.29
140
$26
Vacancy Rate
Asking Net Rent 16 $13.16
200
14 11.6%
Thousands (SF)
150
12
100
10
50
8
(50)
6 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
4
(100)
2
(150)
0
Asking Net Rent ($) / Vacancy Rate (%)
250
80 $24.16
$24
60 40
20 $23
0 Class A
Class B
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 3055, boul. Saint-Martin Ouest
RGN Québec VII Ltd.
19,934
4451-4479, aut. Laval Ouest
BSN Medical Inc.
4,854
2, place Laval 1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
100
$25
SF (10,000's)
Absorption
Gross Rent $/SF
120
18-MONTH TREND
Hôpital du Sarre-Cœur de
Montréal
3,588
1700, boul. Laval
Société Québecoise des Infrastructures
3,357
3, place Laval
CCJM YIP Inc.
3,012
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Submarket Dashboard South Shore
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory* Net Absorption
1
Vacancy Rate2 Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
2014 Q3
2014 Q4
2,840,428
2,951,120
-5,443
-15,867
5.0%
6.7%
11.8%
11.7%
$12.85
$13.88
$10.02
$10.82
Trend
p q p tu p p
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 49 office buildings surveyed in the South Shore office region.
AVAILABLE SUPPLY SPLIT Sublease Avail
SUBMARKET CHARACTERISTICS
Direct Avail
40
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
35
SF (10,000's)
* Cities include Longueuil (the largest on the South Shore), Brossard, Boucherville, Saint-Hubert and Châteauguay amongst others * Home to Quartier Dix 30, a new shopping and living district. * Also home to the training facility for the Montréal Canadiens, Montréal's National Hockey League Team * It is particulary strong in the aerospace industry, Pratt&Whitney Canada, and the Canadian Space Agency have headquarters in Longueuil * New office buildings springing up, including the OACIQ's headquarters
Sublease % of Total Avail.
30 25 20 15 10
5 0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Not Avail. Office Space
$35
180 $30.67
2014 Q4
6
Gross Rent
160
$30
140
Vacancy Rate
Asking Net Rent
50
$13.88
14
40
12
30 Thousands (SF)
16
10
20 6.7% 10
8 6
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
4
(10)
2
(20)
0
Asking Net Rent ($) / Vacancy Rate (%)
Absorption
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
$21.93
$20
120
100 80
$15
60
$10
40 $5
SF (10,000's)
18-MONTH TREND
Gross Rent $/SF
$25
20
$-
0 Class A
Class B
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 2, place du Commerce
Bousquet et Beaudry & Morin & Samson Inc.
4,741
2625, boul. Jacques-Cartier Est
Tectron Industries Ltee
3,592
6205, av. Auteuil
Productions Rhinoferoce Inc.
3,095
Tour SSQ
12 storeys
215,000
300, rue d'Arran
2 storeys
37,897
0 boul. Clairevue Ouest - Tour 1
4 storeys
35,146
UNDER CONSTRUCTION
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.
Office Submarket Dashboard East Island
2014 Q4 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory*
2014 Q3
2014 Q4
1,389,269
1,389,269
1
68,044
12,282
Vacancy Rate2
16.0%
15.2%
22.2%
21.6%
$13.30
$13.15
$12.20
$13.15
Net Absorption
Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
Trend
tu q q q q p
*Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space and buildings owned and occupied by the government have not been included in the office inventory. There are 15 office buildings surveyed in the East Island office region.
AVAILABLE SUPPLY SPLIT Direct Avail
35
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
30 SF (10,000's)
* Development of an East Island Greenbelt due to presence of mature forests along Autoroute 40 * Houses three refineries with a total production of 386,000 barrels per day * Proximity to Québec City and its many tourist attractions * New residential developments in areas such as Rivière-des-Prairies and Pointe-aux-Trembles
Sublease % of Total Avail.
25
20 15 10
5 0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space
Not Avail. Office Space
$30 $26.53
Asking Net Rent
25
60
20
Thousands (SF)
40
15.2% 15
20
$13.15
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
10
(20)
(40) (60)
5 0
Asking Net Rent ($) / Vacancy Rate (%)
80
1. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 2. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.
Gross Rent $/SF
Vacancy Rate
100
$20.55
$20
18-MONTH TREND
6
120
2014 Q4 $25
Absorption
Gross Rent
80
$15
60
$10
40
$5
20
$-
SF (10,000's)
Sublease Avail
SUBMARKET CHARACTERISTICS
0
Class A
Class B
Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class.
RECENT LEASE TRANSACTIONS 7400, boul. des Galeries d'Anjou
CGC Inc.
3,995
7100, rue Jean-Talon Est
Vitalaire Canada Inc.
3,646
7450, boul. des Galeries d'Anjou
Association paritaire de santé et de sécurité du travail
3,513
6385, rue Sherbrooke Est
Mangiang Lu
336
5695, rue d'Amos
Louise Breton
264
Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.