Office Submarket Dashboard South Shore
2013 Q2 SUBMARKET SNAPSHOT
MAP OF SUBMARKET
Indicators Office Inventory*
2013 Q2
2,855,914
2,855,914
1
20,513
-18,779
2
5.9%
6.6%
8.6%
8.7%
$14.56
$14.15
$10.86
$10.92
Net Absorption Vacancy Rate
2013 Q1
Availability Rate
3
Average Weighted Asking Rent
Average Additional Rent
4
5
Trend
tu q p p 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 47 office buildings surveyed in the South Shore office region.
AVAILABLE SUPPLY SPLIT Direct Avail
Sublease % of Total Avail.
30 25 SF (10,000's)
*Cities include Longueuil (the largest on the South Shore), Brossard, Boucherville, StHubert and Chateauguay. *Home to Quartier Dix 30, a new shopping and living district. *Home also to the training facility for the Montréal Canadians, Montréal's National Hockey League Team. *New office buildings springing up, including the OACIQ's headquarters. *Total inventory: just over 2.5 million square feet.
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%
20
15 10 5
0 2012 Q1
2012 Q2
2012 Q3
2012 Q4
2013 Q1
GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space $30
Not Avail. Office Space
180
$28.28
2013 Q2
160
$25 $22.73
Absorption
Vacancy Rate
Asking Net Rent 16 $14.15
80
12
60 Thousands (SF)
14
10
40 6.6%
20
8 6
2012 Q1
2012 Q2
2012 Q3
2012 Q4
2013 Q1
2013 Q2
4
(20)
2
(40)
0
Asking Net Rent ($) / Vacancy Rate (%)
100
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
140 120
100
$15
80
$10
60 40
$5
SF (10,000's)
Sublease Avail
SUBMARKET CHARACTERISTICS
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 9975-9995, Catania
Le Holding Angelcare inc.
13,029 SF
2035, Victoria
Joron Veilleux
4,142
2035, Victoria
De Soi à l'Emploi
3,373
2035, Victoria
Airclaims International
2,320
2035, Victoria
Dr. Claude Charette
1,806
UNDER CONSTRUCTION SSQ Tower
13 storeys
216,000
630 boul. Clairevue O.
3 storeys
27,000
2255 boul. Fernand-Lafontaine
4 storeys
26,693
Colliers International, 2013 Q2 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) © 2013 . All rights reserved.