2022 CRE Blurb Hamilton

www.CreBlurb.com

HAMILTON Ontario, Canada

Commercial Real Estate Report

$2 BILLION IN

BUILDING PERMITS HIGHEST IN HAMILTON’S HISTORY. COMMERCIAL REAL ESTATE INVESTMENT ROARS

ATERFRONT +W

+L OGISTICS

+E MERGING LIFE

A vision comes to life.

Air, Road, Rail & and Sea

Tremendous Investment

DEVELOPMENT Transforming the Water’s Edge

HAMILTON Port makes Hamilton a hub for Logistics

SCIENCES SPACE In Hamilton’s Innovation District

LOOKING FOR COMMERCIAL RESIDENTIAL

INVESTMENT

T RS FI L UR AL YO C

Whether you’re looking for a home for your business or a home for your family, a RAHB REALTOR® can help facilitate your investment goals. Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) is a registered non-profit organization that is the third largest in Ontario and the eighth largest

in Canada. We empower over 3,750 members to succeed within a jurisdiction that covers approximately 2,500 square kilometres including Hamilton, Burlington, Glanbrook, Grimsby, West Lincoln, Caledonia, Dunnville, Hagersville and other small centres south to Port Maitland on the shores of Lake Erie.

REALTORS® ASSOCIATION OF HAMILTON-BURLINGTON 505 York Boulevard, Hamilton, Ontario L8R 3K4 T.: 905.529.8101 E.: info@rahb.ca www.rahb.ca

Our members may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics known as the REALTOR® Code.

OVER

SINCE 1921

Hamilton Is a Hub for Real Estate Investment

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he greater Hamilton area, known affectionately as “The Hammer,” continues to be a vibrant collection of communities, businesses and industries that are wonderful places to live and conduct business.

You can find almost any property type throughout Hamilton, including housing or commercial and industrial space that suits your specific needs. The city of Hamilton has something for everyone, from the farmhouses in rural Flamborough to the suburbs of Ancaster or the highrises of Downtown. The rich history of Hamilton is apparent wherever you go, with sites like Dundurn Castle, Auchmar house, the Gartshore-Thomson Building and countless others dating back as far as the 1800s and even before Confederation. In addition, Hamilton boasts important innovation and education centers, including McMaster University, Mohawk College and Columbia International

College. Truly, Hamilton is a city with much to offer.

Not content to rest on its laurels, Hamilton is in the process of building a Light Rail Transit system, showing itself once again to be a forward-facing city with its eye on longterm prosperity. With this great stride in transit, Hamilton builds on its reputation as a genuinely dedicated city to ensure the best quality of life for all its citizens. In addition to the many recreation opportunities along Lake Ontario, Hamilton is a short drive to Toronto and the Niagara Region, known for its wine county.

Alongside its outstanding research and investment in health care, Hamilton has always had a unique flavour to its cultural activities.

Downtown boasts several large festivals such as Supercrawl, and former municipalities like Dundas continue with their traditions, such as the Cactus Festival. The Hamilton restaurant

scene also has some of Ontario’s most diverse and high-quality cuisines. And with a growing sports culture, fans have much to enjoy while cheering on the Hamilton Tiger-Cats, Bulldogs, Honey Badgers and Forge FC soccer team.

With always so much happening, Hamilton quickly proves itself a wonderful place to grow, invest and live.

Lou Piriano, 2021 President, REALTORS® Association of Hamilton-Burlington

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) is a registered non-profit organization that is the third largest real estate association in Ontario and the eighth largest in Canada. RAHB represents over 3,750 members in Hamilton, Burlington, Haldimand and Niagara West. Our members may use the REALTOR® trademark, which identifies them as a real estate professional who subscribes to a strict code of professional ethics.

About the cover

This past year the City of Hamilton had the most building permits in its history with over $2 billion in new investments. The growth is just beginning with emerging opportunities in new sectors throughout the City, incentive programs to encourage new developments and major infrastructure investments across all levels of government.

Produced by

Perspective

1464 Cornwall Rd, Suite 5, Oakville, ON L6J 7W5 1-866-779-7712 info@creblurb.ca www.creblurb.ca Publisher, CeO Steve Montague ViCe-PresiDeNT Ed Martin EDITORIAL Meredith MacLeod Cre Blurb was produced indepen­dently of the City of Hamilton. Contents are copyrighted and may not be reproduced without the written consent of Perspective Marketing Inc. The publisher is not liable for any views expressed in the articles and opinions do not necessarily reflect those of the publisher or the City of Hamilton. @creblurb

WAT E R F R O N TS

FOR LEASE

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INDUSTRIAL DEVELOPMENT LANDS WITH MULTIMODAL ACCESS • MULTIPLE ACREAGES • BUILT TO SUIT • WAREHOUSING

Oshawa

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Our square foot Is bigger than Your square foot…

Try to forget for a moment the superb architectural concept of 100 King Street West in Hamilton. The Plaza with its acres of trees and sun. The Promenade with dozens of retail and service shops.

The tantalizing choice of restaurants.

Try to forget that The Square is the heart of Hamilton, and that your company will share in its mood of achievement.Instead, look at 100 King Street West in straight dollars-and-cents terms.

How much will it cost to enjoy the prestige and the superb working environment of Hamilton’s ultimate address? The fact is, it will cost far less than you’d think possible. Our column-free design concept puts every square foot to work. And that means you can be beautifully functional with less space and less cost than you’d expect.

We’ll prove it in black and white.

Call Jocelyne Mainville at (905)522-3501, or email her at Jocelyne.Mainville@yalecanada.com

100 King Street West, Hamilton

Grand Opening 1972

Fifty Years: The Hub of Downtown Hamilton Named after Lloyd Douglas Jackson, who served as mayor of the city from 1950 to 1962; Lloyd D. Jackson Square is located in the heart of the city, bounded by several major roads: King Street to the south, Bay Street to the west, York Boulevard to the north and James Street to the east.

Originally published in The Spectator on June 28, 1972, the text on the adjacent article stands true to this day. After 50 years, only the contact information needed to be changed.

The first phase of The Square opened on August 22, 1972; when thousands of people came together on the complex’s plaza roof and took part in a massive ceremony that included live music, food and a fireworks show signalling the grand opening of the mall and adjacent office towers.

Jackson Square has grown into a multi-use commercial complex consisting of four office towers and a 390,000 square foot indoor shopping mall. The mall features various retailers, services, restaurants and entertainment venues providing excellent amenities for office tenants.

100 King Street West is the tallest commercial tower and most prestigious address for office space in downtown Hamilton. The Robert Thomson Building (110 King Street West) is in the very center of the complex and has 20,000 square feet, column free floorplates. 120 King Street West is the largest of the towers, with a large open atrium and 40,000 square foot, column free floorplates. 1 James Street North is the home of McMaster University’s Cont. Ed. Interconnected with the Hamilton City Centre, the Hamilton Public Library, the Hamilton Farmers’ Market, the Sheraton Hotel and adjacent to the FirstOntario Centre; boasting a Walk Score of 98, Bike Score of 92 and a Transit Score of 86 – Lloyd D. Jackson Square truly is The Hub of Downtown Hamilton.

For more information on the complex and for any leasing inquiries please contact: Jocelyne Mainville (905) 522-3501 Jocelyne.Mainville@yalecanada.com www.realpropertieslimited.com

HAMILTON’S WATERFRONT DEVELOPMENT COMES TO LIFE A vision for an enhanced public area that allows a frontrow view of Hamilton’s bustling harbour and a new connection that completes a fivekilometre water’s edge pedestrian link are two new developments in the ongoing transformation of Hamilton’s waterfront.

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isherman’s Pier is located on Hamilton Oshawa Port Authority (HOPA) lands at the entrance to Hamilton Harbour.

Frequently used by anglers, the space of land between the Skyway Bridge and the Burlington Canal Lift Bridge is one of the best places to get an up-close look at massive cargo ships as they pass in and out of the port.

It is also home to the historic Beach Canal Lighthouse that dates from 1858.

HOPA is working with a volunteer group and government agencies to restore the landmark and open it to the public as the

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central feature of a reimagined Fisherman’s Pier.

Consultations with residents and stakeholders resulted in calls for a more accessible, natural space, with upgraded amenities for cycling, fishing, along with small scale markets and retail events, and seasonal cultural programming. The plan is for a central public plaza with the lighthouse as a focal point. The structure, which now sits at the base of the lift bridge, will be moved about 100 metres to allow for greater public access.

The lighthouse keeper’s cottage will also be restored and used as a historical interpretation centre.

“We want more people to discover Fisherman’s Pier,” says Larissa Fenn, HOPA’s director of public affairs. “It offers one of the best views of the industrial harbour and all that happens there. On a summer’s weekend, there are thousands of people passing by on the waterfront trail. Fisherman’s Pier will be a great place to stop and rest, maybe grab a bite to eat and enjoy some time at this fascinating spot on Hamilton’s waterfront.”

There are also future plans for lighting features on the Burlington Skyway Bridge to act as a beacon and gateway to the harbour.

At the western edge of the harbour, a kilometre-long boardwalk cantilevered over the water now wraps around a new marina at Piers 6 and 7 and connects to the recently opened Copps Pier promenade park at Pier 8. Residents and visitors can now stroll all the way from Princess Point in the west to the HMCS Haida warship at Pier 9 in the east.

“These are the latest public amenities in the continuous evolution of Hamilton’s west waterfront into a place for people,” says Chris Phillips, project lead for the City.

The $6.5-million Copps Pier features tributes to the harbour’s industrial history, a 30-metre wide walkway, a playground, games area, seating areas, a wetland garden, a large beach and a

Significant changes already underway at Hamilton’s West Harbour- including increased placemaking and pedestrianization efforts and the preparation of land for development. lookout point that extends over the water.

Eventually, Pier 8 will include 1,500 residential units and 140,000 square feet of commercial space. The overall vision for the project is led by acclaimed Hamiltonborn architect Bruce Kuwabara of KPMB Architects. He is part of Waterfront Shore Partners, a consortium of developers, architects and designers awarded the project after a competitive bid process.

The City has invested almost $100 million in critical infrastructure at piers 5 to 8.

“We are realizing an exciting, once-ina-lifetime opportunity to make Hamilton’s waterfront a complete, vibrant and dynamic year-round, round-the-clock neighbourhood in which people will live, work and play at the water’s edge,” says Jason Thorne, general manager of planning and economic development.

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GREAT DEMAND FOR LOGISTICS REAL ESTATE IN HAMILTON Goods movement and logistics companies are attracted by the many advantages of doing business in Hamilton.

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he city of Hamilton is unique in that it has all four major forms of transportation of goods – air, water, rail and road. And our geography makes us ideally positioned as a North American gateway for goods movement,” says Norm Schleehahn, director of Hamilton Economic Development.

“Our airport is attracting logistics providers and goods movement specialists and the port is so closely tied to our advanced manufacturing and agri-food production sectors.”

Demand is robust for industrial and commercial space in the Hamilton market, says Doug Murray, senior vice president with Colliers International. “The homegrown demand is there but the majority of interest is coming from companies in the Greater Toronto Area that are looking for space. They either can’t find anything there or it’s too expensive.”

Business parks across the city are seeing “good velocity,” though the market is not

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being driven by significant savings on land prices.

“There are some savings in Hamilton, but land prices are coming close to what we’re seeing in Halton now. That has really changed over the last five years.”

Hamilton’s advantages are led now by its labour market, its highway access and its ability to assemble large tracts of land.

“The biggest deals that are happening are for large distribution centres. Amazon is a great example of that. We are getting lots of inquiries about space between 300,000 to 700,000 square feet.”

A recent Colliers report into labour in the warehousing sector found that Hamilton stood out from other southern Ontario municipalities. “Hamilton represents an interesting opportunity with industrial development land still available in conjunction with a sizeable labour pool.”

Millions of square feet are expected to come to market over the next few years, says Murray, who has worked in the Hamilton area market for 20 years.

“At the beginning of my career, everything was happening in Halton. Five years ago, things started to pick up in Hamilton. Now, 70 per cent of our deals are in Hamilton.”

Hamilton Oshawa Port Authority The largest port on the Canadian side of the Great Lakes, the Port of Hamilton sees

Hamilton is now home to DHL’s largest gateway facility in Canada. more than 600 vessels carrying $4.3 billion worth of cargo each year move in and out of Hamilton Harbour.

Operated by the Hamilton Oshawa Port Authority (HOPA), the 630-acre port is home to 130 tenants and 2.5 million square feet of manufacturing, warehousing and distribution space. The mix of industrial tenants has changed noticeably over the past decade. Once almost exclusively focused on supporting the steel sector, the port’s fastestgrowing customer segment is now agri-food, with three grain export terminals, a sugar refinery, oilseed crush facility, brewery and flour mill all located within the port’s agrifood cluster.

Today, the Port of Hamilton is critical infrastructure for some of Ontario’s most important industrial supply chains, employing more than 2,100 people on site and responsible for another 40,000 jobs in the province.

The next opportunity on the horizon is creating more flexible supply chains and

innovative transportation services within the Great Lakes region, says HOPA’s commercial vice president, Jeremy Dunn.

“Short-sea shipping and containerization opportunities through our partner the Hamilton Container Terminal are two ways we can continue to grow business.” Two pilot trips of a container vessel launched last year between Hamilton and Montreal, and more are expected this year, with the view to establishing a regular service.

Per tonne per kilometre, shipping by water is the greenest form of transportation and it addresses a number of issues, including highway congestion, labour shortages in the trucking sector and the emission of greenhouse gases. A vessel moves the equivalent of 946 trucks and 301 rail cars.

“Short-sea shipping is an option that makes more sense than ever,” says Dunn.

“Hamilton is well-placed to be at the forefront of this sea-change in transportation in the region.”

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Hamilton International Airport John C. Munro Hamilton International Airport is Canada’s largest overnight express cargo hub.

The Airport and its tenants employ over 4,700 people and are responsible for $1.5 billion in economic activity. Unlike other airports in the region, there are no curfew restrictions at Hamilton International, affording it a competitive advantage, particularly for time-sensitive and next-day shipments.

Hamilton International’s strategic location and 24/7 operations make it attractive to cargo carriers looking to serve Southern Ontario.

Between 2019 and 2021, cargo volumes at Hamilton International soared by 44 per cent, with the trend continuing into 2022, says president and CEO Cathie Puckering. This growth is due to the shift towards e-commerce, along with increased demand for medical supplies during the pandemic.

“Some of our cargo operators – namely Cargojet, DHL Express, UPS, and Purolator – chose to be in Hamilton two decades ago and have continued to invest in and grow their operations here. We have a strategic location within Canada’s largest trade corridor. More than nine million people live within a two-hour drive.”

The Airport – named North America’s fastest-growing in 2018 by Airports Council International and again in 2019 by travel data company OAG – received funding from Transport Canada’s National Trade Corridor Fund in 2019 to fully restore the two main runways, supporting taxiways and lighting systems.

“That positioned us well for the explosion in cargo value we’ve seen,” says Puckering. Construction will continue into 2023.

In 2021, Cargojet and Amazon developed the Amazon Air network within Canada to support the rapid growth of e-commerce. The airport also

Amazon recently opened two facilities in Hamilton totalling nearly 1 Million square feet. saw significant growth in ad-hoc cargo activity, a 102 per cent increase compared to 2019.

Last year, DHL Express opened its state-of-the-art $100-million

Hamilton Gateway Facility at Hamilton International. The 238,000-square-foot facility features a fully-automated sorting system with the capacity to process 28,000 packages per hour.

Come Be A Part of Hamilton’s Prestigious Industrial Business Park!

AVAILABLE Q4 2022 Hamilton, Ontario

Benefit from a 8.4M population within 100 km, with access to an abundant labour force and close proximity to the 400 Series Highways and two US border crossings.

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Three out-parcels ranging from 46,000 Sq. Ft. to 75,000 Sq. Ft. available for lease Adjacent to John C. Munro International Airport Class ‘A’ Industrial features including 40’ clear height and ample shipping doors Modern and efficient industrial design Construction is underway with space available beginning Q4 2022

For more information, please contact: ADAM LAMBROS Development Manager (416) 915-1972 alambros@panattoni.com

HAMILTON’S COMMERCIAL REAL ESTATE MARKET EXPANDS AND IS RELOCATION READY Hamilton property management firm Effort Trust is making a bold move into a new fivestorey headquarters in the heart of the city.

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he sleek modern glass structure sits alongside heritage buildings overlooking Gore Park and represents one of the very first new-build office developments in the downtown in 30 years.

“This is our commitment to Hamilton and its continued renewal,” says Effort Trust president and CEO Tom Weisz. He’s the son of late company founder Arthur Weisz, who launched Effort Trust in 1953. It is now among the largest property management companies in Ontario.

“We ran out of room and this was the time to move right to the heart of the city. Gore Park is one of the most important locations in Hamilton.”

The new building will offer space to grow, proximity to professional services firms and high visibility. It is among a number of office

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developments underway in the city, including the complete restoration of other historic buildings facing Gore Park into modern office space.

Real estate brokerage Blair Blanchard Stapleton closed on a major land assembly transaction in the downtown core late last year.

Totaling 3.6 acres, the deal includes Philpott Memorial Church and its neighbouring lot at 58 York Blvd, along with three properties on King Street East. The transaction fetched an average of over $11 million per acre.

The York Boulevard property is slated for a mixed use development.

The sale was the largest land deal in downtown Hamilton for 2021, according to Real Track.

“I truly believe the end result is a great step in the right direction for the continued development of the built environment of Hamilton as well as contributing to the growth and diversification of the downtown Hamilton community as a whole,” said broker Evan Apostol.

Major transit investments in two-way allday GO service to Toronto and in a light-rail train in a dedicated right-of-way through the heart of the city, along with Hamilton’s growing population are driving growing interest in office space, says Judy Lam, manager, commercial districts and small business.

“Hamilton’s quality of life and diverse housing market are bringing talent to the city. Companies want to locate where their employees already are because talent wants to work and live in the same neighbourhood.”

What is exciting about Hamilton, says Lam, is that office space can be found in vibrant downtown settings, in business and industrial parks, in traditional office towers and in interesting adaptive reuse settings, such as a Core Urban conversion of a brick-and-beam building at 59 King St. E. that has attracted digital companies.

“That brick and beam, open-concept, natural light space that is so in demand is readily available in Hamilton. That’s attractive to technology companies and to those setting up satellite offices.”

The City offers a range of development incentives, including the Start-up and Office Tenant Attraction (SOTA) program.

It provides interest-free loans to facilitate eligible leasehold improvements to office space by property owners or authorized tenants.

One goal is to attract start-ups emerging from regional, national and international business incubators seeking to establish their first permanent office location. As an extra incentive, a portion of the SOTA loan for these start-up businesses could be forgiven.

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The Coppley Building

Westinghouse HQ

Another exciting project underway is a partnership between Toronto based impactfocused developer TAS, lead financier Vancity Community Investment Bank and the Hamilton Community Foundation (HCF) to restore and repurpose the historic Coppley building on York Boulevard.

Built in 1856, it housed Coppley Apparel, a high-end suit and jacket production company, for nearly 140 years and played a key role in Hamilton’s textile trade. Coppley has moved into a new purpose-built building around the corner.

Its former home is a vast, 80,000-squarefoot stone structure with open floorplans, high ceilings and plenty of light. It will become home to a mix of commercial, office and non-profit tenants, including the HCF as an anchor tenant, as well as cafes and community spaces.

“At TAS, we believe that real estate development is a tool that can be used to deliver both positive impact for communities and strong financial returns for investors,” said Mazyar Mortazavi, president and CEO of TAS. “This is our first project in Hamilton, and we’re excited to learn from and partner with local community members.”

A former Coppley factory building at Hughson and Cannon is also expected to see new life as office space.

The handsome brick structure in the Barton Village neighbourhood near Hamilton’s industrial area was built as one of the city’s first office towers for the first Canadian branch of Westinghouse. At its peak, the company employed 11,000 people in Hamilton.

Westinghouse built its five-storey office building across the street from its factory in 1917. Two more floors were added in 1928 for the booming electrical products company. The building’s structure combines a reinforced concrete and structural steel frame with an ornate and historically significant brick and cut-stone façade and more than 360 windows.

It was designed in a Classical Revival style by prominent local architects Prack & Perrine and received heritage status in 1988.

But the elegant building sat empty for about 33 years before finding new life.

Hamilton architectural firm mccallumSather served as the lead architect, mechanical engineer and heritage consultant firm for the Westinghouse HQ restoration. It is also an anchor tenant, taking up the second floor, which features gigantic exposed steel trusses.

Westinghouse HQ offers vast, open concept Class A office space, soaring windows and plenty of nods to its

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105-year history. The 10,000-square-foot seventh floor is available to a single tenant and offers spectacular views of the city in every direction. The sixth floor and fifth floor footprints can be broken into three units.

The ground floor includes gorgeous arched windows, original terrazzo floors, a full kitchen and stage and is available for corporate and community events. The plan is to eventually have a full-service café on site.

The third-floor Branch HQ features 16 modern and bright private offices in three sizes that are complemented by large common areas and plug-and-play meeting spaces.

“The furnishings and technology are all done at a high quality,” says Tyler Cowie, general manager of Branch HQ. “We are pleased with the response we’ve had here. Our tenants are very happy, so we are, too.”

Tenants include mortgage and finance firms, planners, designers and technology companies.

Jamie Harsevoort moved his healthtech venture studio Launchit Ventures into Westinghouse HQ, along with two related health technology companies, in February.

It offers great value, a terrific management team, and room to grow, along with all the amenities he needs.

As a Hamilton native, Harsevoort says it’s meaningful to move to into a heritage building in a revitalizing part of the city that had been hard hit by manufacturing losses.

“Great jobs are coming back to this neighbourhood. This new life represents the future of Hamilton.”

Business Improvement Areas Hamilton is home to 13 business improvement areas in each area of the city.

“Our BIAs are crucial to the local economy and are great supports to small businesses by hosting events, programming and marketing,” says Judy Lam, Manager, Commercial Districts and Small Business.

They have been especially critical during the pandemic and in recovery, helping small businesses pivot, working with the City’s Digital Main Street program and collecting data about shoppers and shopping patterns.

In addition to a highly successful outdoor patio program that allows patio pop-up in curb lanes and alleys, the City is funding a summer concert series this year – Music Across the City – which will see one 90-minute concert in each BIA and in other commercial districts that apply.

As well, there will be upcoming announcements about two exciting activation and beautification projects in BIAs, says Lam.

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Growing Hamilton for 27 Years In early 2020, Blair Blanchard Stapleton Limited celebrated 25 years in business. Despite the unprecedented Covid-19 pandemic that hit shortly after, the past two years have resulted in the greatest success in our company history with total gross sales over $220,000,000 and more than 1,500,000 square feet of commercial space leased or sold in the Greater Hamilton and Burlington area in 2021.

Currently, Hamilton seems to be one of the hottest real estate markets in Ontario. Everything from residential to development land and industrial properties are selling at a remarkable rate, from Stoney Creek to Downtown Hamilton to Ancaster.

The only problem now is inventory. Discussions with other realtors from London to Toronto all seem to have the same consensus – there is no inventory, vacancy levels are coming in below 2%, and properties are coming to market one at a time.

Tenants with leases coming up for renewal are now experiencing rent increases anywhere from 50 to 75 percent. It would be reasonable to ask, how can this happen? Unfortunately, rent is determined on the sale price or market value of a property. Sale prices have skyrocketed and don’t appear to be coming down any time soon.

Industrial land has gone from $500,000 per acre three years ago, to $1M to $2M per acre currently, depending on the size and location. Commercial land in downtown Hamilton is currently selling for between $10M and $11M per acre.

In 40 years of real estate experience, we have never seen such increases, low vacancy, and demand, to the point where we spend most of our time searching for product for past and new clients alike.

There are several industrial lands in the Ancaster Business Park under development where buildings are scheduled to be constructed, but this will take time. This location has excellent access to Highway 403 and is within proximity of the Hamilton International Airport. Our website (www.bbsrealty.com) can be accessed for daily updates on these projects and for space availability.

It is difficult to be anything but optimistic with all this activity, but we are also cognizant of the fact that real estate is cyclical, and change keeps realtors busy. Blair Blanchard Stapleton Limited prides itself on the ability to adapt to new market and technology trends to best serve our client base. We are most appreciative of our past business, and for the dedication of our 18 experienced agents and our administrative team, who have collectively made Blair Blanchard Stapleton Limited a huge success.

Our original partners Drew Blair, David Blanchard and Gary Stapleton have recently welcomed two new partners who will be joining in the next few months, Paul Mariutti and John MacNamara. We are confident that this change will better position the company to successfully adapt to a busy and demanding future.

DREW BLAIR

DAVID H. BLANCHARD

GARY D. STAPLETON

PAUL MARIUTTI

JOHN MACNAMARA

BROKER OF RECORD

BROKER, PRESIDENT, BRANCH MANAGER, B.A, FRI, CPM, ACCI, CCIM, SIOR

BROKER, AACI, P.APP

SALES REPRESENTATIVE, SENIOR VICE PRESIDENT

SALES REPRESENTATIVE, B.COMM, SENIOR VICE PRESIDENT

905-529-5900 Ext. 225 blaird@bbsrealty.com

905-527-1144 Ext. 500 david.blanchard@marklandpm.com

905-529-5900 Ext 227 stapleton@bbsrealty.com

(905) 529-5900 Ext. 212 mariutti@bbsrealty.com

(905) 529-5900 Ext. 211 macnamara@bbsrealty.com

KEVIN J. MCALEESE

ROD WRIGHT

EVAN APOSTOL

JOHN BLANCHARD

ROBERT MILES

BROKER OF RECORD, SIOR

SALES REPRESENTATIVE, VICE PRESIDENT

BROKER, B.COMM

BROKER, B.COMM, CPM

SALES REPRESENTATIVE

905-634-4567 mcaleese@bbsrealty.com

905-634-4567 wright@bbsrealty.com

905-527-1144 Ext. 300 apostol@bbsrealty.com

(905) 527-1144 Ext. 701 john.blanchard@marklandpm.com

905-529-5900 Ext 272 robert.miles@bbsrealty.com

JOHN HRYCZYNSKI

SEVREN NAPHAN

CHUCK VITANZA

APRIL HARBOTTLE

SHAWN DOIRON

BROKER

BROKER

SALES REPRESENTATIVE/ APPRAISER, CRA, P.APP

SALES REPRESENTATIVE/ TRANSITION SPECIALIST

SALES REPRESENTATIVE

905-529-5900 Ext 240 johnh@bbsrealty.com

416-578-5083 snaphan@bbsrealty.com

905-529-5900 Ext. 241 vitanza@bbsrealty.com

april@bbsrealty.com www.transitionarchitects.ca

(905) 529-5900 Ext. 262 doirons@bbsrealty.com

HAMILTON: 905.529.5900 KRYSTA BOYER

JOSEPH BONOMO

DIANE JULSETH

DEVON HAYES

SALES REPRESENTATIVE

SALES REPRESENTATIVE

OFFICE MANAGER

MARKETING AND SOCIAL MEDIA CO-ORDINATOR

(289) 925-7435 boyer@bbsrealty.com

905-529-5900 Ext. 213 jbonomo@bbsrealty.com

(905) 529-5900 Ext. 221 diane@bbsrealty.com

905-529-5900 Ext. 210 devon@bbsrealty.com

BURLINGTON: 905.634.4567 BBSREALTY.COM

HAMILTON EMERGES AS A LIFE SCiENCE HUB: LABS, INCUBATORS, R&D, OFFICE AND Collaboration SPACE Hamilton, Canada’s fastest-growing life sciences cluster, is meeting explosive demand for real estate in the sector.

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he city has a global reputation in life science commercialization, clinical trials, pure and applied research, and health care education. That has culminated in company formation, investment, and attraction of talent.

“Life sciences is a priority sector in Hamilton,” says Norm Schleehahn, director of Economic Development.

“Building on the collective power of McMaster Innovation Park, Hamilton

Health Sciences, McMaster University, St. Joseph’s Healthcare, Mohawk College and so many other key organizations in this realm, Hamilton is now seeing massive influx of private investment in local companies and in real estate geared to life sciences.”

Hamilton is on the cusp of a boom in the creation of the facilities needed by nextgeneration life sciences companies to grow and scale in Ontario, says Alex Muggah, director of the Synapse Life Sciences Consortium, a partnership of key institutions in Hamilton.

“It offers a tremendous advantage in life sciences real estate in an innovation corridor that is anchored by Toronto on one end and Hamilton on the other. Hamilton is poised to meet significant pent-up demand.”

Hamilton’s value proposition is wellestablished, says Jennifer Patterson, manager, business investment & sector development.

McMaster Innovation Park has plans for more than 2 Million square feet of expanded operational and living space over the next several years. creblurb.com

“The city has long history of success and leadership in life sciences. The sector has grown to the point that Hamilton is the place to be for any company growing and investing in life sciences.”

The nexus of it all is McMaster Innovation Park, a 58-acre parcel in west Hamilton that is in the midst of a 2.8-million-square-foot expansion, adding to its current 700,000 square feet. That includes 1.3 million square feet of labs and biomanufacturing space.

MIP is much more than a cluster of companies in a park, says Scott Rasmussen, vice president of leasing & business development.

“We are a community comprised of a diverse network of ambitious change-makers who emerge daily with brilliant ideas and innovation that have impactful global reach.

Most companies want more than just a physical space, they want a community where they can evolve and that is what MIP provides.”

The park “nurtures next-level brilliance and provides the platform, resources and connections required to realize commercial growth and success.”

That success is apparent in existing MIP tenants Fusion Pharmaceuticals, Triumvira Immunologics, and VoxNeuro, all spinouts of McMaster University research.

The success is carrying on in the recent announcement of the $580-million OmniaBio cell and gene therapy

manufacturing facility at MIP, backed by a $40 million loan from the Ontario government.

A spinout of Toronto’s Centre for Commercialization of Regenerative Medicine (CCRM), OmniaBio is expected to begin operations in early 2024.

As well, the Hemostatis Reference Library is located at MIP’s 44 Frid St., the former home of The Hamilton Spectator, which offers customized and scalable lab space.

Life sciences companies are taking root beyond MIP, including the Hamilton Technology Centre and Westinghouse HQ. Bay Area Health Trust has also converted warehouse-type spaces into sophisticated facilities for clinical trial logistics.

Medical device giant Stryker made a $100-million investment in a new 120,000-square-foot Canadian headquarters in the iConnect business park in Flamborough.

The key to the sector’s growth is an ecosystem that has been intentionally nurtured by the major stakeholders, says Rasmussen.

“Hamilton continues to be an attractive home for innovators, researchers and entrepreneurs who are looking for talent, resources and, of course, space to grow.

Hamilton is where innovation comes to life and we are proud to call Hamilton home.”

11

Terry Varga

FIRMS CONTINUE RELOCATION TO HAMILTON. BUILDING PERMITS SURPASS $2 BILLION: HIGHEST IN CITY HISTORY Hamilton surpassed the $2-billion mark for building permit construction value for the first time in its history in 2021.

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ndustrial and commercial construction made up 34.4 per cent of that total for a record $717.3 million – an increase of 117 per cent over the three-year average and a staggering 888 per cent spike in industrial value since 2016.

“Demand for non-residential projects is at a level never seen before and we believe it is going to continue unabated,” said Norm Schleehahn, director of Hamilton Economic Development.

“End users and large developers alike have discovered Hamilton and are investing here for the future.”

Hamilton’s business parks are attracting global headquarters, expansions of madein-Hamilton successes and industrial development companies that are capitalizing on the city’s value proposition, says Schleehahn.

Growth is fuelled by a number of factors, including a strong quality of life and improved public transit options. The West Harbour GO Transit station now has hourly, all-day train service to Toronto and a 17-stop light rail transit line is under development through the heart of the city.

creblurb.com

Global companies, including Amazon, L3Harris, DHL, and Bridgestone, have all recently invested in Hamilton.

Here’s a look at three other multinational companies that are growing and hiring in the city.

Portland Fuel Portland Fuel, a U.K.-based fuel trading firm, opened its North American headquarters in downtown Hamilton in 2019.

“At first we looked at leasing space in Toronto’s financial district but decided we liked the enthusiasm presented to us by Hamilton staff and it quickly felt like this should be our home,” said Conchur Brennan, general manager at Portland.

“We realized we didn’t need to be in Toronto. Many of our clients are trucking firms. Prior to COVID, we enjoyed the opportunity of getting out to visit our clients without a ton of hassle getting in and out of the city.”

50 cities across Canada, the U.S., Europe and Asia.

“Our location at Aeropark Boulevard is well situated for our business as it allows us to serve local customers in Hamilton and also gives quick access to the highway from which we can efficiently reach the distribution centres of our retail partners.”

Minova Kentucky-based Minova moved into a larger facility in a former Westinghouse factory in 2019. There, it manufactures steel bolts and plates used in the mining industry. Soon it will add $6 million worth of machinery to begin manufacturing resin cartridges that are used along with rods and plates to stabilize areas being mined.

The company has manufacturing plants in five continents and operations in more than 25 countries.

The Hamilton plant, which will serve the hard rock mining industry across Canada, will be the beneficiary of 80 per cent of Minova America’s capital expense budget for the next two to three years, says Michael Collins, vice president of operations for Minova Americas.

It now employs 70 people.

The facility offers plenty of room to grow and easy access to rail spur lines could factor into future operations.

“There is so much steel knowledge in Hamilton. Fabricators are nearby, so we know that as we grow, we can get things fabricated easily. There is a strong workforce and we have a terrific landlord who works with us.”

Infarm Infarm is the world’s largest vertical farming network, with more than 1,850 farming units in 11 countries, that are helping cities become self-sufficient in their food production.

“We’re currently constructing our first Canadian growing centre in Hamilton,” said Eilam Gazit, senior vice president operations.

Infarm has partnerships with 30 of the world’s top retail chains and already services

Hamilton officially welcomed L3Harris to the community in 2021.

A foundational investment in Hamilton’s booming tech scene.

13

WELCOME TO THE INTERSECTION OF KNOWLEDGE AND INNOVATION ANNEX will be a part of Hamilton’s expanding knowledge based real estate Innovation District which includes McMaster Innovation Park (MIP)

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amilton-based investment and asset management firm Forge & Foster is staking a big claim in the West Hamilton Innovation District, a 100-acre parcel of land adjacent to the McMaster Innovation Park.

Forge & Foster is now the secondlargest landowner in the district, behind MIP. The company saw an opportunity and started conversations with a large landowner five years ago, says Dane Kerstens, partner and chief financial officer.

Over the last several years, Forge & Foster has acquired five properties for a combined 21 acres along Chatham and Frid streets just to the east of MIP. It has branded the neighbourhood ANNEX. “Our approach is to add value and to find adaptive reuse opportunities. We were drawn to the great existing bones of the real estate there and turned a lot of it over from storage uses and under-tenanted buildings. Things are much more active now.”

An extension of Frid Street will soon connect ANNEX directly to MIP. Knowledgebased companies in health and technology are arriving, such as drone and robotics firm SkyGauge. And Mabel’s Labels, a Hamilton leader in tech, is growing and committed to calling the city home.

Forge & Foster is advancing a work-play ethos in the district, with amenities that include Soccer World, Gravity Climbing Gym, the Chedoke Radial Trail and Steel Town Cider.

Forge & Foster believes so strongly in the opportunity in ANNEX that it moved its own headquarters into a former garage at 67 Frid

St. It features a large glass garage-door wall that transforms the office into an open-air patio, a fireplace lounge, indoor gardening stations, a repurposed cargo container that is used as a board room, and huge indoor and outdoor murals.

“Millennials don’t want to sit in traditional office towers,” says Kerstens. “Companies that are proud of their real estate are attracting talent. Forge & Foster is our own proof of concept of ANNEX. Our space is part of our culture. When people come here, they see what we believe in and that has social value for us.”

Forge & Foster is young, nimble, energized and growing, says Kerstens.

Since 2016, Forge & Foster’s assets under management have grown by 615 per cent, surpassing $300 million in value in 2022. Over that same time period, asset size in square feet has grown from 350,000 to 1.8 million – or 438 per cent.

The portfolio has become much more diversified, too. In 2016, residential made up two-thirds, but it accounts for only 16 per cent today.

The employee count has grown by more than 400 per cent, from eight in 2016 to 41 today.

“Forge & Foster is bringing eyes to Hamilton,” says Carolynn Reid, a long-time business consultant for the City of Hamilton’s economic development division, who is now retired and sits on the company’s advisory board.

“They are disruptive but in a positive, transformational way. They are serious about community building, while creating real estate products that suit Hamilton and its knowledge-based economy of tomorrow.”

Kerstens has had a front-row seat to Hamilton’s transition in his seven years in the city.

“Hamilton used to be simply the cheap option. It was cheaper per square foot than the GTA. The affordability advantage is still there, but now, it’s about the cool factor that Hamilton offers. There is character here that people are drawn to,” he says.

“Forge & Foster is growing alongside Hamilton. We are both a recipient and a driver of the momentum of the city.”

Finally! Hourly service to Hamilton

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Lake Ontario

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West Harbour

And once you make that trip in, Hamilton’s downtown core offers: • Funding for Start Ups/ Scale Ups • Classic Brick and Beam Office Space • Diverse Housing Options

•O ne of the Richest Broadband Networks in North America • Access to Great Tech Talent • Top-Class Dining Experiences

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COMMERCIAL REAL ESTATE INNOVATION Live. Work. Play. Thrive.

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Providing the space for Canada’s next generation of busineses to thrive

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The Spec@MIP

ANNEX is located in Hamilton at the intersection of Frid St. and Chatham, just a few short minutes from downtown and Highway 403.

This district is the perfect place for entrepreneurial ventures and businesses looking to expand.

Separated from McMaster Innovation Park and the City of Hamilton by Highway 403, the TH&B Railway, and patches of the Chedoke valley, ANNEX is a secluded live-work-play district that aims to provide a space, lifestyle, and culture to support Canada’s next generation of innovators.

The Atrium

WATERLOO

ANNEX

YOUR FUTURE SPACE The area is zoned for a variety of uses, including: • offices • labs • flex space

67 Frid Street, Unit 12 Hamilton, ON L8P 4M3 PHONE: (888) 410-9440 E-MAIL: info@forgeandfoster.ca

Like its neighbour, McMaster Innovation Park, ANNEX fosters the knowledge economy.

THE ESSENTIALS Unit Sizes: 1,300 sq. feet to 5,310 sq. feet Availability: Immediate Rates: Starting at $15 per square foot, net If you or your client seeks new, innovative space to relocate, expand or start-up a business, please contact our knowledgeable sales team to explore leasing options at ANNEX in Hamilton, Ontario.