changingthelandscape

Transcription

changing the landscape
suiting up for success
E DMONTON
COMMERCIAL REAL ESTATE GUIDE 2016 / 17
BUILDING TO A
HIGHER STANDARD
EPCOR Tower is a premier downtown location
offering outstanding amenities such as onsite
daycare, a fitness studio, and bicycle parking with
showers and lockers. Tenants also enjoy stunning
design features such as indoor and outdoor
fountains and sophisticated finishes. Best of
all—it’s Edmonton’s only office tower featuring
balconies and sweeping city views.
LEASING OPPORTUNITIES
AVAILABLE NOW
EPCOR TOWER AT STATION LANDS
10423 101 STREET
GOLD LEED∏ CERTIFIED
WALKING DISTANCE TO THE NEW
ROYAL ALBERTA MUSEUM AND
ROGERS PLACE.
We have your business address
780-424-7474 | www.qualicocommercial.com/edmonton
dreamleasing.ca
Dream Office REIT is committed
to working with you to achieve
the best workplace solutions for
your business, your employees
and your clients.
publisher
table of contents
Mike Banister
Message from his Worship Mayor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Message from the BOMA Edmonton Chair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Message from the Edmonton Economic Development VP Urban Economy . . . . . . 7
More in the core . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
The BOMA Edmonton Board of Directors 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
How Daryl Katz is bringing the wow factor to downtown Edmonton . . . . . . . . . . 14
Uncommon success out on the fringe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Retail Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Downtown Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Suburban Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Industrial Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Investment Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
BOMA Best . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Multi-Family / Apartment Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Jeremy Deeks
list of advertisers
Building Owners and Managers
Association Edmonton
870 EPCOR Tower
10423-101 Street
Edmonton AB T5H 0E7
Telephone: 780.428.0419
Fax: 780.426.6882
Email: [email protected]
bomaedmonton.org
changing the landscape
suiting up for success
EDMONTON
COMMERCIAL REAL ESTATE GUIDE 2016 / 17
leasing guide committee
Chad Boddez
[email protected]
[email protected]
[email protected]
Meghan Kinney
[email protected]
Percy Woods
[email protected]
Rochelle Smith
[email protected]
Sarb Dhaliwal
[email protected]
Designed and produced by:
Rochelle Rae Marketing Inc
Edmonton AB Canada
780.919.9346 | [email protected]
rochelleraemarketing.com
Feature articles written by:
Bruce White
250.899.5477 | [email protected]
Market Statistics Provided by:
Colliers International
Brenton Chung | Market Intelligence Coordinator
Courtney Weale | Client Project Coordinator
Additional copies of this publication are available from
BOMA Edmonton©2016
This publication contains information considered accurate at the
time of publication. The publisher, however, makes no warranty,
expressed or implied, that this information is correct. The contents of
this publication may not be reproduced without permission of the
Publisher. Printed in Canada, April 2016.
4
COMMERCIAL
REAL ESTATE
GUIDE2016/17
Aspen Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Aurora Window Cleaning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Atco Power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
BDO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Bee-Clean Building Maintenance Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Bentall Kennedy (Canada) LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
BOMA Awards Gala . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Burke Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Colliers International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Back Cover
Dream . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Right Front Cover
Entuitive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Edmonton Economic Development Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Hallmark Housekeeping Serrvices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Humford Management Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Independent Supply Company Edmonton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 & 19
Karlen-Elecom Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
MacEwan University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Manulife Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Right Back Cover
Maverick Inspection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Melcor Reit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Left Back Cover
MKT Communications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
MNP LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 & 25
Morguard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Oxford Properties Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Qualico Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside Left Front Cover & 20
Read Jones Christoffersen Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
RE/MAX Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Rochelle Rae Marketing Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Solution 105 Consulting Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
WAM Development Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Westcorp Property Management Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Wolski Design Group Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
XCG Environmental Engineers & Scientists . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
message from
his Worship Mayor
Don Iveson
On behalf of City Council and the people of Edmonton, Alberta’s Capital City, it is my pleasure to
introduce the annual BOMA Edmonton Commercial Real Estate Guide.
Everywhere you look in Edmonton, you see our landscape changing. From the burgeoning Ice
District to the LRT expansion to the many new towers going up in the downtown core, it is clear the
opportunities for new commercial, residential and recreational development are strong.
This ongoing construction is part of the reason Edmonton has been able to weather current economic
conditions. In fact, Edmonton has seen months of consistent job growth, showing that our city has a
diverse and resilient economy that remains one of the best places in Canada to do business.
I thank BOMA Edmonton for giving property owners, tenants, investors and managers valuable
insight into Edmonton’s economy and real estate market. As we continue to grow, we will rely on the
expertise of our commercial real estate sector to manage and further this development.
Yours truly,
Don Iveson, Mayor
BOMAEDMONTON .ORG
5
message from
BOMA Edmonton chair
Myron Keehn
Edmonton… changing the landscape
“changing the landscape… suiting up for success” certainly describes Edmonton. The excitement of the Ice District continues
to spark positive hope for the future. Edmonton Tower, the new City Building, is already changing Edmonton’s skyline. The
announcement by Marriott, the largest hotelier in the world, to upgrade its hotel in the Ice District to a JW Marriott is exciting
news and betrays a confidence in the Edmonton economy. Add the Stantec Building, which is also going vertical in the same area,
and you have an amazing amount of activity in Edmonton’s downtown core. And let’s not forget the almost fully leased Kelley
Ramsey Building that also adds to the excitement and you certainly have a changing landscape that is suited for success.
While the transformation of downtown continues to spark excitement for Edmonton, that’s not the whole story. Cameron
Developments has a number of projects being worked on around the City. Harvard Developments continues to develop its Currents
and Windermere project while Qualico Commercial is in the permit stage for another exciting development in Edmonton’s south
west. All of which demonstrates a strong confidence in the growth and economic development in the region.
The “…changing the landscape” theme certainly reflects what’s happening in Edmonton and is an excellent choice for the BOMA
Edmonton Commercial Real Estate Guide at this juncture. The Rogers Place Arena construction and the new Kelley Ramsey Building
are nearing completion while the Edmonton Tower is past the midway point. As well, other activity outside the downtown area
continue too. The Edmonton International Airport has started ground work on their expanded new retail development and is
continuing to see growth in passenger traffic. LRT expansion planning continues with new construction for the Valley Line to
begin soon. All four of Edmonton’s major post-secondary institutions in the final stages of construction of new buildings on their
respective campuses. Of course, all this construction activity is helping mitigate the impact of the oil patch slowdown as thousands
of trades people continue to be busy in Edmonton.
Edmonton is also growing as a burgeoning centre of trade and finance and is home to corporate headquarters of three major
financial institutions and to the World Trade Centre, all of which are poised and ready to spread our Capital Region’s good news
story to all markets.
Throughout this Guide you will find numerous examples that demonstrate Edmonton truly is “…changing the landscape” and
is “suited for success”. And Edmonton is poised to continue as a city with a demonstrated consistent growth for businesses that
wish to expand or move to the region. You will find all the reasons you need in this publication, from both personal and business
perspectives, to locate and grow in Edmonton. BOMA Edmonton is proud to sponsor this Guide and we trust that it will serve as a
valuable reference tool in your growth and commercial real estate choices.
Myron Keehn, Chair
6
COMMERCIAL
REAL ESTATE
GUIDE2016/17
message from Edmonton Economic Development
Corporation VP Urban Economy
JoAnn Kirkland
Edmonton exudes an energy and rhythm that attracts investors and businesses. Today, the city has over
170 projects announced or underway with a minimum budget of $5 million, for a grand total of $18.6 billion
of investment. It is incredible that our City is growing at the rate we are, with the economic downturn we are
currently experiencing. Edmontonians have shown no shortage of resilience and resourcefulness in the face of
these challenging times.
Investment and entrepreneurism in our city has changed the physical landscape, but has also become an
essential characteristic to the vibrancy of Edmonton. Edmontonians are in the process of creating one of the
most exciting downtowns in Canada. At Edmonton Economic Development, we’re thrilled to be part of the
transformation.
JoAnn Kirkland, VP Urban Economy
Edmonton Economic Development Corporation
BOMAEDMONTON .ORG
7
8
COMMERCIAL
REAL ESTATE
GUIDE2016/17
more in the core
how the downtown landscape
will continue to evolve after 2020
From his corner office in EPCOR Tower,
prepares to welcome visitors in the summer
the new, quality space within our market.
downtown Edmonton reinvents itself as a
Conference Centre in The Quarters, Prem
40 even 50 years old, and not in the same kind
Ken Cantor can watch in real time while
bustling civic centre for the 2020s.
To the southwest, a clear, blue sky is
punctured by more than a dozen cranes
hoisting materials over a fleet of active
of 2017. Two blocks east of the Shaw
Singhmar’s bold, Eugene Dub-designed
Hyatt Place Hotel is taking reservations for
July 31, 2016.
And in every direction shiny new
construction sites that collectively represent
apartment towers, either recently completed
downtown core.
the city’s downtown renaissance. And there
up to $2 billion worth of investment in the
“Those projects are going to take two
or still under construction, are evidence of
to four years to complete,” says Cantor,
Northern Alberta Vice-president for
Development at Qualico Commercial.
“They represent a lot of employment
in well-paying jobs, and dollars that are
being spent in Edmonton that will help
the city bridge the gap caused by low
the sleek new Rogers
Alberta’s rebounding economy
consistently delivered the highest
standard of living in Canada for
30 years.
is more to come. Another 1,000 units are
commercial high-rises show various degrees
high above the Winter Garden and public
of progress: the City of Edmonton and Kelly-
Ramsey towers are taking their final forms,
while many more tons of steel and concrete
are yet to be hoisted skyward to become the
Ice District’s JW Marriott luxury hotel and
Stantec Towers, each in turn topped with
hundreds of condominiums.
Southeast of Cantor’s vantage point, the
nearly completed Royal Alberta Museum
those spaces. I think you’ll see most of them
converted from office space to residential or
possibly even hotels, because I think it will
make more sense.”
Once these adjustments take place, there
will be new opportunities to build again.
One of these lies a dozen floors below
Lands, of which the 2011 EPCOR Tower
was Phase One. On this 9.2-acre parcel,
a blank canvas that is not crossed by
any existing streets, Qualico eventually
plans to add three more towers plus
three or four retail structures.
Station Lands will also house part of
Place, where crews are racing to be ready
for the Oilers’ 2016-17 season. Nearby, four
of condition. It will take time to redevelop
Cantor’s feet. Qualico owns Station
commodity prices.”
There’s
The buildings that will be vacated will be 30,
soon to sprout in the Katz Group’s Ice District,
the Edmonton Galleria project, which
as envisioned is the most ambitious arts
development ever proposed in Edmonton.
Conceived by local philanthropists Dianne
plaza that will buzz with crowds drawn to
and Irving Kipnes, an indoor/outdoor public
each year.
to a portfolio of new developments on sites
the arena by 180 hockey games and concerts
So what happens next?
First, “It’s going to take another three or
four years for just what’s currently underway
to fully integrate itself into downtown,” says
Cantor.
“The space that will get occupied will be
Galleria on Station Lands will link the LRT
that straddle Station Lands. There will be
four new theatres on Galleria sites, including
a 1,650-seat opera and ballet theatre on
the north side of 105th Avenue. These arts
facilities will be operated by a foundation
that earns lease revenues from a new office
BOMAEDMONTON .ORG
9
tower and another building that would house
the University of Alberta’s fine arts and design
departments.
If plans like these seem fantastic in the
context
of
Alberta’s
current
economic
challenges, it helps to remember that major
And a lot of that focus will be on downtown.
five years from now?” Cantor asks. “The quality
communities that are pretty self-contained,
going to be drastically better than it was, say, in
Most Edmontonians live in suburban
so a new supermarket opening in Manning
Town Centre won’t affect people living in in
the southwest or vice versa. But downtown
of occupied space in downtown Edmonton is
2012. I also think it will be healthier financially
than it was.”
One challenge for the new downtown
urban developments take a very long time to
is shared by all the region’s residents. It’s also
will be what to do with buildings of the old
“The nature of the beast is that it takes eight
location for provincial showcase projects like
office towers fill up. Landlords such as Oxford
plan, market, finance and construct.
years from conception to opening day,” Cantor
explains. “In our business you know that you
will go through one or two economic
cycles over those time frames.”
Veteran
players
like
through
economic
the Art Gallery of Alberta and the Royal Alberta
Museum. Downtown is the centre of the
By 2020 the decades-old dream
for a re-energized downtown
Edmonton will be largely a reality.
Cantor’s
employer Qualico have seen Edmonton
go
the capital for all Albertans, and a natural
downturns
before. The privately held company
based in Winnipeg develops, owns and
downtown that become vacant as the new
Properties began a decade ago to modernize
their 1970s buildings.
As well, some properties built
in the 1960s and 1970s have been
gutted and completely reinvented.
For example 9Triple8 Jasper, vacated
in 2012 when ATB left the building,
recently was refurbished to seek LEED
Gold EB standard. More than 82 per
manages a large portfolio of residential,
cent leased, 9Triple8 now houses mid-
commercial and industrial properties in
region’s road and light transit networks, the
sized professional tenants such as Associated
“Recessions are part of the program,” says
tourists and business visitors form their lasting
accounting.
Edmonton and several other Western cities.
Cantor. “Now the focus is beyond the recession
to what lies next for Edmonton.”
heart and the brains of the city. It’s where most
impressions of the city and the province.
“So what will be different about Edmonton
Engineering and Kingston Ross Pasnak
Another high-profile recycling project has
been proposed for Rexall Place northeast of
downtown, where owner Northlands recently
announced a sweeping modernization plan.
Its plan includes converting the coliseum
into a seven-sheet ice palace suitable for
hockey and curling tournaments, as well as
local league play. Hall D will be repurposed to
become a 5,000-seat arena, while Northlands
Park horseracing track will make way for a
vast regional festival park with space for up to
140,000 people.
By 2020 the decades-old dream for a re-
energized downtown Edmonton will be
largely a reality. Most of the big projects will
be completed. A third LRT line will be pushing
to the southeast and eventually the western
limits of the city. And the economy probably
will have settled into a more normal state. So
what will happen next?
“I think the pace of change is going to
accelerate,” Cantor says. “We’re just starting to
see the physical results of decisions that were
made in 2009 through 2012.”
So now in 2016-17, the focus shifts to how to
build the Edmonton of 2020 and beyond.
10
COMMERCIAL
REAL ESTATE
GUIDE2016/17
THINK OF
IT AS AN
ALL-ACCESS
LEASE
When you lease office or retail space in ICE District,
you’re staking claim to your own piece of Alberta’s
most prestigious new property. A sports, entertainment
and business district expected to draw upwards of
3 million visitors annually. A place where you’re always
just steps away from the big game or the newest
dining hot spot. No other address in Edmonton
boasts more perks.
Easy access to transit and ample parking
Total of 1.3 million sq. ft. of office space
Total of 300,000 sq. ft. of retail space
Modern state-of-the-art design and space
LEED Gold targeted certification
For more information on office and retail
leasing opportunities, call 780-423-5525
or email [email protected]
IceDistrictProperties.com
BOMAEDMONTON .ORG
11
BOMA board of directors 2016
executive committee
Myron Keehn
Chair
Edmonton International Airport
P.O. Box 9860
Edmonton, AB T5J 2T2
T. (780) 890-6729 : F. (780) 890-8215
E. [email protected]
Jody Kundrik
Director: Education Committee
KGP Services Inc
#220, 10104 – 103 St, Bell Tower
Edmonton, AB T5J 0H8
T. (780) 229-1657 : F. (780) 990-1769
Tony Prsa
Past Chair – BOMA Canada Representative
Harvard Property Management Inc.
Suite 005, 11523 – 100 Ave
Edmonton, AB T5K 0J8
T. (780) 413-7059 : F. (780) 482-6080
Terry McRobb
Director: Awards Committee
Blackwood Partners Property Corp
17203 - 105 Avenue
Edmonton, AB T5S 1H2
T. (780) 481-8860 : F. (780) 413-0040
Chris Vilcsak
Treasurer
Solution 105 Consulting Ltd.
#230, 10357 – 109 St
Edmonton, AB T5J 1N3
T. (780) 429-4774 : F. (780) 429-4994
Cameron Naqvi
Director: Communications Committee
Cameron Developments Corporation
10180 – 111 Street NW
Edmonton, AB T5K 1K6
T. (780) 424-8008 : F. (780) 424-2288
directors
Darcy Armstrong
Director: Membership Committee
GWL Realty Advisors Inc.
#208, 10155 - 101 St
Edmonton, AB T5J 4G8
T. (780) 944-0902 : F. (780) 428-4047
John Frederickson
Director: Real Estate Guide Committee
#2210, 10180 - 101Street
Edmonton, AB T5J 3S4
T. (780) 969-3030 : F. (780) 424-7830
Ray Dumouchel
Director: Environment Committee
University of Alberta
4th Floor General Services Building
Edmonton, AB T6G 2H1
T. (780) 492-4048
12
COMMERCIAL
REAL ESTATE
Anthony Patenaude
Director: Government Liaison
Humford Management Inc.
300, 10050 – 112 St
Edmonton, AB T5K 2J1
T. (780) 426-4960 : F. (780) 425-1184
Glen Scheuerman
Director: Tax Committee
Morguard Investments Limited
#1100, 10060 Jasper Avenue
Edmonton, AB T5J 3R8
T. (780) 421-8000 : F. (780) 424-7933
Ted Stone
Director: Golf Committee
Read Jones Christoffersen
Suite 100, 14904 – 123 Ave
Edmonton, AB T5V 1B4
T. (780) 452-2325 : F. (780) 455-7516
GUIDE2016/17
Sidney Waskiewich
Director
Qualico Commercial
1350, EPCOR Tower
10423-101 Street
Edmonton AB T5H 0E7
T. 780-424-7474 : F. 780-426-6217
E: [email protected]
Erin White
Director: Recruitment Committee
Bentall Kennedy (Canada) LP
Suite 100, 10123 – 99 th Street
Edmonton, AB T5J 3H1
T. (780) 401-0902 : F. (780) 429-0827
staff
Percy J. Woods
President and Chief Executive Officer
BOMA Edmonton
870 EPCOR Tower
10423-101 Street
Edmonton AB T5H 0E7
T. (780) 702-5007 : F. (780) 426-6882
Jeannette Mensink
Coordinator, Events & Member Services
BOMA Edmonton
870 EPCOR Tower
10423-101 Street
Edmonton AB T5H 0E7
T. (780) 702-5008 : F. (780) 426-6882
Cora Krywko
Accounting
BOMA Edmonton
870 EPCOR Tower
10423-101 Street
Edmonton AB T5H 0E7
T. (780) 702-5009 : F. (780) 426-6882
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People who know Real Estate, know BDO.
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9897 34 Ave NW, Edmonton AB
Direct: 780 669 7836
[email protected]
Assurance | Accounting | Tax | Advisory
www.bdo.ca/real-estate
BOMAEDMONTON .ORG
13
how Daryl Katz is bringing the
wow factor to downtown Edmonton
sparkling Rogers Place arena will be the
opening act for $2.5-billion Ice District
From his office in the Bell Tower, John Ross
more than 300 apartment units. And there
Edmonton, is the centerpiece of an estimated
to construct Rogers Place, the oildrop-shaped,
they put together all the pieces that make up
former rail lands and parking lots that has
had a front-row seat for the two years it took
stainless steel-clad arena that soon will be
home ice for the NHL’s Edmonton Oilers.
“It was like watching these guys
will be at least four years of window-gazing as
Edmonton’s breathtaking new Ice District.
Ice District will be a city within
the city that pulses with sports,
entertainment, special events,
shopping and nightlife.
build a large-scale Swiss watch,” says
Ross, Edmonton managing director for
Avison Young. “Now it’s boring because
it’s enclosed, and I’m less distracted
while I’m on phone calls these days.”
Boring, maybe, except that now
he gets to watch several more blockbuster
This is how Daryl Katz, a publicity-
projects go up. There’s a 50-floor luxury
shy, 55-year-old self-made billionaire, is
afterward comes Stantec Tower with 60-plus
dull provincial capital. The arena, built in
hotel and condo tower. Then following right
floors of retail space and offices crowned with
14
COMMERCIAL
REAL ESTATE
finally putting to rest his city’s image as a
partnership by the Katz Group and the City of
GUIDE2016/17
$2.5 billion investment on 25 acres of mostly
been rebranded as Ice District.
Modelled after L.A. Live next to the
Staples Center in Los Angeles, Ice District
will be a city within the city that pulses
with sports, entertainment, special
events, shopping and nightlife. It’s also
where thousands of Edmontonians will
come to live and work every day.
District:
These are the principal parts of Ice
Rogers Place: On track to be ready for the
2016-17 NHL season, this is a techno-arena
for the 21st century. Built by Edmonton’s
Continued on page 16
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BOMAEDMONTON .ORG
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Continued from page 14
The Legends Private Residences: To be built on
PCL Group, it will seat 18,500 fans for games
and up to 20,000 for concerts. Guests will
enjoy an array of club seats, private boxes
and lounge and loge seating. The arena
bowl and its extra-wide concourse will have
top of the Marriott, Legends will occupy the
23rd through 54th floors of the hotel building.
Ice District promises buyers Edmonton’s most
sophisticated condominiums and luxurious
hotel-like services in the heart of the sports
Wi-Fi, an advanced high-def scoreboard
and entertainment centre.
screen,
Stantec Tower: Ice District’s second AAA-class,
giant
TV
monitors
throughout
and a wide variety of food and beverages.
Winter Garden: The main entrance to Rogers
Place is a 24,000-sq.-ft. public events space in
a glittering hall above 104th Avenue. It’s also
a hub for fans arriving from future Ice District
buildings, LRT, parking and pedways.
second ice rink is part of Rogers Place.
Grand Villa Edmonton Casino: Operator
Gateway Casinos Inc. promises the 60,000-sq.ft. Grand Villa Edmonton, to open in September
2016 next to Rogers Place, will be “a new
premier upscale casino and entertainment
property.”
Edmonton Tower: A 27-storey curtain-wall
office tower will house City of Edmonton
workers consolidated from half a dozen
locations, plus a number of other tenants.
Among the selling points are its design
intended to meet BOMA Go Green, BOMABEST and LEED Gold standards. Tenants will
also enjoy its efficient, column-free floor plans,
on-site daycare, spacious lobby and marble
and granite appointments. Move-in dates are
projected for the second half of 2017.
Public Plaza: Edmonton gets its second
downtown square immediately south of the
Winter Garden and atop a large underground
parking structure that will serve Ice District.
The plaza will be the lively, people-oriented
focal point of Ice District.
JW Marriott Hotel: Edmonton’s newest fullservice luxury hotel will offer 356 rooms and
suites, 25,000 square feet of conference
space, a 10,000-sq.-ft. ballroom plus all the
spas, restaurants and amenities one would
demand from a top-tier hotel. The 22-storey
16
COMMERCIAL
REAL ESTATE
Alberta’s leading engineering and design firm.
Stantec will design and engineer the building,
then move 1,700 Edmonton employees into
the tower after completion around the end
of 2018. Announced plans call for a 62-floor
Downtown Community Arena: A 1,000-seat
hotel is due to open in 2018.
environmentally advanced building will house
tower consisting of a retail podium, 26 floors of
offices and topped by 320 apartments. There
has been speculation that the tower could
ultimately go to 66 floors, which would make
it the tallest in Canada outside Toronto.
Cineplex VIP Cinemas: Edmonton’s most
advanced movie theatres will anchor the retail
and entertainment component of Ice District.
A 35,000-sq.-ft. Cineplex will feature next-
generation UltraAVX technology, with highdefinition wall-to-wall screens. Adult-only VIP
cinemas with licensed food and beverage at
your seat will be ideal for Mom and Dad’s night
out. It should be ready for the Christmas movie
season in 2018.
Future development: Ice District has room to
grow well beyond what is already announced.
Maps and drawings of the area show two to
four more large towers that have yet to be
announced, including rental apartments that
are included in the vision for the latter part
of phase one in 2019. And Ice District maps
label several acres north of 105th Avenue
as being reserved for future development.
“It’s nothing short of astounding,” says Ross.
cent committed. Add in the Kelly Ramsey
(another new tower nearby), and by the time
they deliver, they will be full, too,” he says.
Ice District brings something new to
Edmonton – call it the “Wow Factor” – that has
surrounded Katz throughout his career as an
entrepreneur and businessman.
In 1991, the 30-year-old University of Alberta
law grad and his pharmacist father bought
the Canadian rights to the Medicine Shoppe
drugstore franchises, reportedly for $300,000.
Over the next decade or so, Katz acquired
an impressive stable of pharmacy groups
including Rexall and PharmaPlus.
Katz really took people’s breath away for
the first time in 2008, when he purchased
the Edmonton Oilers for $200 million
and later bought the right to rename the
former
Northlands
Coliseum
as
Rexall
Place. Katz overnight went from being an
obscure entrepreneur to the most famous
businessman in northern Alberta, but the
Wow Factor surrounding him was just getting
started.
In 2011, the Katz Group announced it
wanted to develop a new downtown arena
in partnership with the City of Edmonton, a
contentious deal that took two years to finally
close.
There would be more “Wows!” to come.
Such as when the arena and Winter Garden
began to rise over 104th Avenue. And again
as successive announcements fleshed out
details of the Katz Group’s plans for its 25-acre
Ice District. Then another when the Oilers won
the lottery to draft scoring sensation Connor
McDavid in June 2015. There was yet another
big “Wow!” in March 2016 when Katz sold the
“It’s the size of L.A. Live, but it’s being built in
last of his drugstore holdings for $3 billion
And leasing business has been brisk, adds
all accounts, there will be about 18,500 fans
less than half the time.”
to McKesson Corp. of San Francisco. And by
Ross, whose firm is handling leasing on Stantec
screaming “Wow!” when the Oilers play their
“The level of interest in both, in terms of
And if that doesn’t put 200 feet between
and Edmonton Towers.
first game at Rogers Place in the fall of 2016.
deals done and potential activity, is enough
the words “Edmonton” and “dull,” nothing will.
to fill both buildings. They already are 90-per-
GUIDE2016/17
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uncommon success
out on the fringe
At ISC we don’t just SELL
HVAC & Refrigeration products…
we PROVIDE BUILDING
AIR QUALITY SOLUTIONS.
Jerry Naqvi bet the farm
to build his family’s Cameron Corp.
There
is
a
remarkable
amount
of
construction underway in Edmonton in
2016 and it isn’t all happening downtown.
Job site visits, installation advice and
project submittals are all part of our
commitment to being your supply
partner. We want to help you build
your business and ultimately assist
you in becoming more profitable.
BAG & TAG FILTER PROGRAM
FOR SCHEDULED ROUTINE MAINTENANCE
this centre, begun in 2011, has a Lowe’s and
Empire Cinemas in its million sq. ft. of retail
While attention has focused on the “city
space on 75 acres. It is 65 per cent completed.
also an emerging city outside the city that is
southwest at Terwillegar and Anthony Henday
within a city” that will be Ice District, there is
Our highly trained and experienced
teammates work with you to get the
RIGHT products for your installation.
We are available for consultations on
your next project – small or large.
northeast in partnership with a pension fund,
experiencing a surge of growth.
On what was a distant ring of farmland
less than 20 years ago, new neighbourhoods
have sprouted inside and outside Anthony
Henday Drive. Local malls, regional shopping
centres, power centres and professional office
buildings have sprung up to serve all the new
families, including many of the 30,000 people
per year who migrated to Edmonton between
2012 and 2014.
A leading force out on the ring road is
Cameron Corporation, an Edmonton family
business that once bet the farm to construct
a new kind of shopping centre, then went on
to replicate its success all around the city’s
perimeter.
Currents of Windermere: Located in the
Drives, this hybrid retail-professional centre
adds another million square feet over 100
acres. Developed with Harvard Development
of Regina, Currents is 85 per cent built out.
Erin Ridge Shopping Centre: This Costco-
anchored centre in North St. Albert has
three buildings under construction with
three more expected by year-end. Developed
in partnership with Canadian Real Estate
Investment Trust, it will have 480,000 sq. ft. of
retail on 100 acres.
Emerald Hills Urban Village: This Sobey’sanchored centre in Strathcona County is nearly
built out to 113,000 square feet on 11 acres.
Albany Market Village: A Walmart-anchored
Cameron Corp. currently has 15
retail projects of various sizes under
active development, including:
South
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18
760 - ISC BOMA Ad - January 2016.indd 1
Cameron
Edmonton
Corp.’s
Common:
flagship
development of big box stores
Cameron Corp. currently has
15 retail projects of various sizes
under active development
began with a Home Depot in 1998
and has grown into one of the
largest outdoor shopping centres in North
centre near 127th Street and Henday in
Hwy. 2 has 2.4 million sq. ft. of retail space and
buildings under construction on its way to
America. Its 320-acre site at 23rd Avenue and
is about 95 per cent built out.
Manning Town Centre: Built in the city’s
GUIDE2016/17
2/5/2016 12:37:52 PM
COMMERCIAL
REAL ESTATE
northwest Edmonton, this one has a couple
407,000 sq. ft. over 40 acres.
Harvest Pointe: With another Walmart
At ISC we don’t just SELL
HVAC & Refrigeration products…
we PROVIDE BUILDING
AIR QUALITY SOLUTIONS.
Our highly trained and experienced
teammates work with you to get the
RIGHT products for your installation.
We are available for consultations on
your next project – small or large.
Job site visits, installation advice and
project submittals are all part of our
commitment to being your supply
partner. We want to help you build
your business and ultimately assist
you in becoming more profitable.
The Naqvi family’s Cameron Corporation is a force to be reckoned with in commercial and
residential development around Edmonton’s Anthony Henday ring road. Back row: Jerry
Naqvi, Rose Naqvi-Parasynchuk, Tina Naqvi-Rota, Cameron Naqvi. Front: Henrietta Naqvi.
UV AIR TREATMENT SYSTEMS
Supercenter and a Sobeys under construction,
residential ventures, including developing new
year, this CREIT-partnered project will have
and operating rental apartments around their
and three more buildings likely to come this
375,000 sq. ft. over 40 acres at Ellerslie Road
and 50th Street in the southeast.
subdivisions, building and marketing homes,
shopping centres.
What makes this portfolio of real estate
Cameron Corp. also is involved with
businesses exceptional is the fact that it
suburban office buildings. Its largest office
immigrant from Pakistan, his two daughters
several neighborhood-scale retail centres and
project is the Edmonton Business Campus,
which is currently on hold. This pension-
was put together in one generation by an
and a son.
Trained as an electrical engineer, Jerry Naqvi
partnered project is envisioned to hold a
arrived in Edmonton in 1964. Unable to find
for multiple tenants on a 130-acre, Silicon
to sell real estate instead. This led him to join
million square feet of mixed-use office space
Valley-inspired campus setting, complete with
nature walks and a soccer field.
Although rooted in commercial devel
opment, Cameron Corp. has branched into
Sanuvox Technologies is the global
leader in ultraviolet air treatment
providing the most advanced
cost-effective solutions available
suitable work in his own profession, he began
Dr. Charles Allard’s real estate company, Allarco
Developments.
(Dr. Allard was a very successful entrepreneur
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BOMAEDMONTON .ORG
760 - ISC BOMA Ad - January 2016.indd 2
19
2/5/2016 12:37:31 PM
60 YEARS OF COMMUNITY ENRICHMENT
As Qualico surpasses its 60th year in Edmonton, one thing remains certain: effective
real estate development does more than provide four walls and a roof. Qualico
brings people together, “It’s not the things we build that are most important,” says
Ken Cantor, Vice President of Development at Qualico Commercial, “It’s about the
resulting spaces and how they get used.”
EPCOR TOWER
Qualico’s commitment to quality never wavers. Whether it is a suburban office space
like Allendale Professional Centre, a one-stop-shop like Newcastle Shopping Centre
or EPCOR Tower, a gleaming high rise office building in the heart of downtown
Edmonton, the approach remains the same. Thoughtful design created to improve
the lives of the tenants that use it.
Qualico’s attention to detail, and the multi-purpose use of their spaces is what sets
them apart, “We think about the primary uses within the development whether that’s
office spaces or grocery stores but also the unique secondary uses experienced by
people who work or visit those spaces.” The addition of features such as daycares,
bike storage and vital outdoor spaces further increases the quality of life of its
tenants. Cantor contends, “Successful commercial spaces are those that are visited
even when they don’t need to be.”
QUALICO SOUTH OFFICE BUILDING
At its core, Qualico Commercial places a high value on community enrichment.
Qualico has played host to Start-Up Edmonton, Uniquely Me and art exhibitions by
internationally renowned artists like Royden Mills. Sponsorship and participation in
community events including Santa’s Outdoor Parade of Lights, The Patio Series and
the Café Series at Festival Place in Sherwood Park are an important facet of Qualico’s
involvement in the community.
“We were so proud to be the inaugural sponsor of Edmonton’s first Nuit Blanche
event last year,” commented Cantor. “Opening not only our doors but Edmonton’s
doors to artists provides them with venues to share their work and a wonderful
opportunity to engage the broader community.”
ROYDEN MILLS ART EXHIBIT
Qualico’s commitment to their projects, as well as the cities in which they develop
reflects their understanding of the importance of community, “Community is at the
heart of everything we do,” says Cantor. “That’s not a slogan; it’s a pledge to building
and supporting an outstanding quality of life in Edmonton.”
Qualico Commercial has more than 4.5 million square feet of commercial space in
their portfolio, under development, and in the planning stages. Developing their
buildings from the ground up, in addition to maintaining them within the corporate
portfolio is a particular source of pride, and the ability to bring something “extra
special” to their tenants is Qualico’s top priority.
NUIT BLANCHE
BUILDING TO A
20
HIGHER STANDARD
COMMERCIAL
REAL ESTATE
GUIDE2016/17
in post-war Edmonton. A highly
experience with Dr. Allard, Naqvi
in the mornings and after lunch
companies he formed after his
businesses. His companies included
Development
development to hotels to a major
sister Tina. Property manager
empire built around Canada’s
after the youngest child, Rose.
station, CITV. He also founded the
together a portfolio of smaller
the World Hockey Association and
strip malls and grocery-anchored
respected surgeon, he operated
set out on his own, naming the
turned his attention to a string of
children. The first was Camtina
everything
estate
after Cameron and his elder
car dealership to an entertainment
Imrose Properties was named
first
television
By the 1990s, Naqvi had put
Edmonton Oilers originally part of
commercial retail assets such as
later joining the NHL.)
neighbourhood shopping centres.
Allard with being his mentor, but
eye for great locations, Naqvi’s
business,”
square mile of underused railway
from
real
independent
“My dad not only credits Dr.
Corp.,
named
Having acquired Dr. Allard’s
for teaching him the development
gaze settled in the 1980s on half a
Cameron, who is executive vice-
land south of 23rd Avenue and
One of Jerry Naqvi’s first tasks
frontier of Edmonton. Research
the doctor’s real estate holdings,
bordered the future path of a ring
piece of land just off the Las Vegas
crossroads of south Edmonton.
“Doc was actually a big land
which at first wasn’t interested in
says
Naqvi’s
son
president of Cameron Corp.
east of Hwy. 2 on the southern
at Allarco was to take inventory of
confirmed its potential: the land
which included a half-forgotten
road that one day would be the
strip.
Naqvi
speculator,”
Cameron
Naqvi
recalls. “He would buy tracts of
land in Edmonton, California, Las
approached
the
CPR,
selling, but he kept at them.
In the mid-1990s, Naqvi had
discussions with Home Depot,
By the 1990s, Naqvi had put together
a portfolio of smaller commercial
retail assets such as strip malls and
grocery-anchored neighbourhood
shopping centres.
Vegas, Phoenix and different areas
which was looking to set up a
quickly realized they had some
side and was interested in the
and they started to develop some
ready to sell. Naqvi liquidated
just as speculation. He and Dad
big box store on the deep south
really great development parcels
site. This time, the railway was
of those parcels.”
all his other assets to raise the
After
gaining
a
ton
of
SSION: ate
I
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U
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e ultim
h
t
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d
i
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Pro
building es
e
s
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g
hi
servic
e
c
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a
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mainte tomers.
us
to our c
Window Cleaning Inc.
780-898-7078
www.auroraindustries.ca
cash and launched Cameron
BOMAEDMONTON .ORG
21
Developments Ltd. to build South Edmonton
signing up Real Canadian Superstore, Cineplex
they completed their education.
“He bet the farm,” says Cameron Naqvi. “It
handful of the now more than 150 stores and
and a Masters of Business Administration
Common.
and a Walmart Super Center, to name a
was very tough going at the beginning, I can
attractions. The “overbuilt” Edmonton market
tell you, but we’ve been very blessed and it has
kept growing. And real
At first, some Edmontonians scoffed at the
from Ikea were enough to
paid off.”
make shoppers shrug off
of the day: “We already have West Edmonton
their aversion to the cold.
Mall, and Heritage Mall is only a couple of
Buoyed
by
the
miles away, so why do we need another giant
Common’s success, Naqvi
Edmonton was too cold for large, outdoor
went on to build new
shopping centre?”) Others pointed out that
and
shopping centres.
rival
developers
Common has expanded ever since. The
centres all around the region. Meanwhile
studied structural engineering at Arizona State
work, eventually joining the company after
Northern Alberta Institute of Technology. Now
his children grew up watching their Dad at
Common went from strength to strength,
Build your future.
Become a member today.
NETWORK
GROW
Meet other industry professionals and socialize at local, national,
• and
international events.
Be recognized for industry excellence through the BOMA
• Edmonton
Awards program.
Access decision makers through the online Membership
• Directory.
Participate in local committees that are relevant to the
• commercial
real estate industry as well as projects that support
local events and charities.
Enroll in educational programs including property management
• certification,
seminars and workshops, as well as tours and
forums.
Ice District will be a city within
the city that pulses with sports,
entertainment, special events,
shopping and nightlife.
big-box format shopping
But Home D opened in 1998 and the
Hear informative speakers on topical issues related to business
• worldwide.
from the University of Alberta, while Cameron
Christmas trees for $10
size of South Edmonton Common. (Typical rant
LEARN
Tina earned a degree in civil engineering
CONNECT
•
Be part of a strong and united voice in lobbying on issues
affecting the industry at municipal, provincial and federal levels.
Stay current on information effecting industry standards and
• trends
around the world.
University and construction engineering at the
in their forties, they run Cameron Corporation
together.
Younger sister Rose, an accountant, runs
Cameron Homes. The division is a smallish
builder of about 70 homes a year at the
more affordable end – single family, duplex,
townhouse-like products and more recently
multifamily
rental
apartment
buildings.
Meanwhile, father Jerry is the group CEO.
Cameron Corp. has only about 40 employees
and
contracts
out
most
engineering,
architecture and construction. Between 80
and 100 people work on various contracts to
build each building, and the company builds
10 to 15 buildings in a typical year. Cameron
Corp. has an in-house design team that does
the preliminary visioning and design, with
the support of an in-house planning group to
navigate the city approval processes.
The company prefers to be a long-term
property owner through the whole cycle
of developing land, building, owning and
managing property.
Its business model takes advantage of
certain synergies: commercial tenants need
residential customers nearby, while new
neighbourhoods need commercial amenities
to grow. Higher density residential sites are
best built close to commercial properties, so
residents can walk to do their shopping.
Application available through BOMA Edmonton or online
22
COMMERCIAL
REAL ESTATE
GUIDE2016/17
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Being diversified across sectors helps the
requirements for their loading area and
construction.”
“We were established in 1980, and have
decide to put a grocery store in a building.”
father had with the city’s transportation
says Cameron Naqvi. “We’ve observed that
to develop, the company goes through a
roadway without taking into consideration the
“Home-building is down and residential
and market studies to assess the potential
company manage through the business cycle.
seen the down cycles like we’re seeing today,”
different segments are affected differently.
land development is off, but what’s happening
on the commercial side is steady and there
seems to be demand for residential rental
product. That diversification has helped us a bit
customer parking. We can’t just build and then
Before making decisions about where
planning process that includes demographic
of a commercial site. It prefers to work in the
its tenants.
“I saw him in action and learned how he
Cameron’s career in the family business began
together in collaboration. He has a very
beast than building industrial or suburban
business side by accompanying his father, who
tenants locked in before it starts to build.
impact it would have had on a retail centre and
negotiated — which wasn’t easy, it took a few
residents with input on planning decisions.
with him working in the construction department
office projects, and Cameron usually has
department, which was planning to improve a
frontier suburbs, where there are few existing
when we come to downturns in the market.”
Developing for retail is a much different
He remembers a series of meetings his
for a couple of years. He also got to learn the
allowed him to sit in on every meeting.
“He wouldn’t allow me to talk, he would just
meetings – to the point where we all worked
effective way of communicating with people.”
For Cameron and his sisters, it was like
having a front-row seat to watch the evolution
of a city.
“For all of us living in Alberta we have been
“For industrial or suburban office, it’s often
make me sit there and listen,” Cameron recalls.
very blessed in the past 10-plus years. It’s been
he explains. “But for retail you’re usually
a wonderful learning experience, watching
Cameron Naqvi.“We are very fortunate to have
a ‘build it and they will come’ kind of model,”
building for a specific tenant, because they
need a certain-sized building, with special
“I didn’t realize it at the time, but it was just
how he handled people, while I learned a
lot about the business of development and
a really good run and a really good ride,” says
participated in that and in having been able to
grow with the market.” As a business owner, you never shut down.
Even when you’re off the clock, there’s really no such thing as quitting time. From
managing daily priorities to envisioning the future of your business, our Private Enterprise
professionals know every minute of your day is precious and every choice you make
counts. Our performance improvement strategies are designed specifically to optimize
private enterprise by eliminating obstacles and maximizing opportunities – allowing you
to seize opportunities, no matter when they emerge.
It’s business. And it’s personal.
PRIVATE ENTERPRISE SERVICES
Contact Ian B. MacDonald, CPA, CA, Partner, Assurance Services at
780.969.1423 or [email protected]
24
COMMERCIAL
REAL ESTATE
GUIDE2016/17
Creativity meets
proficiency
TAILORED SPACES THAT IMPRESS
From corporate and industrial, medical and dental to retail
and senior living, trust Wolski to lead your next project.
Let’s talk interior design.
YOU’RE PAYING MORE THAN YOUR FAIR SHARE OF TAXES
Where do you go from here?
Alberta’s dynamic market makes it difficult for municipal
assessors to accurately estimate the market value of your
property. To determine if you are paying your fair share of
taxes in relation to neighbouring properties, you need a proper
evaluation of the value placed on your property. Serving a
diverse range of industries, MNP delivers expertise in realty
taxation, expert witness testimony, business valuation,
intangible asset valuation, litigation support and appraisal
services to ensure you are protected.
Contact Walid Melhem, Manager, Property Tax Recovery
at 780.969.1476 or [email protected]
BOMAEDMONTON .ORG
25
OVERVIEW
it’s not all about
oil prices anymore
Edmonton’s economy is more resilient
than in past oil bubbles
A lot has happened in two years. In the
the Bank of Montreal ranked the performance
production projects, which hit white-collar
engine of Canada’s growth. Oil was pushing
out of Canada’s top 33 cities – a notch above
In Edmonton, the pain of the oil and gas
middle of 2014, Alberta’s economy was the
through $100 a barrel and Alberta’s oil sands
of Edmonton’s labour market as number six
workers in downtown Calgary the hardest.
Toronto and 18 spots above Calgary.
downturn is more acutely felt in the industrial
secure new petroleum supply on the planet.
economy is more diversified than people
however, the region gains some stability from
eager occupants faster than they could be
show that between 1985 and 2013, while
were being touted as the only source of
Edmonton’s industrial parks were finding
built and a fleet of cranes rose above the
downtown skyline. A 70-cent dollar and $30 oil
seemed unthinkable just two years ago.
All of this suggests that Edmonton’s
give it credit for. Alberta government figures
the province’s GDP grew fivefold, the energy
sector’s share of the pie shrunk from 36 per
But, oh, how things have changed.
parks. Even in hard-hit places like Nisku,
its historic role of providing services to long-
lived oil assets such as refineries, upgraders
and oil sands assets, which continue to
produce at record volumes.
Edmonton
the
New investments in the oil patch were
also
stabilizing
benefits
influences
from
of
being Alberta’s capital city and its
cancelled or put on hold. Alberta’s
Alberta’s rebounding economy
consistently delivered the highest
standard of living in Canada for
30 years.
unemployment rate caught up to the
national average. Many in Edmonton
who are too young to remember 1981
began to have fears about their future.
But what’s more revealing about
Edmonton is what hasn’t happened
educational centre. Plus downtown
development is providing good jobs
for construction workers on a backlog
of projects that will take five years or
more to complete.
The wild ups and downs of oil prices
do affect Edmonton, but the city has
since July 2014. The economy hasn’t collapsed.
cent to less than one-quarter of the overall
learned to take the bad with the good.
Edmonton reported a small net in-migration
estate, business services and health care are all
Edmonton’s regional population has doubled
1980s.
six fold, and Alberta’s rebounding economy
People haven’t left the city in droves. In fact,
in 2015. While workers in the most affected
industries suffered job losses, the region
added 28,000 more jobs than it lost, even
while commodity prices crashed. New records
were set for the issue of residential and nonresidential building permits.
And to the surprise of all but the most
optimistic, a February 2016 report card from
26
COMMERCIAL
REAL ESTATE
pie. Construction, retailing, finance and real
proportionately bigger than they were in the
Another lesson of 2015 is that the economies
of Edmonton and Calgary are different in
several important ways.
The 2015 oil shock hit downtown Calgary
particularly hard, as companies slashed
their spending on energy exploration and
GUIDE2016/17
Since the oil price bubble burst in the 1980s,
to 1.4 million, average house prices increased
consistently delivered the highest standard of
living in Canada for 30 years.
Experienced
players
in
Edmonton’s
commercial real estate business know that
every commodity price crash has ultimately
rewarded those who stayed the course. RETAIL
OPPORTUNITIES
AT ITS HIGHEST
DEGREE.
•
•
•
•
11,000squarefeetofstreetfrontretailspace.
4millionvisitorstodowntownEdmonton.
22,000studentsandstaff.
Competitivemarketleaserates.
For more details, please contact Cory Good at [email protected]
BOMAEDMONTON .ORG
or visit us at MacEwan.ca/CFACTenant
RETAIL AND CAMPUS
SERVICES
27
RETAIL SURVEY
there’s no stopping
Edmonton’s shoppers
construction continues, fuelled by steady retail sales
Loss of jobs in the energy patch had its
Retailers in Edmonton continued to grow
in northeast Edmonton. Begun in 2011 and still
inevitable effect on retail sales in Alberta last
their footprint in 2015 as newly constructed
only two-thirds completed, its 820,000 square
decline of 2.6 per cent was less than many
population growth, Loblaw’s Shoppers Drug
Sportchek, Lowe’s, Homesense, Marshalls and
year. However, a province wide retail sales
expected. And, as Colliers points out in its
projections, retail sales in Alberta actually grew
by 2.5 per cent, or more than a billion dollars,
once economically sensitive gasoline and
automotive purchases were factored out.
Edmonton’s economy outperformed the
rest of Alberta. More than a year into the
oil price collapse, the capital recorded net
in-migration and net job creation in 2015.
Disposable income in Edmonton remains
high compared with the rest of the
space came on line. In response to downtown
Mart opened stores in the Standard Life
Building and Oliver Place. Shoppers also has
committed to a new location in Brentwood
Developments’ new Griesbach Square in north
Edmonton.
goods has abated, every week people still
need to buy groceries, prescriptions and
beer.
As always, the changing demographics
of the baby boomers influenced the retail
real estate market. Now spending less
time at work, more boomers are showing
fast food and casual dining options. Cameron
is also developing the 40-acre Harvest Pointe
in the southeast to include a Walmart and a
Sobey’s in its 375,000 square feet.
Going into 2016-17, Edmonton’s retail
New development continues. By 2020, more
landlords had a 4.6 per cent vacancy rate,
built in Ice District downtown. West Edmonton
New construction will add to the region’s
than 300,000 square feet of retail space will be
Mall, which attracts more tourists thaN Banff
The largest project on the go is
Cameron Corporation’s 75-acre
Manning Town Centre in northeast
Edmonton. Begun in 2011 and still only
two-thirds completed, it’s 820,000
square feet of retail space
country. And while demand for luxury
feet of retail space includes Canadian Tire,
which compared well to other Canadian cities.
retail space, including three centres in the
preleasing stage for delivery through 2017.
But with brokers’ order books healthy,
and with developers sticking to strategies
of preleasing and building in phases,
vacancy rates in new retail product is kept
to a minimum.
A game-changer in 2017 will be the
opening of northern Alberta’s first
outlet mall at Edmonton International
Airport, developed by Quebec’s Ivanhoe
up at the gym and devoting time to outdoor
and Jasper National Parks combined, continues
Cambridge and Simon Properties of the United
the fitness clubs that are springing up in retail
community and regional centres anchored by
million, plus hundreds of thousands more
activity. This shift to leisure time is reflected in
centres across the city – a trend that has been
helpful to landlords scrambling to fill spaces
vacated by the Future Shop and Target chains.
Boomers are also buying more outdoors
gear. Mountain Equipment Co-op will double
its footprint in Oliver when it moves up to a
40,000-sq.-ft. store in First Capital Realty’s
newly redeveloped Brewery District.
28
COMMERCIAL
REAL ESTATE
to evolve. Elsewhere in the suburbs, large
national food stores continue to open. A drive
around the Anthony Henday ring road (due
to be finally completed around year-end) will
take you past five supermarkets new or under
construction, plus two Walmarts, two Lowe’s
and a Costco.
The largest project on the go is Cameron
Corporation’s 75-acre Manning Town Centre
GUIDE2016/17
States. The current regional population of 1.4
within daytrip range, makes it possible to bring
this popular high-volume, low-price model to
Edmonton. As evidence that Edmontonians’
love of shopping endures, in January 2016 the
developer bumped up the size of the project
for the second time, from an initial 350,000 to
428,000 square feet, enough space for about
100 outlets. this is now an
open page
BOMAEDMONTON .ORG
29
DOWNTOWN SURVEY
‘flight to quality’
benefits tenants
This is the year that the focus of Edmonton’s
According to estimates by Cushman
The outlook for tenants that are new,
downtown commercial real estate business
& Wakefield, the vacancy rate for Class A
renewing or in growth mode is much brighter
older properties.
of 18.6 per cent by late 2018 when the Stantec
they might not see as much change in lease
shifts away from new buildings and back to
Three major office buildings are in various
stages of construction: the Kelly Ramsey
Tower, the Edmonton Tower and the Stantec
Tower. Together they represent about 1.7
million square feet of office space, of which an
downtown office space will double to a peak
Tower is occupied. However, it’s unlikely
that vacancies in downtown Edmonton will
reach the levels that Calgary is currently
experiencing.
With weak demand for office space
in a market tilted toward the buyer. Although
rates as they would expect, they can look
forward to negotiating significantly greater
inducements and allowances than were
available in recent years.
During the next few years, the phrase
estimated 90 per cent is preleased.
anticipated as long as Alberta’s energy industry
“flight to quality” will often be used to describe
its principal tenants — Enbridge, the City
properties are going to have to think outside
estate market. Tenants that want nicer digs,
As each of the three buildings is completed,
of Edmonton and Stantec — will start to
move out of multiple properties across the
downtown core, resulting in acres of space
becoming vacant in good-quality older
buildings.
is in pause mode, owners of vacated older
the box about how they are going to respond.
Some landlords, especially those with Class
B properties, might choose to convert their
properties to residential buildings or hotels;
even seniors’ housing has been suggested.
Edmonton’s
downtown
commercial
more space or the opportunity to consolidate
their operations all in one place now have the
chance to make their move.
And that, in the long run, will be a positive
for the market. Creating Value in Real Estate
300, 10050-112 Street, Edmonton, AB T5K 2J1
780 • 426-4960 ext. 226
[email protected]
550, 808-4th Avenue SW, Calgary, AB T2P 3E8
403 • 319-0490 ext.101
[email protected]
www.humfordmgmt.com
30
COMMERCIAL
REAL ESTATE
GUIDE2016/17
real
Providing creative and responsive engineering services
for your buildings
(780) 452-2325
Read Jones Christoffersen Ltd.
Engineers
rjc.ca
$40
$30
$12.35
$20
$10
$0
2009201020112012201320142015
14%
966%
10%
9.49%
9.45 %
12%
14.77%
12.71%
16%
SUBURBAN
10.37%
14.24%
DOWNTOWN
14.61%
Vacancy Rate
Average Operating Costs & Taxes
10.10%
Average Rental Rates
15.05%
Rental Rate & Operating Cost
Edmonton Suburban Market
Kelly Ramsey Tower
Vacancy (%)
8%
6%
4%
2%
0%
1Q 2015
2Q 2015
3Q 2015
4Q 20145
1Q 2016
Source: Colliers International
Phase I & II
Environmental
Assessments
In-situ and
Ex-situ
Remediation
Property
& Building
Condition
Assessments
Risk Assessment
Environmental
Compliance
Audits
Groundwater
Monitoring
Solid Waste
Edmonton Downtown Financial District –Class A
Asbestos and
Mould Surveys
Since 1990
xcg.com
Rental Rate & Operating Cost
$50
$40
$30
$18.78
$20
$10
$0
2009201020112012201320142015
Stephanie Borgs, Project Specialist
10455-84 Avenue, Edmonton AB T6E 2H3
P: 780-432-5770 E: [email protected]
XCG_BOMA_2-33x4-725inches.indd 1
BOMAEDMONTON .ORG
31
2016-03-02 2:03 PM
32
COMMERCIAL
REAL ESTATE
GUIDE2016/17
DOWNTOWN SURVEY
5 years of
sustainability
leadership: ranked
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BOMAEDMONTON .ORG
33
A
B
SAFEWAYGAS
GAS
SAFEWAY
BAR
BAR
C
OLIVERVILLAGE
VILLAGE
OLIVER
D
MARY
MARY
BROWNS
BROWNS
LITTLECAESARS
CAESARS
LITTLE
SQUA
SQUA
GRANT MACEWAN
MACEWAN UNIVERSITY
UNIVERSITY
GRANT
ARTS CAMPUS
CAMPUS
ARTS
HUDSONS
1ST
RND
IRIS
IRIS
GRANT MACEWAN
MACEWAN UNIVERSITY
UNIVERSITY
GRANT
CITY CENTRE
CENTRE CAMPUS
CAMPUS
CITY
ALTA
ALTA
VISTA
VISTA
SOUTH
SOUTH
SP
SP
MACCOSHAM
MACCOSHAM
LOFTS
LOFTS
KIDS &&
KIDS
COMPANY
COMPANY
MOTHER’S
VACANT
MARKET
SPACE
PERSONS W/
W/
PERSONS
DEV.
DEV.
DISABILITIES
DISABILITIES
EDM. COMM.
COMM.
EDM.
BOARD
BOARD
SP
COLLEGE
COLLEGE
MONACO IIII
MONACO
PRIVATE
PRIVATE
DWELLINGS
DWELLINGS
www.collierscanada.com
EDMONTON GENERAL
EDMONTON
GENERAL
HOSPITAL
HOSPITAL
SP
SP
ROOSEVELT
ROOSEVELT
LA SALLE
LA SALLE
APARTMENTS
APARTMENTS
PRIVATE
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DWELLINGS
DWELLINGS
GENERAL
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APARTMENTS
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PRIVATE
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DWELLINGS
DWELLINGS
GRANDIN
GRANDIN
GATES
GATES
MAPLE
MAPLE
APARTMENTS
APARTMENTS
SP
SP
SP
SP
PATRICIA
PATRICIA
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APTS.
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RETAIL
RETAIL
CENTRE
CENTRE
OFFICE
OFFICE
MADISON 111
MADISON 111
CROFTON
CROFTON
HOUSE
HOUSE
PETER
PETER
NORTHCOTT
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OFFICE
OFFICE
SP
SP
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GRANDIN
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CHURCH
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ARMS
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MONSIGNOR
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IRWIN PARK
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FAMILY
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DWELLINGS
FAMILY
DWELLINGS
GRANDIN
GRANDIN
111 ST. CONDO
111 ST. CONDO
GUIDE2016/17
PEACE HILLS
PEACE
HILLS
INSURANCE
INSURANCE
BUILDING
BUILDING
SP
SP
SP
SP
SP
SP
SEVENTH
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STREET
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44 CAPITAL
44 CAPITAL
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HILLS
TRUST
TRUST TOWER
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DEVELOPMENT
SITE
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5TH STREET
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100
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PLACE
BUILDING
108 STREET
108
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BUILDING
BUILDING
FORESTRY
FORESTRY
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BUILDING
9925
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BUILDING
LABOUR
LABOUR
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BUILDING
JARVIS
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BUILDING
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SP
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CHURCH
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SP
SP
SP
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MANOR
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SP
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THE SHAW
SHAW
THE
BUILDING
BUILDING
105
105STREET
STREET
COURT 112
COURT 112
LOUISE
LOUISE
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APARTMENTS
SINGLE
SINGLE
FAMILY
FAMILY
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DWELLINGS
VICTORIA
VICTORIA
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PARK
RILEYS
RILEYS
SP
105 STREET
STREET
105
BUILDING
BUILDING
LIBERTY
LIBERTY
ON
ONJAPER
JAPER
RES
RES
SP
SP
CHARACTER’S
CHARACTER’S
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DINING
SP
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CINE
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&
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VISUAL
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QUILTING
J&J
FIRE HALL
HALL
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#2
#2
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VENTURE
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PUBLISHING
CRYSTAL
CRYSTAL
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GLASS
105
105 STREET
STREET
NORQUEST
NORQUEST
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COLLEGE
SP
780
780
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AUTOMOTIVE
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LRT
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CSH
CSH
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WSP PLACE
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COMMON
THE
THE
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GALLERIA
QUEST
QUEST
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CONDOMINIUMS
&& RETAIL
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SPACE
SUSHI
SUSHITRAIN
TRAIN
HARBOUR
HARBOURCITY
CITY
COMICS
COMICS
BENJAMIN
BENJAMINMOORE
MOORE
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NORQUEST
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COLLEGE
UPTOWN
UPTOWN
CONDOS
CONDOS
HARLEY
HARLEY
COURT
COURT
BURN BRAE
BURN BRAE
APARTMENTS
APARTMENTS
DEVONSHIRE
DEVONSHIRE
SP
SP
HARDWOOD PLAZA
HARDWOOD PLAZA
CORAL
CORAL
GABLES
GABLES
PRIVATE
PRIVATE
DWELLING
DWELLING
PRIVATE
PRIVATE
DWELLING
DWELLING
PRIVATE
PRIVATE
DWELLING
DWELLING
PRIVATE
PRIVATE
DWELLING
DWELLING
PRIVATE
PRIVATE
DWELLING
DWELLING
THE LEGACY
LEGACY
THE
JASPER
JASPER
105
105DENTAL
DENTAL
RETAIL
RETAIL
RETAIL
RETAIL
METRO
METRO
BILLIARDS
BILLIARDS
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CLUB
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RETAIL
ALBERTA
BLOCK
109
109 STREET
STREET
NORQUEST
NORQUEST
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COLLEGE
BLVD
BLVD
SP
SP
111
111STREET
STREET
THE
THE
TRETHEWAY
TRETHEWAY
COLLIERS MACAULAY
MACAULAY NICOLLS
NICOLLS INC.
INC.
COLLIERS
2210 Manulife
Manulife Place
Place
2210
10180
101
Street
10180 - 101 Street
Edmonton, AB
AB T5J
T5J 3S4
3S4
Edmonton,
+1 780
780 420
420 1585
1585
+1
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BEATTY
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THE
THE
COURTYARD
COURTYARD
BUILDING
BUILDING
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AVENUE
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112
112STREET
STREET
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PRIVATE
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DWELLING
6
SP
SP
SP
SP
AVENUE
AVENUE
DT
DT
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STARBUCKS
MONGOLI
MONGOLI
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GRILL
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VO’SNAILS
NAILS
MUCHO
MUCHOBURRITO
BURRITO
BURGER
BURGERPRIEST
PRIEST
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JASPER
ONE-ELEVEN
ONE-ELEVEN
KYOTO
KYOTO
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02’S
RICKY’S
RICKY’SALL
ALL
DAY
DAYGRILL
GRILL
SP
SP
CACTUS CLUB
CACTUS CLUB
BOOSTER
BOOSTER
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JUICE
100 AVENUE
AVENUE
100
PRIVATE
PRIVATE
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DWELLINGS
34
7-11
7-11
111
111 STREET
STREET
NEW
NEW
DEVELOPMENT
DEVELOPMENT
112
112 STREET
STREET
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DEVONIAN BUILDING
LRT (LIGHT
(LIGHT RAIL
RAIL TRANSIT)
TRANSIT) LINE
LINE
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VACANT
LOVE
PIZZA
LIQUOR
LIQUOR
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DEPOT
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COMPASS
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PLACE
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PRIVATE
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DWELLINGS
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PARKING
COVERED
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SWISS
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CHALET
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EN
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PRIVADO
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SAVE-ON
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HAIR
MARBLE
MARBLE
SLAB
SLAB
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GRANDINLRT
LRT
SP
SP
CP
CP
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MERIDIAN
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PLAZA
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CANTERRA
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SUITES
HOTEL
HOTEL
WHO
WHO
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CARES
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PRIVATE
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DWELLING
PRIVATE
PRIVATE
DWELLING
DWELLING
PEDWAY SYSTEM
SYSTEM
PEDWAY
UNIGLOBE
UNIGLOBE
TRAVEL
TRAVEL
SP
FABUTAN
FABUTAN
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GRAND
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CENTRAL
MANOR II
MANOR
SP
SP
ROSEDALE
ROSEDALE
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VILLAGE
SP
SP
ETON PARK
ETON PARK
APARTMENTS
APARTMENTS
DEVELOPMENT/CONSTRUCTION SITES
SITES
DEVELOPMENT/CONSTRUCTION
GATES ON
GATES
ON
TWELFTH
TWELFTH
ELLIS
ELLIS
BUILDING
BUILDING
SP
SP
CP
CP
EDMONTON ARENA
ARENA DISTRICT
DISTRICT
EDMONTON
STANTEC
STANTEC
TECHNOLOGY
TECHNOLOGY
CENTRE
CENTRE
MONTROSE
MONTROSE
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APT.
BUA
BUA
THAI
THAI
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HOTELS
CAMERON
CAMERON
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DEVELOPMENTS
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VACANT
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SICILIAN
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PASTA
KITCHEN
KITCHEN
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ELDORADO
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COURT
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BUILDINGS -- FINANCIAL
FINANCIAL CLASS
CLASS CC
OFFICE
RESIDENTIAL
RESIDENTIAL
EDMONTON
EDMONTON
VET.
EMERG.
VET.
EMERG.
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CLINIC
SP
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CALDER
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BATEMAN
SP
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COLLEGE COPY
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LIONS
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VILLAGE
IN
VILLAGE
IN
RAILTOWN
RAILTOWN
106
106
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STREET
PROPERTY
PROPERTY
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CLASS BB
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CP
CP
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BARCOLE
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APTS.
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CLASS AA
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MANOR
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CLASS AA
AA
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GRAND
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MANOR
102 AVENUE
AVENUE
102
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PLAZA
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VACANT
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BUILDINGS -- GOVERNMENT
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CLASS CC
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TOP DRAW
DRAW
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HAIR
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GARAGE
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HARCOURT
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HOUSE
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GALLERY
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CENTRAL
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COURT
OLIVER
OLIVER
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GABLES
THE
THE
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MANHATTAN
SP
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BOYLE
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STREET
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EDUCATION
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ORTHOPEDICS
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SP
STYLUS
STYLUS
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CLASS BB
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THE
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IMPERIAL
THE
THE
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COSMOPOLITAN
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CLASS AA
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WILLOW
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DOWNTOWN MAP
AADAC
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MAP
MAP
WORLD
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INT.
INT.
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BEAUTY
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LOFTS
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NEWBALANCE
BALANCE
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PLACID
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PLACE
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OLIVER
113
& 102
113 & 102
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SUPPLIES
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BUILDING
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LOFTS
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AUTO
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SALES
HI’S
HI’S
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LORD
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SIMCOE
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HEALTH
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SCIENCES
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ASSOC.OF
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ALBERTA
OAK
OAK
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MANOR
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PRESS’D
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VACANT
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SECONDCUP
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EDWARD
EDWARD
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APARTMENTS
LUSSEX
LUSSEX
CRHC
CRHC
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BUILDING
MEALS ON
ON
MEALS
WHEELS
WHEELS
CHICO
CHICOGOS
GOS
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CROWN
ROYAL
ROYAL
PARKSIDE
PARKSIDE
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MANOR
SP
SP
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GABBANA
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SHERRY
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MANOR
GLOBETROTTER/
GLOBETROTTER/
NAILS
NAILS2001
2001
THE ROYAL
ROYAL
THE
PARK
PARK
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RODSHER
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BUILDING
D’LUTCHI
D’LUTCHI
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BLUEORCHID
ORCHID
FAY RUTH
RUTH
FAY
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MANOR
PRIVATE
PRIVATE
DWELLING
DWELLING
113
113 STREET
STREET
CEDAR
CEDAR
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MANOR
PRIVATE
PRIVATE
DWELLING
DWELLING
ROMANOVSKY
ROMANOVSKY
BUILDING
BUILDING
OLIVER
OLIVER
MANOR
MANOR
JOEY
JOEYON
ON
JASPER
JASPER
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PRIVATE
DWELLING
DWELLING
PRIVATE
PRIVATE
DWELLING
DWELLING
114
114 STREET
STREET
115
115 STREET
STREET
3
TRADITIONS
TRADITIONS
THE
THE
MERIDIAN
MERIDIAN
SP
VUE
VUE
WEEKLY
WEEKLY
107 STREET
STREET
107
LOFTS
LOFTS
105 STREET
STREET
105
LOFTS
LOFTS
103 AVENUE
103 AVENUE
AVENUE [email protected]
103
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MCCAM
KITCHENS PART
PART
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SP
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TRAINING
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CENTRE
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WHITECOURT
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TOUCHES
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PARLOUR
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BEST
BUY
SP
SP
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PUB1905
1905
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VICTORY
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MANOR
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ALTA
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VISTA
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NORTH
SP
SP
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MIKADO
SP
106
106 STREET
STREET
SP
SP
CANADIAN
CANADIAN
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BREWHOUSE
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THE
DORCHESTER
DORCHESTER
104 AVENUE
SP
SEVENTH
SEVENTH
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BLK
STREET
107
107 STREET
STREET
BURGUNDY
BURGUNDY
COURT
COURT
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LOUISIANA
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PURCHASE
THE
THE
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VENETIAN
URBAN
URBAN
TIMBER
TIMBER
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DENNY’S
HARVEY’S
HARVEY’S
WENDY’S && TIM
TIM HORTON’S
HORTON’S
WENDY’S
HI-Q
HI-Q
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STARBUCKS
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TASTE
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NAILSALON
SALON
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FIRSTCHOICE
CHOICE
PANAGO
PANAGO
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MARCO’SFAMOUS
FAMOUS
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PANACHE
ON 12TH
12TH
ON
CLINIC
CLINIC
SP
SP
SP
SP
108
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STREET
PEACHES
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MANOR
SP
SP
SP
SP
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THEPARK
PARK
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SABRE
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ARMS
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PARK
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RED
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104 AVENUE
AVENUE
104
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ULTRA
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LOUNGE
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THE
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PLACE
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OLIVER
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A-COMPUTERS
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BMO
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BURRITO
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LIBRE
LIQUOR
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STORE
OLIVER
OLIVERFAMILY
FAMILY
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DENTAL
PAGE
PAGE
CLEANERS
CLEANERS
BARBER
BARBERSHOP
SHOP
RAILSIDE
RAILSIDE
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PLACE
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OLIVER
CHRISTOPHER
CHRISTOPHER
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GRANT MACEWAN
MACEWAN UNIVERSITY
UNIVERSITY
GRANT
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CAMPUS
CITY
FYI
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DOCTORS
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NUE
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MACEWAN UNIVERSITY
UNIVERSITY
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LIQUOR
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LEGISLATIVE GROUNDS
LEGISLATIVE GROUNDS
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ANNEX
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BUILDING
THE
THE
RESIDENCE
RESIDENCE
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TOWER
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KAREN HALL
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BROADVIEW
TERRACE
TERRACE
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COURT
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HILLSIDE
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GARDENS
LINCOLN
LINCOLN
APARTMENTS
APARTMENTS
THE MARQUIS
THE MARQUIS
MACRAE
MACRAE
PRIVATE
PRIVATE
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DWELLING
RIVER VISTA
RIVER VISTA
RIVER VALLEY
CONDOMINIUM
RIVER VALLEY
CONDOMINIUM
PEREGRINE
POINT
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POINT
K
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COMMUNITY
RINK
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SP
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LANDS)
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PLACE
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DWELLINGS
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APARTMENTS
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PRIVATE
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MACEWAN UNIVERSITY
UNIVERSITY
GRANT
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CAMPUS)
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COLLEGE CAMPUS)
MCDOUGALL
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EDMONTON
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HOME
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BEACON HILL
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APARTMENTS
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BELLAMY
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MANOR
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APARTMENTS
PRIVATE
PRIVATE
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DWELLING
MULTIFAMILY
MULTIFAMILY
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CENT
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8
DISCLAIMER: This document has been prepared by Colliers International for advertising and general information only. Colliers International does not guarantee, warrant
DISCLAIMER:
Thisthe
document has been prepared by Colliers International for advertising and general information only. Colliers International does not guarantee, warrant
or
represent that
information contained in this document is correct. Colliers International excludes unequivocally all inferred or implied terms, conditions and
or represent
that the
information
contained in this document is correct. Colliers International excludes unequivocally all inferred or implied terms, conditions and
warranties
arising
out of
this document and excludes all liability for loss and damages arising therefrom. 2015.
warranties arising out of this document and excludes all liability for loss and damages arising therefrom. 2016.
BOMAEDMONTON .ORG
100 Street Place
101 Street Tower
105 Street Building
108 Street Building
44 Capital Boulevard
5th Street Place 9925 Building
9Triple8 Jasper Alberta Block
Alberta Labour Building
Associated Engineering Plaza
ATB Place
ATB Place East
ATCO Centre
Baker Centre
Bank of Montreal Beaver House
Bell Tower
Birks Building
Blue Cross Building
Blue Cross Place
Boardwalk Building
Bowker Building
Canada Place
Canadian Western Bank Place
Capital Place
CDI Building
Cecil Place
Centennial Plaza
Centre West
Century Place
Chancery Hall
City Hall
City Of Edmonton Tower
CN Tower
Commerce Place
Commonwealth Building
Compass Place
CRHC Building
Devonian Building
Dorchester Building
EAD Tower
Edmonton Journal
Empire Building
Enbridge Place
Enbridge Tower
Encore
Energy Square
EPCOR Tower Federal Public Building
Financial Building
First and Jasper First Edmonton Place
Forestry Building
Fox Towers
Harley Court
Haultain Building
Highfield Place
Hotel Mac
HSBC Bank Place
HSBC Building
Intact Building
Jaffer Building
Jarvis Building
John E. Brownlee Building
Kelly Ramsey Building
Labour Building
Legislative Annex
MacDonald Estates
Manulife Place
Mayfair Village
McLeod Tower Melton Building
Milner Building
Norquest College
Oliver Tower
Oxbridge Building
Oxford Tower
Peace Hills Insurance Building
Peace Hills Trust Tower
Petroleum Plaza
Phipps McKinnon Building
Revillon Building
Rogers Place
Royal Alberta Museum
Royal Bank Building
Scotia Place I & II
Scotia Place III
Seventh Street Plaza
Standard Life Centre
Stanley A. Milner Library
Stantec Technology Centre
Stantec Tower
Sterling Place
Sun Life Place
Symphony Tower
TD Tower
TELUS House
U of L Tower
Ultima
WCB Building World Trade Centre - Edm
P4
O2
J3
G6
G5
J5
G6
Q4
J4
G6
F5
P5
P5
K5
J5
O4
L4
N2
L4
H5
H5
L3
G7
R4
L5
F8
P4
K4
G7
H5
R3
Q3
P2
N2
P1
N4
I6
C5
C3
D4
G2
N1
N5
O4
L4
M5
L4
J4
O1
G7
I6
O5
I5
G6
K3
E5
G7
I5
Q5
N3
J5
G4
L5
I6
R1
O4
G6
H8
Q4
N4
G5
P4
L4
K5
H3
M6
I7
O3
H5
G5
H6
O4
L3
L1
Q1
N5
O4
O4
H5
K5
Q4
C4
M2
I6
R4
I8
O3
P5
H6
L3
H6
Q4
35
DOWNTOWN SURVEY
Major Downtown Office Buildings
Building Name
Management Company
Contact
Leasing Company
Contact
Office Area
(sq. ft.)
Floor Space No. of (sq. ft.)
Floors
Year
Built
P4
100 Street Place
10150-100 Street
Melcor Developments
Cushman & Wakefield
Brandon Park, 780-423-6931780-420-1177
44,295
K5
10405 Jasper
10405 Jasper Avenue
Humford Management Inc 780-426-4960
399,87420,800
J3
105 Street Building 10242-105 Street
Humford Management Inc. TBA
780-426-4960
85,222 10,18791980
G6
108 Street Building 9942-108 Street
GWL Realty Advisors Inc. Barb Perreault, 780-944-0905
Brent Peyre, 780-701-1104
177,246
14,451
11 1976
G5
44 Capital Boulevard 10044-108 Street
Morguard Investments Limited Glen Scheuerman, 780-421-8000
385,228
Morguard Investments Limited Mike Verhoski, 780-421-8000
28,000
(varies)
12
1983
P4
5th Street Place
10010-105 Street
John Howard Society
780-428-7590
32,763
8,620
4
1952
G6
9925 Building 9925-109 Street
Triovest Realty Advisors
780-990-1768
Marc Harden, 780-990-1768
227,277
19,300
12 1977
Q4
9 Triple 8 Jasper 9888 Jasper Avenue
Nellie Boyer, 780-990-7010
Kevin Petterson, 780-420-1585
161,630
11,100
16
1979
J4
Alberta Block 10526 Jasper Avenue
CKUA Radio Foundation
Ken Regan, 780-428-2020
CKUA Radio Foundation
Ken Regan, 780-428-2020
37,028
4,983
6
1905
F5
Assoc Engineering Plaza 10909 Jasper Avenue
ProCura Real Estate Services 780-414-8888
ProCura Real Estate Services
Michael Surkovic, 780-414-8888
164,466
14,186
12 1978
P5
ATB Place North
10025 Jasper Avenue
780-990-1768
420,485
18,500
24
1970
P5
ATB Place South
10020-100 Street
780-990-1768 Triovest Realty Advisors
716,759
23,700
33
1971
K5
ATCO Centre 10035-105 Street
780-990-1768
285,461
14,947
(varies)
20
1982
J5
Baker Centre
10025-106 Street
Dream Office Management Corp
Sue Punter, 780-423-4803
135,132
Kevin Humphrys, 780-801-3871
10,081 (varies)
15
1969
O4
Bank of Montreal 10199-101 Street
Sue Punter, 780-423-4803
126,899
25,000 (varies)
6
1985
L4
Beaver House
10158-103 Street
ONNI Group
Gianni Laudisio 604-602-7711
N2
Bell Tower
10104-103 Avenue
Aspen Property Management Ltd. 780-442-3100
Aspen Property Management Ltd 444,268 16,335 311982
Brett Koroluk, 780-442-3102
Low Rise 14,704
L4
Birks Building 10113-104 Street
Melcor Developments
Brandon Park, 780-423-6931
Melcor Developments
Pat Melton, 780-423-6931
36
COMMERCIAL
REAL ESTATE
GUIDE2016/17
Avison Young Cory Wosnack, 780-428-7850
John Howard Society
780-428-7590
JLL
Carolyn Bull, 780-328-2553
5,152
9
1970
19
1980
85,319 68,27851925
35,141
7,500
4
1929
DOWNTOWN SURVEY
Building Name
Management Company
Contact
Leasing Company
Contact
Office Area
(sq. ft.)
Floors
Year
Built
H5
Blue Cross Building
10025-108 Street
Alberta Blue Cross
Paul Molnar, 780-498-8112
Alberta Blue Cross
46,669
6,667
3
1956/60
H5
Blue Cross Place 10009-108 Street
Alberta Blue Cross
Alberta Blue Cross
94,500
10,500
9
1975
153,515
19,994
8
1929
G7
Bowker Building
9833-109 Street
Edon Management
780-425-3708
Government of Alberta
780-422-9577
R4
Canada Place
9700 Jasper Avenue
Maple Leaf Property Management
Carla Towstego-DeSousa , 780-822-6011
777,430
(varies)
Maple Leaf Property Management
Carla Towstego-DeSousa , 780-822-6011
L5
Cdn Western Bank Place
10303 Jasper Avenue
Erin White, 780-401-0902
406,019
Brad Alton, 780-990-7009
13,900 HR 30
13,500 LR
1980
P4
CDI Building 10115-100A Street ONNI Group
Gianni Laudisio, 604-602-7711
Jones Lang LaSalle Carolyn Bull, 780-328-2553
49,088
7,266
1974
K4
Cecil Place
TBA
104 Street & Jasper Avenue
TBA
42,000 21,00032008
H5
Centre Point Place 10205 - 101 Street
Oxford Properties Group
Debra Edwards, 780-426-8409
Meghan Kinney, 780-426-8419
108,488
58,000
3
1972
H5
Centre West
10035-108 Street
Rancho Realty (Edmonton) Ltd.
Pauline Findlay, 780-490-2517
Qualico Developments
Bill Manchuk, 780-424-7474 x 226
159,953
14,541
12
1976
R3
Century Place
9803-102A Avenue
City of Edmonton
Walter Trocenko, 780-496-6557
City of Edmonton
213,908
11,464
22 1974
Q3
Chancery Hall
3 Sir Winston Churchill Square
City of Edmonton
City of Edmonton
108,033
10,129
10 1966
P1
CN Tower
10004-104 Avenue
Strategic Group Babita Khurana, 780-444-8748
309,567
Strategic Group Richie Lipton, 780-444-8742
11,948 (varies)
27
1967
N4
Commerce Place 10155 -102 Street
Darcy Armstrong, 780-944-1222
602,796
20,434 (varies)
27 1990
I6
Commonwealth Building
9912-106 Street
Jaffer Properties Inc
Jan Musani, 780-429-1255 X 211
Cushman & Wakefield Edmonton Cody Lowry, 780-421-1488
7,217
5
1965
C5
Compass Place
10050-112 Street
Humford Management Inc
780-426-4960
83,995
Fahad Shaikh, 780-420-1585
8,700 (varies)
10
1974
Canterra Development Corp.
Ryan Brown, 780-413-7150
158,907 17,600 102009
Canterra Development Corp.
Ryan Brown, 780-413-7150
Redevelopment
D4 Devonian Building
11150 Jasper Ave
G2
Dorchester Building
10357-109 Street
Yale Properties
Lynn Blomberg, 780-424-4477
H3
East Court Building
10704-102 Avenue
Edon Management
780 644-6226
34,584
15, 17, 41988
(three towers)
6
Avison Young Cameron Martin, 780-702-5826
56,712
12,000
4
1911
NorQuest College
780-644-6220
31,367
15,683
2
1961
BOMAEDMONTON .ORG
37
DOWNTOWN SURVEY
Building Name
Management Company
Contact
Leasing Company
Contact
Office Area
(sq. ft.)
Floor Space No. of Year
(sq. ft.)
Floors Built
140,000
28,000
5
1990
130,000
23,000
27
2016
N5
Edmonton Journal
10006-101 Street
Edmonton Journal
Barb Coxworth, 780-429-5103
N2
Edmonton Tower
101 St & 104 Ave
Katz Group Real Estate
Laura Sharen 780-229-1656
O4
Empire Building
10080 Jasper Avenue
Kipling Realty Management Jane Miller, 780-669-2096 Extn 1
Enbridge Place
10130-103 Street
Sue Punter, 780-423-4803
262,965
11,711
22
1981
M5
Enbridge Tower 10201 Jasper Avenue
Mike Sacha, 780-401-0910
Brad Alton, 780-990-7009
203,880
9,062
20
1981
J4
Energy Square 10109-106 Street
129,662
Qualico Developments
Bill Manchuk, 780-424-7474 x 226
10,886
12 1979
O1
EPCOR Tower 10423-101 Street
Qualico Commercial Sidney Waskiewich, 780-424-7474
625,000
24,200
28
2011
I 6
Financial Building
10621-100 Avenue
Stromiga Inc.
Ron Benjamin, 780-262-5564
Cushman Wakefield Edmonton
780-420-1177
136,493 12,400111957 / 1975
O5
First & Jasper
10065 Jasper Avenue
GWL Realty Advisors Inc. Carole Lajoie, 780-944-6221
Avison Young
Cory Wosnack, 780-428-7850
227,752
10,111
20
1974
I 5
First Edmonton Place
10665 Jasper Avenue
National Realty Bob Hutchinson, 780-423-2000
Avison Young
225,855
16,680
15
1983
G6
Forestry Building
9920-108 Street
Barb Perreault, 780-944-0905
129,686
12,969
10
1979
I5
Highfield Place
10010-106 Street
Russ Fawcett, 780-701-3842
101,533
10,460
10
1977
N3
HSBC Bank Place 10250-101 Street
Sue Punter, 780-423-4803
270,756
16,360
18
1980
J5
HSBC Building
10055-106 Street
Sue Punter, 780-423-4803
114,092
9,854
12
1974
G4
Intact Building
10830 Jasper Avenue
ProCura Real Estate Services Ltd.
780-414-8888
ProCura Real Estate Services
225,000
20,000
11
2008
L5
Jaffer Building
10355 Jasper Ave
Jaffer Properties Inc
Jan Musani 780-429-1255 Xten 211
27,000
7,500
5
1967
I 6
Jarvis Building
9925-107 Street
Workers Compensation Board
Manuel Vervoorst 780-498-4874
120,270
10,000
13
1971
R1
John E. Brownlee Building
10365-97 Street
Stetson Consulting Services Ltd.
780-482-4078
Alberta Infrastructure and Transportation 400,311
780-427-1633
40,031
10 1984
L4
38
COMMERCIAL
REAL ESTATE
GUIDE2016/17
Edmonton Journal Barb Coxworth, 780-429-5103
Avison Young
104,161
9,100
11
1962
JLL
Carolyn Bull, 780-328-2553 Jaffer Properties Inc
Jan Musani 780-429-1255 Xten 211
Workers Compensation Board 780-498-4874
DOWNTOWN SURVEY
Building Name
O4
Management Company
Contact
Leasing Company
Contact
Kelly Ramsey Tower
100A Street - Rice Howard Way
Hines Canada
Tony Napier, [email protected]
Labour Building
10808-99 Avenue
Barb Perreault, 780-944-0905
F8
Ledgeview Business Ctr
9707-110 Street
Hungerford Properties
Mark Rothberg, 604-736-8500
H8
Legislative Annex 9718-107 Street
Edon Management 780-425-3708
Q4
MacDonald Estates
9939 Jasper Avenue
Canadian Urban Limited
Mike Sparrow, 780-424-7722
P4
McLeod Tower 10004 Jasper Avenue
Re/Max Real Estate
Robert McLeod, 780-447-084
Re/Max Real Estate
Robert McLeod, 780-447-084
N4
Manulife Place
10180-101 Street
Manulife Financial
780-420-6236
L4
Melton Building 10310 Jasper Avenue
K5
Office Area
(sq. ft.)
Floor Space No. of Year
(sq. ft.)
Floors Built
Pangman Development Corporation
550,000
Dean Wulf, 780-392-1520
22,500
25
floors 5-25
2016
90,324
8,829
1968
142,934
16,000
9
1980
(varies)
Province Of Alberta
780-427-7453
150,220
10,714
12
1952, 1958
Avison Young
Karnie Vertz, 780-428-7850
20,000
5,148
26
1973
48,762
6,100
6
1961
Manulife Financial
Laura Bradley, 780-409-2338
744,707
22,930
36
1983
Melcor Developments
Melcor Developments
Pat Melton 780-423-6931
114,612
13,004
9
1973
Milner Building 10040-104 Street
Sue Punter, 780-423-4803
180,026
13,497
12
1959
O2
MNP Tower 10235-101 Street
Aspen Property Management Ltd.
780-442-3100
Aspen Property Management Ltd. Brett Koroluk, 780-442-3102
344,740
14,425
27
1978
I7
Oxbridge Place
9820-106 Street
GWL Realty Advisors
Carole Lajoie, 780-944-6221
GWL Realty Advisors
209,941
13,796
14
1976
O3
Oxford Tower 10025-102A Avenue
Oxford Properties Group Meghan Kinney, 780-426-8419
224,154
11,231
24
1974
I7
Park Plaza
10611-98 Avenue
Oaksey Investments 780-455-3420
Aim Real Estate
780-424-0397
139,400
14,000
16
1985
H5
Peace Hills Insurance Bld.
10709 Jasper Avenue
McCor Management
Sonny Crowley, 780-423-4407
Avison Young
74,428
13,048
6
1980
G5
Peace Hills Trust Tower
10011-109 Street
780-990-1768
147,563
12,772
12
1981
H6
Petroleum Plaza
9915/9945-108 Street
Glen Scheuerman, 780-421-8000
304,770
Mike Verhoski, 780-421-8000
N 12,128
S 10,710
13
1971 / 73
L3
Revillon Building
10201-104 Street
McCor Management Julie Piquette, 780-423-4400
CBRE Limited Jeff Simkin, 780-424-5475
17,139
6
1912
G6
Hungerford Properties
Blake Tsuyuki, 604-736-8500
111,764
BOMAEDMONTON .ORG
10 39
DOWNTOWN SURVEY
Building Name
N5
Management Company
Contact
Leasing Company
Contact
Office Area
(sq. ft.)
Floors
Year
Built
Royal Bank Building
10117 Jasper Avenue
Melcor Developments
Melcor Developments
Pat Melton 780-423-6931
132,376
7,910
15
O4
Scotia Place
10060 Jasper Avenue
Glen Scheuerman, 780-424-1693 Morguard Investments Limited
611,169
12,580
28 / 21 1983
O4
Scotia Place Tower 3
10072 Jasper Avenue
Darlington Properties Inc.
Martin Schultz, 780-490-1100
32,000
4,400 (varies)
5
1981
H5
Seventh Street Plaza
10030-107 Street
Edon Management
780 428-1742
Alberta Health Services
780-735-0246
N 156,500 S 155,982
13,000
13
1977
G7
Sir Frederick W. Haultain 9811-109 Street
Edon Management
780-425-3708
Government of Alberta
780-422-9577
137,757
13,775
8
1956
M2
Stantec Tower
10220 - 103 Ave
Katz Group Real Estate
Laura Sharen, 780-229-1656
Avison Young
185,000
25,000
28
2018
I6
Sterling Place
9940-106 Street
GWL Realty Advisors
Carole Lajoie, 780-944-6221
GWL Realty Advisors
198,007
14,515
12
1981
R4
Sun Life Place
10123-99 Street
Nellie Boyer, 780-990-7010
Bentall Kennedy (Canada) LP Brad Alton, 780-990-7009
289,41911,426 251977
O3
TD Tower
10088-102 Avenue
333,107
Meghan Kinney, 780-426-8419
14,140 HR 28
13,699 LR
1976
L3
The Boardwalk
10310-102 Avenue
McCor Management Julie Piquette, 780-423-4400
CBRE Limited Jeff Simkin, 780-424-5475
74,871
24,957
4
1910
O4
The Phipps McKinnon Building 10020-101A Avenue
The Canapen Group
Brad Smith, 780-420-4804
The Canapen Group
Brad Smith, 780-420-4804
192,781
11,202
20
1977
H6
U of L Tower
10707-100 Avenue
Keywest Capital Corporation Ted Kennedy 403-269-9797
84,000
6,552
13
1979
H6
WCB Building
9912-107 Street
Workers Compensation Board
Manuel Vervoorst 780-498-4874
153,233
Workers Compensation Board 780-498-4874
12,200
(varies)
9
1972
Q4
World Trade Ctr - Edm
9990 Jasper Avenue
Humford Management Inc. 780-426-4960 Cushman & Wakefield
Dustin Bateyko, 780-702-4257 56,107
9,190
7
1952
City of Edmonton
City of Edmonton
48,467
varies
3
1992
Cushman & Wakefield Edmonton
Neil Smith 780-420-1177
1965
Points of Interest (as indicated on map)
POINTS OF INTEREST (as indicated on map)
P2
City Hall
1 Sir Winston Churchill Square
H3
Norquest College
10215-108 Street
Edon Management 780 644-6226
NorQuest College
780-644-6220
221,000
25,000
9
1971
S4
Shaw Conference Centre
9797 Japer Avenue
Edmonton Economic Dev Corp.
Cliff Higuchi, 780-421-9797
Edmonton Economic Dev Corp.
Cliff Higuchi, 780-421-9797
Varies
150,000
3
1983
40
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GUIDE2016/17
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BOMAEDMONTON .ORG
41
SUBURBAN SURVEY
tenants have
opportunity to
consolidate
At the end of 2015, overall vacancies in the
Some second-phase developments are on hold
mere and Summerside have attracted a lot of
per cent, once vacant space up for sublease is
“go” threshold varies: there have been recent
and the like.
suburban office market in Edmonton were 14.6
included, according to Cushman Wakefield.
Areas reporting higher vacancies were 124th
Street (18.6%) and the south side (16.2%), while
Kingsway, Whyte Avenue and Summerside all
had rates below 10 per cent.
A spate of spec building took place in the
professional office market in outer suburbs
in recent years, but the pace has slackened.
until preleasing reaches desired levels. This
cases where a medical tenant signing up for
families who will need family doctors, dentists
One trend of the past few years was
30 to 40 per cent of a proposed building was
engineering and technology firms in the
other developers are holding back for a 70 per
suburban office parks. There are signs of the
enough to allow a project to proceed, while
cent prelease.
Neighbourhood medical-professional proj-
ects are among those least affected by energy
prices. New subdivisions in places like Winder-
oil patch taking large chunks of space in
trend reversing itself as resource industries
scale back their investments. For example,
WorleyParsons, recently gave up 140,000 sq. ft.
when its leases expired in early 2016.
Suburban Market Statistics
Submarket
Inventory
(SF)
Vacancy
Rate
Q1 2016 Net
2015 TOTAL
Absorbtion (SF) Absorbtion (SF)
Sublease
(SF)
118th Avenue
778,072
7.66%
-9,674
-13,780
11,288
124 Street
803,472
17.77%
-3,877
39,415
10,180
149th Street
1,145,241
10.04%
18,749
-66,955
30,115
Eastgate
1,150,37722.08% -4,601 -47,605 56,757
Southside
3,058,07315.48% -14,703 -15,701 50,876
South Henday
1,038,537
9.87%
-6,033
31,042
13,511
Whyte Avenue
568,761
11.38%
-3,990
-3,311
-
West End
1,726,910
17.64%
5,065
692
44,966
SUBURBAN TOTAL
10,269,443
14.77%
-19,064
-76,203
217,693
EDMONTON TOTAL
27,576,029
12.01%
-85,130
-207,166
492,591
Source: Colliers International
42
COMMERCIAL
REAL ESTATE
GUIDE2016/17
Allendale Centre – one of Edmontons newest suburban office complexes
These vacancies offer mid-size tenants
good options to upgrade their premises or
consolidate operations in a single place, much
like Enbridge and Stantec are doing downtown
on a larger scale.
Another possible taker for space is the call
centre industry. The low Canadian dollar and
less overheated labour market have once
World-class
energy savings.
again made Edmonton attractive for this very
mobile industry, as it was in the 1990s and
early 2000s. The region’s young, well-educated
workforce also offers benefits to technologyoriented companies.
While much was made in recent years of
suburban-based tenants moving downtown
to be more convenient for employees, some
migration has also been seen in the opposite
direction. Customer and employee parking
$70 Million Saved
on energy bills for
local companies and
multinationals across
North America and Asia.
often can be the decider in these situations.
You might be able to rent one parking stall
per 3,000 sq. ft. in a downtown office building,
versus as much as 4.5 cars per 1,000 sq. ft. in
the suburbs.
780.429.4774
solution105.com
BOMAEDMONTON .ORG
43
SUBURBAN SURVEY
124TH Street
118TH Avenue
149TH Street
West End
Whyte Ave
Southside
Eastgate
44
COMMERCIAL
REAL ESTATE
GUIDE2016/17
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building sustainability.
Learn more about
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application guide or apply
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BOMA Edmonton has certified over 163
buildings in its region. For a complete listing,
check the BOMA Edmonton website.
BOMA BEST delivers value: applications are
assessed using third party verifiers, the
application fee is affordable and certification
helps promote our commitment to
environmentally aware tenants.
BOMA BEST Buildings have the BOMA BEST
logo in the survey section of this guide.
BOMA BEST delivers performance
improvement: the process helps property
managers find ways to reduce operating costs
and improve building performance through
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self-administered process that engages
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BOMAEDMONTON .ORG
45
SUBURBAN SURVEY
Major Suburban Office Buildings - 124 Street Area
Building Name
1
Management Company
Contact
Leasing Company
Contact
Office Area No. of (sq. ft.)
Floors
Year
Built
124 Street Business Park
South Bldg - 12420 - 104 Ave
Vermont Real Estate Services
Eryn Marshall, 780-488-9574
Colliers International P. Goh/F. Shaikh, 780-420-1585
43,7273
1982
North Bldg - 12431 Stony Plain Rd
Catholic Charities Society
Daniel Adewumi, 780-391-3269
Catholic Charities Society
Daniel Adewumi, 780-391-3269
17,4883
1982
East Bldg - 10408 - 124 St
Vermont Real Estate Services
Eryn Marshall, 780-488-9574
P. Goh/F. Shaikh, 780-420-1585
55,038
5
1970
G E Vending Ltd.
32,692
3
Alfred Mah, 780-719-2839
1975
2
124 Street Place
10235-124 Street
G E Vending Ltd.
Alfred Mah, 780-719-2839
3
Beaufort Building
10835 - 120 Street
Harvard Property Management Inc
Z. Anthony (Tony) Prsa , 780-413-7059
Avison Young
Cameron Martin, 780-702-5826
31,276
3
1970
Humford Management Inc. Avison Young Cory Wosnack, 780-428-7850
21,834
2
1978
Cushman & Wakefield
82,109
Will Harvie, 780-420-1177
8
1975
Strategic Group
Richie Lipton, 780-444-8742
12
1978
4 Century Building
10310 - 124 Street
5 Guardian Building 780-426-4950
Grove Three Property Management
Ajay Parmar, 780-641-0222
10240-124 Street
6
Harley Court
10045-111 Street
Strategic Group
7
Jasper Centre 11456 Jasper Avenue
Martello Properties
8 JE Place
10534-124 Street
780-702-3380
Cushman & Wakefield
43,000
4
1976
780-420-1177
Liu and Associates
Patricia Liu 780-429-1047
Liu and Associates Patricia Liu 780-429-1047
9 LeMarchand Mansion
11523-100 Avenue
10 Limelight (The)
10350-124 Street
11 Place 123
Humford Management Inc 10339-124 Street
10160-112 Street
Avison Young
72,106
4
Jason Gardner, 780-429-7569
1912
Jones Lang LaSalle
27,200
Chad Brennand, 780-328-2552
2
1962
Bedford Holdings Inc
Michael Koski, 780-497-0652
Bedford Holdings Inc
28,384
Michael Koski, 780-497-0652
2
1975
780-426-4950
JLL
156,6307
1983
Melcor Developments
59,081
7
Pat Melton 780-423-6931
1971
Northam Realty Advisors Ltd
206,000 7
Judy Lucas, 416-977-7151
1978,
1980, 2003
Melcor Developments
14 Stantec Centre
1965
13 Princeton Place
3
780-426-4950
12315 Stony Plain Road
10216-124 Street
Z. Anthony (Tony) Prsa , 780-413-7059 Brandon Park, 780-423-6931
780-426-4950
Kipling Realty Management
CBRE Limited Jane Miller, 780-669-2095
Jeff Simkin, 780-424-5475
16 Westcor Building
15 West Chambers Building 46
19,875
12 Plaza 124
Babita Khurana, 780-444-8748
154,448
Melcor Developments
COMMERCIAL
REAL ESTATE
GUIDE2016/17
Melcor Developments
Nola Gunn, 780-423-6931
86,400
6
1978
72,810
7
1978
SUBURBAN SURVEY
Major Suburban Office Buildings - 118 Avenue/ Kingsway Area
Building Name
Management Company
Contact
82nd Street Building
11713-82 Street
2
Administration Building
11230-110 Street 1
3
4
5
6
7 8
Circle Square
11808 St Albert Trail
HYS Centre
11010-101 Street
Kingsway Professional Centre
10611 Kingsway Avenue
Mira Health Centre
11910-111 Avenue
11 Nexus Business Park
14315-118 Avenue
13
14
15
Royal Alex Place
10106-111 Avenue
Stanley Building II
Oxford Retail Group
Susan Denney, 780-479-5955
Manuel Vervoorst, 780-498-4874
25,000
3
1974
39,824
3
1983
147,442
7
1980
3
1976
6
1980
Shelly Fedorak, 780-293-9348
39,377
Tammy Abbott 780-479-5955/780-426-8411
73,410
71861
2
2002
780-498-4874
1992
15,745
2
2011
15,570
2
2010
120,500
(3 b)
1
1977/78
19,094
22010
41,108
3
1969
17,363
2
1968
Melcor Developments
Nola Gunn, 780-423-6931
17,613
2
1968
Melcor Developments
Nola Gunn, 780-423-6931
Artis Reit Kristopher Dreger, 780-476-0640
Randy Mudryk , 780-476-4063
Artis Reit Kristopher Dreger, 780-476-0640
Randy Mudryk , 780-476-4063
Colliers International Artis Reit
Lorraine Miller, 780-476-4064
Ian Bradley, 780-420-1585
CBRE
Jeremy Deeks, 780-229-4651
Kevin/Kathy Kevin/Kathy 780-474-5233 780-903-3722
780-474-5233 780-903-3722
David Ball, 780-423-6931
1973
1
Melcor Developments
3
Northwest Healthcare Properties Corp 67,012
Michael Lobsinger, 587-520-3708
David Ball, 780-423-6931
20,416
Workers Compensation Board Melcor Developments
Year
Built
NorthWest Healthcare Properties Corp
Guy St. Germain, 780-414-1700
No. of Floors
Oxford Retail Group
780-414-8888
Edmonton Oilers
780-414-4400
Northwest Healthcare Properties
Nearctic Group Owners & Managers
North City Centre
13245 - 140 Avenue
Stanley Building I
Office Area
(sq. ft.)
Tilda Ferguson, 780-424-7722
Strategic Group
Artis Reit 15961 - 97 Street
Artis Reit 15823 - 97 Street
12
Edmonton Oilers
780-414-4000
Workers Compensation Board 10 Namao 160
9 Namao 158 Tilda Ferguson, 780-424-7722
Strategic Group
Kingsway Mall
109 St & Princess Elizabeth Ave Millard Health
131 - Airport Road
Leasing Company
Contact
BOMAEDMONTON .ORG
47
SUBURBAN SURVEY
Major Suburban Office Buildings - 149 Street Area
Building Name
1
2
3
Management Company
Contact
Leasing Company
Contact
149 Street Business Centre
14964 - 121A Avenue
Edie and Associates
780-488-3030
Edie and Associates
Alan E / Wade W, 780-488-3030
AMMSA Building
13245-146 Street
AMMSA
AMMSA
780-455-2700
Bert Crowfoot 780-455-2700
Coronation Plaza 14310-111 Avenue
4Edmonton W Business Park Ph 8
12004-12040 149 Street
5
High Park Corner
14 925-111 Avenue
11066-156 Street
7Meadowlark Place Prof Ctr
8708-155 Street
8
Meadowlark Health & Spg Ctr
156 Street and 87 Avenue
9Parkwest Business Centre
11St. Albert Trail Place
13151-146 Street
12
Trail Business Centre
9509-156 Street
48
780-424-5475
TBA
Russ Fawcett 780-701-3842
10230-142 Street
GUIDE2016/17
17,000
2
1998
NAI Commericial
Chad Snow 780-436-7410
26,752
3
1979
Key West Realty & Property Mgmt.
780-483-5666 - Ext 226
49,200
2
1978
43,160
4
1969
100,000
1
1963
780-424-5475
Dave Hennessey, 780-475-3695
152,606
Fahad Shaikh 780-420-1585
TBA
2 1978/1999
(varies)
84,000 11976
38,000
2
2006
77,296
3
1980
Camille Lorieay 780-801-3872
Melcor Developments
Pat Melton, 780-423-6931
Marlow Real Estate Larry Woodley, 780-455-6494 18,295
3
1978
Royal Park Realty
Jewell Hansen, 780-423-7587
49,434
3
1973
44,886
4
1980
Interpro Property Corp
Bob Proznik, 780-482-6464 Ext 222.
COMMERCIAL
REAL ESTATE
Chester Developments Ltd.
Tom Burke, 780-719-4114
Dustin Bateyko, 780-420-1177
780-426-4960
780-423-4400
1981
1981
1, 2
24,410 21977
Cheryl Ewasiw, 780-420-1585
Year
Built
5
First Capital Realty
Sheri Sutherland, 780-475-3695
42,000
(3 buildings)
No. of Floors
120,408
(2 towers
CB Richard Ellis
FCR Management Services
McCor Management 15Westgrove Professional Bldg Key West Realty and Property Mgmt. Barry Wade, 780-483-5666
14727-87Avenue 14West End Medical & Prof
780-426-4960
Melcor Developments
13Treasures Insurance
Chester Developments Ltd.
Tom Burke, 780-719-4114
149-151 Street and 123 Avenue
10St. Albert Trail Centre
CB Richard Ellis
David Benjestorf, 780-453-5631
6Klondike Centre
Shamrock Property Management
Office Area
(sq. ft.)
Avenue Commercial
780-732-4886
SUBURBAN SURVEY
Major Suburban Office Buildings - West End Area
Building Name
1 A.U.P.E. Building
10451-170 Street
2 Belmead Professional
8944-182 Street
3 Callingwood Professional Centre
6655-177 Street
Management Company
Contact
Leasing Company
Contact
Office Area
(sq. ft.)
No. of Floors
A.U.P.E.
Bill Dechant, 780-930-3302
A.U.P.E.
Bill Dechant, 780-930-3302
64,350
3
1982
36,580
Centrecorp Management Services Ltd 30,000
780-435-1444
3
1980
3
1985
780-490-1100
Centrecorp Management Services Ltd
780-435-1444
Year
Built
4 Cardinal Building 17205-106A Avenue
780-426-4960
Avison Young
31,000
2
1979
5 Centre 170 CBRE Limited | Asset Services
Tracy Desmarais, 403-750-0502
139,760
3
1980
6 Centurion Plaza
780-426-4960
39,932
3
1979/1980
7
Ford Credit Building
17187-114 Avenue 8 Imperial Deluxe 176-178 Street & 103-105 Avenue
Glen Scheuerman 780-421-8000
Imperial Deluxe Properties Inc. 780-484-2228 Morguard Investments Limited
82,176
2
2000
154,217
2
(6 buildings)
varies
9
Jayman Building 5093 Windermere Boulevard
Colliers International 780-420-1585
63,000
2008
10
Mayfield Business Centre
10525-170 Street
Mayfield Square I
10464 Mayfield Road
Mayfield Square II
10458 Mayfield Road
Tilda Ferguson, 780-424-7722
Edie and Associates
Al Edie, 780-488-3030
Edie and Associates
Al Edie, 780-488-3030
CBRE Limited
Plaza West Properties Ltd.
Sonia Dechant, 780-487-5157
10403-172 Street
10335-172 Street
11
12
780-428-7850
Phil Goh, 780-420-1585
780-426-4960
Mike Verhoski 780-421-8000
Imperial Deluxe Properties Inc. 780-484-2228
Telsec Group Sean Flathers, 403-203-3000
Jeff Simkin 780-424-5475
Edie and Associates
Al Edie, 780-488-3030
Edie and Associates
Al Edie, 780-488-3030
3
55,2694 1979
40,000
2
1979
40,000
2
1979
Avison Young
36,561
2
1980
780 420 1585
Cushman & Wakefield
40,981
2
1978
780-426-4960
Avison Young
36,177
2
1978
780-420-1585
32,925
2
1980
Sterling Business Centre
U.M.A. Building 1
17007-107 Avenue
19 U.M.A. Building 2
17107-107 Avenue
Melcor Developments
UMA Group
780-486-7000
UMA Group
780-486-7000
Melcor Developments
67,9092 1983
13
Plaza West
17704-103 Avenue
14
Pointe West Building 17220 Stony Plain Road
15 Quikcard Centre 17010-103 Avenue
16
Ricoh Building
16011-116 Avenue
17
18
Peter Schwann, 780-428-7850
Scott Vreeland, 780-975-6336
Phil Goh, 780-420-1585
Pat Melton, 780-423-6931
UMA Group
780-486-7000
UMA Group
780-486-7000
41,320
3
1979
27,241
2
1979
20
West Campus A
Glen Scheuerman, 780-424 -1693
118,7513
2013
21
West Campus B
Glen Scheuerman, 780-424 -1693
118,884
3
2011
22
Westgate Business Park
102 Avenue and 178 Street
Melcor Developments
Melcor Developments
75,141
1 1979/ 1981
Pat Melton, 780-423-6931
BOMAEDMONTON .ORG
49
SUBURBAN SURVEY
Major Suburban Office Buildings - Whyte Avenue Area
Building Name
Management Company
Contact
Campus Tower
8625-112 Street
2
College Plaza
8215-112 Street
3
Garneau Professional Centre
11044-82 Avenue
1
Midwest Property Management
4
Plaza 82
10504-82 Avenue
5
Strathcona Professional Centre
10328-81 Avenue
No. of Floors
Year
Built
36,589
3
1970
Westcorp Properties Inc.
Westcorp Properties Inc.
201,686
21
1974
NorthWest Healthcare Properties
57,634
5
1978
50,353
4
1975
53,328
3
1980
Natalie Hanratty (780) 431-3300
Darrin Geddes (780) 431-3300
Delcon Development Group Ltd.
Delcon Development Group Ltd.
780-423-4321
780-423-4321
Office Area
(sq. ft.)
Avison Young
780-420-4040
Leasing Company
Contact
C.A. Property Management
Alfred Mah, 780-719-2839
C.A. Property Management
Alfred Mah, 780-719-2839
Major Suburban Office Buildings - Southside Area
Building Name
1
3
4
5
6
7
8
9
10 11
12
13
50
Alberta Municipal Place
8616 – 51 Avenue
2
Management Company
Contact
Leasing Company
Contact
780-426-4960
JLL
Office Area
(sq. ft.)
62,000
3
Renovated 2010
1985
66,345
1990
AMA
Bob Sage, 430-5740
AMA
Bob Sage, 780-430-5740
Bonnie Doon Shopping Centre
82 Avenue & 83 Street
Charlene Robertson
780-465-7902
John Kushar 25,000
416-543-5227
Centre 51 South - 9731-51 Ave
Centre 51 West 9750 - 51 Ave
Morguard Investments Ltd.
Morguard Investments Ltd.
Centre 51 West 9730 - 51 Ave Glen Scheuerman, 780-421-8000
Arcturus Realty Corporation
Debbie-Jo Acheson, 780-442-2991
Year
Built
Carolyn Bull, 780-328-2553
AMA Building 10310-39A Avenue
Centre 104
5241 Calgary Trail Northwest
No. of Floors
7,923
9,088
7,230
5
1+
1978
office level
2
2
2
1972
1976
1975
Manulife Real Estate
8
1975
75,855
Laura Bradley, 780-409-2338
Commerce South Office Park
86 Street & 51 Avenue
1–3 1990/15
(5 Bldgs)
Commerce South 2
8560 Roper Road
1–3 1990/15
(5 Bldgs)
Elm Business Park
9426-51 Avenue
McCor Management CBRE Limited 1-4
2009
(4 Bldgs)
EMC2 Building
6020-104 Street
Artis Reit
Artis Reit
28,520
3
1980
Gateway Blvd (Argyll Ctr)
6325 Gateway Boulevard
Berezan Management Ltd.
91,000
1
1975
Greystone Business Park
97 Street & 42 Avenue
104,072
2
1981
JLL 29,000
2
2009
39,176
2
1978
Lianne Beaudette, 780-990-7012
Lianne Beaudette, 780-990-7012
Julie Piquette, 780-423-4400
Lorraine Miller, 780-476-4064
Kathryn Atlas, 780-440-6500
Karst Building
1420 Parson Road
Karst Property Management
780-425-6905
Kingsdale Professional Centre
9644-54 Avenue
Servis Realty Inc.
780-415-5414
COMMERCIAL
REAL ESTATE
GUIDE2016/17
370,007
370,007
157,881
Al Menon, 780-424-5475
Randy Mudryk, 780-476-4063
Servis Realty Inc.
780-415-5414
SUBURBAN SURVEY
Major Suburban Office Buildings - Southside Area (cont’d)
Building Name
14
15 16
17 18
19
21
22
23
24 25
26
27 28
29 30
31
32
Leasing Company
Contact
Office Area
(sq. ft.)
No. of Floors
Year
Built
Lange Centre
10335-61 Avenue
Lange Realty
Gordon Lange, 780-437-0450
Lange Realty
Gordon Lange, 780-437-0450
52,000
1
1976
McIntyre Centre 1
4804-89 Street
McIntyre Centre Limited
Cal Phare, 780-462-5311
Lesley Wabisca, 780-462-5311
23,996
1
1979
McIntyre Centre 2
8657-51 Avenue
Cal Phare, 1-866-334-1262
27,552
3
1979
McIntyre Centre 3
5008-86 Avenue
Cal Phare, 780-462-5311
22,960
2
1979
Milbourne Office Towers
38 Avenue & Millwoods Road
Interpro Properties Corporation
Bob Proznik, 780-483-6464 ext.222
42,968
3 1978, 1982
Millwoods Towne Ctr Prof Bld
6203-28 Avenue
20
Management Company
Contact
Ivanhoe Cambridge
Connie Nesbitt, 780-440-8485
Dustin Bateyko, 780-702-4257
47,373
3
1989
Avison Young
Omni Centre
9636-51 Avenue
Shelbra International Inc. Rick Kerscher, 780-430-3716
Shelbra International Inc. Rick Kerscher, 780-430-3716
40,548
2
1989
PCL Business Park 54 Avenue & 99 Street
Princeton Developments Ltd.
780-423-7775
Princeton Developments Ltd.
780-423-7775
92,020
2
1978
Pleasantview Prof. Building
11044-51 Avenue
H.J. Rebman
Harold Rebman, 780-438-6976
H.J. Rebman
Harold Rebman, 780-438-6976
24,000
4
1973
Point 51
9004/9090 51 Avenue
Berezan Management Ltd
Reliance Building
4209-99 Street
Bob Proznik, 780-483-6464 ext.222
Richfield Building
31 Avenue and Parsons Road
780-447-7102
Springwood Court
4220-98 Street
Redding Management & Realty Ltd.
780-463-6475
Sprucewoods Business Park
8905-8925 51 Avenue
Tawa Office Tower
3017-66 Street
Terrace Office Tower
4445 Calgary Trail South
The Steppes
Whitemud Business Park
4245-97 Street
Redding Management & Realty Ltd. 35,326
780-463-6475
3
1982
75,300
1
1977
43,409
2
1986
142,472
8
1971
74,560
3
2008
121,512
9
1979
107,530
3
1980
Fahad Shaikh, 780-420-1585
Mark Hartum, 780-429-7557
Manulife Real Estate Morguard Investments Limited
1980
Avison Young
780-757-8015
Debbie-Jo Acheson, 780-442-2991
1
Arcturus Realty Corporation 31,506
BLDG Services Group Inc.
1253 & 1259 - 91 Street SW
Weber Centre
5555 Calgary Trail Northwest
3 1979, 2004
50,375
Cheryl Ewasiw, 780-420-1585
Avison Young
Laura Bradley, 780 409 2338
26,7002 1981
BOMAEDMONTON .ORG
51
SUBURBAN SURVEY
Major Suburban Office Buildings - Eastgate Area
Building Name
1
Management Company
Contact
Leasing Company
Contact
50th Street Atria 9405-50 Street
Highfield Place Inc.
780-423-2000
2
Plaza 50 8170-50 Street
Plaza 50 Management Ram Singh, 780-440-9000
3
Capilano Centre 9945-50 Street
4
Eastgate Building 9311-48 Street
5
Eastgate Business Centre
9332 49 St
6
Edmonton Sun Building 4990-92 Avenue
7
Febtro Centre 9440-49 Street
Western Law Group Ltd.
Crystal Lansperg, 780-450-2929
8
Former ARC Building
5104- 82 Avenue
Nelson Properties
Doug Nelson, 780-466-0439
9
Parkwood Office Centre 9343/9353/9363-50 Street 10
Twin Atria 4999-98 Avenue
Avison Young
Melcor Developments
TBA
Servis Realty
780-415-5414
Strategic Group
780-990-1768
Boma Edmonton’s
Commercial Real
Estate Guide
brings global opportunity
to the business
community by
providing a forum for
industry professionals
and decision makers
to learn, grow and
connect.
52
COMMERCIAL
REAL ESTATE
GUIDE2016/17
No. of Floors
Year
Built
169,440
3
1982
60,000
2
1978
Melcor Developments
90,973
5
1978
TBA 27,000
2
1978
27,000
2
1978
103,131
3
1983
Western Law Group Ltd. Crystal Lansperg, 780-450-2929
27,072
2
1978
Nelson Properties
Doug Nelson, 780-466-0439
20,000
2
1980
Strategic Group
41,615
1
1978
371,663
4
1982
Plaza 50 Management
Ram Singh, 780-440-9000
Pat Melton, 780-423-6931
Servis Realty 780-415-5414
Office Area
(sq. ft.)
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BOMAEDMONTON .ORG
53
INDUSTRIAL SURVEY
oil patch more able to
weather the storm
Almost overnight, the industrial land
Between the first twitches of an oil price
vacancies you are going to see,” says Dave
of 2015, the availability of industrial space in
Director for CBRE in Edmonton. “If you have a
market in Edmonton region went from one
correction in the summer of 2014 and the end
challenging place for owners and developers.
Leduc-Nisku went from virtually non-existent
of the most robust in North America to a
And because the cause of the sudden
reversal was a crash in the price of oil, the
Leduc-Nisku submarket was where the most
pain was felt.
Young, Senior Vice President and Managing
portfolio of oil-related tenancies, then you’ve
to 12.4 per cent. But the story in Nisku is by no
probably seen an increase of vacancies and
means applicable across the whole Edmonton
you’re probably nervous as you watch this
region.
market continue to shed space.”
“The closer you get to the drill-bit, the more
But for the most part, the damage
Lease Rates vs.Oil
$12
$120
Market Average Rental Rates
Market Average Op. Cost
WTI-Cushing (USD / Barrel) Annual Average
$4.53
$10.39
$4.10
$9.70
$3.70
$8.85
$3.40
$8.80
$3.25
$8.75
$3.00
$8.25
$3.00
2006200720082009 201020112012201320142015
COMMERCIAL
REAL ESTATE
GUIDE2016/17
$0
USD / Barrel
$20
$8.25
$2
$2.75
$40
$9.50
$4
$2.25
$60
$9.25
$6
$2.10
$80
$0
54
$100
$8
$7.10
$ psf
$10
remains limited. The people in the oil
patch are much more experienced with the
whims of the commodity cycle than they
INDUSTRIAL AREAS
were in the early 1980s, the last time there
was a price war with the Saudis. And there
are no 22-per-cent interest rates to finance
a business, as there were in the early ’80s.
So this time it’s a bit different in LeducNisku. Businesses have had to cut back, for
sure, with Alberta losing 35,000 energyrelated jobs. But most of the businesses
thus far have kept their doors open and
outright tenant failures are comparatively
rare.
Even in parts of the Edmonton region less
exposed to the energy industry, such as the
northwest, the balance of power has shifted
from owner to tenant. Leasing deals are still
being done in distribution and other sectors
that are driven by the region’s growing
population, which has doubled since the 1980s
to 1.4 million people.
Construction in new industrial parks is
on hold for now, in sharp contrast to recent
years when the region added 2.5 million to 4.0
million sq. ft. of industrial space annually —
Industrial Areas
much of it built on speculation.
Of an estimated one million square feet
under construction at the start of 2016,
virtually none of it had been preleased. But
industrial developers can be nimble, with spec
builders often able to cap a project at grade
and wait for market conditions change and a
tenant to be found.
“The beauty of industrial, from a spec
building perspective, is that they’re easy
projects to start and they’re easy to stop,”
one seasoned player explains. “I don’t see
developers adding a lot of industrial inventory
in the next 12 to 18 months. They’re going to
lease the inventory they have, and if you see
new construction, it’s going to be because you
have specific tenant demand.”
In the meantime, the flight to quality
seen in the downtown office sector is
also underway in the industrial parks.
With rents softening, tenants in Class-B
properties may go for new, Class A space.
It’s also a good time to for companies that
have outgrown their current locations to
move to bigger facilities before the next
upturn.
In the active northwest, industrial supply
distributor Acklands Grainger has taken two-
thirds of the former Golden West golf course,
which has been converted to industrial use.
Owner Qualico reports that it’s in discussions
with prospective tenants for the rest.
In the small-bay market, there is continuing
demand from general industrial users needing
less than 10,000 square feet.
Expect 2016-17 to be a time of transition in
the industrial space, with challenges for sellers
and opportunities for buyers. How long the
transition lasts will be defined by
how long it takes to absorb what’s already
on the market.
The overall industrial market
across
Edmonton began 2015 with a total availability
of 4.8 per cent, as calculated by JLL. Others
estimate that could go 100 basis points
higher by year-end as current construction is
completed.
But five or six per cent isn’t really that high,
points out CBRE’s Young. He notes that in some
U.S. markets, developers will keep on building
even when vacancies reach eight or nine per
cent. More conservative lending practices in
Canada force developers here to hit the brakes
much sooner.
The glass might not be filled to overflowing
any more, but it’s still half full. BOMAEDMONTON .ORG
55
INVESTMENT SURVEY
pension funds still buying
prime property
As the new reality takes hold in 2016-17, the
of deal flow can be attributed to bargain-
caution in the face of what they believe to
estate market for investors varies between
than potential sellers were willing to accept.
province.
attraction of the Edmonton commercial real
sectors.
Demand for office buildings has fallen
sharply, given the surge of new supply in
Edmonton and the prospect of several years
of negative absorption. Potential buyers also
hunting buyers bidding less for properties
For well-capitalized owners, it’s often better to
wait until the dust settles than to agree to a
deal at the bottom of the market. Deal volume
can be expected to pick up in the second half
be an anti-business NDP government in the
As one broker puts it, “We just haven’t seen
prices move enough to make those guys want
to buy.”
Another factor dampening demand is that
of 2016.
REITs have stepped back as buyers. Indeed,
conditions in Calgary; it’s a common error of
funds are still active buyers of first-class
of their Alberta portfolios. H&R REIT, owner
two markets behave identically.
Edmonton, often at multiples to rents similar to
are discouraged by even more challenging
non-Albertan investors to wrongly assume the
The volume of investment dollars flowing
into all Edmonton commercial real estate
classes fell by 35 per cent in 2015, a natural
response given the collapse of oil prices
through the year. At least part of the reduction
With their ultra-long time horizons, pension
industrial, retail and multifamily properties in
what they paid in 2013-14. But fund managers
are demanding higher returns for older and
lower-quality properties that they perceive to
be riskier. And some Canadian pension fund
investors from outside Alberta show greater
some have been forced to write down parts
of The Bow Tower in Calgary, was among the
high-profile REITs announcing nine-figure
write-downs. Artis and Dream Office have
announced they are looking to sell Alberta
properties. It has been noted that in the current
climate REITs might find it more profitable to
grow through mergers and acquisitions of
Industrial Statistics (Total Sales)
Retail Statistics (Total Sales)
Office Statistics (Total Sales)
Industrial Historic Information
Retail Historic Information
Office Historic Information
YEAR
$ VALUE
AVG. $/SF
2008$248,602,592
$ VALUE
AVG. $/SF
$ VALUE
AVG. $/SF
$113
2009$97,176,791
$219
2009$176,280,000
$310
2009$365,329,150
$117
2010$290,988,666
$190
2010$504,515,445
$282
2011$540,194,753
$133
2011$410,546,336
$231
2012$534,100,429
$154
2012$679,618,841
$395
2012$422,413,537
$257
2013$926,812,751
$135
2013$394,340,032
$316
2013$328,870,000
$299
2014$645,119,174
$161
2014$271,407,055
$225
2015$470,639,643
$159
2014$394,959,986
$267
2015$65,265,000
$254
2015$227,542,238
$254
56
COMMERCIAL
REAL ESTATE
YEAR
(Sobeys $176,620,000)
GUIDE2016/17
YEAR
2011$800,558,413 $275
Top Sales Transactions 2015
Building
Asset Type
Building Size (sf)
Price
Nevada Place
Multi-Family Walk-up
173 Units
$37,690,455.00
Highstreet Brintnell Landing
160 Units
$33,050,000.00
Multi-Family High-Rise Apartment
125 Units
$31,000,000.00
Windermere Village
126 Units
$28,500,000.00
Graham Group Building
Industrial Warehouse
82,257 SF
$27,055,180.00
Grandin Towers
Source: Colliers International Via The Gettel Network
each other rather than by buying properties.
One class of buyer that might be expected
to take up some of the slack in the commercial
real estate market is foreigners who see the
low Canadian dollar as a buying opportunity.
Edmonton brokers are starting to see U.S.
investors having a look around, which also
Expand your
horizons.
occurred in 2002-03 when oil prices were
depressed and vacancies were trending higher.
This time they might not have found what
they expected. Despite the gloomy headlines,
Prime ad space avaialble in the 2017 BOMA
Edmonton Commercial Real Estate Guide.
few tenant failures in Edmonton -- none of
Book today
there have been virtually no foreclosures and
the “blood in the street” that opportunistic
investors are fond of.
780.428.0419
Asia also promises to be an emerging source
of foreign buyers. Colliers recently published a
national research report that highlighted how
large mainland Chinese property companies
are being encouraged by their government
to invest offshore in commercial real estate.
So far this phenomenon has been confined
mostly to gateway cities such as Sydney, Los
Angeles and Toronto, but it can be expected to
spread to regional centres over time.
From a price point of view, raw land is the
investment category least affected by short-
term tantrums in the oil market. This is due
to a difference between how land is financed
versus cash-flowing properties. Investors who
purchase land tend to have deep pockets and
a long time horizon.
BOMAEDMONTON .ORG
57
BOMA Edmonton would like to Congratulate
all the
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Alberta Infrastructure
AltaPro Electric Ltd.
Applied Colour Ltd.
ATCO Energy Ltd.
Ayre & Oxford Inc
BDO Canada LLP
City of Edmonton-Commercial Services
CORE Realty & Management Group Ltd.
Edmonton International Airport
Flynn Canada
GardaWorld Protective Services
IMPARK
Paladin Security Group
Qualico Commercial
Read Jones Christoffersen
Rochelle Rae Marketing Inc
Scandinavian Building Services Ltd.
Solution 105 Consulting Ltd.
SuperPro Painting Systems of Edmonton Inc.
Stantec
Triovest Realty Advisors Ltd.
Tyco Integrated Fire & Security
The Westin Hotel
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COMMERCIAL
REAL ESTATE
GUIDE2016/17
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E: [email protected]
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BOMAEDMONTON .ORG
61
MULTI-FAMILY / APARTMENT SURVEY
downtown living
gains critical mass
Edmonton’s dream of a revitalized downtown
Although the Ice District gets the headlines,
The projects continue to rise. The Katz
most of the construction cranes seen in and
Group’s Ice District has said it will add 1,000
near downtown Edmonton have been for
new units as high as 66 floors above street
“It hasn’t hit a wall in Vancouver yet and it
rental or condominium apartment towers, as
level. New, high-quality condominium and
hasn’t hit a wall in Toronto, and I’m not even
the city seemed to race toward its stated goal
rental towers seem to be everywhere.
sure that market has hit a wall in Calgary,” says
of doubling the downtown population.
The question is no longer whether
is possible: it’s how far it can go.
Ken Cantor, Northern Alberta Vice-President
Market Statistics - October 2015
Vacancy
Market
Rate 2014
AverageAverage Average Average
Vacancy
Bachelor
1 Bedroom
2 Bedroom
Rate 2013
($/mth)
($/mth)
($/mth)
3 Bedroom
($/mth)
Downtown
3.6%
1.8%
$900.00 $1,099.00 $1,357.00 $1,593.00
Hudson Bay Reserve
6.0%
2.4%
$719.00 $878.00 $1,097.00 $1,127.00
University
3.1%
1.1%
$972.00 $1,087.00 $1,376.00 $1,340.00
West central
2.8%
1.9%
$756.00 $937.00 $1,118.00 $1,347.00
Jasper Place
5.2%
2.0%
$793.00 $934.00 $1,155.00 $1,342.00
West Jasper Place
2.3%
0.6%
$926.00 $1,114.00 $1,322.00 $1,464.00
South West
3.3%
1.4%
$947.00 $1,129.00 $1,306.00 $1,433.00
East Central
2.7%
1.5%
$870.00 $961.00 $1,127.00 $1,490.00
Millwoods
2.8%
0.7%
$876.00 $1,061.00 $1,345.00 $1,489.00
North Central
6.1%
3.0%
$766.00 $892.00 $1,012.00 $1,177.00
North East
6.5%
2.9%
$791.00 $1,037.00 $1,259.00 $1,349.00
Castledowns
2.7%
1.0%
$820.00 $1,020.00 $1,205.00 $1,393.00
St. Albert
4.6%
1.8%
-
$1,045.00 $1,383.00 $1,353.00
4.2%
1.7%
$871.00 $1,029.00 $1,259.00 $1,388.00
SURVEY MARKET AVERAGE
Source: CMHC Fall 2015 Rental Market Report
62
COMMERCIAL
REAL ESTATE
GUIDE2016/17
for Commercial at Qualico. “I don’t think we’re
buyers (or their parents) can come up with a
at the end of previous booms, that isn’t the
overbuilt in Edmonton.”
down payment, monthly mortgage payments
whole story. There also has been significant
are comparable to the rent on similar units.
labour migration within Alberta to Edmonton
He compares downtown Edmonton’s condo
market to Vancouver’s since the mid-1980s. He
The pace of investor purchases of apartment
as workers laid off from completed projects
remembers watching the construction around
properties was up 16.0 per cent in 2015, to
in the North found new jobs building
False Creek, Yaletown and Coal Harbour. The
$413 million. Capitalization rates averaged
urban infrastructure in Edmonton. The city
first developers and buyers in each were
5.9 percent, down 10 basis points from the
experienced a small net in-migration in 2015.
pioneers, not unlike those on the suburban
previous year. As in other sectors, demand was
The flight to quality noted in other market
frontier in the 1950s and 1960s. The residents
highest for the long-lived, top-quality assets
sectors also comes into play in the multi-
had to wait until their neighbourhood grew
favoured by pension managers.
family sphere, as those renters with stable
Experience suggests reported vacancy
careers will take advantage of a buyer’s market
rates (as opposed to the higher shadow
to upgrade to better-quality rentals or to buy
“I think one of the things that happens is
rate) will creep upwards as leases expire in
condominiums. Because of this, new product
that the more of that kind of development
coming months. While some renters might
will fare better than properties built in the
you see, the more critical mass you generate,”
migrate away from Alberta as happened
1960s and 1970s. big enough to attract services, restaurants and
cultural amenities.
cent, a level last seen in 2010. Meanwhile,
5%
monthly rent on a typical two-bedroom rental
4%
decreased by 1.7 per cent year over year to
$1,259 per month.
3%
Condominium resales told a similar story.
2%
Average prices were down 1.32 per cent across
1%
the region, while median prices were off by
0%
4.88 per cent year over year. An average condo
sold for $247,000 while an average house
1.7%
6%
1.4%
the apartment vacancy rate to near 4.5 per
4.2%
7%
1.7%
were completed in 2015, helping to push
3.2%
On the rental side, a score of new projects
Muti-family Vacancy Rate (Edmonton CMA)
3.7%
continues to grow, and to gather critical mass.
4.5%
In 2016-17, multi-family housing in Edmonton
7.0% 7.0%
Cantor concludes.
20092010201120122013201420152016*
* Forecast
fetched $420,000. For families wanting to own
$419
Multi-family Total Sales Volume (millions)
$450
$306
$250
$150
$227
$350
$300
$200
$330
$400
$214
other million-plus urban areas. Assuming
$219
manageable compared with those of Canada’s
$122
a home, ownership costs in Edmonton remain
$100
$50
$0
2009
2010
2011
2012 2013
2014
2015
Source: The Gettel Network
BOMAEDMONTON .ORG
63
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ARE FINISHED.
OTHERS
YOU CAN
CHANGE.
EDMONTON.COM
Burke is your skilled guide through clear communication. We
walk with you through marketing, design, print, signage,
and mail to connect you and your audience. From concept
to creation and delivery, we're here to help you transform
your needs and goals into solutions.
Burke is your media: simply redefined.
burkegroup.ca | 780-482-6026
BOMAEDMONTON .ORG
65
Melcor REIT owns and manages 2.77
million square feet of premium retail,
office and industrial space.
Lease with Melcor and
you’ll experience a new
level of customer care.
Signature Customer Care
Hands-on management
30 minute response time
[email protected]
780.945.4812
melcorREIT.ca
Pictured: Manulife Place, 10180 - 101st Street, Edmonton, AB
ABOVE
AND
BEYOND
Centrally located in the heart of the downtown Edmonton, Manulife Place is a LEED
Gold EB certified building that is home to 36 storeys of first class office space and
two levels of exclusive retail shops and services. Proudly owned and managed by
Manulife Real Estate. We are at your service, always.
Questions? Contact: Manulife Edmonton Real Estate Office T: 780.420.6236
manuliferealestate.com
HEAVY
MEDAL
2015
5x Champions
International Property Awards
The International Property Awards has named Colliers
International the Best Property Consultancy in Canada. We
thank you, our valued clients and partners – The opportunities
you provide us to deliver stellar service and outcomes have
made this achievement possible. We look forward to
continuing to help you fulfill your business goals.
BEST PROPERTY
CONSULTANCY
CANADA
BEST PROPERTY
CONSULTANCY
CANADA
BEST PROPERTY
CONSULTANCY
CANADA
2011
2012
2013
BEST PROPERTY
CONSULTANCY
CANADA
BEST PROPERTY
CONSULTANCY
CANADA
2014
2015
Accelerating success.

changingthelandscape

Transcription

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