Industrious - BOMA Edmonton

Transcription

Industrious
LEADER
EDMONTON
COMMERCIAL
REAL ESTATE
GUIDE 201415
Table of Contents
Publisher
Building Owners and Managers
Association Edmonton
390 Standard Life Centre
10405 Jasper Avenue,
Edmonton AB T5J 3N4
Telephone: 780.428.0419
Fax: 780.426.6882
Email: [email protected]
Website: www.bomaedmonton.org
Industrious
LEADER
EDMONTON
COMMERCIAL
REAL ESTATE
GUIDE 201415
Leasing Guide Committee
Chad Boddez
[email protected]
Mike Banister
Message from The Mayor ........................................................................................................................................ 5
Message from the BOMA Edmonton Chair .............................................................................................................. 6
Message from the Edmonton Economic Development Corporation President......................................................... 7
Major Milestones.................................................................................................................................................... 8
BOMA BESt ........................................................................................................................................................... 14
The BOMA Edmonton Board of Directors 2014 ..................................................................................................... 16
Edmonton’s Class of 2013...................................................................................................................................... 18
Quality has a new name: Melcor Reit................................................................................................................... 22
A Conversation with Don Iveson............................................................................................................................ 24
Growing membership. Industrious Future ........................................................................................................... 27
Retail Survey ........................................................................................................................................................ 28
Downtown Survey ................................................................................................................................................ 30
Suburban Survey .................................................................................................................................................. 42
Industrial Survey .................................................................................................................................................. 54
Investment Survey ............................................................................................................................................... 56
Market Report: Overview..................................................................................................................................... 60
Multi-Family / Apartment Survey ......................................................................................................................... 63
List of Advertisers
[email protected]
Jeremy Deeks
Avison Young ........................................................................................................................................... Back Cover
[email protected]
Bee-Clean Building Maintenance Inc.................................................................................................................... 17
Bentall Kennedy (Canada) LP .............................................................................................................................. 43
Meghan Kinney
BOMA Awards Gala ............................................................................................................................................... 58
[email protected]
Burke Group.......................................................................................................................................................... 65
Percy Woods
CCS Contracting Ltd............................................................................................................................................... 45
[email protected]
CK Design Associates ............................................................................................................................................ 17
Rochelle Smith
DDL Group............................................................................................................................................................. 32
Colliers International ............................................................................................................................................ 15
[email protected]
Delnor Construction Managers.............................................................................................................................. 32
Douglas Sollows Architect .................................................................................................................................... 26
Sarb Dhaliwal
Dream Unlimited Corp. ........................................................................................................................................ 23
[email protected]
DTZ ......................................................................................................................................Inside Right Front Cover
Edmonton Economic Development Corporation ................................................................................................... 61
Designed and produced by
Edmonton Research Park ...................................................................................................................................... 32
Rochelle Rae Marketing Inc
Humford Management Inc. .................................................................................................................................. 13
Edmonton AB Canada
780.919.9346 | [email protected]
rochelleraemarketing.com
Manasc Isaac Architects........................................................................................................................................ 57
Manulife Financial ................................................................................................................Inside Right Back Cover
Melcor Reit ............................................................................................................................. Inside Left Back Cover
Morguard Investments ......................................................................................................................................... 29
NewWest Enterprise Property Group .................................................................................................................... 30
Feature articles written by
Oxford Properties Group ........................................................................................................ Inside Left Front Cover
Bruce White
Contact: 780.619.0092 | [email protected]
Additional copies of this publication are available from
BOMA Edmonton ©2014.
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 2014.
4
COMMERCIAL REAL ESTATE
GUIDE 2014/15
Read Jones Christoffersen Ltd. .............................................................................................................................. 43
Rochelle Rae Marketing Inc .................................................................................................................................. 53
Simson Maxwell ................................................................................................................................................... 41
Site BIM................................................................................................................................................................ 57
Solution 105 Consulting Ltd. ................................................................................................................................ 33
Trikon Group ......................................................................................................................................................... 11
Williams Engineering Canada Inc.......................................................................................................................... 33
Wolski Design Group............................................................................................................................................. 31
WSP...................................................................................................................................................................... 25
Message from
his Worship Mayor
Don Iveson
O
n behalf of City Council and the people of Edmonton, Alberta’s Capital City, it’s my pleasure to introduce the
annual BOMA Edmonton Commercial Real Estate Guide.
There is a new sense of optimism in Edmonton. In business, in the arts, and in the community, there is a
consensus and feeling of pride that our city is one of the best places in the world to take a risk, to launch an idea or to invest in.
The theme of this year’s BOMA’s real estate guide, Edmonton — Industrious Leader, highlights Edmonton’s role as a
major urban centre for excellence and innovation. With one of the fastest growing regional economies in North America,
Edmonton is transforming. New projects across the city — such as LRT expansion, downtown revitalization and new
housing and commercial developments — will promote economic sustainability and growth for years to come.
Edmonton’s commercial building industries play an essential role Edmonton’s future vision. With construction of
Rogers Place beginning this year and more businesses competing for space across the city — property owners, investors,
managers and tenants need information to help navigate this varied market.
Thank you to BOMA for creating a real estate guide that gives valuable insight into Edmonton’s economy and real
estate market. Edmonton’s entrepreneurial spirit, energy and opportunity make it an ideal place to live, work and play.
Yours truly,
Don Iveson, Mayor
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bomaedmonton.org
Message from
BOMA Edmonton
Chair
Tony Prsa
E
dmonton… Industrious Leader
Edmonton clearly is on track as an…Industrious Leader as it continues to be a strong contributor to the
growth and economic development in the region and the country. Many companies continue to experience
positive growth and Edmonton, our Capital City, continues to fire on all cylinders.
The “Industrious Leader” theme certainly reflects the activity of the Capital Region and is an excellent choice
for the BOMA Edmonton Real Estate Guide at this juncture. Not only is the Rogers Place Arena construction
underway, but the new Kelley Ramsey Building is in full construction phase while the City of Edmonton’s
new building is entering the planning and development phase. As well, Edmonton International Airport has
announced new retails developments and is continuing its growth of huge increases in passenger traffic.
LRT expansion continues as does the planning for growth at all four of Edmonton’s major post-secondary
institutions. The economy that fuels the Capital Region consistently ranks at the top of the Conference Board of
Canada’s economic diversity index and it is currently maintaining a sustained wave of economic growth that’s
encouraging not only for the region, but for all of Canada. And Edmonton still has a well-educated and skilled
workforce while maintaining one of the lowest unemployment rates in Canada.
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 is truly an Industrious
Leader for those that live, work and play in the region. 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.
Tony Prsa, Chair
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GUIDE 2014/15
Message from Edmonton
Economic Development
Corporation President & CEO
Brad Ferguson
E
dmonton promises endless opportunities to build business and create wealth. We have a growing economy,
one of Canada’s lowest unemployment rates, a favourable tax regime and an unparalleled quality of life – all
factors that business leaders look for when making investment and relocation decisions.
Edmonton Economic Development is the primary catalyst for economic development and diversification in
Edmonton. That will only be realized through a culture of entrepreneurship, innovation and competitiveness that
differentiates our city and our region from all others. That is why we are sharing the Edmonton story: if you have
the courage to take an idea to reality, to build, to make something, this is your city.
The great migration is just beginning. People are coming to Edmonton for an abundance of opportunity, to
restart their lives, to get ahead financially or to start something in our community. They are coming to our city
because they are welcomed, they are encouraged and they are supported. Our goal is to stimulate economic
activity and create an environment that ensures all of this activity continues in unison and in balance.
Building owners and managers are a critical partner in the economic development system so critical to our
city’s success. With BOMA’s support, the Edmonton Region will continue to outperform every major economic
jurisdiction in North America, regardless of the price of oil.
But although we feel confident that the underlying economy will continue to provide prosperity, now is not
the time for complacency. We will need to be more ambitious and more competitive in all that we do . . . because
we are a city of builders, innovators and leaders.
Brad Ferguson, President & CEO
7
bomaedmonton.org
Major
Milestones
BIG CHANGES IN THE
HEART OF THE CITY
A
fter three decades that saw few changes to their city’s
skyline, Edmontonians are witnessing the most dramatic
transformations to their downtown in a generation. And
they are about to see a whole lot more change.
Now that city council has approved the final plans to build a new
arena for the Edmonton Oilers, announcements are expected soon
for numerous follow-on projects. Two new office towers already have
been announced and there is speculation that another will be coming
right away. Two educational institutions are expanding downtown,
MacEwan University and Norquest. The new Royal Alberta Museum
is under construction. One new hotel is confirmed and two more are
looking to build — the first new downtown hotels in about 35 years.
There are enough apartment buildings proposed to double the
population of downtown in a dozen years or less.
So it’s fair to say that talk of downtown revitalization has become
a thing of the past. So says Brad Ferguson, President and CEO of
Edmonton Economic Development Corporation: “It’s happening,
and now we’ve planned for 22 cranes in the downtown sky 12 months
from now. When people look up and see cranes in the downtown
core, it builds excitement all around the city.”
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GUIDE 2014/15
IT’S FAIR TO SAY
THAT TALK OF
DOWNTOWN
REVITALIZATION HAS
BECOME A THING OF
THE PAST.
WITH 22 CRANES BOOKED FOR DOWNTOWN,
THE PACE OF PROGRESS IS QUICKENING.
Here are some of the
lease payments from the Katz
significant work that’s currently
Group and property taxes on
underway or about to begin:
new downtown development.
Game on at
Rogers Place
The city will contribute up
In the
Pipeline:
Edmonton is getting an
to another $125 million in
exciting addition to its skyline:
infrastructure,
a
A new office tower being built
pedestrian bridge over 104th
in the downtown arena district
has a name — Rogers Place
Avenue and links to the light
will consolidate approximately
— and a target date for an
rail transit system.
2,000 city staff under one roof.
The Edmonton Oilers’ new
arena on 104th Avenue now
including
opening face-off during the
Rogers Place will be at the
2016-17 hockey season. Team
heart of an ambitious redevel-
owner Daryl Katz and Mayor
opment, an Edmonton Arena
Don Iveson announced the go-
million to construct and is
District that will eventually see
expected to be complete by
the redevelopment of 25 acres
August 2016.
ahead to the project in February
2014, with work at the site to
begin in March. Edmontonbased PCL Construction is
the prime contractor. The
will cost more than $300
on nine square blocks of northwest-central downtown. Plans
floated to date include the new
18,641-seat arena is to be built
civic tower as phase one, two
for $480 million, which will
more office towers, a casino
be financed by ticket taxes,
and a five-star hotel.
The new LEED gold building
Capital city of the province
with the strongest period of
economic growth in Canadian
history.
9
bomaedmonton.org
New office
buildings
Until recently, a big piece of
the puzzle of how downtown
THE ICONIC SOUTH AND EAST FACADES OF
KELLY RAMSEY WILL BE RESTORED AND
REPLICATED AS THE BASE FOR THE NEW
29-STOREY RETAIL AND OFFICE TOWER.
Major office
renovations
In
addition
to
new
construction, a number of older
Edmonton would evolve was the
office towers have undergone
anticipated decision by the city
major upgrades to bring them
about where to relocate employees currently
currently under construction will add about
up to current environmental standards
housed in nine buildings throughout
500,000 sq. ft. of office space. Redevelopment
at lower cost than new construction. The
downtown. Out of 14 proposals that were
of the historic Kelly Ramsey building, severely
most significant example to date is the
put forward, the winner was revealed in
damaged in a fire five years ago, promises
20-storey First & Jasper tower with 200,000
January 2014 to be Katz Group and WAM
to be the crowning achievement to date for
sq. ft. of Class A space, which is fully leased
Developments. When completed in 2016,
Edmonton developer John Day. The iconic
to two engineering firms and the federal
some 2,000 city employees will move into the
south and east facades of Kelly Ramsey will
government.
lower two-thirds of the First Street Building,
be restored and replicated as the base for the
As well, 1,200 ATB Financial employees
a $300 million tower at 101st Street and
new 29-storey retail and office tower. Two law
recently moved into 11 fully upgraded
104th Avenue. The 27-storey tower would
firms and an accounting firm are reported to
floors in one of the towers at the 33-storey
be the first of at least three office projects
be major tenants when the building is ready
Telus House in a 15-year sublease deal. The
in the Edmonton Arena District totalling 4
for occupancy in late 2016.
$25 million renovation involved taking the
million square feet as contemplated by WAM.
There could be a lot of new office space
interior of the building down to bare concrete
Gathering about two-thirds of its downtown
coming on line in the next few years, but
and rebuilding the 11 floors from scratch. The
employees into a single building will allow
downtown watchers don’t necessarily equate
outdoor plaza also receives an upgrade.
the city to provide one-stop services to
new buildings with oversupply.
As ATB employees moved across the
the public. The move also is expected to
“Edmonton is a bit of an anomaly,” points
street, work crews moved in to their old
save more than $7 million a year through
out James Cumming, the President and CEO
headquarters to renovate the 174,000 sq. ft.
efficiencies, such as larger floor sizes that
of the Edmonton Chamber of Commerce.
building to LEED Gold for Existing Building
results in each employee needing 25 per cent
“The amount of office square footage we
standard and rebrand it as 9Triple8 Jasper.
less space.
have downtown is considerably less than a
A few blocks away, another tower
lot of other major metro cities.”
10
GUIDE 2014/15
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building is nearing completion on the
are flourishing there and the farmer’s market
in the coming decade by the city’s recent
Alberta Legislature grounds. The 10-storey,
there on weekends, it just shows that people
decisions to double down on light rail transit
art deco Federal Building – vacant since 1989
are taking advantage of that area and it’s
investment, building the system out in every
– has been transformed inside to meet gold
bringing people into the core.”
direction to bring commuters downtown for
environmental standard for new buildings.
The current list includes Langham
Outside, a new entrance pavilion and plaza
Developments’ 33-storey second tower of Fox
The initial 3.3 kilometres of the LRT Metro
on the west side will feature a skating rink and
Condominiums at 104th Street and 102nd
Avenue, Westrich Pacific’s 32-storey Ultima
Line from downtown to NAIT are due to open
green space and act as an anchor to the city’s
108th Street redevelopment.
Condominiums south of 103rd and 103rd,
and the $100 million second tower of the
Downtown living
Mayfair Village rental apartments at Corona
downtown
LRT station. There are also two projects in The
– earnestly advocated for years – is
Quarters east of downtown and continuing
unmistakably becoming a reality. Previous
activity to the west on Jasper Avenue.
The
repopulation
of
work or play.
in the summer of 2014. Eventually, this line
will push north to St. Albert, although just
when it will occur depends on the availability
of funding from Alberta and Ottawa. The
original LRT is also due for extensions to the
south from Century Park to Heritage Valley
phases introduced loft apartments to the
“We’re on a path to double the downtown
and northeast from Clareview to Gorman.
former warehouse district and medium-sized
residential density in the next 12 years,” says
Engineering work also is underway for the
apartment buildings at various sites around
Ferguson. “Ideally, I’d like to double it in the
next generation of LRT: the $1.8 billion Valley
the core. We’re now well into a more intensive
next seven, but we’re going to look for ways
Line that would by 2020 link Mill Woods in
phase as highrise apartment developments
to accelerate that.”
the southeast with downtown and West
proliferate downtown, as well as east and
west along Jasper Avenue.
Rail transit growing
Edmonton Mall and Lewis Estates in the west,
27 kilometres in total, using European low-
“We’ve started to see some high-density
Cumming sees downtown shaping up
residential coming into the downtown core
to be much more of a two-way destination
and you see the spinoff to that,” Cumming
than in the past. More people are living in the
says, citing the two Icon towers on 104th
core and working outside it to help balance
Street as an example. “If you just go down
the inbound 9-to-5 weekday commuters.
A good portion of the riders on those new
Fourth Street and see the businesses that
This growth dynamic will be nourished
LRT lines will be post-secondary students
12
GUIDE 2014/15
floor LRT running mostly at street level.
Learning in the
city centre
Humford Hi Res.pdf
GENERATION X, GENERATION Y, A LOT OF THEM DON’T HAVE CARS,
THEY DON’T HAVE HOUSES,” HE SAYS. “THEY WANT TO WALK TO WORK,
THEY WANT TO BE PART OF A VIBRANT AFTER-WORK LIFE AND THEY
WANT TO HAVE AMENITIES IN THE DOWNTOWN CORE.
as learning institutions downtown and
for the University of Alberta, an office tower
nearby continue to grow. Site preparation
and performance venues for the Edmonton
has begun ahead of a 2014 construction
Opera and numerous smaller groups. Linking
start for a four-storey, 242,000 sq. ft North
them together would be a glass-domed,
Learning Centre for Norquest College, which
open-air people’s courtyard full of restaurants,
will be connected to the college’s existing
shops and cafes that would extend from the
building on 108th Street. The older building
arena district to the west with the new Royal
will also receive upgrades. The new building
Alberta Museum on the east.
will feature 27 new classrooms, child care
Looking at the big picture, Ferguson sees
centre, 20 new health laboratories and space
a circle of educational and entertainment
for Aboriginal ceremonies. Investment in the
facilities attracting a younger generation to
project will total $190 million.
live downtown, and they in turn stimulating
Following closely behind is MacEwan
“Generation X, Generation Y, a lot of them
Culture, in final design stages at Manasc
don’t have cars, they don’t have houses,” he
Isaac Architects. The new building will bring
says. “They want to walk to work, they want
students currently housed on the Jasper
to be part of a vibrant after-work life and they
Place campus into the downtown core.
want to have amenities in the downtown
Construction is scheduled to start in 2014.
core. What’s interesting is seeing businesses
Arts & Culture
live and you’re seeing a much greater interest
in businesses and people setting up regional
the old post office will be a striking addition
offices in the downtown, because that’s
to the city’s Arts District. Being built by Ledcor
where the people want to go.”
for $340.5 million, the 390,000-sq.-ft. building
For his part, Cumming has seen “a nice
will offer twice the exhibit space of the
little uptick” in activity in the city core and is
Provincial Museum in Glenora. Work began
looking for some follow-through in the next
in 2013; opening day is expected in late 2017.
few years.
A redevelopment of the former Rossdale
“We’ve got to finish some of the stuff
power plant, currently in the discussion
we’ve started: that’s important because
stages, could include cultural components
there’s only so much capital. We’ve got to get
such as performance spaces.
some of these projects up, going and done,
Another concept being floated is the
Edmonton Galleria Project, a breathtakingly
ambitious plan for lands north of City Hall. It
would include a new performing arts campus
#300, 10050 - 112 St.
Edmonton, AB T5K 2J1
780 • 426-4960 ext.226
[email protected]
www.humfordmgmt.com
In the
Pipeline:
Global sustainability experts have
named Edmonton the 2014 National
Earth Hour Capital. Edmonton was
selected from 34 cities worldwide for
its variety of sustainable initiatives.
These include the Edmonton
Waste Management Centre, water
treatment facilities, light rail transit,
Double Our Urban Forest Canopy
program, and plans to develop a
217-hectare parcel of land (formerly
the Edmonton City Centre Airport)
into a sustainable carbon-neutral
community capable of housing
30,000 people.
Alberta has the most attractive
investment climate in the country,
far above any of the other provinces.
Edmonton has a strong financial
services sector, home to the Alberta
Investment Management Corp.
(AIMCo), two regional banks and
one of Canada’s top credit unions.
wanting to locate next to where those people
The Royal Alberta Museum on the site of
1:46:57 PM
550, 808-4th Avenue SW
Calgary, AB T2P 3E8
403 • 319-0490 ext.101
[email protected]
new business.
University’s $90 million Centre for Arts and
4/16/08
and that will probably spin off some other
work.”
It promises to be an exciting few years in
downtown Edmonton.
13
bomaedmonton.org
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•Multi Use Residential Buildings
BOMA Edmonton has certified over 163
buildings in its region. For a complete listing, check
the BOMA Edmonton website.
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Go Green and Go Green Plus. New applicants will
come in line with buildings already certified and the
industry standard.
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BOMA Board of Directors 2014
EXECUTIVE COMMITTEE
Anthony Patenaude
Rob Scott
Chair
Harvard Property Management Inc.
Suite 005, 11523 – 100 Ave
T. (780) 413-7059 : F. (780) 482-6080
E. [email protected]
Director: Government Liaison
Humford Management Inc.
300, 10050 – 112 St
T. (780) 426-4960 : F. (780) 425-1184
Director: Environment Committee
Bee-Clean Building Maintenance
4505 – 101 Street
Edmonton, AB T6E 5C6
T. (780) 435-3355 : F. (780) 436-9528
Myron Keehn
Chair Elect
Edmonton International Airport
P.O. Box 9860
Edmonton, AB T5J 2T2
T. (780) 890-6729 : F. (780) 890-8215
Jordan Hokanson
Erin White
Director: Membership Committee
HCI Ventures Ltd..
1902 – 8215 – 112 Street
Edmonton, AB T6G 2C8
T. (780) 702-0875 : F. (780) 702-0879
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
Chris Vilcsak
Sidney Waskiewich
Tony Prsa
Treasurer
Solution 105 Consulting Ltd.
#230, 10357 – 109 St
Edmonton, AB T5J 1N3
T. (780) 429-4774 : F. (780) 429-4994
DIRECTORS
Director: Communications Committee
Qualico Commercial
# 1200, 10109 - 106 Street
Edmonton AB T5J 3L7
T. (780) 424-7474 : F. (780) 426-6217
Terry McRobb
Darcy Armstrong
Director: BOMA Canada Representative
GWL Realty Advisors Inc.
#208, 10155 - 101 St
Edmonton, AB T5J 4G8
T. (780) 944-0902 : F. (780) 428-4047
Jody Kundrik
Director: Education Committee
Triovest Realty Advisors
#103 – 10025 Jasper Avenue
Edmonton, AB T5J 2B8
T. (780) 408-1786 : F. (780) 990-1769
John Frederickson
Director: Real Estate Guide Committee
#3555, 10180 - 101Street
Edmonton, AB T5J 3S4
T. (780) 969-3030 : F. (780) 424-7830
Director: Awards Committee
Blackwood Partners Property Corp
17203 - 105 Avenue
Edmonton, AB T5S 1H2
T. (780) 481-8860 : F. (780) 413-0040
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
16
GUIDE 2014/15
STAFF
Percy J. Woods
President and Chief Staff Officer
BOMA Edmonton
T. (780) 702-5007 : F. (780) 426-6882
Jeannette Mensink
Coordinator, Events & Member Services
BOMA Edmonton
T. (780) 702-5008 : F. (780) 426-6882
Cora Krywko
Accounting
BOMA Edmonton
T. (780) 702-5009 : F. (780) 426-6882
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LANDLORD SERVICES
Suite 202
10526 124 St
Edmonton, AB
T5N 1R9
780.488.7505
6023 4th St SE
Calgary, AB
T2H 2A5
780.887.8252
ckdesignassociates.com
17
bomaedmonton.org
Edmonton’s
Class of 2013
NEW LEADERS BRING A FRESH FOCUS
TO CITY’S BUSINESS COMMUNITY
E
an
is a graduate of NAIT’s construction
recently became an EEDC subsidiary,
historic changing of the guard
engineering technology program.
and TEC Edmonton, a joint venture
of EEDC and the U of A.
dmonton
witnessed
in 2013 as a youthful, new
Cumming played leadership roles
mayor took charge at City Hall
in local construction, real estate
The three new leaders share
and new leaders became the
and development firms, as well
a strong desire to see their city
spokespeople for the business
as not-for-profit bodies including
continue on a stable and sustainable
community of one of Canada’s
Junior Achievement, the chamber,
path to growth.
youngest, fastest-growing and
Northlands and the Edmonton
“There has been a lot more
most dynamic cities.
Construction Association. He was on
collaborative spirit on how we
Don Iveson was only
the NAIT Board of Governors from
advance
34 years old in the
2004 and served as its chairman
important and how we maintain the
fall of 2013 when he
between 2010 and 2013.
environment and ensure that there’s
the
things
that
are
was elected mayor of
Brad Ferguson stud-
still a level of sustainable growth
Edmonton by a decisive
ied
so that business in Edmonton can
economics
at
continue to thrive,” says Cumming.
margin over two other former
the U of A and after
city councillors seeking the office.
working for Procter
Previously, Iveson served two terms
& Gamble he formed
collaboration,
on council after a surprising victory
his
consult-
how the city and EEDC are
over an incumbent in 2007. He has a
ing firm. He served on a number
participating with the chamber in
bachelor’s degree in political science
of boards in the realms of culture,
a joint committee to strengthen
from the University of Alberta.
government and entrepreneurship.
Edmonton’s business ties with
James Cumming, who
Like Iveson and Cumming, it was
northern Alberta and the territories.
has
been
President
in 2013 that he took over his cur-
“We’re such a service-based
and
CEO
of
the
rent post as President and CEO of
economy that we’re providing a
Chamber
Edmonton Economic Development
lot of goods and services into the
since
Corporation. Ferguson also is on the
northern part of the province and
the summer of 2013,
boards of Startup Edmonton, which
for that matter farther north than
Edmonton
of
Commerce
18
GUIDE 2014/15
own
As an example of improved
Cumming
cites
that,” Cumming says. “Now we’ll
and last year enjoyed 4.3% growth,
capacity for other commodities
make sure our friends to the North
more than twice the national
and development for road and air
are getting the service they deserve
average. The region punches more
transportation.
and the respect they deserve.”
than three times its weight in job
However, all these infrastruc-
of
creation with 19,700 net new jobs
ture needs are small in scale when
collaboration, the chamber has
in 2013, or one of every 10 created
compared with oil sands develop-
formed a group that also includes
in Canada — the labour force
ment in northern Alberta — which
BOMA Edmonton, the Edmonton
equivalent of a new Red Deer every
EEDC’s Ferguson pegs at a $220 bil-
Home Builders Association and
four years, as Ferguson points out.
lion investment in the coming years
As
another
example
the Urban Development Institute
“I think Edmonton’s at an
to develop a resource worth $2.1
of Edmonton with the purpose of
interesting stage,” says Cumming.
trillion. Anything that big can’t help
reducing red tape at City Hall.
“We’ve put together a bunch
of industry groups so that with
one voice, we can work with city
departments to see how we can
improve services, permits and
applications, and quicken time to
EACH OF THE THREE NEW LEADERS IN THE CLASS OF 2013
ARRIVED AT A TIME WHEN EDMONTON IS ENJOYING ONE OF THE
LONGEST SPELLS OF GROWTH AND PROSPERITY IN ITS HISTORY.
market for development.”
Each of the three new leaders
in the Class of 2013 arrived at a
“We’ve got a robust economy, lots
but make its presence felt, often to
time when Edmonton is enjoying
of things going for us and it’s an
the detriment of smaller enterprises
one of the longest spells of growth
exciting place to be. But all that
that must compete for investment
and prosperity in its history. The
said, we have to focus to make sure
and human resources.
1.2 million residents of the metro
we have good access to markets.”
“The oil sands have traditionally
area and 840,000 people in the city
That means further investment
been a barrier to innovation in new
proper share in a GDP of $81 billion
in and approvals for pipelines, rail
areas,” he observes. “I call it ‘the giant
19
bomaedmonton.org
MORE THAN 1,500 NEW JOBS BEING CREATED
EACH MONTH, EDMONTON’S POPULATION
IS PROJECTED TO GROW BY 800,000 PEOPLE
IN THE NEXT 25 YEARS.
sucking sound,’ the crowding out that
the benefits that new enterprises can
“We’re going to be in a labour
the energy sector does right across the
bring to the city and all three promote
shortage forever.” Ferguson predicts.
whole province.” But Ferguson adds
Edmonton as an excellent launching
“It’s a function of being a western
that the oil sands industry also can be
pad for entrepreneurs.
society and our aging population.
seen as a platform for diversification
Speaking to the EEDC’s 2014
compelled to find ways to become
January, Iveson described Edmonton
Labour attraction has been near
“cleaner, greener, safer, faster, and
as “one of the best places in the world
the top of the city’s economic agenda
cheaper.”
to take a risk, to launch an idea or to
for more than a decade, but Ferguson
start a business.”
adds a second verb to the phrase:
industry
needs
to
apply
new
technologies to what they’re doing,
luncheon
in
at a whole new pace.”
Economic
“Going forward, the oil sands
Impact
We’re going to need to attract people
and a driver of innovation as it is
He’ll get no argument from
“Labour attraction and activation.”
“We’ve been so focused on
Cumming.
and at a pace they’ve never seen
“If you want to be your own boss,
labour attraction here that we’ve
before, in order to extend their social
it’s not that difficult to do it here,” he
forgotten a lot about aboriginal,
license,” Ferguson says.
says. “It’s still hard to start a business,
the under-employed and people
for
but if I was going to pick a place
with development disabilities,” he
the oil and gas sector will spread
to start one I’d certainly choose a
elaborates. “These can become some
in unexpected ways, he adds. For
growing economy, a stable political
of the best employees you have. We
example, nanotechnology applied
environment
respect
can do a lot more locally and put
to coat the inside of pipelines could
between the citizens. I think all those
programs in place for companies to
also be adapted to develop recyclable
things packaged together allow us to
start taking easy steps into the area
surgical tubing at great cost savings to
compete globally.”
and becoming familiar with it.”
Innovations
developed
and
great
Cumming adds, however, that
the health care system.
The
same
applies
to
new
Cumming concurs with the notion
the biggest issue for most of the
immigrants: we need to attract them,
that technology developed for the oil
Edmonton Chamber’s members today
but we also must activate them. “You
industry will spread to other industries
is continued growth. “Barriers to that
take a doctor in South Africa who
and other countries. “For example, if
growth — the talent pool, both skilled
comes here and ends up driving a taxi
you’re working on flow control valves
and unskilled labour — continue
cab as a profession and that’s being
and things pretty specific to the oil
to be an issue for businesses in the
unactivated in my mind. We want to
patch, that same technology, that
Edmonton region.”
make sure they’re contributing to their
fullest potential in the economy.”
same discipline, probably works out
The labour question is being
to a bunch of other sectors where you
actively addressed, even as skill
Attraction remains a big part of
can add value.”
shortages in many fields are becoming
the equation, and people in sought-
global in scope.
after
All three leaders are believers in
20
GUIDE 2014/15
occupations
have
choices
about where they want to live. Cumming
— especially those companies in highly
believes that Edmonton offers an attractive
specialized fields such as engineering.
occupations are in high demand here.”
That in turn accounts for the
“A company like Stantec, their head
proliferation of new office and apartment
“You can create a pretty decent level
office is here, but they are doing business
projects occurring right now in downtown
of income here with a fairly reasonable
in places like Dubai and Brunei and
Edmonton.
expense, so that frees up capital so you
Indonesia, and they’re starting to become
can make choices,” he says. A strong retail
a global company now,” says Ferguson.
environment for newcomers.
“When you look at the biggest growth
areas in the city right now, they are in
apparent
the professional services, the creative
great assets for the city. “People have lots of
contradiction of having both outward
industries, food and beverage, hospitality,
choices, they can live urban, they can live
and inward skills migration by pointing
the education sector, health care sector
out in the burbs if they want their white
out that labour needs are uneven around
and a lot of those white collar areas,” says
picket fence and a bit of yard, so that’s
the world. “For example, in the western
Ferguson.
another choice.”
countries — Canada, Europe, the United
economy and housing environment are
He
explains
the
“I think that’s the biggest unwritten
story about the city right now.”
A good, sustainable income opens
States, Japan — we’re in need of low-
other possibilities: travel, recreation, where
skilled and skills-based workers. Then if
With the youngest median age of any
your kids can go to school. “I think the
you look at the new countries like China
large Canadian metropolitan area and
entire package produces a quality of life
and Brazil and Russia, they’re actually
more than 1,500 new jobs being created
where it’s a great place to raise a family
looking for a lot of the managerial
each month, Edmonton’s population is
and look for opportunities or even start a
talents that we have. We know a lot
projected to grow by 800,000 people in the
business.”
of professional people here who are
next 25 years.
Edmonton
becoming expats in other jurisdictions,
That means the Class of 2013 will
businesses are discovering opportunities to
while at the same time people for the
have a lot of work to do in the coming
grow not only in Alberta but internationally
service sector, the skilled and unskilled
decades.
And
increasingly,
21
bomaedmonton.org
{ A D V E RT I S I N G F E AT U R E }
Quality has a new name:
MELCOR REIT
When Melcor Developments launched
improvement
programs
focused
on
the Melcor Real Estate Investment Trust last
sustainability and environmental best practice,
year, quality was christened with a new name.
providing responsive care and building strong
Melcor has a 90-year history of excellence in
relationships with tenants.
clients when it comes to enhancement and
redevelopment.”
Sustainability & BOMA BESt
real estate in Edmonton and Western Canada.
“We are very proud of our on-time
Throughout the continual improvement
The REIT, which owns and manages office,
response rate,” said Ben Williams, Investment
cycle, the REIT is mindful of reducing the
retail and industrial space across Western
Properties Operations Manager. “We respond
environmental footprint of its buildings over
Canada carries on that tradition with a twist of
to tenant calls within 30 minutes over 95% of
the long term. Many redevelopment initiatives
its own.
the time –we track this to measure our success
focus on sustainability, energy reduction and
in delivering quality care to our clients.”
replacing equipment with new technology
Signature Customer Care
Melcor REIT has a lofty goal and they are
passionate about achieving it: they want to
that promotes energy efficiency.
Asset Enhancement &
Redevelopment
“We are dedicated to achieving and
maintaining BOMA BESt standards where
be the landlord of choice – the trusted advisor
Melcor REIT applies the same attention to
possible and are very proud to have 3 certified
that clients turn to for all their commercial
detail to its properties. Their capital expendi-
Green & Responsible buildings in our portfolio,”
space requirements. To support this goal, the
tures program is designed to enhance visual
said Bob Brown, Vice President Property
REIT has established a Signature Customer
appeal and client comfort while ensuring that
Management . “The goal is to have more of our
Care program that puts clients first and
the inner works operate smoothly for limited
buildings meet these criteria over time.”
provides dependable, high quality service,
distraction.
Master Planned Business Parks
including value added touches such as
Darin Rayburn, REIT Chief Executive
hands-on building management, continuous
Officer commented: “We have a new name,
While the REIT is focused on managing
but we also have deep history with
existing properties, Melcor Developments is
our assets. They’ve been in our
busy developing next generation business
portfolio for an average of
parks that combine office, retail and industrial
over 9 years – some for
We have a new
name, but we also
have deep history
with our assets.
more than 20 years –
and
Melcor
either
built or substantially
enhanced
58%
of our total gross
leasable area, so
we know our assets
really
well.
This
GUIDE 2014/15
life at work. Stay tuned as these new properties
are completed and become part of the REIT
property portfolio.
Rayburn
concluded:
“We’re
excited
about the new commercial properties that
we plan to add to our portfolio. They will be
game changing once clients experience the
amenities that they offer.
We continue to deliver an exceptional
intimate knowledge
client experience through our Signature
ensures that we are
Care program and consistent focus
making the right choices
on client relationships and property
for the assets and for our
22
in park settings to truly improve the quality of
improvements.”
Dream believes in better communities to live in and
work in. Our goal is to be Canada’s top real estate
investment, development and management company.
dream.ca
A Conversation with
Don Iveson
MAINTAINING ECONOMIC MOMENTUM
IS A PRIORITY FOR EDMONTON’S NEW MAYOR
E
dmonton is a young city, only
will see small businesses sprout to
pets, get to know their suppliers, and
110 years old, with one of the
serve the surge of people that will
connect with their community.
youngest
in
come downtown — whether it is to
Canada. Therefore, it was fitting
work, catch a hockey game, attend
Q.
demographics
It was announced recently
in October 2013 when its voters
a concert, do business or check out
that numerous city departments
elected 34-year-old Don Iveson
museum exhibits. New residential
would move into a new office
as the youngest mayor of any of
projects underway will also create
tower to be built on the former
Canada’s six largest cities. We caught
increased demand for services
Staples site by the Katz Group and
up with Mayor Iveson in March 2014
and
funding
WAM Developments. From your
to ask him how he sees Edmonton
announcements enabling the Valley
perspective, what are the most
evolving in the coming years.
Line LRT to connect Mill Woods to
important benefits of this project?
Q.
Downtown
Edmonton
has seen great progress in the
past few years. The number of
new
apartment
buildings
is
retailers.
Recent
downtown will open up more access
A. Above all, it provides value to
to our city centre by its expected
taxpayers. The consolidation of two-
2020 completion. thirds of our downtown staff will
Q.
increase our space efficiency usage,
And how is Downtown
decreasing our space needs for those
remarkable. New office towers are
Edmonton evolving on the human
roughly 2,000 employees by a quarter
rising and several older ones have
side?
and saving $5 million in lease costs
been beautifully refurbished. The
A.
One great example is the
over five years. We can direct the cost
new arena and the Royal Alberta
Saturday City Market. During the
savings towards other projects and
Museum are under construction.
summer, it is the perfect example of
priorities that are important to our
What are the next physical
where many Edmontonians naturally
city’s continued growth. Plus, instead
changes we can expect to see
flock to places where people
of being scattered throughout
downtown?
congregate. Over and above its
several separate buildings across
A.
is
function as a destination for retailers
downtown, we will create a main-
experiencing a renaissance. Its
of goods and services, the market is
floor one-stop shop for citizens and
landscape will change dramatically
a microcosm of how people gather
businesses accessing many city
in a few years’ time. I believe you
to catch up with friends, bring their
services.
Downtown
Edmonton
24
GUIDE 2014/15
Q. As a city Councillor, you were known
Q.
as a strong supporter of LRT development,
Blatchford Field redevelopment? The City
but you voted against it at certain points
Centre Airport is now closed: what’s next?
because you had reservations about
A.
That the airport is now closed for
the funding. What are your current
good allows us to proceed. We have the
A. Voters expressed their overwhelming
reservations and how can they be
opportunity to raise the bar, offering a
confidence in my candidacy and platform. I,
overcome?
walkable, transit-oriented lifestyle option to
Can you give us an update on the
A. Thiscitycouncilhasdeclaredunanimously
families, which is scarce in Edmonton, in a
that the expansion of Edmonton’s LRT system
community minutes from downtown that
is its top infrastructure priority. That strong
meets high environmental standards. As
statement, plus the support of citizens and
city council reviews next steps, we plan to
businesses, led to recent announcements
start demolition of structures and begin site
from the Alberta government in support
preparation this year.
of the project. Cities need stable, ongoing
funding for LRT from federal and provincial
governments to continue building the LRT
at a reasonable pace and to ensure that
municipal government is not paying too
much of the cost of the project.
In the
Pipeline:
Services by both CN and CP,
positioning the city to be wellconnected by rail to the rest of
Canada and the US.
One of the most competitive
corporate tax environments in
North America with no provincial
sales tax, capital tax or payroll tax.
Lowest cost class “A” office space
a month major cities in Canada,
including Calgary, Toronto and
Vancouver.
Best economic potential of a
large city in North America and
the only Canadian city to make
the Top 10 North American Cities
of the Future (Foreign Direct
Investment Magazine, Apr 2007).
Q.
Edmonton has been exceptionally
the mayor’s office. What do you hope will
differentiate you from your predecessors
in politics?
like many Edmontonians, desire a city that is
the best it can be. Our aspirations are similar,
and I serve Edmontonians of all ages. I hope
that through my service on city council for six
years, and with my new role as mayor, that
younger Edmontonians will be inspired to
get involved in community leadership.
Q.
To that end, what is the most
blessed with a strong economy for many
important thing you want to accomplish
years now. What do you think the next 10
between now and October 2016?
years will bring for the city’s economy?
A.
A.
The most important issue for the city
The key is not to be complacent.
continues to be regional planning and
We must keep our eye on keeping our
regional co-operation on infrastructure
momentum, which is my responsibility and
and economic development, so that will
my council colleagues’ responsibility. Our
continue to be a focus for me and we must
extraordinary economic prosperity has not
make significant progress during this term.
reached all Edmontonians, and we have an
We will also be working on improving
obligation to ensure our friends, co-workers
reputation and labour attraction, securing
and neighbours have the opportunity to
a city charter, and advancing the work on
thrive.
poverty reduction, among other initiatives.
Q.
As a man elected to lead a city of
one million people at the age of 34, you
Oh, and the roads will be in better shape by
the next election!
suite 102, 10220 156 street, edmonton, alberta t5p 2r1
tel: 780.944.0066 | toll: 1.855.944.0066 | web: dsafit.com
26
clearly represent a generational change in
GUIDE 2014/15
british columbia
alberta
saskatchewan
manitoba
Growing
Membership.
Industrious
Future.
Become a
BOMA Edmonton
member today!
NETWORK
GROW
• Meet other industry professionals and socialize at local,
• Be recognized for industry excellence through the BOMA
• Access decision makers through the online Membership
• Participate in local committees that are relevant to the
national, and international events.
Directory.
Edmonton Awards program.
commercial real estate industry as well as projects that
support local events and charities.
LEARN
• Hear
informative speakers on topical issues related to
business worldwide.
• Enroll
in
educational
programs
including
property
management certification, seminars and workshops, as well
as tours and forums.
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.
Application available through BOMA Edmonton or online
RetailSurvey
Canadians show muscle
in the shopping centres
W
hat a difference a couple of
domestic mergers: Loblaws buying Shoppers
retailers love. There are also enough affluent
years have made for Canadian
Drug Mart and Leon’s taking over the Brick.
Edmontonians to support the arrival of
retailers. As recently as 2012, the
Next, the Canadian retailers, armed with a
Tiffany & Co., with a 3,000 sq. ft. store at West
story north of the 49th Parallel
strong loonie, indulged in some cross-border
Edmonton Mall. In addition to growing at its
was, “Watch out, because the Americans are
shopping. Hudson’s Bay bought Sak’s Fifth
fringes, the city is also adding people in the
coming and they’re aiming their big guns at us.”
Avenue in 2013 and Sobey’s stepped up to
core. Higher densities around transit hubs will
The idea was that Canadian retailers
buy 200 Safeway Canada stores from the
allow for urban retailing trends already being
couldn’t compete against the global supply
California parent and instantly became a top-
seen in Toronto and Vancouver. Retailers such
networks and logistical muscle that the giants
tier player in western Canada. The Safeway
as Canadian Tire are developing downtown
like Walmart, Costco, Home Depot, Best Buy
deal will create redundancies in half a dozen
locations with greatly reduced product
and Safeway would bring to bear. And more
neighbourhoods currently served by both
selection that take up about one-tenth the
seemed headed this way every month:
Safeway and Sobey’s. But with more retail
square footage of their suburban stores.
Target, Nordstrom’s, and Lowe’s.
developments underway or planned — 42
Major recent retail lease transactions in
Looking back, however, it is evident
of them in the next two years as forecast by
the region include:
that a different, quieter story was unfolding
Avison Young — there are opportunities for
•
A new 95,000 sq. ft. Superstore at
here in the north. In retailing as in hockey,
future expansion in the region as well. Much
the Canadian team was no longer anyone’s
of the new development is within sight of the
pushover. First, Canadian Tire purchased the
Anthony Henday ring road, the final northeast
Forzani Group and its sporting goods brands
arc of which will be completed in 2016.
Windermere Crossing.
•Mobler/Scandia taking 50,000 sq. ft. in
Northwest Business Park.
•Cabela’s taking 50,000 sq. ft. at Manning
including Sport Chek and Atmosphere
With net migration around 20,000
to add to its previous purchase of Mark’s
people per year, Edmonton is attracting the
Work Wearhouse. Then in 2013, we had big
young, family-raising demographic that most
Towne Centre.
• Marshalls adding 30,000 sq. ft. at two power
centres.
$60,000
$30
$55,000
$28
$50,000
$26
$45,000
$24
$40,000
$22
$0
$20
Average Retail Sales ($ Millions)
Income per Capita ($)
Edmonton – Personal Disposable Income (Per Capita) and Total Retail Sales
2011 2012 2013*2014*2015*2016*2017*2018*
Average Personal Disposable Income per Capita ($)
Average Total Retail Sales ($ Billions)
* Forecast. Source: Conference Board of Canada.
28
GUIDE 2014/15
DowntownSurvey
Developers eager to fill
demand for new office space
In the
Pipeline:
#1 Canadian City for economic
momentum (CIBC World Markets
Report, Dec 2007).
Greater Edmonton’s success in
the energy sector has spun off
into new areas of prosperity
including technology, clean energy,
manufacturing, production and
transportation.
Edmonton has an educated,
entrepreneurial workforce of well
over 600,000.
NAIT Northern Alberta Institute of
Technology trains more apprentices
than any other institution in Canada,
with a 95 per cent employability
rate.
Edmonton is a centre of medical
and biotechnology research,
having 58 per cent of the biotech
companies in the province.
T
wo new downtown office towers are
buildings.
going up in the next couple of years:
consolidation in a new building in the
the Kelly Ramsey redevelopment and
Arena District will add more square
the first Arena District tower at 101st
feet to the market than it absorbs. So
Street and 104th Avenue are works in
far, transformative renovations of older
progress. Two more could follow closely
properties such as First and Jasper have
behind. The list of contenders includes at
recycled older buildings with good results.
least one more office tower proposed by
The Alberta and federal governments,
WAM Development, plus potential major
Stantec, ATB Financial, AIMCO and Williams
projects from AIMCO on 102nd Street,
Engineering are among the major tenants
Melcor on Jasper Avenue and Qualico
that have made major commitments to
at Station Lands. Potentially, the deals
buildings that have undergone substantial
proposed or already under construction
physical and environmental upgrades.
city’s
announced
have the potential to add 3 million sq.
Infrastructure development proved
ft. to the existing 18 million sq. ft. in the
to be a key driver for office leasing in and
downtown core. Ultimately, what will
around downtown in 2013. Already a
settle the issue will be the continuing
substantial tenant downtown, Enbridge
strength of the city’s economy and how
took another 30,000 sq. ft. in City Centre
it translates into demand for office space.
Place.
The Association of Professional
In addition to the new projects, a key
Engineers and Geoscientists of Alberta
area to watch in 2014 will be absorption
leased 36,000 sq. ft. in Scotia Place. To
and lease rates in previous-generation
the west of the Government District,
NewWest Enterprises Property
Group is a privately owned
Western Canadian Real Estate
Services Company, providing a full
range of real estate management
services for office, retail,
industrial, residential, mixed-use
and specialty properties across
Western Canada
30
The
GUIDE 2014/15
Winnipeg. . . . . . . . . . . . . . . . . . 204.947.2242
Regina . . . . . . . . . . . . . . . . . . . . 306.359.9799
Edmonton . . . . . . . . . . . . . . . . . 780.423.4400
Calgary. . . . . . . . . . . . . . . . . . . . 403.263.0100
Vancouver . . . . . . . . . . . . . . . . . 604.683.7133
VISIT US ONLINE: www.nwe.ca
Edmonton Downtown Financial District –Class A
Rental Rate & Operating Cost
$50
$40
$20
$0
2007200820092010201120122013
Avenue.
Forecasts for 2014 are for 250,000 sq. ft.
of net absorption in the downtown office
market, more than double the rate of 2013.
Vacancy rates continued their long-term
decline to the 8.5% range. Class A rental rates
remained stable around $29.50.
Edmonton Suburban Market
Rental Rate & Operating Cost
in the upgraded Devonian Building on Jasper
$25.00
$10
Edmonton-based engineering giant Stantec
added another 43,000 sq. ft. of leased space
$18.00
$30
$40
$17.74
$30
$12.30
$20
$25.30
$10
$0
2007200820092010201120122013
Average Rental Rates
Average Operating Costs & Taxes
CREATING GREAT SPACE
wolskidesign.com
31
bomaedmonton.org
12.02%
12.22%
12.32%
15%
SUBURBAN
8.74%
7.4%
8.07%
6%
Find excellent infrastructure that
inspires creativity and goes beyond
subsidized lab and office space. We
are flexible, affordable and built to
work with you.
3%
Vacancy (%)
A hotbed of research and innovation,
connectivity, and a vibrant quality of
life wait for you in Edmonton.
8.1 %
9%
Grow your business in Edmonton.
Thrive in an entrepreneurial
environment offering in-house
government support programs and
investors with a proven record of
success.
8.55%
12%
MORE THAN JUST SPACE
12.37%
DOWNTOWN
11.96%
Vacancy Rate
0%
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
Source: Colliers International
Focused on Construction Excellence for over 30 Years
Advanced Technology Centre,
currently housing 27 companies.
The Biotechnology Business Development Centre,
currently housing 6 companies.
To get connected to opportunities in
the Edmonton Research Park contact:
Amanda MacDonald
Call: 780.409.0448
E-mail: [email protected]
32
GUIDE 2014/15
In the
Pipeline:
Class-1 rail services provided by
Canadian National (CN) and Canadian
Pacific (CP) Railways offer seamless
connections to major North American
markets. Edmonton is home to CN’s
western Canadian network operations
centre.
Greater Edmonton is a politically
stable region that promotes
entrepreneurship, innovation
and environmental sustainability.
The region’s business-friendly
environment, coupled with strong
economic performance, has attracted
a growing number of major Capital
projects. As well Edmonton acts as the
primary logistical and service centre
for Northern Alberta where $141
billion of major new investments will
take place over the next decade.
Edmonton is the closest major centre
to the Alberta oil sands - the world’s
most politically stable oil supply.
This proximity is strategically close to
Canada`s largest energy export market
- the United States. Edmonton is also
closer to many other centres, including
Calgary, to more than half the top 100
population centres in North America,
including Toronto, New York and
Chicago.
33
bomaedmonton.org
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MALOWNEYS
BROWNING
BLOCK
DISCLAIMER: This document has been prepared by Colliers International for advertising and general information only. Colliers International does not guarantee, warrant
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. 2014.
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Peace Hills Trust Tower
Petroleum Plaza
Phipps McKinnon Building
Revillon Building
Royal Bank Building
Scotia Place I & II
Scotia Place III
Seventh Street Plaza
Standard Life Centre
Stanley A. Milner Library
Stantec Technology Centre
Sterling Place
Sun Life Place
TD Tower
TELUS House
U of L Tower
WCB Building Williams Building
World Trade Centre - Edm
P4
O2
J3
G6
G5
J5
G6
Q4
J4
G6
F5
P5
K5
J5
O4
L4
N2
L4
H5
H5
L3
G7
R4
L5
F8
P4
K4
H5
R3
Q3
P2
P1
N4
I6
C5
C3
D4
G2
N5
O4
L4
M5
J4
O1
G7
I6
O5
I5
G6
E5
G7
I5
N3
J5
G4
L5
I6
R1
G6
H8
Q4
N4
P4
L4
K5
H3
M6
I7
O3
I7
H5
G 5
H6
O4
L3
N5
O4
O4
H5
K5
Q4
C4
I6
R4
O3
P5
H6
H6
P5
Q4
35
bomaedmonton.org
DowntownSurvey
Major Downtown Office Buildings
Building Name
Management Company
P4
100 Street Place
10150-100 Street
Leasing Company
Contact
Office Area
Contact
Floor Space
(sq. ft.)
No. of Floors Year Built
(sq. ft.)
Melcor Developments
Valerie Sosnowski, 780-423-6931
Melcor Developments
Pat Melton, 780-423-6931
44,295
5,152
9
1970
O2 101 Street Tower 10235-101 Street
Aspen Property Management Ltd.
780-442-3100
Avison Young Cory Wosnack, 780-428-7850
320,408
13,567
29
1978
J3 Humford Management Inc. Jones Lang LaSalle Chad Brennand, 780-328-2550
85,222
10,187
9
1980
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, 780-424-1693
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 780-990-1768
Triovest
Marc Harden, 780-990-1768
227,277
19,300
12 1977
Q4
9 Triple 8 Jasper 9888 Jasper Avenue
Nellie Boyer, 780-990-7010
Ian Bradley, 780-420-1585
174,226
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
Cushman & Wakefield Edmonton
Shane Asbell, 780-917-8346
164,466
14,186
12 1978
K5 ATCO Centre 10035-105 Street
Triovest
780-990-1768
285,46114,947
Triovest
(varies)
20 1982
J5 Baker Centre
10025-106 Street
Dundee Realty Management Corp
Crystal Lehoux, 780-423-4800
135,132
Irene Au, 403-270-2499
10,081 (varies)
15
1969
O4 Bank of Montreal 10199-101 Street
Sue Punter, 780-423-4800
126,899
Irene Au, 403-270-2499
25,000 (varies)
6
1985
Avison Young
Cory Wosnack,780-428-7850
68,278
5
1925
L4
105 Street Building 10242-105 Street
Pat Perpeluk, 780-426-4960
John Howard Society
780-428-7590
85,319
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
421,484
Avison Young
Cory Wosnack, 780-428-7850
4,704 31
Low Rise 14,704
1982
L4
Birks Building 10113-104 Street
Melcor Developments
Brandon Park, 780-423-6931
Melcor Developments
Pat Melton, 780-423-6931
35,141
7,500
4
1929
H5
Blue Cross Building
10025-108 Street
Alberta Blue Cross
Paul Molnar, 780-498-8112
Alberta Blue Cross
46,669
6,667
3
1956/1960
36
GUIDE 2014/15
DowntownSurvey
Building Name
Management Company
H5
Blue Cross Place 10009-108 Street
Alberta Blue Cross
Leasing Company
Contact
Office Area
Contact
Floor Space
(sq. ft.)
(sq. ft.)
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
15, 17, 4 1988
(three towers)
L5 Cdn Western Bank Place
10303 Jasper Avenue
David Fu, 780-990-0910
406,019
Kevin Humphrys 780-990-7000
30
F8
Capital Place
9707-110 Street
Humford Management Inc Chris Troke, 780-426-4960 X 241
137,993
15,500
9
Phil Goh, 780-120-1585
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
6
1974
K4
Cecil Place
104 Street & Jasper Avenue
Ayre & Oxford Inc.
780-448-4984
Jones Lang LaSalle Chad Brennand, 780-328-2550
42,000
21,000
3
2008
H5
Centre Point Place 10205 - 101 Street
Oxford Properties Group
Debra Edwards, 780-426-8409
Meghan Kinney, 780-426-8419
108,488
14,541
3
1972
H5
Centre West
10035-108 Street
Rancho Management Services
Jack Dodds, 780-463-2132
Qualico Developments
Jamie Hayward, 780-424-7474
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 Courtney Strong, 780-454-8018
602,796
Jones Lang LaSalle Chad Boddez, 780-328-2567
11,948 (varies)
27
1967
N4 Commerce Place 10155 -102 Street
Darcy Armstrong, 780-944-1222
602,796
20,434 (varies)
27 1990
DTZ
Cody Lowry, 780-421-1488
7,217
5
1965
10
1974
I6
Commonwealth Building 9912-106 Street
Jaffer Properties Inc
Jan Musani, 780-429-1255 X 211
34,584
13,900 HR 13,500 LR
1980
C5 Compass Place
10050-112 Street
Humford Management Inc
Susan Osterloh, 780-426-4960 X 251
81,455
Fahad Shaikh, 780-420-1585
D4 Devonian Building
11150 Jasper Ave
Canterra Development Corp.
158,90717,600 102009
Dustin Bateyko, 780-702-4257
56,712
G2
Dorchester Building
10357-109 Street
Murray Brown, 780-413-7150
Yale Properties
Lynn Blomberg, 780-424-4477
Redevelopment
12,000
4
1911
37
bomaedmonton.org
DowntownSurvey
Building Name
Management Company
H3
East Court Building
10704-102 Avenue
NorQuest College
780-644-6220
N5
Edmonton Journal
10006-101 Street
Edmonton Journal
Dave Becker, 780-429-5111
O4
Empire Building
10080 Jasper Avenue
Kipling Realty Management Jane Miller, 780-669-2095
L4
Leasing Company
Contact
Office Area
Contact
NorQuest College
780-644-6220
31,367
15,683
2
1961
140,000
28,000
5
1990
Edmonton Journal Dave Becker 780-429-5111
Floor Space
(sq. ft.)
(sq. ft.)
104,161
9,100
11
1962
Jones Lang LaSalle
Chad Boddez, 780-969-2995 Dundee Realty Management Co.
Sue Punter, 780-423-4800
Dundee Realty Management Co.
Irene Au, 403-270-2499
262,965
11,711
22
1981
10130-103 Street
M5 Enbridge Tower 10201 Jasper Avenue
Erin White, 780-401-0902
182,476
9,062
21
1981
J4
Energy Square 10109-106 Street
Jack Dodds, 780-463-2132
Qualico Developments
Jamie Hayward, 780-424-7474
129,662
10,886
12 1979
O1
EPCOR Tower 10423-101 Street
Jack Dodds, 780-463-2132
625,000
24,200
28
2011
I 6
Financial Building
10621-100 Avenue
Stromiga Inc.
Ron Benjamin, 780-262-5564
The Trikon Group Stefanie Orsini, 780-733-6408
136,493
12,400
11
1957 / 1975
O5 First & Jasper
10065 Jasper Avenue
GWL Realty Advisors Inc. Carole Lajoie, 780-944-6221
GWL Realty Advisors Inc. Brent Peyre, 780-701-1004
227,752
10,111
20
1974
Avison Young
225,855
16,680
15
1983
I 5
Enbridge Place
First Edmonton Place
10665 Jasper Avenue
National Realty Bob Hutchinson, 780-423-2000
G6 Forestry Building
9920-108 Street
Barb Perreault, 780-944-0905
129,686
12,969
10
1979
I5 Highfield Place
10010-106 Street
Crystal Lehoux 780-423-4800
101,533
10,460
10
1977
N3 HSBC Bank Place 10250-101 Street
Sue Punter, 780-423-4800
CBRE Limited Jeff Simkin, 780-424-5475
270,756
16,360
18
1980
J5
HSBC Building
10055-106 Street
Sue Punter, 780-423-4800
Irene Au, 403-270-2499
114,092
9,854
12
1974
G4
Intact Building
10830 Jasper Avenue
ProCura Real Estate Services Ltd.
780-414-8888
225,000
20,000
11
2008
L5
Jaffer Building
10355 Jasper Ave
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
38
GUIDE 2014/15
Jan Musani 780-429-1255 Xten 211
Workers Compensation Board 780-498-4874
DowntownSurvey
Building Name
Management Company
R1 John E. Brownlee Building
10365-97 Street
Stetson Consulting Services Ltd.
780-482-4078
H8 Legislative Annex 9718-107 Street
G6
Leasing Company
Contact
Office Area
Contact
Floor Space
(sq. ft.)
(sq. ft.)
Alberta Infrastructure and Transportation
780-427-1633
400,311
40,031
10 1984
Province Of Alberta
780-427-7453
Province Of Alberta
780-427-7453
150,220
10,714
12
1952, 1958
Barb Perreault, 780-944-0905
90,324
8,829
10 1968
10808-99 Avenue
Q4
MacDonald Estates
9939 Jasper Avenue
Canadian Urban Limited
Mike Sparrow, 780-424-7722
Avison Young
Karnie Vertz, 780-428-7850
20,000
5,148
26
1973
P4
McLeod Tower 10004 Jasper Avenue
Re/Max Real Estate
Robert McLeod, 780-447-084
Re/Max Real Estate
Robert McLeod, 780-447-084
48,762
6,100
6
1961
N4 Manulife Place
10180-101 Street
Manulife Financial
780-420-6236
Manulife Financial
Laura Bradley, 780-409-2338
744,690
22,930
36
1983
L4
Melton Building 10310 Jasper Avenue
Melcor Developments
Greg Stevenson, 780-423-6931
Melcor Developments
Pat Melton 780-423-6931
114,612
13,004
9
1973
K5
Milner Building 10040-104 Street
Dundee Realty Management Co. Crystal Lehoux, 780-423-4800
Dundee Realty Management Co.
Irene Au, 403-270-2499
180,026
13,497
12
1959
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
223,925
11,213
23
1974
Neil Smith, 780-420-1177
139,400
14,000
16
1985
13,048
6
1980
Labour Building
I7
Park Plaza
10611-98 Avenue
Oaksey Investments 780-455-3420
H5
Peace Hills Insurance Bld.
10709 Jasper Avenue
NewWest Enterprise Property Group
Sonny Crowley, 780-423-4407
Avison Young
74,428
G5 Peace Hills Trust Tower
10011-109 Street
Triovest
780-990-1768
Triovest
148,67312,772
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 / 1973
L3
Revillon Building
10201-104 Street
Julie Piquette, 780-423-4400
111,764
17,139
6
1912
N5
Royal Bank Building
10117 Jasper Avenue
Melcor Developments
Melcor Developments
Pat Melton 780-423-6931
132,376
7,910
15
1965
O4 Scotia Place
10060 Jasper Avenue
Glen Scheuerman, 780-424-1693 Morguard Investments Limited
611,169
12,580
28 / 21 1983
12 1981
39
bomaedmonton.org
DowntownSurvey
Building Name
Management Company
O4
Scotia Place Tower 3
10072 Jasper Avenue
Darlington Properties Inc.
Martin Schultz, 780-490-1100
H5
Seventh Street Plaza
10030-107 Street
Alberta Health Services
780-735-0246
G7 Sir Frederick W. Haultain 9811-109 Street
Edon Management
780-425-3708
K5
Standard Life Centre
10405 Jasper Avenue
Colliers International Ana Julio, 780-969-3047
I6 Sterling Place
9940-106 Street
GWL Realty Advisors
Carole Lajoie, 780-944-6221
R4 Sun Life Place
10123-99 Street
Leasing Company
Contact
Office Area
Contact
(sq. ft.)
4,400 (varies)
5
1981
N 156,500 S 155,982
13,000
13
1977
137,757
13,775
8
1956
399,87420,800
19
1980
GWL Realty Advisors
198,007
12
1983
CBRE Limited Al Menon, 780-424-5475
282,32311,411
O3 TD Tower
10088-102 Avenue
333,441
Meghan Kinney, 780-426-8419
P5 TELUS Plaza North
10025 Jasper Avenue
Triovest
780-990-1768
Triovest
420,48518,500
24 1970
P5
TELUS Tower South
10020-100 Street
Triovest
780-990-1768 Triovest Marc Harden, 780-990-1768
716,759
23,700
33
1971
L3
The Boardwalk
10310-102 Avenue
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. Anthony Patenaude, 780-426-4960 Humford Management Inc.
Anthony Patenaude, 780-426-4960 56,107
9,190
7
1960
32,000
Floor Space
(sq. ft.)
Real Estate & Leasing “North”
Len Klausner - Director 780-735-1366
Government of Alberta
780-422-9577
Northam Realty Advisors Limited Judy Lucas, 416-977-7151
Neil Smith 780-420-1177
14,515
14,153 HR
13,706 LR
25 1977
27
1976
Points of Interest (as indicated on map)
POINTS OF INTEREST (as indicated on map)
P2 City Hall
1 Sir Winston Churchill Square
City of Edmonton
City of Edmonton
48,467
varies
3
1992
H3
Norquest College
10215-108 Street
NorQuest College
780-644-6220
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
Walter Trocenko, 780-496-6557Walter Trocenko, 780-496-6557
40
GUIDE 2014/15
In the
Pipeline:
With its strong ties to the City and
Port of Prince Rupert, CN’s investment
into the region, and gateway access
to domestic and overseas markets,
Greater Edmonton is poised to
become a leading transportation and
distribution hub and the strategic
choice for global business.
The High Wide Corridor linking the
US to the Alberta Oil Sands is the only
one of its kind. The corridor allows for
an increase of 300,000 pounds to be
transported, increasing highway width
by 10 feet and length of transport
vehicle to 100 feet.vestment
Port Alberta is an industry led
transportation board which aims
to combine air, rail and road
transportation infrastructure at a
single point through collaboration
with Edmonton and Alberta based
businesses, with future connections to
the Port of Prince Rupert and the Port
of Vancouver
The Province of Alberta and the City
of Edmonton offer the best overall
operating costs in the form of low
taxes. No tax abatement programs,
infrastructure development or real
estate fit-out assistance programs are
offered.
PREVENTATIVE MAINTENANCE
SPECIALISTS
•
•
•
•
•
•
•
•
Dedicated Preventative Maintenance Programs
Dedicated Product Support Specialists 24/7
Fuel Polishing Services
Trained in CSA 282-09 & ASTT Certified
Custom Maintenance Packages Available
Factory Trained Service Technicians
Extensive Parts Inventory
All Makes
1-800-374-6766
[email protected]
41
bomaedmonton.org
SuburbanSurvey
Activity surges in
suburban office market
A
lthough downtown received most of the attention,
out, the first 60,000 sq. ft. building of the potentially
Edmonton’s suburban office market enjoyed if
million-square-foot Edmonton Business Campus is due
anything a stronger performance in 2013. Office
for completion in early 2015 at the QE 2 and Anthony
tenants in the suburbs absorbed more than
Henday.
213,000 sq. ft. of space – about 60% of which can
Thank the aging baby boomers and continued
be accounted for by 126,000 sq. ft. of new construction in
outward suburban growth for a proliferation of new
Summerside, near Ellerslie Road on the south side.
medical-professional buildings – a stable, high-yielding
A further 600,000 sq. ft. of inventory is due for
property class that has attracted a lot of investment
completion in 2014, including another 170,000 sq. ft. in
interest. The University Professional Centre on 109th
Summerside. Recent growth of the outer south side has
Street and Glenwood Health on 160th Street are but two
prompted Colliers International to divide its territories
projects nearing completion. Medical buildings in the
into two: the traditional south side north of Anthony
60,000 sq. ft. range are also pre-leasing in St. Albert and
Henday Drive and a new submarket called South Henday.
Sherwood Park.
The inner south side will see completion of substantial
On the corporate and government fronts, while there
projects totalling 200,000 sq, ft. in the areas of Whyte
was some movement into downtown in 2013 – Intuit
Avenue, 51st Avenue and Whitemud Drive. Projects in
logging into the Epcor Building being the prime example
the west end totalling 141,000 sq. ft. and 90,000 sq. ft.
– the suburbs nevertheless made some gains in the big-
in Eastgate will complete the picture. Looking further
tenant office market. WorleyParsons, a global services
Suburban Market Statistics
Submarket
Inventory
(SF)
Vacancy
Rate
4Q12 Net
Absorbtion (SF)
2012 TOTAL
Absorbtion (SF)
Sublease
(SF)
118th Avenue
778,072 5.58%
-3,058
-93
15,850 124th Street
803,472 23.84%
3,276
-12,912
3,334 149th Street
1,094,126 10.15%
6,135
-1,735
2,500 Eastgate
1,099,137 15.35%
-1,956
112,103
n/a Southside
2,710,119 8.28%
1,585
184,450
15,563 South Henday
840,537 12.56%
3,190
n/a
3,600 Whyte Avenue
568,761 8.17%
3,884
-5,173
1,354 West End
1,471,228 18.14%
-8,904
-30,152
20,769 SUBURBAN TOTAL
9,365,692 12.37%
4,152
246,488
62,970 EDMONTON TOTAL
26,506,099 9.85%
6,903
274,145
248,039
Source: Colliers Internationa
42
GUIDE 2014/15
provider to the resources sector, will open
phase one of the Commerce South Office
Park on 51st Avenue, while Environment
Canada will move into a new LEED Gold
building in Eastgate.
Real estate investment
expertise for every
possible future
Engineering
www.rjc.ca
Edmonton
(780) 452-2325
Vancouver
(604) 738-0048
Structural Engineering
& Restoration
Building Sciences
& Inspections
Parking Planning
Victoria
(250) 386-7794
As fiduciaries, we safeguard our clients’ interests and assets through every turn of
the real estate cycle by leveraging our extensive build-to-core capability and our
transaction volume capacity. From 2003 to 2012, Bentall Kennedy has:
Nanaimo
(250) 716-1550
Calgary
(403) 283-5073
Toronto
(416) 977-5335
Developed
Acquired
Disposed
$5.8+
$9.4+
$9.1+
Billion in assets
Billion in assets
Billion in assets
Fiduciaries. First and foremost.
View our most recent developments and transactions at bentallkennedy.com
In the Pipeline:
According to the 2011 census release, the
population of Greater Edmonton reached
1,159,869 persons, making it the sixth
largest metropolitan region in Canada.
A community of green thumbs
Edmonton has over 65 community
gardens, not to mention horticulture
attractions such as the Muttart
Conservatory and Devonian Botanic
Garden.
The region has two dominant
seasons: winter averages 121 days,
and summer averages 111 days.
The transition seasons are shorter;
fall averages 70 days while spring
averages 63 days.
P H I LT E R C O M M U N I C AT I O N S I N C .
167 KING STREET EAST, SECOND FLOOR,
TO R O N TO , O N M 5 A 1 J 4
t 416.365.0460 f 416.365.0405
w w w. p h i l t e r c o m m u n i c a t i o n s . c o m
C O N TACT :
Claire McRae
C L I E N T : B e n t a l l Ke n n e d y
P R OJ E CT : Ad C a m p a i g n
DOCKET #: B E NT 2451
F I L E N A M E : B E N T 2 4 5 1 Ad 8 . 5 x 1 1 . a i
©2013
B LE E D: 0.125”
Edmonton has a northern mid-latitude
climate with very long summer days and
up to 2,300 hours of sunlight per year (up
to 17 hours per day).
Edmonton has a vibrant arts and
culture community you can explore all
year long through festivals, galleries,
live entertainment, orchestras, dance
companies and theatre. Catch the
Edmonton Opera or Alberta Ballet at the
Northern Alberta Jubilee Auditorium,
or visit the Carrot Community Arts
Coffeehouse to meet some of the Arts on
the Ave’s dynamic local artists.
A R T WO R K :
C R E AT I V E
TR I M: 8.5”W x 11”H
DAT E :
PRODUCTION
C O LO U R S :
S E P T 16 2 0 13
A P P R OVA L S :
SAFETY:
43
bomaedmonton.org
44
GUIDE 2014/15
In the Pipeline:
Edmonton is strategically located
between one of the world’s largest
oil reserves and the world’s largest
consumer – the US. The region
has the advantage of being the
transportation and logistics hub
for Alberta’s oil, gas and mining
sectors.
Edmonton leads the way in
developing alternate sources of
power including: mining landfills
for methane to produce electricity,
turning organic waste into bio-fuel
and developing concept homes
that will generate as much power
as they consume.
Edmonton is a welcoming city and
goes out of its way to support our
new residents and new Canadian
citizens. Our communities are
proud of their broad mix of over 50
international cultures and over 500
places of worship.
The North Saskatchewan River
valley, the longest stretch of urban
parkland in North America, has
over 150 km of trails designated for
biking, jogging and cross-country
skiing.
Edmonton’s International Airport is
the fastest growing major airport
in Canada, offering non-stop daily
service to 10 key US destinations
and London’s Heathrow Airport.
Edmonton was selected as one of the
top 21 intelligent communities by The
Intelligent Community Forum in 2009. This
was due to the city’s historic establishment
of computerized medical records,
nanotechnology growth and commercial
discoveries that have yielded 70 active spinoff companies and created over 1,000 jobs.
Canadian
Federation of Independent
Businesses rates Edmonton as one of the
top 10 entrepreneurial cities in Canada
which includes rating the presence of
a high concentration of entrepreneurs,
high business start-up rate, levels of
optimism and success, and sound public
policy.
45
bomaedmonton.org
SuburbanSurvey
Major Suburban Office Buildings - 124 Street Area
Building Name
Management Company
Contact
Leasing Company
Contact
124 Street Business Park
Vermont Property Management
South Building 12420 - 104 Ave Eryn Marshall 780-488-9574
P. Goh/F. Shaikh, 780-420-1585
North Building - 12431 Stony Plain Road
East Building - 10408 - 124 Street
Office Area No. of Floors Year Built
(sq. ft.)
1
2124 Street Place
Trans America Group Ltd
10235-124 Street
3
Beaufort Building
10835 - 120 Street
4Century Building
10310 - 124 Street
5Compass Place
Russ P / Derek W, 780- 486-3919
10050-112 Street
Humford Management Inc. Avison Young Susan Osterloh, 780-426-4960 X 251
10240-124 Street
7
Harley Court
10045-111 Street
Strategic Group
Jasper Centre 11456 Jasper Avenue
Martello Properties
8
9JE Place
Liu and Associates
Patricia Liu 780-429-1047
12315 Stony Plain Road
14Princeton Place
10339-124 Street
David Ball 780-423-6931
Century West Management Inc. 82,109
Mitchell Brody, 403-213-5543
8
1975
12
1978
43,000 41976
Cody Lowry 780-421-1488
David Ball 780-423-6931
46
GUIDE 2014/15
19,875
3
1965
72,106
4
Peter Schwann, 780-428-7850
1912
Patricia Liu 780-429-1047
Jones Lang LaSalle
27,200
Chad Brennand, 780-328-2552
2
1962
2
1975
156,630
7
Irene Au, 403-270-2499
1983
Melcor Developments
1971
Northam Realty Advisors Ltd
1978,
1980, 2003
28,384
Irene Au, 403-270-2499
59,081
7
Pat Melton 780-423-6931
206,000
7
Judy Lucas, 416-977-7151
161,204
Chad Boddez, 780-969-2995
Kipling Realty Management
CBRE Limited Jane Miller, 780-669-2095
Jeff Simkin, 780-424-5475
Melcor Developments
1974
Ana Julio, 780-969-3047
1978
81,455
10
17Westcor Building
10160-112 Street
16West Chambers Building 780-423-4800
Melcor Developments
15Stantec Centre
Dundee Realty Management Corporation
10216-124 Street
2
Avison Young
Dundee Realty Management Corporation
13Plaza 124
Stacy Elliot, 780-426-4960
21,834
Chris Killingsworth, 780-428-7850
Liu and Associates Humford Management Inc 10350-124 Street
12Place 123
Laura Sharen, 780-413-7060
1970
DTZ
11Limelight (The)
Jon Zukiwsky, 780-444-8740
11523-100 Avenue
3
Jones Lang LaSalle
780-702-3380
10534-124 Street
1975
31,276
10LeMarchand Mansion
Century West Management Inc. Mitchell Brody, 403-213-5543
32,692
3
Russ P / Derek W, 780- 486-3919
Jones Lang LaSalle
6Guardian Building Trans America Group Ltd.
Harvard Property Management Inc
Laura Sharen 780-413-7060
Susan Osterloh, 780-426-4960
43,208 31982
17,488
3
1982
55,038
5
1970
Melcor Developments
Pat Melton, 780-423-6931
86,400
6
1978
72,810
7
1978
SuburbanSurvey
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
Kingsway Professional Centre
10611 Kingsway Avenue
Millard Health
131 - Airport Road
15823 - 97 Street
Nexus Business Park
14315-118 Avenue
13
14
15
Mira Health Centre
11910-111 Avenue
North City Centre
140th Avenue & 133 Street
Susan Denney, 780-479-5955
780-414-8888
Manuel Vervoorst, 780-498-4874
Royal Alex Place
10106-111 Avenue
Stanley Building I
Stanley Building II
Edmonton Oilers
780-414-4400
25,000
3
1974
Jones Lang LaSalle
39,824
3
1983
147,442
7
1980
3
1976
6
1980
Michael Lobsinger, 587-520-3708
39,377
Tammy Abbott 780-479-5955/780-426-8411
73,410
780-414-8888
Workers Compensation Board NorthWest Healthcare Properties Corp
71861
2
2002
780-498-4874
Northwest Healthcare Properties Corp 67,012
1
1992
Delcon Development Group Ltd.
780-423-4321
Delcon Development Group Ltd. 780-423-4321
15,745
2
2011
780-423-4321
Delcon Development Group Ltd. 780-423-4321
15,570
2
2010
Nearctic Group Owners & Managers
120,500
(3 b)
1
1977, 1978
20,000
2
2010
41,108
Chuck Clubine, 780-669-4747 3
5
1969
17,363
2
1968
17,613
2
1968
Guy St. Germain, 780-414-1700
Artis Reit
1973
Nearctic Group Owners & Managers
3
Oxford Retail Group
Workers Compensation Board 11 Michael Lobsinger, 587-520-3708
20,416
Tilda Ferguson, 780-424-7722
Northwest Healthcare Properties
Oxford Retail Group
15961 - 97 Street
12
Edmonton Oilers
780-414-4400
(sq. ft.)
Northwest Healthcare Properties
Kingsway Mall
109 St & Princess Elizabeth Ave
10Namao 160
Strategic Group
HYS Centre
11010-101 Street
9Namao 158 Leasing Company
Contact
Jones Lang LaSalle
Randy, 780-476-4063
K2 Property Management
Kevin or Kathy W, 780-474-5233, 903-3722
Melcor Developments
Melcor Developments
David Ball, 780-423-6931
The Trikon Group
Melcor Developments
David Ball, 780-423-6931
Guy St. Germain, 780-414-1700
Pat Melton, 780-423-6931
Melcor Developments
Pat Melton, 7780-423-6931
47
bomaedmonton.org
SuburbanSurvey
Major Suburban Office Buildings - 149 Street Area
Building Name
Management Company
Leasing Company
Contact
Contact
(sq. ft.)
1
149 Street Business Centre
Edie and Associates
Edie and Associates
42,000
14964 - 121A Avenue
780-488-3030
Alan E / Wade W, 780-488-3030
(3 buildings)
2
AMMSA Building
AMMSA
13245-146 Street
780-455-2700
3
Coronation Plaza Shamrock Property Management
14310-111 Avenue
David Benjestorf, 780-453-5631
DTZ
120,408
(2 towers
Chester Developments Ltd.
Chester Developments Ltd.
12004-12040 149 Street
Tom Burke, 780-719-4114
Tom Burke, 780-719-4114
5
High Park Corner
14 925-111 Avenue
NAI Commericial
Chad Snow 780-436-7410
6Klondike Centre
Key West Realty and Property Mgmt. Key West Realty & Property Mgmt.
Barry Wade, 780-483-5666
780-483-5666 - Ext 226
11066-156 Street
7Meadowlark Place Prof Ctr
CB Richard Ellis
8708-155 Street
8
Meadowlark Health & Spg Ctr
156 Street and 87 Avenue
149-151 Street and 123 Avenue
13151-146 Street
Garry Jones 780-486-3919
14727-87Avenue 9509-156 Street
David Ball 780-423-6931
MS (Peggy) Craner, 780-423-4400
15Westgrove Professional Bldg Interpro Property Corp
Bob Proznik, 780-482-6464 Ext 222.
10230-142 Street
48
GUIDE 2014/15
3
1979
49,200
2
1978
43,160
4
1969
100,000
1
1963
152,606
2
1978/1999
(varies)
84,000
1
1976
38,000
2
2006
77,296
3
1980
18,295
3
1978
49,434
3
1973
Dennis Herbut, 780-420-1177
26,752
Pat Melton, 780-423-6931
Randy Treasure, 780-452-4405
1998
Irene Au, 403-270-2499
Melcor Developments
2
Irene Au, 403-270-2499
17,000
Fahad Shaikh 780-420-1585
TX4 Investments Ltd. 14West End Medical & Prof
Melcor Developments
13Treasures Insurance
Cheryl Ewasiw, 780-420-1585
1981
Trans America Group Ltd.
12Trail Business Centre
5
780-424-5475
Strategic Group.
11St. Albert Trail Place
10St. Albert Trail Centre
CB Richard Ellis
Strategic Group
9Parkwest Business Centre
780-424-5475
24,410 21977
Cameron Martin, 780-421-1488
4Edmonton W Business Park Ph 8
1, 2 1981
Shane Asbell, 780-993-0082 DTZ
44,886 41980
SuburbanSurvey
Major Suburban Office Buildings - West End Area
Building Name
Management Company
1A.U.P.E. Building
10451-170 Street
2Belmead Professional
8944-182 Street
3Callingwood Professional Centre
6655-177 Street
Leasing Company
Contact
A.U.P.E.
Bill Dechant, 780-930-3302
780-490-1100
Centrecorp Management Services Limited
Brad Metcalfe, 780-435-1444
Contact
(sq. ft.)
A.U.P.E.
Bill Dechant, 780-930-3302
64,350
3
1982
36,580
3
1980
Centrecorp Management Services Ltd 30,000
Brad Metcalfe, 780-435-1444
3
1985
4Cardinal Building Humford Management Inc.
Avison Young
31,000
2
1979
5Centre 170 NewWest Enterprise Property Group
176,292
3
1980
6Centurion Plaza
10335-172 Street
DTZ
39,932 31979/1980
7
Ford Credit Building
17187-114 Avenue Morguard Investments Limited
82,176
17205-106A Avenue
10403-172 Street
8Imperial Deluxe Justin Rudyk, 780-426-4960
MS (Peggy) Craner, 780-423-4400
Glen Scheuerman 780-421-8000
Imperial Deluxe Properties Inc. Sam Halabi, 780-484-2228 780-428-7850
Ian Bradley 780-420-1585
2
2000
Imperial Deluxe Properties Inc. Sam Halabi, 780-484-2228 154,217
2
(6 buildings)
varies
Telsec Group Sean Flathers, 403-203-3000
63,000
2008
Mike Verhoski 780-421-8000
176-178 Street & 103-105 Avenue
9
Jayman Building 5093 Windermere Boulevard
10
Mayfield Business Centre
10525-170 Street
11
Mayfield Square I
10464 Mayfield Road
Edie and Associates
Al Edie, 780-488-3030
Edie and Associates
Al Edie, 780-488-3030
40,000
2
1979
12
Mayfield Square II
10458 Mayfield Road
Edie and Associates
Al Edie, 780-488-3030
Edie and Associates
Al Edie, 780-488-3030
40,000
2
1979
13
Plaza West
17704-103 Avenue
Plaza West Properties Ltd.
Sonia Dechant, 780-487-5157
Avison Young
36,561
2
1980
Avison Young
36,177
2
1978
32,925
2
1980
Melcor Developments
67,909 21983
14Quikcard Centre Colliers International 780-420-1585
CBRE Limited
3
55,269 41979
Jeff Simkin 780-424-5475
17010-103 Avenue
15
Ricoh Building
16011-116 Avenue
16
Sterling Business Centre
17
U.M.A. Building 1
17007-107 Avenue
UMA Group
780-486-7000
UMA Group
780-486-7000
41,320
3
1979
18U.M.A. Building 2
UMA Group
780-486-7000
UMA Group
780-486-7000
27,241
2
1979
780-420-1585
Melcor Developments
David Ball 780-423-6931
Phil Goh, 780-420-1585
Pat Melton, 780-423-6931
17107-107 Avenue
19
West Campus A
Remington Development Corp.
118,751 32013
20
West Campus B
118,884
3
2011
21
Westgate Business Park
102 Avenue and 178 Street
Melcor Developments
Melcor Developments
75,141
1
1979/ 1981
Colin Clish, 780-413-8266
Colin Clish, 780-413-8266
David Ball, 780-423-6931
Ramona Meixner, 403-255-7003
Ramona Meixner, 403-255-7003
Pat Melton, 780-423-6931
49
bomaedmonton.org
SuburbanSurvey
Major Suburban Office Buildings - Whyte Avenue Area
Building Name
Management Company
1Campus Tower
8625-112 Street
2
College Plaza
8215-112 Street
3
4
5
Garneau Professional Centre
11044-82 Avenue
Plaza 82
10504-82 Avenue
Strathcona Professional Centre
10328-81 Avenue
Midwest Property Management
Leasing Company
Contact
Contact
(sq. ft.)
Midwest Property Management
36,589
3
1970
Westcorp Properties Inc.
Westcorp Properties Inc.
207,701
21
1974
NorthWest Healthcare Properties
NorthWest Healthcare Properties
57,634
5
1978
780-423-4321
780-423-4321
22,338
4
1975
C.A. Property Management
Alfred Mah, 780-719-2839
53,328
3
1980
780-420-4040
780-431-3305
Ramona Perkins, 780-420-4030
Jonathon Milroy, 780-431-3304
C.A. Property Management
Alfred Mah, 780-719-2839
Major Suburban Office Buildings - Southside Area
Building Name
1
2
Management Company
Contact
Alberta Municipal Place
8616 – 51 Avenue
Leasing Company
Contact
Anthony Patenaude, 780-426-4960 X232
Jones Lang LaSalle
62,000
3
Renovated 2010
1985
AMA
Bob Sage, 780-430-5740
66,345
5
1990
7,923
9,088
7,230
2
2
2
1972
1976
1975
Standard Life Assurance Co of Canada
8
1975
1–3 1990/2014
(4 Bldgs)
1-4 2009
(4 Bldgs)
AMA Building 10310-39A Avenue
3
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
4
Centre 104
5241 Calgary Trail Northwest
5
6
7
8
9
10
AMA
Bob Sage, 430-5740
Arcturus Realty Corporation
Commerce South Office Park
86 Street & 51 Avenue
Becki Allen, 780-425-5527
CBRE Limited EMC2 Building
6020-104 Street
Artis Reit
Artis Reit
Gateway Blvd (Argyll Ctr)
6325 Gateway Boulevard
Greystone Office Park
97 Street & 42 Avenue
Lorraine Miller, 780-476-4064
Berezan Management Ltd.
Kathryn Atlas, 780-440-6500
Servis Realty Inc.
780-415-5414
50
GUIDE 2014/15
28,520
3
1980
91,000
1
1975
104,072
2
1981
29,000
2
2009
39,176
2
1978
Kalen Morton, 403-705-3527
11Kingsdale Professional Centre
9644-54 Avenue
157,881
Al Menon, 780-424-5475
Karst Property Management
780-425-6905
37,6476
Karst Building
1420 Parson Road
75,855
Darrin Geddes, 780-944-1152
Elm Business Park
9426-51 Avenue
(sq. ft.)
Jones Lang LaSalle Chad Brennand, 780-328-2550
NAI Commericial
Chad Snow 780-436-7410
SuburbanSurvey
Major Suburban Office Buildings - Southside Area (cont’d)
Building Name
Management Company
Leasing Company
Contact
Contact
(sq. ft.)
12
Lange Centre
10335-61 Avenue
Lange Realty
Gordon Lange, 780-437-0450
Lange Realty
Gordon Lange, 780-437-0450
52,000
1
1976
13 McIntyre Centre 1
4804-89 Street
McIntyre Centre Limited
Cal Phare, 780-462-5311
Lesley Wabisca, 780-462-5311
23,996
1
1979
14
McIntyre Centre 2
8657-51 Avenue
Cal Phare, 1-866-334-1262
27,552
3
1979
15 McIntyre Centre 3
5008-86 Avenue
Cal Phare, 780-462-5311
22,960
2
1979
16
Milbourne Office Towers
38 Avenue & Millwoods Road
Interpro Properties Corporation
780-447-7102
42,968
3
1978, 1982
Avison Young
47,373
3
1989
Jones Lang LaSalle 40,548
2
1989
17
18
Millwoods Towne Ctr Prof Bld
6203-28 Avenue
Ivanhoe Cambridge
Connie Nesbitt, 780-440-8485
Omni Centre
9636-51 Avenue
Alberta Permit Pro Inc.
Rick Kerscher, 780-430-3716
19
PCL Business Park 54 Avenue & 99 Street
Princeton Developments Ltd.
780-423-7775
Princeton Developments Ltd.
780-423-7775
92,020
2
1978
20
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
21
Point 51
9004/9090 51 Avenue
Reliance Building
4209-99 Street
Bedford Properties Corp.
Larry Woolsey, 780-983-6066
23
Richfield Building
31 Avenue and Parsons Road
Interpro Properties Corporation
780-447-7102
24
Springwood Court
4220-98 Street
Redding Management & Realty Ltd.
780-463-6475
Sprucewoods Business Park
8905-8925 51 Avenue
26
Tawa Centre
3017-66 Street
22
25
27
Berezan Management Ltd
Terrace Office Tower
4445 Calgary Trail South
Whitemud Business Park
4245-97 Street
Strategic Group
28 The Steppes
1253 & 1259 - 91 Street SW
29 Weber Centre
5555 Calgary Trail Northwest
30
Cheryl Ewasiw, 780-420-1585
Kathryn Atlas 780-440-6500
BLDG Services Group Inc.
780-757-8015
Arcturus Realty Corporation Becki Allen, 780-425-5527
DTZ
26,700 21981
50,375
3
1979, 2004
31,506
1
1980
35,326
3
1982
75,300
1
1977
Strategic Group
43,409
2
1986
142,472
8
1971
BLDG Services Group Inc.
74,560
3
2008
Standard Life Assurance Co of Canada 121,512
9
1979
3
1980
Brian Bowen, 780-421-1488
Redding Management & Realty Ltd.
780-463-6475
Kathryn Atlas 780-440-6500
780-757-8015
Darrin Geddes 780-944-1152
107,530
51
bomaedmonton.org
SuburbanSurvey
Major Suburban Office Buildings - Eastgate Area
Building Name
Management Company
1
2
3
50th Street Atria 9405-50 Street
Highfield Place Inc.
780-423-2000
50th Street Place 8170-50 Street
50th Street Place Ram Singh, 780-440-9000/554-4250
Capilano Centre 9945-50 Street
Eastgate Building 9311-48 Street
Edmonton Sun Building 4990-92 Avenue
6
Febtro Centre 9440-49 Street
7
Former ARC Building
5104- 82 Avenue
4
5
8
9
Leasing Company
Contact
Parkwood Office Centre 9343/9353/9363-50 Street
Twin Atria 4999-98 Avenue
Avison Young
Melcor Developments
3
1982
50th Street Place 60,000
Ram Singh, 780-440-9000/554-4250
2
1978
90,973
5
1978
Strategic Group 27,000
2
1978
103,131
3
1983
Servis Realty
780-415-5414
Western Law Group Ltd. Crystal Lansperg, 780-450-2929
27,072
2
1978
Nelson Properties
Doug Nelson, 780-466-0439
Nelson Properties
Doug Nelson, 780-466-0439
20,000
2
1980
Strategic Group
41,615
1
1978
Triovest
371,663 41982
Berezan Management Ltd
Strategic Group
Triovest
169,440
Melcor Developments
Strategic Group
Contact
(sq. ft.)
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
GUIDE 2014/15
Pat Melton, 780-423-6931
With polished
creative
world
the
is your oyster.
780.919.9346 | 604.828.1485
IndustrialSurvey
Resource development
buoys prices
T
he continued strength of Edmonton’s industrial
logistics and professional services.
land and property markets since 2009 shouldn’t
Industrial vacancies throughout the region held
come as a surprise, given that Edmonton sits at
stable through 2013: they were 3.23% at year end,
the doorstep of some of Canada’s largest-ever
unchanged from a year earlier. Rates were little changed
resource developments, with more than $220 billion
from the peak levels seen a year ago, although a weaker
(with a “b”) in planned investments in the next decade.
loonie in early 2014 made the rents less onerous in U.S.
The counties surrounding Edmonton – particularly
dollar terms. Serviced land in the region cost between
Strathcona to the northeast and Sturgeon to the north --
$350,000 and $670,000 per acre, with the highest prices
are home to the massive industrial infrastructure needed
inside the city limits. As would be expected, Strathcona
to process oil and gas produced in northern Alberta.
County and Leduc/Nisku sites commanded premium
Leduc County to the south is the long-established centre
prices while Parkland County to the west was the most
for energy service industries. And the City of Edmonton
affordable.
Notable lease transactions of more than 100,000
is one of Canada’s largest centres for manufacturing,
Lease Rates vs. Oil
$12
$120
Market Average Rental Rates
Market Average Op. Cost
WTI-Cushing (USD / Barrel) Annual Average
$3.70
$8.85
$3.40
$8.80
$3.25
$8.75
$3.00
$8.25
$3.00
$8.25
$2.75
$9.50
$0
$2.25
$20
$9.25
$2
$2.10
$40
$7.10
$4
$1.95
$60
$4.40
$6
$1.95
$80
2004 200520062007200820092010201120122013
54
GUIDE 2014/15
$0
USD / Barrel
$100
$8
$4.30
$ psf
$10
Industrial Areas
sq. ft. included Russel Metals in
the 53rd Avenue Business Park,
Hagemeyer Canada in Eastgate
Business Park and Alberta
Infrastructure in Yellowhead
Crossing. Industrial land sales
over
$10
million
included
Alberta Diluent Terminal in
Clover Bar for $18.2 million and
Savanna Energy Services in
Leduc for $17.1 million.
In 2014-15, the performance
of industrial real estate is
expected
to
continue
at
peak levels. On the cost side,
recovery from the June 2013
flooding in southern Alberta
put pressure on the costs of
construction labour, equipment
and materials across western
Canada. The willingness of the
oilpatch to pay top price for
skilled labour also will continue
to push up costs. The availability
of industrial land was another
constraint
in
recent
years.
However, significant purchases
of serviceable land in 2013
should in the medium term
translate into more areas on the
outskirts of the city opening up
for industrial growth.
55
bomaedmonton.org
InvestmentSurvey
Record sales don’t satisfy
demand for deals
E
ven at capitalization rates close to historic lows,
investors continue to have high expectations for the
there are more potential investors looking
city’s future growth potential.
for opportunities than there are for-sale signs
Significant recent investments include:
going up.
In September 2013, GWL Realty Advisors acquired
Transactions for industrial properties in Edmonton
for an investor the First & Jasper office building, a fully
continued on an upward trend in 2013, while office
leased 218,000 square feet on 20 storeys for $104.8
and retail investments cooled from the previous year
million at a cap rate of 5.32%. Williams Engineering
— reflecting in some cases a lack of willing sellers and
and the federal government are the principal tenants.
in others a wish to wait and see the specifics of arena-
The First & Jasper building had been extensively
related commercial developments downtown.
refurbished after its previous anchor tenant, Epcor,
“The investment market was bottlenecked not
moved into a new building.
by a lack of willing capital but, rather, by a shortage
In the government district, 44 Capital Boulevard,
of available investment opportunities in 2013,” Avison
with 372,000 sq. ft. of leaseable space, changed hands
Young reported in its 2014 forecast. Investment in land
at the end of December for $133.5 million at a cap rate
and commercial real estate sales in Edmonton hit a
of 6.33%. Morguard Investments Ltd. brokered the sale
record high of $2.6 billion in 2013, according to AY.
to the Healthcare of Ontario Pension Plan and another
For 2014, there were signs that more inventory is
pension fund.
in the pipeline. It is interesting to note that well over
A portfolio of industrial buildings in northwest
half of last year’s investment dollars went towards
Edmonton was aquired by a Morguard investment
developable agricultural land, which indicates that
fund and an unnamed pension fund in late November
Total Sales > $1M 2012
Total Sales > $1M 2013
Office Retail Industrial
Sales Volume $405,613,537 $679,618,841 $534,100,429
Sales Volume $328,870,000 $562,660,032 # of Transactions
29
53
114
# of Transactions
16
52
Average Price PSF $258 $395 $154 Investment Sales > $1M 2012
Office RetailIndustrial
Average Price PSF $303 $897,382,751
183
$317 $135
Investment Sales > $1M 2013
Office Retail Industrial
Office RetailIndustrial
Sales Volume $376,362,347 $623,460,341 $320,820,579 $309,125,000 $355,615,656 $485,624,223
# of Transactions
17
33
37
10
27
52
Average Price PSF $272 $416 Sales Volume # of Transactions
$148 Average Price PSF $310 $328 $134
Source: The Network Colliers International
56
GUIDE 2014/15
Top Sales Transactions 2013
Building
Asset Type
Building Size (sf)
Price
Sherwood Park Mall
Regional Mall
460,874
$180,000,000.00
44 Capital Boulevard
Downtown High-rise
371,698
$133,500,000.00
First and Jasper
Downtown High-rise
218,195
$104,800,000.00
20 storeys
$86,200,000.00
High-Rise Apartment 348 units/ 26 storeys
$38,500,000.00
Westin Edmonton
City Square Tower
Hotel
Source: The Network
2013. The five new-generation buildings totalling
544,000 sq. ft. changed hands for $72.1 million at a
combined cap rate of 5.07%.
Notable retail transactions in 2013 included
the sale of the 151 Century Crossing power
centre in Spruce Grove for $26.4 million and
Coast Home Centre in the 170th Street corridor
THE INVESTMENT MARKET WAS BOTTLENECKED
NOT BY A LACK OF WILLING CAPITAL BUT, RATHER,
BY A SHORTAGE OF AVAILABLE INVESTMENT
OPPORTUNITIES IN 2013.”
for $12.3 million.
MANASC
ISAAC
Real ReTuRn on
youR InvesTMenT.
ASSET
VALUE
3D Digital Documentation
of “As Built” Realities by
Laser Scanning for BIM models,
Pre-construction Visualization,
Progress Verification and more…
SERVUS CREDIT UNION
CORPORATE CENTRE
Significant reductions in
energy consumption were
achieved during the first
year after being reimagined,
resulting in lower operating
costs.
Reduction
in natural
gas usage:
Reduction
in power
usage:
70.5%
42.5%
reimagine your building.
Trina Gendall, Manasc Isaac 780.916.0559
57
bomaedmonton.org
Thank You
TO THE MEMBERS THAT CONTRIBUTED TO THIS CELEBRATION OF EXCELLENCE:
Bee-Clean Building Maintenance • Bentall Kennedy (Canada) LP
Oxford Properties Group • Williams Engineering Canada
Alberta Infrastructure
Alberta Roofing Contratcors
Association
Applied Colour Ltd.
BDO LLP
City of Edmonton- Commercial
Services
Flynn Canada
GDI Integrated Facility Services
IMPARK
Magna IV Engineering
Paladin Security Group
Read Jones Christoffersen
Rochelle Rae Marketing Inc
Scandinavian Building Services Ltd.
Siemens Building Technologies Ltd.
Solution 105 Consulting Ltd.
Stantec Consulting Ltd.
SuperPro Painting Systems of
Edmonton Inc.
The Sutton Place Hotel
Tri-Line Disposal Inc.
Triovest Realty Advisors Ltd.
BOMA Edmonton would like to Congratulate
all the
2014Winners:
CENTRAL TOWER • Managed by Edmonton Airport Authority
T O B Y AWA R D : 1 0 0 , 0 0 0 - 2 4 9 , 0 0 0 S Q F T C AT E G O R Y
EDMONTON CLINIC HEALTH ACADEMY • Managed by University of Alberta
T O B Y AWA R D : 5 0 0 , 0 0 0 - 1 M I L L I O N S Q F T C AT E G O R Y
ROBBINS HEALTH LEARNING CENTRE • Managed by Grant MacEwan University
THE BOMA BESt AWARD
ASPEN PROPERTY MANAGEMENT LTD.
B U I L D I N G O P E R AT I O N S T E A M O F T H E Y E A R AWA R D
TRIOVEST REALTY ADVISORS INC.
PROPERT Y MANAGEMENT TEAM OF THE YEAR AWARD
CENTRAL TOWER • MANAGED BY EDMONTON AIRPORT AUTHORITY
TELUS PLAZA • MANAGED BY TRIOVEST REALTY ADVISORS INC.
EDMONTON CLINIC HEALTH ACADEMY • MANAGED BY UNIVERSI TY OF ALBERTA
C E R T I F I C AT I O N O F B U I L D I N G E X C E L L E N C E AWA R D
BEE-CLEAN BUILDING MAINTENANCE INC.
GARDA CANADA SECURITY CORPORATION
SUPERPRO PAINTING SYSTEMS OF EDMONTON INC.
C E R T I F I C AT I O N O F C U S T O M E R S E R V I C E E X C E L L E N C E AWA R D
PINNACLE AWARD FOR CUSTOMER SERVICE
SIMPLEX GRINNELL (TYCO INTEGRATED FIRE & SECURITY)
P I N N A C L E AWA R D F O R I N N O VAT I O N
PINNACLE AWARD FOR ABOVE & BE YOND THE C ALL OF DUT Y
MARKET REPORT:
Overview
THIS IS WHAT
SUCCESS LOOKS LIKE
E
dmonton’s commercial real estate markets came into 2014-15 in
their best shape since the late 1970s, with every sector enjoying
either a strong or record-breaking performance in 2013. The
trend is expected to continue, with regional GDP growth of 3.0%
providing the momentum.
Construction in the downtown core in 2014-16 will be at a pace
unseen in a generation: it is forecast there will be 22 cranes over
downtown by the spring of 2015. It is encouraging to note that
the downtown projects are diverse in nature: two post-secondary
institutions, numerous residential projects, a new arena for the
Edmonton Oilers, hotels and at least two big office projects. More of
the same, including possibly another half a dozen office towers, will
be ready to go if the market continues on its positive trend through
the second half of the decade. The suburban office market is on an
upward course as well, supported by corporate demand and the
baby-boom generation’s need for medical and professional services.
Population growth is fuelling demand for new apartment
buildings, not only downtown but also beyond the Anthony Henday
Drive orbit. Suburban expansion and urban redevelopment continue
to attract commitments to dozens of new shopping centre projects,
with Canadian retailers holding their own against competition from
south of the border. As for how long the positive trend can continue,
the demand for industrial space and record prices for developable
land suggest the regional economy will continue on its upward
trajectory for some time to come.
60
GUIDE 2014/15
61
bomaedmonton.org
Be industrious.
Build your business
with an advertisement
in the 2015 BOMA Edmonton
Commercial Real Estate Guide
Call us today 780.428.0419
Multi-family/ApartmentSurvey
Migration to city fuels demand
for rental apartments
T
he Edmonton region’s ability to attract skilled,
the years before the crash. However, the pace
mobile talent to the workforce has supported
of transactions accelerated in 2013. Sales were
a healthy market for condominiums and
$325 million, up 55% from 2012, or an average of
rental apartments. With record migration
$130,850 per rental unit. Most of the activity was in
into the region in 2013, average vacancies in rental
low-rise buildings in the 20-unit range; only three
buildings fell to 1.4%, while average monthly rent
high-rises totalling 545 units changed hands in
increased by 5.6%.
2013. Average cap rates across all classes were 6.1%
There continue to be more potential buyers
versus 6.3% a year earlier. The condo conversion
for rental apartments than properties for sale in
trend continued its sharp decline: 214 rental units
Edmonton. In the years since 2008 fewer than half
were sold as condos, versus 746 in 2010. About one
as many buildings have changed hands as during
in three condominiums in the Edmonton region
Market Statistics - (October 2013)
Vacancy
Vacancy
Market
Rate 2013
Rate 2012
Average
Bachelor
($/mth)
Average
1 Bedroom
($/mth)
Average
2 Bedroom
($/mth)
Average
3 Bedroom
($/mth)
Downtown
1.3%
1.4%
$808 $994
$1,252
$1,472
Hudson Bay Reserve
2.8%
3.6%
$676 $814
$1,012
$1,112
University
0.6%
0.7%
$897 $986
$1,265
$1,331
West Central
1.8%
2.9%
$666 $841
$1,011
$1,205
Jasper Place
1.1%
2.0%
$720 $855
$1,040
$1,212
West Jasper Place
1.1%
0.6%
$831 $1,040
$1,212
$1,385
South West
0.3%
0.7%
$875 $1,023
$1,184
$1,369
East Central
1.5%
1.5%
$783 $861
$1,031
$1,171
Millwoods
0.6%
0.8%
$820 $942
$1,228
$1,378
North Central
3.8%
3.6%
$653 $814
$949
$1,139
North East
1.8%
1.8%
$662 $917
$1,100
$1,234
Castledowns
1.0%
0.9%
$676 $917
$1,072
$1,263
St. Albert
1.2%
0.9%
n/a
$953
$1,190
$1,293
SURVEY MARKET AVERAGE
1.4%
1.7%
$784 $934
$1,141
$1,292
Source: CHMC Fall 2013 Rental Market Rep
63
bomaedmonton.org
In the
Pipeline:
Net migration in the Edmonton
CMA has moved from a position of
out-migration totaling 4,000 persons
in 1995 to a positive In-migration of
over 20,000 in 2009, according to the
Conference Board of Canada. The
influx of migrants and continued
positive net migration has come from
a substantial increase in the number
inter-provincial and international
moves.
million.
the city. The city saw 14,000 housing starts
Including condominiums, there were
in 2013, including 8,700 multi-family units.
$895 million worth of residential projects of
CMHC predicted another 6,000 multi-family
more than $5 million in the City of Edmonton
starts in 2014. Although most construction
that were either nearing completion, under
is for the condominium market, there were
construction, announced or proposed, as of
indications of a shift to more rental units in
mid-March 2014.
Mutifamily Vacancy Rate (Edmonton CMA)
6%
3.7%
3%
2%
1.3%
4%
1.4%
5%
3.2%
The North Saskatchewan River valley,
the longest stretch of urban parkland
in North America, has over 150km of
trails designated for biking, jogging,
and cross-country skiing.
at Mayfair Village at an estimated cost of $100
buildings matches the pace of migration into
1.7%
Ranked among the Top 10 Large
American Cities of the Future in
Economic Potential and Business
Friendliness (Foreign Direct
Investment Magazine, April 2013).
to stabilize in 2014 as the completion of new
4.5%
was a rental building: ProCura’s second tower
2.4%
The Edmonton region will be home
to the creation of carbon capture
technology. The $2 billion initiative
is expected to store 4 million tonnes
of carbon dioxide underground
annually be 2015.
Predictions were for rents and vacancies
1.5%
than the Canadian average.
the mix. The largest project on the horizon
are rented out for income.
1%
0%
20072008200920102011201220132014*
* Forecast
Multifamily Total Sales Volume (millions)
$1,000
$925
· The Conference Board of Canada
estimated Edmonton’s personal
income per capita in 2010 to be
$44,864. That’s 20 per cent higher
$800
$233
$118
$186
$122
$200
$182
$400
$347
$600
$0
200720082009201020112012 2013
Source: The Network
64
GUIDE 2014/15
PRINT & GRAPHIC COMMUNICATION SOLUTIONS
•
High Volume Offset Printing
•
Direct Mail & Data Processing
•
Wide Format & 3D display
•
Design & Communication Solutions
•
Print Management
•
Variable & Digital Printing
•
Fulfillment Warehousing & Distribution
Contact us at 1.800.837.1395 or visit us online at burkegroup.ca 65
bomaedmonton.org
Stands above the rest
Rising 36 storeys in downtown Edmonton,
Manulife Place stands proudly as the city’s
tallest building. With 862,000 sq. ft. of first
class office space and two levels of exclusive
retail, it is the largest, and undoubtedly, the
premier complex in Edmonton.
Complementing the building’s physical
attributes is the exceptional service and
building management delivered by
Manulife Real Estate. And with a 98%
recommendation rate among its tenants
across North America, Manulife Real Estate
also stands proudly above the rest.
For Leasing information contact:
Manulife Real Estate
Edmonton Office
780-420-6236
A Different Approach To Real Estate
A collaborative, global real estate services company owned and operated by its Principals,
Avison Young takes a different approach that translates into a better client experience and better results.
Serving owners and occupiers globally from 54 offices across Canada and the U.S.
www.avisonyoung.com
Partnership. Performance.
Office
Retail
Industrial
Multi-Family
Investment

Industrious - BOMA Edmonton

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