Calgary Industrial Market Report
Calgary Industrial Market Report Year End 2009/2010 partnership. performance.
Market Overview The Calgary industrial market continued to soften over the course of the year. While no new inventory is being added to the marketplace, vacancy continues to rise. Activity levels are not expected to grow significantly in the coming year, but the good news is no one is predicting any further significant downturn to the industry. There is long-term opportunity for tenants to capitalize on declining rents, with the ability to secure leases at lower rates than previous tenants. Landlords are keen to complete deals right now and are aggressively competing in terms of rates and inducements. There are also more options today in terms of serviced, zoned industrial land than there have been in several years, as well as opportunities for owner-users to find the perfect existing building for their operations. It is this cautious optimism that will carry the momentum into the New Year.
Vacancy Index: 10.6%
*
Average Estimated Closing Lease Rates ($PSF): 0 – 10,000 sqft: $8.00 - $12.00 10 – 50,000 sqft: $6.00 - $9.00 50,000 sqft+: $4.75 - $5.75 Average Operating Costs ($PSF): 0 – 10,000 sqft: $3.85 10 – 50,000 sqft: $2.92 50,000 sqft+: $2.14
Vacancy Avison Young’s Calgary Industrial Landlord Vacancy Index * for December 2009 is 10.6%. This is up from 10.4% at the end of September 2009, and 9.3% in first quarter 2009. This continuing increase is primarily due to businesses continuing to downsize, quality opportunities available for purchase in the owner-user market, and companies going dark due to foreclosures and/or bankruptcies. Breaking the city down further, vacancy in northeast Calgary is 11.7%, southeast Calgary is 12.5% and the central portion of the city is 3.1%. This shows some distinct changes from first quarter 2009, when vacancy in the northeast was 12.1%, southeast Calgary was 9.4%, and the central portion of the city was 2.4%. This noticeable increase in vacancy for the southeast comes from a steady supply of space being returned to the market by tenants who no longer require all or a portion of their space. Vacancy by type of product still reflects the abundance of
* This is an index of the portfolios of 20 significant Calgary Industrial Landlords. While this index is believed to be representative of the market, it is not a full survey of the Calgary Industrial marketplace.
Avison Young Calgary Industrial Market Report - Year End 2009/2010
1
Notable 2009 Industrial Lease Deals Tenant
Area Leased (SF)
Belron Canada*
100,000
3E Logistics Ice River Springs Water Company CCT Logistics GEEP Ecosys Inc.
77,350 55,520 55,336 51,937
Building 1022 Eastlake Boulevard (Airdrie, AB) 5381 - 72nd Avenue SE 7112-7120 Barlow Trail SE 4661 - 54th Avenue SE 1504 - 41st Avenue SE
Lease Type Build-to-Suit Renewal New New New
* Indicates transactions Avison Young was involved with.
new construction entering the market without a lease commitment. Warehouse style product currently has a vacancy of 12% whereas flex style product has a vacancy of 5.3%. These numbers are up from first quarter 2009, which recorded warehouse vacancy of 11.3% and flex vacancy of 4.1%. The majority of new construction which took place in recent years was large bay, warehouse product.
Rental Rates Average asking rental rates for industrial properties in Calgary began to retreat in fourth quarter 2008 and have continued their decline throughout 2009. As of the end of third quarter 2009 for less than 10,000 square feet (sf ) the average asking rate was $11.39 per square foot (psf ) net, for space between 10,000 and 50,000 sf the average asking rate was $7.64 psf net, and when looking at space greater than 50,000 sf the average asking rate was $6.18 psf net. Older, functionally-obsolete buildings are quoted below $5.00 psf net. The overall average asking rate was $7.23 psf net. Meanwhile, the average estimated closing lease rates are currently between $8 and $12 psf net for less than 10,000 square feet (sf ), for space between 10,000 and 50,000 sf it is currently between $6 and $9 psf net, and when looking at space greater than 50,000 sf it is between $4.75 and $5.75 psf net. When it comes to taxes and operating costs for less than 10,000 sf tenants can expect to pay an average of $3.85 psf on top of their rent, for space between 10,000 and 50,000 sf the average is $2.92 psf and when looking at space greater than 50,000 sf the average is $2.14 psf. The overall average rate for taxes and operating costs across all surveyed properties in Calgary is $2.74 psf.
Land Availability and Pricing The average price per acre for Calgary serviced industrial land is a completely misleading statistic at this time. There are four distinct zones within the city for this type of land, and the pricing for each is completely independent of the other areas. Out of ten sales in 2009, six were for the city’s newest industrial park Royal Vista. This quadrant of the city has not had available, zoned industrial land in over five years, resulting in these newly released lots commanding relatively high prices. The average for this area is currently $740,000 per acre.
Notable 2009 Serviced Industrial Land Sales Sale Date
Address
$/Acre (SF)
Total Price Purchaser
October 29, 2009
7777 - 110th Avenue NW
$700,500
$1,904,000 Halford & Valentine (1991) Ltd.
November 6, 2009 October 6, 2009 February 2, 2009 March 13, 2009
4121 - 8th Street SE 49 Royal Vista Drive NW 11885 - 16th Street NE* 1009 - 26th Avenue SE
$803,000 $810,000 $953,000 $522,000
$1,850,000 $1,801,372 $1,757,500 $1,600,000
Seletech Electrical Enterprises Hyatt Auto Sales Ltd. 1376286 Alberta Ltd. Abugov Kaspar Developments
Vendor Pacific Investments & Developments Jeld-Wen of Canada The City of Calgary Melcor Developments Private Individual
* Indicates transactions Avison Young was involved with.
Avison Young Calgary Industrial Market Report - Year End 2009/2010
2
In the older, more established central industrial area, where there are few opportunities for bare land acquisitions, there were two sales recorded in 2009 for this area, with an average price per acre of $642,000. The southeast area of the city, on the other hand, has an abundance of zoned, serviced industrial land opportunities. This resulted in prices being significantly lower. However, there was only one sale recorded between January and October, with a price of $562,000 per acre. Meanwhile, there were no conventional industrial land sales recorded in the northeast portion of the city to-date for 2009. But, there was one special-use site sold for a bottle depot, which was priced significantly above what industrial sites would be expected to sell for in the surrounding area, at $953,000 per acre. Comparing the previous years’ averages to 2009 , is like comparing apples and oranges. The overall average sale price of fully-serviced land to-date in 2009 is $720,000 per acre. However, as previously stated, this is skewed heavily towards areas of the city which do not have high volumes of land to transact. In past years the overall average was $652,000 per acre in 2008, $487,000 per acre in 2007 and $458,000 in 2006, and the sales were predominantly located in the southeast and northeast areas. Due to an overall lack of transactions, and those few transactions which are occurring are in areas with limited supply and high demand, the average price increased. Meanwhile, unserviced industrial land sales have dried-up in 2009. There have been two recorded sales of unserviced industrial land inside the Calgary city limits in the first ten months of 2009, with an average price per acre of $129,000. The uncertainty surrounding long-term growth of speculative land investment and development has caused investors to shy away from this type of product. The average price per acre in 2008 was $179,000, versus $172,000 per acre in 2007 and $154,000 per acre in 2006. Partially serviced lands, primarily those sites located along the eastern edge of the city, are currently selling on average for $269,000 per acre, down from the average in 2008 of $307,000 per acre. Attention is being shifted away from the growing markets surrounding Calgary. Locations such as Airdrie, Balzac and lands running along the eastern edge of Calgary in Rocky View County are all sites with a significant amount of additional suitably zoned land (over 1,500 acres). While these areas offer some location and pricing advantages over those properties located inside the City of Calgary’s industrial market, they are now competing with a larger number of properties, located closer to suppliers, clients and employees. Expect to see prices decrease further over the coming year as competition for purchasers intensifies and the economy pushes price expectations back down.
New Industrial Development By the end of the first quarter of 2009, the flow of newly constructed industrial space into the Calgary market had been stopped. With the exception of some owner/user and design-build projects, almost no construction has taken place this year. This is good news
Avison Young Calgary Industrial Market Report - Year End 2009/2010
3
Notable 2009 Industrial Building Sales Sale Date June 29, 2009 May 1, 2009
Property 5801 - 72nd Avenue SE 2408 - 10th Avenue SW
$/SF $97 $193
Total Price Purchaser $40,000,000 Tonko Realty Advisors (OPTrust) $29,522,150 Magiclean Cleaning Services
August 18, 2009
4100 Westwinds Drive NE
$86
$25,825,000 Dayhu Investments
July 22, 2009 June 1, 2009
7007 - 54th Street SE 2729 - 48th Avenue SE
$113 $127
$20,100,000 Trillium Property Group $9,100,000 Irving Wire Products
Vendor Hopewell Development Corp. Macro Realty & Management Grosvenor Canada & Manitoba CSSB Hopewell Development Corp. Samuel, Son & Co.
for a market which is currently over-supplied with large-bay, warehouse options. The only building constructed for multi-tenant leasing purposes, over 50,000 sf, was Telsec’s project located at 10860 – 46th Street SE, which contains 50,000 sf and is fully leased. Construction of any of the 22 million square feet (msf ) currently being proposed or marketed for pre-leasing will likely be held back until the market starts to recover and sufficient pre-leasing is in place.
Industrial Building Sales and Investment The Calgary industrial investment market, is significantly behind the record-breaking year witnessed in 2008, so far this year, but remains the second-highest market sector in terms of dollar volume of investment activity in the city. 2009 year-to-date (January to October) Calgary industrial sales total $207 million in 30 sales. This is $392 million (65%) behind the same ten-month period in 2008, and $126 million (38%) behind the same period in 2007. The largest industrial deal to date in 2009 was Tonko Realty Advisors’ (acting on behalf of OPTrust) acquisition of Great Plains I (5801 – 72nd Avenue SE) from developer Hopewell Development Corporation in June 2009. With a purchase price of $40 million the resulting price per square foot was $97, and the capitalization rate is estimated to be approximately 8.2%. This brand new, 411,560 sf cross-dock facility includes approximately 40,000 sf of cooler and freezer space and will be the new Western Canadian distribution centre for Kraft Canada in addition to the home of Hopewell Distribution Services, a large Canadian logistics company. The 2009 year-to-date average price per square foot is at $121, down 10% from the $135 psf average recorded in 2008, and up 3% from the $118 psf average recorded in 2007. The average sale price for transactions taking place this year is $6.9 million, down versus the average of $10.1 million per transaction in 2008, but is above the ten-year average of $6.6 million per transaction. While 85% of the dollar volume transacting in 2008 was purchased by investors, and 75% in 2007, 58% of the dollar volume in the first ten months of 2009 was purchased by investors. This indicates that while many investors are sitting on the sidelines, waiting to see what will happen to the market, owner-users are capitalizing on this opportunity to buy.
Industrial Condominiums With small businesses and entrepreneurs being squeezed by the ongoing global economic downturn, demand for industrial condominiums has continued to slip. Prices are currently averaging between $160 and $190 psf for typical new construction bays (less than 4,000 sf ) inside the City of Calgary and $150 to $180 psf for existing construction. Meanwhile, in areas surrounding the city the average price is between $135 and $180 psf. In addition to lower prices, industrial condominiums in areas surrounding Calgary can provide another advantage; they often have the ability to include private outdoor yardspace with each unit.
Avison Young Calgary Industrial Market Report - Year End 2009/2010
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Featured Avison Young Calgary Industrial Listings
www.avisonyoung.com
4000 - 106th Avenue SE up to 136,026 Square Feet Southeast Industrial Sublease Opportunity
1891 - 15th Street SE up to 60,000 Square Feet Central Industrial Leasing Opportunity
2874 Kingsview Boulevard SE 28,204 or 45,101 Square Feet Airdrie Industrial For Lease or Sale
Silverwing Business Centre up to 30,200 Square Feet Northeast Industrial For Lease or Sale
3451 Sunridge Way NE 29,000 Square Feet Northeast Industrial Sublease Opportunity
210 Grady Street 20,085 Square Feet Fort Macleod Industrial Building For Sale
4027 - 7th Street SE up to 19,000 Square Feet Central Industrial Leasing Opportunity
3611 - 60th Avenue SE 15,725 Square Feet Southeast Industrial Leasing Opportunity
4220 - 76th Avenue SE 15,600 Square Feet Southeast Industrial Leasing Opportunity
5622 Burbank Crescent SE 14,400 Square Feet Central Industrial Sublease Opportunity
4040 Blackfoot Trail SE 13,993 Square Feet Central Industrial Leasing Opportunity
6111 - 36th Street SE 13,200 Square Feet Southeast Industrial Building For Sale
Calgary Industrial Leasing & Investment Team Norman Lippitt, Principal 403.232.4303 [email protected]
Steve Vesuwalla, Principal 403.232.4306 [email protected]
Jeff Buziak, Negotiator 403.232.4335 [email protected]
Kent Bacon, Negotiator 403.232.4330 [email protected]
Ed Dorosz, Negotiator 403.232.4316 [email protected]
Alex Wihak, Assistant 403.232.4338 [email protected]
Manuel Verdugo, Assistant Doug Johannson, Vice President 403.232.4314 [email protected] 403.232.4328 [email protected]
Research Susan Thompson, Research Manager [email protected]
Graphics Penelope Johnson, Graphics Coordinator [email protected]
Business Condominium Team Pali Bedi, Principal 403.232.4311 [email protected]
Fred Clemens, Associate 403.232.4312 [email protected]
Avison Young Calgary Industrial Market Report - Year End 2009/2010
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Avison Young Offices Toronto
Mississauga
Vancouver
Ottawa
Calgary
Montreal
Edmonton
Quebec City
Lethbridge
Halifax
Regina
Chicago
Winnipeg
Washington, DC
Avison Young is the real estate partner businesses trust for intelligent, integrated solutions. We deliver results that are aligned with your strategic business objectives, supporting real estate initiatives that add value and build competetive advantage for your organization. partnership. performance.
www.avisonyoung.com
For more information, please contact: Susan Thompson, Research Manager 403-232-4380 | [email protected]
Avison Young Gulf Canada Square Suite 309, 401 -9th Avenue SW Calgary, AB T2P 3C5 T 403-262-3082 F 403-262-3325 www.avisonyoung.com Avison Young Real Estate Alberta Inc.
The information contained herein was obtained from sources deemed reliable and is believed to be true; it has not been verified and as such, cannot be warranted or guaranteed by Avison Young.
Market Overview The Calgary industrial market continued to soften over the course of the year. While no new inventory is being added to the marketplace, vacancy continues to rise. Activity levels are not expected to grow significantly in the coming year, but the good news is no one is predicting any further significant downturn to the industry. There is long-term opportunity for tenants to capitalize on declining rents, with the ability to secure leases at lower rates than previous tenants. Landlords are keen to complete deals right now and are aggressively competing in terms of rates and inducements. There are also more options today in terms of serviced, zoned industrial land than there have been in several years, as well as opportunities for owner-users to find the perfect existing building for their operations. It is this cautious optimism that will carry the momentum into the New Year.
Vacancy Index: 10.6%
*
Average Estimated Closing Lease Rates ($PSF): 0 – 10,000 sqft: $8.00 - $12.00 10 – 50,000 sqft: $6.00 - $9.00 50,000 sqft+: $4.75 - $5.75 Average Operating Costs ($PSF): 0 – 10,000 sqft: $3.85 10 – 50,000 sqft: $2.92 50,000 sqft+: $2.14
Vacancy Avison Young’s Calgary Industrial Landlord Vacancy Index * for December 2009 is 10.6%. This is up from 10.4% at the end of September 2009, and 9.3% in first quarter 2009. This continuing increase is primarily due to businesses continuing to downsize, quality opportunities available for purchase in the owner-user market, and companies going dark due to foreclosures and/or bankruptcies. Breaking the city down further, vacancy in northeast Calgary is 11.7%, southeast Calgary is 12.5% and the central portion of the city is 3.1%. This shows some distinct changes from first quarter 2009, when vacancy in the northeast was 12.1%, southeast Calgary was 9.4%, and the central portion of the city was 2.4%. This noticeable increase in vacancy for the southeast comes from a steady supply of space being returned to the market by tenants who no longer require all or a portion of their space. Vacancy by type of product still reflects the abundance of
* This is an index of the portfolios of 20 significant Calgary Industrial Landlords. While this index is believed to be representative of the market, it is not a full survey of the Calgary Industrial marketplace.
Avison Young Calgary Industrial Market Report - Year End 2009/2010
1
Notable 2009 Industrial Lease Deals Tenant
Area Leased (SF)
Belron Canada*
100,000
3E Logistics Ice River Springs Water Company CCT Logistics GEEP Ecosys Inc.
77,350 55,520 55,336 51,937
Building 1022 Eastlake Boulevard (Airdrie, AB) 5381 - 72nd Avenue SE 7112-7120 Barlow Trail SE 4661 - 54th Avenue SE 1504 - 41st Avenue SE
Lease Type Build-to-Suit Renewal New New New
* Indicates transactions Avison Young was involved with.
new construction entering the market without a lease commitment. Warehouse style product currently has a vacancy of 12% whereas flex style product has a vacancy of 5.3%. These numbers are up from first quarter 2009, which recorded warehouse vacancy of 11.3% and flex vacancy of 4.1%. The majority of new construction which took place in recent years was large bay, warehouse product.
Rental Rates Average asking rental rates for industrial properties in Calgary began to retreat in fourth quarter 2008 and have continued their decline throughout 2009. As of the end of third quarter 2009 for less than 10,000 square feet (sf ) the average asking rate was $11.39 per square foot (psf ) net, for space between 10,000 and 50,000 sf the average asking rate was $7.64 psf net, and when looking at space greater than 50,000 sf the average asking rate was $6.18 psf net. Older, functionally-obsolete buildings are quoted below $5.00 psf net. The overall average asking rate was $7.23 psf net. Meanwhile, the average estimated closing lease rates are currently between $8 and $12 psf net for less than 10,000 square feet (sf ), for space between 10,000 and 50,000 sf it is currently between $6 and $9 psf net, and when looking at space greater than 50,000 sf it is between $4.75 and $5.75 psf net. When it comes to taxes and operating costs for less than 10,000 sf tenants can expect to pay an average of $3.85 psf on top of their rent, for space between 10,000 and 50,000 sf the average is $2.92 psf and when looking at space greater than 50,000 sf the average is $2.14 psf. The overall average rate for taxes and operating costs across all surveyed properties in Calgary is $2.74 psf.
Land Availability and Pricing The average price per acre for Calgary serviced industrial land is a completely misleading statistic at this time. There are four distinct zones within the city for this type of land, and the pricing for each is completely independent of the other areas. Out of ten sales in 2009, six were for the city’s newest industrial park Royal Vista. This quadrant of the city has not had available, zoned industrial land in over five years, resulting in these newly released lots commanding relatively high prices. The average for this area is currently $740,000 per acre.
Notable 2009 Serviced Industrial Land Sales Sale Date
Address
$/Acre (SF)
Total Price Purchaser
October 29, 2009
7777 - 110th Avenue NW
$700,500
$1,904,000 Halford & Valentine (1991) Ltd.
November 6, 2009 October 6, 2009 February 2, 2009 March 13, 2009
4121 - 8th Street SE 49 Royal Vista Drive NW 11885 - 16th Street NE* 1009 - 26th Avenue SE
$803,000 $810,000 $953,000 $522,000
$1,850,000 $1,801,372 $1,757,500 $1,600,000
Seletech Electrical Enterprises Hyatt Auto Sales Ltd. 1376286 Alberta Ltd. Abugov Kaspar Developments
Vendor Pacific Investments & Developments Jeld-Wen of Canada The City of Calgary Melcor Developments Private Individual
* Indicates transactions Avison Young was involved with.
Avison Young Calgary Industrial Market Report - Year End 2009/2010
2
In the older, more established central industrial area, where there are few opportunities for bare land acquisitions, there were two sales recorded in 2009 for this area, with an average price per acre of $642,000. The southeast area of the city, on the other hand, has an abundance of zoned, serviced industrial land opportunities. This resulted in prices being significantly lower. However, there was only one sale recorded between January and October, with a price of $562,000 per acre. Meanwhile, there were no conventional industrial land sales recorded in the northeast portion of the city to-date for 2009. But, there was one special-use site sold for a bottle depot, which was priced significantly above what industrial sites would be expected to sell for in the surrounding area, at $953,000 per acre. Comparing the previous years’ averages to 2009 , is like comparing apples and oranges. The overall average sale price of fully-serviced land to-date in 2009 is $720,000 per acre. However, as previously stated, this is skewed heavily towards areas of the city which do not have high volumes of land to transact. In past years the overall average was $652,000 per acre in 2008, $487,000 per acre in 2007 and $458,000 in 2006, and the sales were predominantly located in the southeast and northeast areas. Due to an overall lack of transactions, and those few transactions which are occurring are in areas with limited supply and high demand, the average price increased. Meanwhile, unserviced industrial land sales have dried-up in 2009. There have been two recorded sales of unserviced industrial land inside the Calgary city limits in the first ten months of 2009, with an average price per acre of $129,000. The uncertainty surrounding long-term growth of speculative land investment and development has caused investors to shy away from this type of product. The average price per acre in 2008 was $179,000, versus $172,000 per acre in 2007 and $154,000 per acre in 2006. Partially serviced lands, primarily those sites located along the eastern edge of the city, are currently selling on average for $269,000 per acre, down from the average in 2008 of $307,000 per acre. Attention is being shifted away from the growing markets surrounding Calgary. Locations such as Airdrie, Balzac and lands running along the eastern edge of Calgary in Rocky View County are all sites with a significant amount of additional suitably zoned land (over 1,500 acres). While these areas offer some location and pricing advantages over those properties located inside the City of Calgary’s industrial market, they are now competing with a larger number of properties, located closer to suppliers, clients and employees. Expect to see prices decrease further over the coming year as competition for purchasers intensifies and the economy pushes price expectations back down.
New Industrial Development By the end of the first quarter of 2009, the flow of newly constructed industrial space into the Calgary market had been stopped. With the exception of some owner/user and design-build projects, almost no construction has taken place this year. This is good news
Avison Young Calgary Industrial Market Report - Year End 2009/2010
3
Notable 2009 Industrial Building Sales Sale Date June 29, 2009 May 1, 2009
Property 5801 - 72nd Avenue SE 2408 - 10th Avenue SW
$/SF $97 $193
Total Price Purchaser $40,000,000 Tonko Realty Advisors (OPTrust) $29,522,150 Magiclean Cleaning Services
August 18, 2009
4100 Westwinds Drive NE
$86
$25,825,000 Dayhu Investments
July 22, 2009 June 1, 2009
7007 - 54th Street SE 2729 - 48th Avenue SE
$113 $127
$20,100,000 Trillium Property Group $9,100,000 Irving Wire Products
Vendor Hopewell Development Corp. Macro Realty & Management Grosvenor Canada & Manitoba CSSB Hopewell Development Corp. Samuel, Son & Co.
for a market which is currently over-supplied with large-bay, warehouse options. The only building constructed for multi-tenant leasing purposes, over 50,000 sf, was Telsec’s project located at 10860 – 46th Street SE, which contains 50,000 sf and is fully leased. Construction of any of the 22 million square feet (msf ) currently being proposed or marketed for pre-leasing will likely be held back until the market starts to recover and sufficient pre-leasing is in place.
Industrial Building Sales and Investment The Calgary industrial investment market, is significantly behind the record-breaking year witnessed in 2008, so far this year, but remains the second-highest market sector in terms of dollar volume of investment activity in the city. 2009 year-to-date (January to October) Calgary industrial sales total $207 million in 30 sales. This is $392 million (65%) behind the same ten-month period in 2008, and $126 million (38%) behind the same period in 2007. The largest industrial deal to date in 2009 was Tonko Realty Advisors’ (acting on behalf of OPTrust) acquisition of Great Plains I (5801 – 72nd Avenue SE) from developer Hopewell Development Corporation in June 2009. With a purchase price of $40 million the resulting price per square foot was $97, and the capitalization rate is estimated to be approximately 8.2%. This brand new, 411,560 sf cross-dock facility includes approximately 40,000 sf of cooler and freezer space and will be the new Western Canadian distribution centre for Kraft Canada in addition to the home of Hopewell Distribution Services, a large Canadian logistics company. The 2009 year-to-date average price per square foot is at $121, down 10% from the $135 psf average recorded in 2008, and up 3% from the $118 psf average recorded in 2007. The average sale price for transactions taking place this year is $6.9 million, down versus the average of $10.1 million per transaction in 2008, but is above the ten-year average of $6.6 million per transaction. While 85% of the dollar volume transacting in 2008 was purchased by investors, and 75% in 2007, 58% of the dollar volume in the first ten months of 2009 was purchased by investors. This indicates that while many investors are sitting on the sidelines, waiting to see what will happen to the market, owner-users are capitalizing on this opportunity to buy.
Industrial Condominiums With small businesses and entrepreneurs being squeezed by the ongoing global economic downturn, demand for industrial condominiums has continued to slip. Prices are currently averaging between $160 and $190 psf for typical new construction bays (less than 4,000 sf ) inside the City of Calgary and $150 to $180 psf for existing construction. Meanwhile, in areas surrounding the city the average price is between $135 and $180 psf. In addition to lower prices, industrial condominiums in areas surrounding Calgary can provide another advantage; they often have the ability to include private outdoor yardspace with each unit.
Avison Young Calgary Industrial Market Report - Year End 2009/2010
4
Featured Avison Young Calgary Industrial Listings
www.avisonyoung.com
4000 - 106th Avenue SE up to 136,026 Square Feet Southeast Industrial Sublease Opportunity
1891 - 15th Street SE up to 60,000 Square Feet Central Industrial Leasing Opportunity
2874 Kingsview Boulevard SE 28,204 or 45,101 Square Feet Airdrie Industrial For Lease or Sale
Silverwing Business Centre up to 30,200 Square Feet Northeast Industrial For Lease or Sale
3451 Sunridge Way NE 29,000 Square Feet Northeast Industrial Sublease Opportunity
210 Grady Street 20,085 Square Feet Fort Macleod Industrial Building For Sale
4027 - 7th Street SE up to 19,000 Square Feet Central Industrial Leasing Opportunity
3611 - 60th Avenue SE 15,725 Square Feet Southeast Industrial Leasing Opportunity
4220 - 76th Avenue SE 15,600 Square Feet Southeast Industrial Leasing Opportunity
5622 Burbank Crescent SE 14,400 Square Feet Central Industrial Sublease Opportunity
4040 Blackfoot Trail SE 13,993 Square Feet Central Industrial Leasing Opportunity
6111 - 36th Street SE 13,200 Square Feet Southeast Industrial Building For Sale
Calgary Industrial Leasing & Investment Team Norman Lippitt, Principal 403.232.4303 [email protected]
Steve Vesuwalla, Principal 403.232.4306 [email protected]
Jeff Buziak, Negotiator 403.232.4335 [email protected]
Kent Bacon, Negotiator 403.232.4330 [email protected]
Ed Dorosz, Negotiator 403.232.4316 [email protected]
Alex Wihak, Assistant 403.232.4338 [email protected]
Manuel Verdugo, Assistant Doug Johannson, Vice President 403.232.4314 [email protected] 403.232.4328 [email protected]
Research Susan Thompson, Research Manager [email protected]
Graphics Penelope Johnson, Graphics Coordinator [email protected]
Business Condominium Team Pali Bedi, Principal 403.232.4311 [email protected]
Fred Clemens, Associate 403.232.4312 [email protected]
Avison Young Calgary Industrial Market Report - Year End 2009/2010
5
Avison Young Offices Toronto
Mississauga
Vancouver
Ottawa
Calgary
Montreal
Edmonton
Quebec City
Lethbridge
Halifax
Regina
Chicago
Winnipeg
Washington, DC
Avison Young is the real estate partner businesses trust for intelligent, integrated solutions. We deliver results that are aligned with your strategic business objectives, supporting real estate initiatives that add value and build competetive advantage for your organization. partnership. performance.
www.avisonyoung.com
For more information, please contact: Susan Thompson, Research Manager 403-232-4380 | [email protected]
Avison Young Gulf Canada Square Suite 309, 401 -9th Avenue SW Calgary, AB T2P 3C5 T 403-262-3082 F 403-262-3325 www.avisonyoung.com Avison Young Real Estate Alberta Inc.
The information contained herein was obtained from sources deemed reliable and is believed to be true; it has not been verified and as such, cannot be warranted or guaranteed by Avison Young.
