The Currents of Windermere Medical Wellness Centre (6103 Currents Drive) is reaching completion and will open for occupa
THE
Office Report
VACANCY: 8.5%
YTD ABSORPTION : (142,133) sf
Q3 2014
O F F I C E R E P O R T Q3 2014
Downtown - The Stantec Move 2900 9' - 6" 2900 9' - 6" 2900 9' - 6" 2900 9' - 6" 2900 9' - 6" 2900 9' - 6" 2900 9' - 6" 2900 9' - 6"
2900 9' - 6"
Level 45 160750
2900 9' - 6"
2900 9' - 6"
Level 44 157850
2900 9' - 6" 2900 9' - 6"
2900 9' - 6"
Level 40 146250
2900 9' - 6" 2900 9' - 6"
2900 9' - 6"
Level 38 140450
2900 9' - 6"
2900 9' - 6"
Level 37 137550
2900 9' - 6"
2900 9' - 6"
Level 32 123050
2900 9' - 6" 2900 9' - 6" 2900 9' - 6"
MECHANICAL
Level 30 117250
3810 12' - 6"
3810 12' - 6"
3810 12' - 6"
Level 24 92700
3810 12' - 6"
3810 12' - 6"
Level 23 88890
3810 12' - 6"
Level 14 54600
3810 12' - 6" 3810 12' - 6" 3810 12' - 6" 3810 12' - 6" 3810 12' - 6" 3810 12' - 6"
Level 16 62220 Level 15 58410
3810 12' - 6"
Current Stantec Properties
Level 17 66030
Stantec Centre (10160 - 112 Street) 3810 12' - 6"
OFFICE
3810 12' - 6"
Level 18 69840
3810 12' - 6"
3810 12' - 6" 3810 12' - 6" 3810 12' - 6"
Level 19 73650
3810 12' - 6"
3810 12' - 6"
Level 22 85080
Level 20 77460
3810 12' - 6"
3810 12' - 6"
Level 13 50790
3810 12' - 6" 3810 12' - 6"
Level 8 31740
3810 12' - 6" 3810 12' - 6" 3810 12' - 6"
3810 12' - 6"
Level 7 27930
3810 12' - 6"
Stantec 2 (10120 - 103 Avenue)
3810 12' - 6"
Level 3 11000
Level 2 5500
5500 18' - 0 1/2"
RETAIL / OFFICE
5500 18' - 0 1/2"
Level 4 16500
Level 53 183950
600,000 sf
Level 52 181050 Level 51 178150 Level 50 175250 Level 49 172350 Level 48 169450
vacancy
Level 47 166550 Level 46 163650 Level 45 160750
450,000 sf
Level 44 157850 Level 43 154950 Level 42 152050 Level 41 149150 Level 40 146250 Level 39 143350 Level 38 140450
150,000 sf
Level 37 137550 Level 36 134650 Level 35 131750 Level 34 128850 Level 33 125950 Level 32 123050 Level 31 120150
TBD
Level 30 117250
Level 29 111750
Level 28 107940 Level 27 104130 Level 26 100320 Level 25 96510 Level 24 92700 Level 23 88890 Level 22 85080 Level 21 81270 Level 20 77460 Level 19 73650 Level 18 69840 Level 17 66030 Level 16 62220
189,304 sf
100% of building
131,410 sf
82% of building
Level 15 58410 Level 14 54600 Level 13 50790 Level 12 46980 Level 11 43170 Level 10 39360 Level 9 35550 Level 8 31740 Level 7 27930 Level 6 24120 Level 5 20310
57,248 sf
Level 4 16500
100% of building
5500 18' - 0 1/2"
24
Level 2 5500 5500 18' - 0 1/2"
Rendering Subject to Change
Level 1 0
500,000
Office Market Yearly Absorption Trend (sf )
Level 54 186850
Level 3 11000 Level 1 0
400,000
Level 55 189750
5500 18' - 0 1/2"
3810 12' - 6"
Level 6 24120 Level 5 20310
Level 56 192650
Devonian Building (11150 Jasper Avenue) 3810 12' - 6"
Level 9 35550
3810 12' - 6"
3810 12' - 6" 3810 12' - 6"
Level 10 39360
3810 12' - 6"
3810 12' - 6"
Level 12 46980 Level 11 43170
Level 57 195550
5500 18' - 0 1/2" 3810 12' - 6"
3810 12' - 6"
Level 25 96510
Level 21 81270
Level 58 198450
Floors 1 - 2 3810 12' - 6"
3810 12' - 6"
Level 26 100320
3810 12' - 6"
Retail Podium
Level 28 107940 Level 27 104130
2900 9' - 6"
Level 29 111750
212950 698' - 8"
3810 12' - 6"
2900 9' - 6"
2900 9' - 6"
Level 31 120150
8.0%
320 units
Level 59 201350
Floors 4, 23-28 2900 9' - 6"
2900 9' - 6" 2900 9' - 6"
Level 33 125950
2900 9' - 6"
2900 9' - 6"
Spec Space
Level 34 128850
2900 9' - 6"
2900 9' - 6"
Level 36 134650 Level 35 131750
Level 60 204250
Floors 3, 5-22 2900 9' - 6"
2900 9' - 6"
Level 39 143350
2900 9' - 6"
2900 9' - 6"
Stantec Pre-Lease
Level 41 149150
2900 9' - 6"
2900 9' - 6"
Level 43 154950 Level 42 152050
Level 61 207150
Floors 3 - 28 2900 9' - 6"
2900 9' - 6" 2900 9' - 6" RESIDENTIAL
Level 46 163650
2900 9' - 6"
Office Section
Level 47 166550
2900 9' - 6"
2900 9' - 6"
Level 50 175250
2900 9' - 6"
2900 9' - 6"
2900 9' - 6"
2900 9' - 6"
Level 51 178150
3810 12' - 6"
5500 18' - 0 1/2"
2900 9' - 6"
2900 9' - 6" 2900 9' - 6"
Level 52 181050
Level 48 169450
Level 62 210050
Floors 30 - 62
Level 53 183950
Level 49 172350
TOWER ROOF 212950
0.5 % sublease
2900 9' - 6"
Level 54 186850
2900 9' - 6"
2900 9' - 6" 2900 9' - 6"
Level 55 189750
3810 12' - 6"
3810 12' - 6"
Condo Section
Level 56 192650
2900 9' - 6"
2900 9' - 6" 2900 9' - 6"
Level 57 195550
Floor Plans
5500 18' - 0 1/2"
Stantec Tower Breakdown
Level 58 198450
7.5 % direct
2900 9' - 6"
Level 59 201350
2900 9' - 6"
2900 9' - 6"
Level 60 204250
3810 12' - 6"
2900 9' - 6"
Level 61 207150
3810 12' - 6"
2900 9' - 6"
Level 62 210050
3810 12' - 6"
2900 9' - 6"
TOWER ROOF 212950
438,949
Downtown Suburban
300,000 211,260 200,000 179,776
100,000 -
107,728
119,083 (21,895)
(100,000)
51,093
(42,257)
(51,974) (99,876)
(200,000)
(184,485)
(194,510)
2009
2010
(300,000) 2011
2012
2013
2014 (YTD)
Suburban
•
Emerald Hills Medical Wellness Centre (Emerald Drive & Cloverbar Road) is likewise nearing completion. The current schedule will see the building complete in the fourth quarter of 2014 and open for occupancy in March 2015. The building will offer 40,000 sf of professional medical space, underground parking and close proximity to several retail amenities.
•
Plaza 124 (10216 - 124 Street) has been sold by GE Real Estate to LaSalle Investment Management for $37.1 million at a cap rate of 7.9%. The sale was the largest in the office market this quarter, followed by the former Sobeys Building (12831 - 163 Street) which sold for $24.5 million.
•
Qualico has begun development on the former Allendale Bingo site at Calgary Trail and 63 Avenue. The development will feature two buildings, Allendale Professional Building (3 floors, 65,000 sf ) which will focus on medical professionals and Allendale Office Building (5 floors, 65,000 sf ). The Alberta School Employment Benefit Plan (ASEBP) has preleased 41,000 sf in the Allendale Professional Building.
Partnership. Performance.
9.2% vacancy
0.7 % sublease
The Currents of Windermere Medical Wellness Centre (6103 Currents Drive) is reaching completion and will open for occupancy in November. The building offers 60,000 sf of high-end medical office space, 26,000 sf of which is available as of the end of Q3 2014.
8.5 % direct
•
avisonyoung.com
STANTEC TOWER RE-SHAPES THE SKYLINE AND THE COMMUNITY How Community Building Helps Shape Corporate Culture On August 26, the EAD Joint Venture (WAM Development Group and Katz Group) and Stantec announced Edmonton’s tallest structure and the apex of the highly anticipated Edmonton Arena District (EAD), the new Stantec Tower. At 62 storeys or 746 feet, the new building will dwarf the current inventory, and cement itself as the focal point of the skyline upon completion in 2018. Even more impressively, Stantec Tower will stand out compared to the newest ‘Top Drawer’ office towers in other Canadian markets. Measuring up and even exceeding most of the competition on height, quality and amenities with one notable aspect that sets this tower apart from the pack – its ability to revitalize the community. A vibrant downtown is dependent on a broad mix of services, residences, places of employment and a substantial daytime and evening population. Retail offerings and an urban population create not only an energetic atmosphere, but drive a local economy which benefits business. Office users are intrinsically attracted to the quality of a high-rise building and the natural amenities of a retail rich location. Residents often choose to live in downtown based on the proximity to retail infrastructure, their place of work and their social connectivity. Take away any one factor and the relationship between all of these parts is diminished, detracting from the feeling of life. As a vehicle for creating this ecosystem in Edmonton’s downtown, the real revolution in the Stantec Tower will not be the view of it from across the river valley, but rather the view from across the street. The inclusion of over 250,000 sf of retail space and 1,200 multi-residential units within the EAD will round out the other two facets that the downtown, and particularly the financial district, have been lacking. The result is a healthy environment and injection of life into an area that eagerly awaits it.
SO HOW DOES THE OFFICE TENANT BENEFIT? The work environment is where the majority of people spend most of their time outside of the home and in many respects has become a secondary living space. Aspects concerning comfort and access to services are important to consider and can affect employee morale and productivity. There is also a fundamental reality concerning the need to create a healthy work environment which affects recruitment and ultimately, the bottom line. The deepseated connection between real estate and corporate culture has been pushed to the forefront of popular thought in recent years. Today’s graduates and tomorrow’s educated professionals are demanding more than ever to live, work and socialize in the same location, and squeeze more life out of the work/life balance. To this audience, the location and corporate culture of a potential employer can be just as important, if not more important, than the rate of pay or job title. For these recruits, several vitally important factors in their career choices are being provided by the surrounding community. For today’s young talent, the quality and livability of the work environment is essential. What Edmonton needs and what the Stantec Tower and EAD provide are an effective cultural stimulus, a method of bringing people into the city center, and a way to provide that prestige factor that modern businesses seek. The market is demanding a cultural infrastructure that has been missing in recent decades for which the Stantec Tower and the EAD as a whole will accommodate.
O F F I C E R E P O R T Q3 2014 ts
or nt
ve In al
t To
Financial
y
c an
ct ire
nc
y
c Va
D
a ac eV
y
s
ea bl
r so
n
io
pt
(Y
)
TD
cy
n ca
Ab
Su
R
e at
cy
n ca
Va
c ire
se
t
D
cy
n ca
Va
y nc
s Co
pa
ea bl
Su
ge
O
u cc
ge
a er Av
Va
AA
4,008,429
351,513
21,382
(34,200)
9.3%
0.1%
8.8%
0.1%
0.5%
-
$18.25
A
4,782,075
336,973
68,915
4,526
8.5%
0.7%
7.0%
(0.3% )
1.4%
0.9%
B
1,796,096
130,077
-
(24,880)
7.2%
(0.1% )
7.2%
(0.1% )
-
C
1,068,163
65,919
-
(20,709)
6.2%
(0.6% )
6.2%
(0.6% )
Subtotal
11,654,763
884,482
90,297
(75,263)
8.4%
0.3%
7.6%
A
2,640,324
157,065
-
34,604
5.9%
(0.3% )
B
1,446,547
199,157
-
(56,252)
13.8%
C
1,333,421
40,805
-
(2,965)
Subtotal
5,420,292
397,027
-
118 Avenue & Kingsway
1,524,016
65,077
124 Street
909,905
149 Street
e as
s te
Ra
Le
a er Av -
$27.50
-
$17.25
($0.25) $20.50
-
-
$15.00
$0.25
$18.50
$0.25
-
-
$12.25
-
$15.50
$0.75
(0.1% )
0.8%
0.4%
$15.50
-
$20.50
$0.50
5.9%
(0.3% )
-
-
$14.50
$0.25
$18.50
($0.25)
1.6%
13.8%
2.5%
-
-
$17.50
$0.25
3.1%
(0.1% )
3.1%
(0.1% )
-
$12.50
-
$14.25
($1.25)
(24,613)
7.3%
0.2%
7.3%
0.5%
-
(0.2% ) $13.75
-
$17.00
($0.25)
2,174
(28,397)
4.4%
1.7%
4.3%
1.7%
0.1%
-
$12.25
$0.50
$17.00
$0.50
128,222
4,200
(1,198)
14.6%
(0.6% ) 14.1%
(0.6% )
0.5%
-
$13.25
($0.25) $17.75
$0.25
1,567,245
90,154
-
32,254
5.8%
(1.2% )
5.8%
(1.2% )
-
-
$11.50
-
$17.50
$0.75
Eastgate
1,287,755
143,865
-
348
11.2%
0.3%
11.2%
0.3%
-
-
$9.50
-
$18.25
-
Southside
3,578,926
220,069
41,994
(38,842)
7.3%
1.8%
6.1%
0.8%
1.2%
1.0%
$12.25
$0.25
$17.00
($0.50)
785,039
73,064
10,561
(2,818)
10.7%
(1.6% )
9.3%
(1.7% )
1.3%
-
$11.00
-
$23.75
$0.25
1,609,763
185,034
24,470
6,351
13.0%
(0.7% ) 11.5%
(0.7% )
1.5%
-
$11.00
$0.25
$16.50
($0.50)
Whyte Avenue
599,278
59,148
1,354
(20,466)
10.1%
4.7%
9.9%
4.7%
0.2%
-
$16.25
$0.75
$19.25
($0.25)
Sherwood Park
1,177,766
143,920
5,776
10,511
12.7%
1.4%
12.2%
1.1%
0.5%
0.3%
$8.00
-
$18.25
($0.25)
Downtown
17,075,055
1,281,509
90,297
(99,876)
8.0%
0.2%
7.5%
0.1%
0.5%
0.2%
$14.75
-
$19.00
-
Suburban
13,039,693
1,108,553
90,529
(42,257)
9.2%
0.7%
8.5%
0.4%
0.7%
0.3%
$11.50
-
$18.00
-
Overall
30,114,748
2,390,062
180,826
(142,133)
8.5%
0.4%
7.9%
0.2%
0.6%
0.2%
$12.50
-
$18.25
-
Government
(0.9% ) $14.25 -
Suburban
Summerside West End
Totals
MEET OUR OFFICE LEASING TEAM:
Partnership. Performance.
Cory Wosnack
Mark Hartum
Peter Schwann
Karnie Vertz
Principal 780.429.7556
B.Comm, SIOR, Principal 780.429.7557
B.Comm, Principal 780.429.7563
LEED GA, Principal 780.429.7551
[email protected]
[email protected]
[email protected]
[email protected]
Jason Gardner
Shella Scheller
Cailey Martiniuk
Jennifer Linton
B.Comm, Associate 780.429.7569
Client Services Coordinator 780.702.0699
Client Services Coordinator 780.429.7572
Associate 780.429.7561
[email protected]
[email protected]
[email protected]
[email protected]
Ariane Roberto-Charron
Charlotte Phillips
Paul Broughan
Mike Banister
Assistant 587.882.9751
Graphic Designer 780.429.7574
Marketing Coordinator 780.429.7555
Research Manager 780.702.5826
[email protected]
[email protected]
[email protected]
[email protected]
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