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VIEWPOINT
OTTAWA GREEN OFFICE MARKET REPORT | Q2 2010
GREEN VIEWPOINT
LEED REGISTRATIONS ON THE RISE

LEED registrations in Ottawa spiked this quarter, with an increase of near...
GREEN MARKET TRENDS
OTTAWA GREEN REAL ESTATE MARKET

OVERVIEW                                                             ...
TEAM PROFILE                                         ABOUT CUSHMAN & WAKEFIELD

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Ottawa Green Viewpoint Q2-2010

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Cushman & Wakefield Ottawa’s quarterly Green Office Market Report has a new look! Check out Green Viewpoint! We’ve taken on a new format to provide you with more information and outlook about what is happening in Ottawa’s ever growing Green Office Market.

In this issue;
-A dramatic rise in LEED registrations
-180 Kent quickly approaches full occupancy
-How the Green Office market stacks up
-Where Ottawa’s Green Office market is headed
-Green Office Market statistics

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Transcript of "Ottawa Green Viewpoint Q2-2010"

  1. 1. VIEWPOINT OTTAWA GREEN OFFICE MARKET REPORT | Q2 2010
  2. 2. GREEN VIEWPOINT LEED REGISTRATIONS ON THE RISE LEED registrations in Ottawa spiked this quarter, with an increase of nearly 50% over the past 19 quarters since The Currents, a mixed use development built by local developer Windmill Developments and home of the Great Canadian Theatre Company, was Ottawa’s first LEED registered project back in July 2005. That project has subsequently been awarded Ottawa’s first LEED Platinum designation. In Ottawa, there are now a total of 79 LEED registered projects, which does not include any of the 154 confidentially registered projects currently in Ontario. “We are really seeing dynamic shifts take hold in the market place” according to Scott Brooker, founding member of Cushman & Wakefield Ottawa’s Green Real Estate Practice Group, “Quarter after quarter we are seeing huge spikes in numbers, whether it is in BOMA BESt certifications or LEED registrations, landlords and building owners now realize that to be competitive going forward they have to adapt to changing market demands, and that means making sustainability a top priority.” LEED REGISTRATIONS PER QUARTER IN OTTAWA 30 25 20 15 10 LEED REGISTRATIONS 5 0 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 *Source: CaGBC GREEN HIGHLIGHTS Q2 2010 SIGNIFICANT LEED REGISTRATIONS Building LEED Type Organization Sq Ft 433 Terminal Road LEED-CS 1.0 PWGSC/Canderel Management 348,481 Billings Bridge Office Tower LEED-CS 1.0 20 Vic Management 252,952 199 Slater Street LEED-CS 1.0 Broccolini 224,147 395/400/435 Terminal Road LEED-CS 1.0 Controlex Realty 161,457 180 Kent Street LEED-CI 1.0 Citizenship & Immigration Canada 44,735 180 Kent Street LEED-CI 1.0 WSIB 35,607 10 Rideau Street LEED-CI 1.0 Federation of Canadian Municipalities 13,240 Cushman & Wakefield Ottawa 99 Bank St. Suite 700 Ottawa, Ontario, K1P 6B9 T: 613.236.1567 VIEWPOINT I Q2 2010 F: 613.236.5958
  3. 3. GREEN MARKET TRENDS OTTAWA GREEN REAL ESTATE MARKET OVERVIEW Green Market Leasing Activity Leasing activity at 180 Kent continues to be strong, with another 33,247 square feet 160,000 140,000 leased in Q2, bringing them up to 92.2% occupancy as they march their way to Square Feet 120,000 becoming fully leased. Overall, leasing activity in the Green Market remains strong 100,000 80,000 at 93,384 square feet this quarter, bringing the year-to-date total to over 240,000 60,000 square feet. 40,000 20,000 Overall vacancy remained virtually unchanged from the first quarter, although down - 1.5% from the end of 2009. Compared to the rest of the Ottawa office market, direct Q4 Q1 Q2 vacancy is slightly lower in the Green Market at 4.7% vs. 5.2% in the Rest of the 2009 2010 2010 8.0% Ottawa Office Vacancy Market. 7.0% 6.0% OUTLOOK 5.0% We anticipate continued strength and growth within Ottawa’s Green Market for the 4.0% 3.0% foreseeable future. We do however expect a rise in the availability for early 2011 2.0% with over 230,000 square feet of space anticipated to come on the market at the Sun 1.0% 0.0% Life Financial Centre at the beginning of 2011, as reported in last quarter’s Green Market Rest of Greenbeat Report. With SLFC’s pursuit of LEED EB:OM, and it possibly being the Market first such building to hit the Ottawa market, we anticipate it will be of great interest to Direct Vacancy tenants seeking to achieve their sustainability targets. Overall Vacancy OTTAWA GREEN MARKET STATISTICS – Q2 2010 Q2 Overall Direct Leasing No. of Inventory Vacancy Vacancy Activity Average Net Certification Level Buildings (sf) Rate Rate (sf) Rental Rate Gross Rental Rate LEED Gold* 1 355,000 7.8% 7.8% 33,247 $26.00 $44.75 BESt 4 1 152,918 2.3% 0% 3,500 $26.00 $46.51 BESt 3 15 3,185,549 3.9% 2.2% 28,613 $22.55 $43.83 BESt 2 20 2,784,404 9.0% 7.3% 28,024 $12.59 $29.21 Total Green 37 6,477,871 6.3% 4.7% 93,384 $17.86 $36.69 Market *Pending certification Cushman & Wakefield Ottawa 99 Bank St. Suite 700 Ottawa, Ontario, K1P 6B9 T: 613.236.1567 F: 613.236.5958 VIEWPOINT I Q2 2010
  4. 4. TEAM PROFILE ABOUT CUSHMAN & WAKEFIELD Cushman & Wakefield was founded in 1917. James McNeil Today the firm has 231 offices throughout the globe in 58 Associate Vice President* Green Real Estate Practice Lead countries. C&W employs 13,000 talented professionals who Tel: 613-780-1567 create, optimize, and protect value for clients in every region jmcneil@cwottawa.com of the world. We assist clients in every stage of the real estate process, representing them in buying, selling, James is President of the Ottawa Chapter Canada Green Building Council and a Director of the Ottawa financing, leasing, managing, valuing assets, providing Chamber of Commerce Environment Committee. strategic planning and research, portfolio analysis, site James is uniquely positioned to align your real estate with your business objectives of creating a selection, and space location, among other advisory services. sustainable workplace. James has received the Leadership in Business Award from Earth Day Ottawa for his commitment to the environment and ABOUT THE OTTAWA GREEN was nominated as Corporate Citizen of the Year by REAL ESTATE PRACTICE GROUP the Kanata Chamber of Commerce. He has lectured on leasing and market-related topics to industry stakeholders and holds the designation of Cushman & Wakefield Ottawa’s Green Real Estate Practice Real Property Administrator (RPA) and is a LEED Group works with organizations who have made a Accredited Professional (LEED AP). commitment to sustainable business operations. We assist them in navigating Ottawa’s commercial real estate landscape Scott Brooker to find workplace solutions that align with their environmental Sales Representative commitments and contribute to sustainable bottom lines. Green Real Estate Practice Group Tel: 613-780-1582 Our team provides corporate tenants and building owners with sbrooker@cwottawa.com the expertise to understand and evaluate the benefits and cost savings of buildings designed with sustainable high Scott sits on the Canmet Energy Policy Advisory Committee for the Development of Methodologies performance design features. and Tools for Sustainability Reporting in the Commercial & Institutional Buildings Sector and the Our value proposition is our ability to assist organizations in CaGBC-ORC Existing Buildings Committee. He matching real estate solutions to their quest to go green. holds a Bachelor of Commerce Degree in International Business from Dalhousie University & the Copenhagen Business School. He is focused on driving sustainable value for his clients. As a founding member of the Cushman & Wakefield CONTACTS Ottawa Green Real Estate Practice Group he provides clients with sustainable real estate solutions that create value for their overall Cushman & Wakefield Ottawa operations. 99 Bank St. Suite 700 Ottawa, Ontario, K1P 6B9 Brokerage, Independently Owned and Operated LinkedIn Group: James McNeil Scott Brooker OTTAWA GREEN BUILDINGS AND Associate Vice President* Sales Representative SUSTAINABLE WORKPLACES Green Real Estate Practice Lead Green Real Estate Practice Group Tel: 613-780-1567 Tel: 613-780-1582 Twitter: jmcneil@cwottawa.com sbrooker@cwottawa.com http://www.twitter.com/CWOGreen *Sales Representative Cushman & Wakefield Ottawa is a proud member of the Canada Green Building Council

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