1. Market
Knowledge
17%
10,000 SF or more
15%
5,000-10,000 SF
68%
5,000 SF or less
MIDTOWN - YONGE-EGLINTON
OFFICE LEASE TRANSACTION BY SIZE
> Majority of tenants relocating are in the
1,000 to 5,000 square foot range
> 66% of the deals under 5,000 square feet were less than
2,500 square feet
> 90% of larger tenants in the 10,000 square feet range or
more are renewing
Leasing activity has remained stagnant in Midtown with the
vacancy rate rising to 5.2 percent this quarter. At the end of
2012, Midtown hit an all-time low in vacancy of 5.0 percent
and average net asking rates were at their highest at $17.73
per square foot this quarter.
The Yonge and Eglinton submarket appears to tell a different
story with vacancy rising from 6.5 percent to 7.0 percent
this quarter. However, there as a heightened amount of
activity this quarter with deals that will impact absorption
over the next few quarters.
First Quarter 2013
Market Snapshot
Q4 2012 Q1 2013 Trend
Office Inventory 17,795,438 17,795,438
Net Absorption 25,976 (48,786) MAP
Vacancy Rate 5.0% 5.2%
Availability Rate 6.4% 6.2%
Average Asking Net Rent $17.07 $17.70
Average Additional Rent $18.18 $18.36
Average Asking Gross Rent $35.25 $36.06
24 Month Trend
Inventory Availability by Market
Inventory (SF)
No new development updates at this time.
Availability (SF)
Market Profile
New Developments Update
TTC access via subway, LRT and bus routes.
Office Market Dashboard | Midtown
$17.70
5.2%
-15
-10
-5
0
5
10
15
20
25
30
-600
-400
-200
0
200
400
600
800
1,000
1,200
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
AskingNetRent($)/VacancyRate(%)
Absorption(ThousandsSF)
Absorption Vacancy Rate Average Net Rent
Yonge-Bloor
8,827,086
50%
Yonge-St.Clair
2,467,401
14%
Yonge-
Eglinton
5,077,134
28%
Toronto West
1,423,817
8%
Yonge-Bloor
452,766
41%
Yonge-St.Clair
127,376
11%Yonge-
Toronto West
121,134
11%
CLASS A
BUILDING AREA 132,000
AVAILABLE 5,990
NET ASK $15.00
ADDITIONAL RENT $18.70
GROSS ASK $33.70
CLASS B
BUILDING AREA 82,443
AVAILABLE 51,012
NET ASK $18.00
ADDITIONAL RENT $20.11
GROSS ASK $38.11
CLASS A
BUILDING AREA 110,357
AVAILABLE 13,802
NET ASK $15.00
ADDITIONAL RENT $18.79
GROSS ASK $33.79
CLASS B
BUILDING AREA 196,650
AVAILABLE 46,259
NET ASK $16.00
ADDITIONAL RENT $19.90
GROSS ASK $35.90
CLASS B
BUILDING AREA 112,284
AVAILABLE 12,690
NET ASK $13.50
ADDITIONAL RENT $17.15
GROSS ASK $30.65
CLASS B
BUILDING AREA 53,000
AVAILABLE 12,782
NET ASK $13.00
ADDITIONAL RENT $16.00
GROSS ASK $29.00
CLASS C
BUILDING AREA 111,133
AVAILABLE 39,162
NET ASK $15.50
ADDITIONAL RENT $16.65
GROSS ASK $32.15
CLASS A
BUILDING AREA 322,806
AVAILABLE 6,130
NET ASK $20.00
ADDITIONAL RENT $23.09
GROSS ASK $43.09
CLASS A
BUILDING AREA 223,382
AVAILABLE 55,007
NET ASK $16.00
ADDITIONAL RENT $20.99
GROSS ASK $36.99
CLASS C
BUILDING AREA 60,275
AVAILABLE 4,050
NET ASK $11.50
ADDITIONAL RENT $15.97
GROSS ASK $27.47
CLASS A
BUILDING AREA 521,190
AVAILABLE 10,256
NET ASK -
ADDITIONAL RENT $23.09
GROSS ASK -
75EGLINTONAVEE
8
7
6
5
4
3
2
1
1EGLINTONAVEE
8
7
6
5
4
3
2
1
40EGLINTONAVEE
9
8
7
6
5
4
3
2
1
90EGLINTONAVEE
9
8
7
6
5
4
3
2
1
150EGLINTONAVEE
10
9
8
7
6
5
4
3
2
1
160EGLINTONAVEE
7
6
5
4
3
2
1
245EGLINTONAVEE
4
3
2
1
20EGLINTONAVEW
22
21
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
2200YONGEST
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
2221YONGEST
6
5
4
3
2
1
2300YONGEST
30
29
28
27
26
25
24
23
22
21
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
CLASS B
BUILDING AREA 69,824
AVAILABLE 33,619
NET ASK $17.50
ADDITIONAL RENT $17.62
GROSS ASK $35.12
2323YONGEST
8
7
6
5
4
3
2
1
Eglinton Office Market
Trend
MAP
Inventory Availability by Market
Inventory (SF)
Availability (SF)
ge/St. Clair
ban growth
5
0
AskingNetRent($)/VacancyRate(%)
nt
Yonge-Bloor
8,827,086
50%
Yonge-St.Clair
2,467,401
14%
Yonge-
Eglinton
5,077,134
28%
Toronto West
1,423,817
8%
Yonge-Bloor
452,766
41%
Yonge-St.Clair
127,376
11%Yonge-
Eglinton
406,984
37%
Toronto West
121,134
11%
First Quarter 2013
Submarket Snapshot
Q4 2012 Q1 2013 Trend
Office Inventory 5,077,134 5,077,134
Net Absorption 5,378 (23,054) MAP
Vacancy Rate 6.5% 7.0%
Availability Rate 9.2% 8.0%
Average Asking Net Rent $14.61 $14.88
Average Additional Rent $17.67 $18.11
Average Asking Gross Rent $32.28 $32.99
Available Supply Split Gross Rent
24 Month Trend
Class AAA/A
Class B
New Developments Update
No new development updates at this time.
Class C
Office Submarket Dashboard |
$37.20
$0.00
$10.00
$20.00
$30.00
$40.00
0
500
1,000
1,500
2,000
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
Thousands(SF)
Not Available Space Direct Available
Sublease Available Gross Rent
$33.45
$0.00
$10.00
$20.00
$30.00
$40.00
0
500
1,000
1,500
2,000
2,500
3,000
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
Thousands(SF)
$27.73
$10.00
$20.00
$30.00
$40.00
500
1,000
1,500
Thousands(SF)
Midtown: Yonge-Eglinton
$14.88
7.0%
-20
-10
0
10
20
30
-400
-200
0
200
400
600
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
AskingNetRent($)/VacancyRate(%)
Thousands(SF)
Absorption Vacancy Rate Average Net Rent
First Quarter 2013
Submarket Snapshot
Q4 2012 Q1 2013 Trend
Office Inventory 5,077,134 5,077,134
Net Absorption 5,378 (23,054) MAP
Vacancy Rate 6.5% 7.0%
Availability Rate 9.2% 8.0%
Average Asking Net Rent $14.61 $14.88
Average Additional Rent $17.67 $18.11
Average Asking Gross Rent $32.28 $32.99
Available Supply Split Gross Rent
24 Month Trend
Class AAA/A
Class B
New Developments Update
No new development updates at this time.
Office Submarket Dashboard |
$37.20
$0.00
$10.00
$20.00
$30.00
$40.00
0
500
1,000
1,500
2,000
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
Thousands(SF)
Not Available Space Direct Available
Sublease Available Gross Rent
$33.45
$0.00
$10.00
$20.00
$30.00
$40.00
0
500
1,000
1,500
2,000
2,500
3,000
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
Thousands(SF)
Midtown: Yonge-Eglinton
$14.88
7.0%
-20
-10
0
10
20
30
-400
-200
0
200
400
600
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
AskingNetRent($)/VacancyRate(%)
Thousands(SF)
Absorption Vacancy Rate Average Net Rent
MIDTOWN YONGE-EGLINTON
CLASS C
BUILDING AREA 58,800
AVAILABLE 6,808
NET ASK $14.00
ADDITIONAL RENT $12.98
GROSS ASK $26.98
124MERTONST
5
4
3
2
1
CLASS C
BUILDING AREA 59,570
AVAILABLE 8,631
NET ASK -
ADDITIONAL RENT $15.52
GROSS ASK -
130MERTONST
6
5
4
3
2
1
CLASS B
BUILDING AREA 66,600
AVAILABLE 3,560
NET ASK $16.00
ADDITIONAL RENT $19.90
GROSS ASK $35.90
CLASS B
BUILDING AREA 105,899
AVAILABLE 5,623
NET ASK $16.00
ADDITIONAL RENT $19.29
GROSS ASK $35.29
CLASS A
BUILDING AREA 101,693
AVAILABLE 4,784
NET ASK $16.00
ADDITIONAL RENT $19.96
GROSS ASK $35.96
CLASS A
BUILDING AREA 128,355
AVAILABLE 26,600
NET ASK $16.00
ADDITIONAL RENT $20.45
GROSS ASK $36.45
CLASS C
BUILDING AREA 31,500
AVAILABLE 4,795
NET ASK -
ADDITIONAL RENT $15.00
GROSS ASK -
1835YONGEST
7
6
5
4
3
2
1
1867YONGEST
11
10
9
8
7
6
5
4
3
2
1
1881YONGEST
8
7
6
5
4
3
2
1
1920YONGEST
6
5
4
3
2
1
G
2040YONGEST
3
2
1
Davisville Office Market
2STCLAIRAVEE
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
21STCLAIRAVEE
14
12
11
10
9
8
7
6
5
4
3
2
1
40STCLAIRAVEW
14
12
11
10
9
8
7
6
5
4
3
2
1
45STCLAIRAVEW
14
12
11
10
9
8
7
6
5
4
3
2
1
1STCLAIRAVEW
12
11
10
9
8
7
6
5
4
3
2
1
CLASS A
BUILDING AREA 242,242
AVAILABLE 3,756
NET ASK $19.00
ADDITIONAL RENT $21.22
GROSS ASK $40.22
CLASS A
BUILDING AREA 145,425
AVAILABLE 17,256
NET ASK $18.00
ADDITIONAL RENT $23.16
GROSS ASK $41.16
CLASS B
BUILDING AREA 84,464
AVAILABLE 12,412
NET ASK $15.50
ADDITIONAL RENT $17.12
GROSS ASK $32.62
CLASS B
BUILDING AREA 83,660
AVAILABLE 2,718
NET ASK $13.00
ADDITIONAL RENT $21.47
GROSS ASK $34.47
CLASS B
BUILDING AREA 122,519
AVAILABLE 2,245
NET ASK $14.50
ADDITIONAL RENT $20.14
GROSS ASK $34.64
CLASS B
BUILDING AREA 107,443
AVAILABLE 5,017
NET ASK $14.50
ADDITIONAL RENT $17.10
GROSS ASK $31.60
CLASS B
BUILDING AREA 113,264
AVAILABLE 9,225
NET ASK $21.00
ADDITIONAL RENT $21.18
GROSS ASK $42.18
CLASS A
BUILDING AREA 273,740
AVAILABLE 20,820
NET ASK $26.00
ADDITIONAL RENT $24.00
GROSS ASK $50.00
CLASS B
BUILDING AREA 246,295
AVAILABLE 3,888
NET ASK $18.00
ADDITIONAL RENT $21.33
GROSS ASK $39.33
CLASS B
BUILDING AREA 79,318
AVAILABLE 6,589
NET ASK $13.00
ADDITIONAL RENT $14.40
GROSS ASK $27.40
CLASS B
BUILDING AREA 251,065
AVAILABLE 32,288
NET ASK $18.00
ADDITIONAL RENT $20.49
GROSS ASK $38.49
CLASS B
BUILDING AREA 63,370
AVAILABLE 14,412
NET ASK $13.67
ADDITIONAL RENT $17.23
GROSS ASK $30.90
CLASS A
BUILDING AREA 171,744
AVAILABLE 1,335
NET ASK $19.00
ADDITIONAL RENT $22.34
GROSS ASK $41.34
30STCLAIRAVEW
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
2STCLAIRAVEW
21
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
1STCLAIRAVEE
10
9
8
7
6
5
4
3
2
1
22STCLAIRAVEE
20
19
18
17
16
15
14
12
11
10
9
8
7
6
5
4
3
2
1
95STCLAIRAVEW
18
17
16
15
14
12
11
10
9
8
7
6
5
4
3
2
1
60STCLAIRAVEE
10
9
8
7
6
5
4
3
2
1
65STCLAIRAVEE
10
9
8
7
6
5
4
3
2
1
55STCLAIRAVEW
9
8
7
6
5
4
3
2
1
St. Clair Office Market
EGLINTON OFFICE MARKET DAVISVILLE OFFICE MARKET
ST. CLAIR OFFICE MARKET