MARTY

DAILY NEWS Nov 8, 2012 12:32 PM - 0 comments Development boom ramping up in Canada's four largest office markets TEXT SIZE TORONTO 2012-11-08 New development cycles are taking shape in Canada’s four largest business centres as landlords and developers launch large-scale office projects in response to strong market conditions and a scarcity of available space, according to Jones Lang LaSalle’s Look Forward series, which forecasts development and vacancy trends in Downtown Class A office development in Toronto, Montréal, Calgary and Vancouver through 2016 and 2017. Based on the projects either currently under construction or confirmed, the surge in new office development in Toronto, Montréal and Vancouver represents the most significant uptick in new construction in a decade or more, according to the report. The extremely low vacancy rate in Downtown Calgary (0.7 per cent for Class AA and Class A space) has recently prompted a new wave of development in the market at a time when limited office supply is leaving “captive” tenants little option but to extend existing leases. “The combination of low vacancy rates, strong demand and the continued economic strength of these four markets creates a highly favourable environment for new development,” said Brett Miller, president of Jones Lang LaSalle’s Canada operations. “For tenants, this is a welcome trend considering the current limited space options for new and large blocks of space, and the steadily rising rental rates in this landlord-friendly environment. With major new supply being added, these markets are likely to shift closer to equilibrium over the next five years as landlords lose some of their current leverage.” The Next Generation of Buildings: An Emphasis on Energy Efficiency One key difference between the current building boom and previous cycles is the emphasis on energy-efficient, “smart” design features. Virtually all of the projects under construction or in the planning stages are designed to receive LEED Gold or Platinum certification. “This new supply of office buildings will offer tenants significant cost savings through sustainable design, as well as innovative features that will help attract the best employees,” Miller said. “At the same time, these state-of-the-art buildings will put pressure on the landlords of older buildings to invest in sustainable features and technology improvements to stay competitive.” A New Round of Development The “Look Forward” series provides a forecast for new supply through 2016 under three scenarios – “base case,” “medium case,” and “high case,” with the medium case considered the most likely projection based on the analysis of previous development cycles. Toronto – by far Canada’s largest office market with a downtown inventory of 69.7 million square feet and a vacancy rate of 5.1 per cent at the end of the third quarter – is on pace for its most significant development boom since the early 1990s. Jones Lang LaSalle forecasts the completion of nine buildings totalling 5.6 million square feet. Montréal is gearing up for its most substantial building cycle since 2002-2004 with three confirmed and five forecasted new developments totalling 2.5 million square feet. Calgary is projected to benefit from five new buildings, including the recently completed and soon-to-be fully occupied Bow Tower, totalling over 5.2 million square feet, and Vancouver is on track to add 11 buildings and over 2.7 million square feet by the end of 2017. “In addition to the strong real estate fundamentals in these markets, the positive environment for development is enhanced by the continued low interest rates and the availability of capital at a comparatively lower cost as the economy continues to rebound across Canada,” Miller said. “There is also greater interest among pension funds and third-party managers for real estate investment, thanks to higher yields in real estate compared to equities and alternative investments.” Look Forward: Market Highlights Toronto • Confirmed projects include: Bay Adelaide Centre East, 980,000 square feet (Q1 2016 completion); One York, 35 storeys, 830,801 square feet (Q4 2016). • The nine buildings totalling 5.6 million square feet of new development expected through 2016 compares to 6.9 million square feet of new supply added in 1990-1992. • Despite the significant addition of new space, vacancy is expected to remain below 10 per cent by 2016 (8.02 per cent), which compares to the 18.6 per cent vacancy rate in 1993. • This development cycle is called “South Core: Round 2” because five of the 12 projects currently tracked by Jones Lang LaSalle are located south of the Gardiner Expressway. • If a developer secures a strong anchor tenant, pre-leasing requirements range from 35 to 50 per cent in this new development cycle, compared to the default 50 per cent requirement in 2009. Montréal • Confirmed projects include: Aimia Tower, 10 storeys, 236,438 square feet (Q4 2013 completion); Deloitte Tower, 26 storeys, 514,000 square feet (Q2 2015). • With eight proposed buildings totalling 2.5 million square feet expected to be added through 2016, the vacancy rate is likely to peak at 10 per cent in 2016 (compared to the current rate of 5.4 per cent) before dropping to 9.3 per cent in 2017. • The current wave of new construction is the first privately funded development boom since the early 1990s, when 4.3 million square feet of space was built downtown. • The cycle of new construction in 2002-2004, which totalled 2 million square feet, was influenced by government subsidies. • Pre-leasing requirements currently range from 35 to 50 per cent, depending on the ownership structure, compared to 60 per cent in the previous cycle. Calgary • Confirmed projects include: Eighth Avenue Place – West, 40 storeys, 840,000 square feet (Q3 2014 completion) and Calgary City Centre, 36 storeys, 820,000 square feet (Q1 2016 completion). • Four buildings totalling 3.3 million square feet are expected to be added through 2017, significantly less than the 14 buildings and 7.4 million square feet delivered over the previous five years (including the recently completed Bow Tower). • The low CBD vacancy rate of 0.7 per cent for Class AA and Class A space is the driving force behind the new development boom. • The Downtown market could potentially run out of Class AA and A space before new supply arrives in 2016. Vacancy is expected to peak at 5.7 per cent in 2017, following the projected completion of the bulk of proposed and confirmed developments the year prior. Vancouver • Confirmed projects include: MNP Tower, 35 storeys, 265,000 square feet (Q3 2014 completion); Telus Garden, 22 storeys, 445,000 square feet (Q3 2014); 745 Thurlow, 25 storeys 365,000 square feet (Q2 2015); and the 725 Granville Street redevelopment, 5 storeys, 280,000 square feet (Q1 2015) • With the 11 buildings totalling 2.7 million square feet expected to be added to the Downtown market, the vacancy rate is likely to peak at a five-year high of 8.5 per cent at the end of 2017. • The building boom under way in Vancouver follows a decade of limited construction in which two office towers and two mixed-use projects added 1.15 million square feet to the Downtown market. • New buildings in various stages of development are projected to result in a 21 per cent increase in Class A Downtown office inventory. Jones Lang LaSalle Real Estate Services Inc.

La construction du complexe commercial Sortie 28 débutera au printemps Photo Gabrielle Doutre Le maire de Blainville, François Cantin, Gilles Laurence du Groupe Laurence, et Richard Perreault, conseiller municipal du quartier d’Alençon et président de la Commission des finances. Publié le 24 Octobre 2012 Claudine Mainville Investissement de plus de 60 M $ en bordure de l’autoroute 15 à Blainville Sujets : Groupe Laurence , Blainville François Cantin , Carrefour du boulevard Michèle-Bohec , Rue Notre-Dame Le Groupe Laurence a présenté cette semaine le plan de développement du complexe commercial, Sortie 28, qui couvrira le quadrilatère du boulevard Michèle-Bohec, de la rue Notre-Dame et de l’autoroute 15, à l’extrémité nord du territoire de Blainville, un projet nécessitant un investissement de plus de 60 M $ qui débutera au printemps 2013. Déjà, la disparition du boisé et les travaux de remblaiement sur le site avaient soulevé le questionnement des passants et des résidents de Blainville. «Il fallait effectuer ces travaux dès maintenant pour permettre la consolidation du sol, pour que les travaux de construction débutent dès le printemps 2013. Cette période était également préférable afin d’éviter la nidification…», a expliqué le maire de Blainville François Cantin. Le terrain avait été acquis par le Groupe Laurence il y a près de dix-huit mois, au coût de 9.1 millions de dollars. Le promoteur, le Groupe Laurence en collaboration avec Smart Centres, dispose de cinq années pour compléter le projet. Les premiers commerces devraient accueillir le public dès l’automne 2013. La première phase sera réalisée en bordure de l’autoroute, comprenant un bâtiment de 12 113 mètres carrés, soit un commerce de grande surface. Gilles Laurence a refusé de révéler à ce moment-ci, la bannière de ce commerce parce que les négociations seraient encore en cours…«Ce n’est pas encore signé mais ça devrait être complété au cours des prochaines semaines», a affirmé Gilles Laurence. Deux autres bâtiments de 5 300 et 2 090 mètres carrés complèteront la bordure de l’autoroute 15. À l’extrémité nord, longeant la sortie 28, quatre bâtiments sont prévus, dont un édifice de six étages pouvant accueillir un hôtel et des bureaux. Du côté du boulevard Michèle-Bohec, quatre bâtiments seront érigés et deux autres vers la rue Notre-Dame. Le centre du site sera constitué d’une place centrale, avec fontaine, aménagement paysager et mobilier urbain, permettant la circulation piétonne d’un commerce à l’autre, dans les sept bâtiments rassemblés. «Au carrefour du boulevard Michèle-Bohec et de l’autoroute 15, nous allons créer un milieu urbain de prestige, où l’on verra s’établir, sur le même site, des commerces, des restaurants et des services de proximité», a déclaré le président du Groupe Laurence. Le site du projet Sortie 28, du côté est de l’autoroute 15, compte 148 006 mètres carrés, dont 42 349 mètres carrés seront utilisés pour la construction de bâtiments. De l’autre côté de l’autoroute, sur le territoire de Mirabel, sera construit un autre complexe commercial, Factory Outlets, sur le site initialement prévu du Lac-Mirabel http://www.ville.blainville.qc.ca/pdf/CommProjetSortie28_22oct12.pdf

Hold on...SNC will build their own 2nd tower. I didn't post any comments, however about 2 weeks ago I spoke with one of the heads of SNC's soil testing services. He told me that all they are waiting for is management's okay to start the boring and sounding on the lot where the 2nd tower will rise beside their current head office. Apparently plans are in the advanced stages and an announcement should be coming by early 2013. He should be in the know he's been with them for over 30 years. Was he bullshitting?? I hope not but you never know how things develop. Remember if you need 600,000 sq.ft. that is easily a 30 to 40 storey tower with floor plates of between 15,000 to 20,000 sq.ft. In other words an entire building for SNC. Why would they pay Canderel when they are themselves property owners, designers, engineers, developers and contractors. Let's wait and see, these are exciting times for construction in Montreal!! Let's hope that we get some real landmark buildings. :)

What about les Bois Francs in St-Laurent? I find that whole area quite nice and why should we look at Europe or elsewhere when Les Bois Francs, or Anjou sur le Lac are very good looking and well planned developments on large tracts of underused industrial lands which have been successfully redeveloped by local planners and developers. In other words, we don't need to go too far to get some inspiring projects. Hey, but that's my opinion. Visit the website: http://www.boisfranc.com/en/project/

Ivanhoé Cambridge annonce un investissement de 30 millions $ pour la construction d'un immeuble de bureaux de classe A de six étages sur le site de Centropolis, au cœur du centre-ville de Laval. La venue du 3055 Saint-Martin Ouest s'inscrit dans le processus de développement du concept de Centropolis, un prestigieux parc immobilier à ciel ouvert qui recrée un esprit de quartier dans un environnement de style urbain alliant plaisir et travail. La mise en chantier du 3055 Saint-Martin Ouest est prévue pour cet automne et sa livraison est fixée à 2014. Objectif : LEED CS Argent Le 3055 Saint-Martin Ouest sera construit selon les normes de construction les plus élevées de l'industrie et visera la certification LEED-CS Argent, permettant d'approcher les sociétes ayant de hauts standards de responsabilité sociale. Faits saillants du projet 7 étages dont 5 étages de bureaux, un étage de commerces et un sous-sol ; Superficie de plancher d'environ 19 000 pi ca dont environ 117 000 pi ca de bureaux et 17 800 pi ca d’espace de commerces ; Hauteur libre des bureaux : 9 pieds ; Environ 50 places de stationnement intérieur et ajout d’environ 200 places sur le site ; Bâtiment entièrement conçu en mur-rideau ; Un bassin de rétention des eaux pluviales ; Marquises végétalisées ; Toiture principale blanche diminuant ainsi les impacts sur le réchauffement climatique. Source : Ivanhoé Cambridge

Yeah that was one heck of an engineering feat!! Enjoy!!

not bad, not bad at all!!

Can a moderator please put this in "Under Construction" section...Yes, the tower crane is up and the freakin hole is deep!!! Nice uptown mid-rise development!! Maybe in another 10 years or so we'll have 25 and 30 storey towers rising all over St-Leonard , Anjou and Montreal when no more spaces are available. :)

Robert I hope tha you are right!! I think this would be more acceptable: 1 - Tour Gauvin | résidentiel | 38étages |280 unités 3 - Tour Notre-Dame | résidentiel | 42étages | 295 unités 4 - 715 University | bureaux | 54étages | 1,000,000 pi.ca Cut out 2 and 5 forget the podium base and make a plaza like PVM!!! Some F..n imagination and pride damn it!! This is a gateway to the city!!:thumbsdown::thumbsdown:

Bumbaru...Shut the F... up!! If it was up to him we would be in 2 storeyduplexes and we be riding horse drawn carriages....I have an idea!! Dinu you can always move to Ohio and join an Amish community!!:thumbsdown::thumbsdown:

I have been on this type of forum since 2003 when I first started on SkyscraperPage, let me tell you, there wasn't much going on back then. People went nuts when the Concorde at 18 storeys was announced. People had erections when the 28 storey Le Crystral was announced. WTF, a 48 storey $175 million Condo tower is announced and everyone seems disappointed. Come on man, we have had over a dozen projects announced in the last couple of months that are worth well over $1.5 billion dollars and we're shitting on a 48 storey Condo???? I am so freakin happy that CF has finally announced this project along with the Deloitte office tower. These 2 towers are just phase 1 of of an investment that'll surpass the $1 billion dollar mark within the next 5 to 10 years from CF alone. So let's toast this building and just imagine when all thes towers go up and Griffintown and les Quais are complete along with the MUHC the CHUM the Turcot etc, etc.. Montreal will be transformed!! SO for me it's a happy day!!:)

Great news..that will be one awesome area within the next 4 or 5 years...

Count them!! 2 cranes are up as of today!!Maybe more cranes to come. Massive work site ,sort of a small brother to the MUHC site.

The tower crane setup is complete.There will be more than 1 crane on this site. This is one fast track project.Great for the area which needs some new blood.

Wow if it is built it'll be super slim. It looks like it will sit on the land occupied by the presbytery of the church. Hmmm…….. I wonder if St. George’s Anglican Church and its buildings are not protected by some Heritage clause. It looks like at least 30 floors but it is slim…Holy cow if all the towers get built in this area…we’ll have a mini Manhattan in Montreal. In ten years Montreal's skyline will be somewhat comparable to Boston ‘s downtown skyline unfortunately we’re way too back to catch Toronto, Chicago or the Big Apple BOSTON

There is some serious digging going on. I wonder what this is going to look like. Is it a new shopping center as is shown in the First Capital brochure? Or is it a combination comercial residential complex. By the way the Boulevard Shiopping center which is a stone's throw away from Place Viau will have a new residential element added to it. Plans should be coming out later this summer. The whole area is booming!!. It is a welcome site for this area..don't forget the Metro will be addaed at Pie IX and Jean Talon, Viau and JeanTalon etc etc. Hydro Quebec is also going to get in the act. Hydro will replace those horrible overhead power line towers with the sleeker tall white Tube towers like the ones at Galerie D'Anjou. Somewhat of a cosmetic improvement.

This project looks like it is right on track. Magil Construction signs are up on all sides. 3 large shovels and 3 very large mining type dump trucks are in the middle of this huge lot and they have already starting digging. First Capital has some very, very deep pockets. I hope that it,ll be a quality mixed use project. It is a very large lot so lots of room for lots of tower cranes. :thumbsup:

Hello, The replacement of the Metropolitaine Blvd. has already started. 1) The l'Acadie circle...finished almost 10 years ago 2) The Decarie interchange is now being replaced 3) The Autoroute 15 interchange replacement is going on right now!! 4) The Côte de Liesse interchange is about to be started Once these 4 major interchanges are completed then, only straight aways have to be replaced. A) The West-end is in very good shape .......(Cote de Liesse to Morgan) B) The east-end is in fair shape ...... (Viau to Pte aux Trembles C) Côte de Liesse to Decarie has to be redone, but it is a short span and there is some room to work on a replacement. D) The elevated portion from St. Laurent to Pie-IX....this is the major project and the biggest piece in the puzzle. With all the engineering know-how (SNC, Genivar, Axor, Dessau etc) we should be able to have our own Big Dig (Boston) done. What is it, about $200 million to tunnel 1 kilometer for the Metro tunnels?...So let's multiply by 3 because of the size and configuration. Approx $600million per kilometer x 6 kilometers and voila $3.6 Billion later and you have the ugliest scar in the city gone forever. Imagine the developemnet of tramways parks and urban boulevards.....I guess I can dream on!! So let's hope that one day all these road projects and urban renewal projects will make Montreal the great city that it truly deserves to be not only in what it offers in terms of life style but also in appearance and functionality.

Hi Memphis , in your picture we see scaffolding across from PVM on Cathcart. Did they start the recladding and reno of the Rogers building? It's supposed to be recladded in blue glass. :confused:

Campus 54 – Un projet commercial inédit 5 avril 2012 Par François G. Cellier Le projet Campus 54, dont la construction pourrait commencer l’an prochain, proposera des bureaux locatifs conviviaux et écologiques. Ses concepteurs miseront sur une architecture singulière. Des pourparlers se poursuivent entre Ville Mont-Royal et le promoteur pour parvenir à une entente quant aux modalités du concept. Prévu sur le boulevard Côte-de-Liesse, près de l’autoroute Décarie, Campus 54 comprend deux phases de trois immeubles construits simultanément. D’autres phases pourraient suivre ultérieurement. Les deux groupes de bâtiments, dont chacun aura son jumeau quasi identique, formeront un campus et auront leur propre atrium. L’ensemble du complexe fera place à un « anneau de connexion central » donnant sur une aire extérieure verte. Celle-ci permettra aux usagers d’accéder à leurs bureaux, à divers commerces et autres commodités (ex. : gym), ou de s’y arrêter pour se détendre. Deux des six immeubles profiteront d’une ouverture dans leur partie centrale, où sera aménagée une cour intérieure. Leur superficie atteindra 42 465 et 42 090 pieds carrés. Les bâtiments comprendront des façades extérieures en aluminium, dont le design illustrera la mouvance propre à l’environnement autour du site, jalonné d’autoroutes et de voies rapides. « Les immeubles seront toujours vus par des automobilistes en mouvement », d’expliquer Hubert Pelletier, architecte chez Pelletier de Fontenay Architectes. L’aluminium permettra la création d’une filière d’extrusion, notamment pour pouvoir façonner des louvres verticaux qui seront disposés en quinconce. Leur dimension variera afin d’optimiser les retombées solaires pendant les saisons chaudes et froides. Une étude d’ensoleillement est envisagée pour accroître leur efficacité. La fenestration dominante contribuera à une éventuelle certification LEED de niveau Platine. L’aluminium devrait aussi permettre d’obtenir des points LEED. Parmi d’autres caractéristiques écologiques figurent des toits verts, qui seront accessibles sur les deux immeubles les plus grands, où se trouveront également des potagers. Des murs végétaux intérieurs sont aussi prévus, un système de planchers surélevés conférant une meilleure distribution de l’air, et des environnements silencieux. Le démantèlement de l’ancien bâtiment commercial, qui se trouvait sur le site, a fait l’objet d’un tri de matériaux, qui ont été envoyés au recyclage. Les nouveaux édifices devraient être en béton. Ces immeubles seront ventilés naturellement (en partie), grâce à des sections de fenêtres ouvrables. « Un tel système n’est pas monnaie courante dans un projet de type commercial, qui comprend généralement une fenestration fixe », d’indiquer Hubert Pelletier. L’efficacité énergétique est également dans la mire des concepteurs. L’usage de matériaux partiellement recyclés proviendra de producteurs locaux. Campus 54 offrira 900 000 pieds carrés d’espace de location, sur un lot de 575 000 pieds carrés. Les occupants pourront y louer un bâtiment, des étages ou des locaux. Deux tours comporteront 12 étages chacune. Les immeubles les plus grands en compteront cinq, et ceux de taille moyenne en auront trois. Les appels d’offres pour retenir les services d’ingénieurs et d’un entrepreneur en construction sont à venir. Le coût du projet n’est toujours pas connu. Cet article est paru dans l’édition du mardi 3 avril 2012 du journal Constructo. Pour un accès privilégié à l’ensemble des contenus et avant-projets publiés par Constructo, abonnez-vous

Gilbert, c'est toujours comme ça avec le monde en général. il y a 4 ou 5 ans ils seraient devenus fous avec joie simplement à l'annonce de la possibilité de la construction d'une tour à condos de 35 étages à Montréal . Plus le monde change plus qu'il reste le même!! :dizzy::stirthepot::hypnodisk:

Le chantier du complexe d'habitation en copropriété Evolo 2, par Corporation Proment à Montréal, s'ébranlera au début de mai. L'immeuble de 30 étages comptera environ 260 unités ainsi que deux étages de stationnement souterrain, des piscines intérieure et extérieure et une salle d'exercice. Evolo 2 http://www.pointenord.com/evolo/nouveau-projet-condos/

You guys make fun of their sales office. I find it smart! It’s strong, mobile, fire proof, riot proof, student protest proof and hell, if they don't sell they can be out there in an hour!!

les Condos Lumiere Laval...nice!! www.condoslumiere.com

PVM 1 is a heavy weight in any skyline it has over 1 million square feet of area. The PVM complex is over 2.7 million ft² PVM 1 has at least 4 to 5 times more volume than the Altitude...so yes Altitude will look like a midget when compared to the hulking PVM1 at 188 meters General information Type Commercial offices Location 1 Place Ville Marie Montreal, Quebec Coordinates 45°30′05″N 73°34′06″W / 45.5015°N 73.5684°W / 45.5015; -73.5684Coordinates: 45°30′05″N 73°34′06″W / 45.5015°N 73.5684°W / 45.5015; -73.5684 Construction started 1958 Completed 1962 Height Roof 188 m (617 ft) Technical details Floor count 47 Floor area 95,922 m2 (1,032,500 sq ft) Elevators 32 Design and construction Architect I.M. Pei & Partners Dimitri Dimakopoulo Sort of the same difference between Shaq and Muggsy Bogues