Marché d'édifices à bureaux de Montréal : actualités

[Exposteve]

Nice to see this investment. From what I can tell, their current Canadian HQ is currently in Ville St-Laurent at 1111 Boul. Dr Frederick-Philips...

[ScarletCoral]

Dans LaPresse :

 

Publié le 12 mai 2014 à 06h17 | Mis à jour à 06h17

Étalement des sièges sociaux

 

ANDRÉ DUBUC

La Presse

 

Il existe une inadéquation entre le type de bureaux souhaité par les locataires à Montréal et les locaux proposés dans les tours du centre-ville, soutient le patron montréalais d'une importante firme de courtage immobilier commercial.

 

S'il est vrai que l'on se plaint de la croissance anémique de l'économie montréalaise, la réalité est qu'il existe une panoplie de sociétés dynamiques qui connaissent une croissance soutenue. Elles oeuvrent dans les domaines des technologies, de l'information ou de la création au sens large.

 

«Il n'y a rien dans le centre-ville qui est proposé pour des firmes qui connaissent ce genre de croissance», déplore Laurent Benarrous, directeur général et associé du courtier Avison Young à Montréal. Il donne l'exemple du Cirque du Soleil, une société qui a certainement la capacité financière de se loger au centre-ville mais qui a fait le choix dans le passé de s'établir dans le quartier Saint-Michel.

 

D'autres exemples? Beyond the Rack (400 employés) est dans l'arrondissement de Saint-Laurent. Maintenant cotée en Bourse, Lumenpulse (225 employés) loge dans l'édifice Le Nordelec, dans Pointe-Saint-Charles. Moment Factory a pignon sur la rue Hutchison, dans le Mile End, tandis que Luxury Retreats est établie dans les lofts de la Dompark, rue Saint-Patrick, dans le quartier Côte-Saint-Paul.

 

Leur effectif, souvent issu de la génération Y, ne manifeste guère d'empressement à travailler dans les tours de bureaux que l'on trouve sur l'avenue McGill College, par exemple, dans le quartier des affaires, fait valoir M. Benarrous.

Tendance à la densification

 

Ces tours ont été conçues pour la clientèle traditionnelle des centres-villes: les professionnels, comptables, avocats et financiers qui gravitent autour des sièges sociaux et autres bureaux décisionnels des grandes sociétés. Ce secteur d'activité croît habituellement à la vitesse de l'économie dans son ensemble, soit environ à 1 ou 2% par an à Montréal.

 

Dans les faits, cette faible croissance est contrecarrée par la tendance à la densification des planchers de bureaux. Au nom de l'efficacité, les locataires de bureaux veulent faire travailler plus d'employés dans un espace donné.

 

La superficie louée dans les bureaux du centre-ville a diminué au premier trimestre 2014 pour la septième fois au cours des huit derniers trimestres, selon la firme Jones Lang LaSalle (JLL).

Décentralisation

 

Par exemple, la Banque Royale, locataire historique du centre-ville, a remis à son propriétaire plus de 100 000 pieds carrés à Place Ville-Marie, sans licencier personne. Elle a peu après loué 186 000 pieds carrés au 7101, avenue du Parc, dans le nord de la ville.

 

Parc-Extension, Mile-End, Chabanel, les quartiers au nord du centre-ville connaissent un véritable boom immobilier. Un million de pieds carrés de locaux industriels ont été convertis en bureaux à loyer concurrentiel seulement en 2013. Une superficie qui correspond à une tour haute comme le 1000, de La Gauchetière. Et d'autres conversions s'ajouteront à l'inventaire de bureaux en 2014.

 

Signe des temps, la société Allied Properties, spécialisée dans les bureaux-lofts, est devenue le troisième propriétaire de bureaux d'envergure à Montréal, derrière Cominar et Ivanhoé Cambridge.

 

«Comme propriétaire, je me questionnerais beaucoup si mon horizon de détention d'un actif de catégorie A au centre-ville de Montréal, sur l'avenue McGill College, par exemple, était de 10 à 20 ans, dit M. Benarrous. En fait, j'aurais cherché à m'en délester il y a probablement 12 mois. Si je n'avais pas pris cette décision il y a 12 mois, peut-être que je la prendrais aujourd'hui.»

 

Si on n'a pas encore observé le départ de grands propriétaires du centre-ville, certains d'entre eux cogitent sur l'avenir de leurs éléments d'actif.

 

Le spécialiste immobilier Redbourne travaille sur des plans visant à changer complètement le look du hall d'entrée de la Tour Bell Média, au 1800, avenue McGill College, a-t-on appris. Le but est de le rendre plus compatible avec l'identité de son locataire principal.

 

«Il y a des projets d'investissement, mais c'est très embryonnaire, s'est contenté de dire Michel Bouchard, vice-président directeur, développement des affaires de Redbourne. Ça fait partie d'un projet de modernisation, un processus normal dans la vie d'un immeuble qui est rendu à 20 ou 30 ans.» Terminé en 1989 sous le nom de Place Montréal Trust, l'immeuble est l'archétype de la tour de prestige du centre-ville avec son lobby cérémonial digne de noces italiennes.

 

Industrielle Alliance en est une autre qui transforme l'image de sa propriété, au 2020 University, maintenant appelée Tour Intact. Des travaux de 35 millions servent à aménager 4 étages de bureaux entièrement fenestrés au coin des rues University et de Maisonneuve. Un stationnement de 200 vélos avec douches est aussi prévu pour accommoder les locataires. Ça aussi, c'est prisé par les travailleurs de la nouvelle économie.

 

Google, une exception (dans la version de LaPresse+)

 

La société Google, une marque-phare de l’internet, s’est installée avenue McGill College à Montréal, en plein cœur du quartier des affaires, et non pas dans un bureau-loft du Sud-Ouest ou du quartier Chabanel. Mais au lieu de louer des bureaux dans l’une des tours modernes de l’avenue, au nord de la rue Sainte-Catherine, la société américaine a choisi de se loger au sud de la rue marchande, plus précisément au 1253, avenue McGill College, un édifice patrimonial au style européen, haut de 10 étages, datant de 1927 et qui a fait l’objet d’une importante modernisation en 2007… principalement pour Google.

Modifié 12 mai 2014 par ScarletCoral

[Habsfan]

So what this is essentially saying is that MOntreal is really short of high prized corporations, law firms, finance firms etc to settle downtown. Shows that Montreal needs to do a lot of work to rebecome a prestigious metropolis.

 

I wouldn't go that far, however yes, Montreal could use more Law Firms, Financial Firms, Accounting firms and yes, Corporate HQ's.

[WestAust]

I wouldn't go that far, however yes, Montreal could use more Law Firms, Financial Firms, Accounting firms and yes, Corporate HQ's.

 

All of those are proportionate to the amount of Head Office in a city, the more HO you have, the more accountants, lawyers... you need

[ScarletCoral]

May 22, 2014 07:30 ET

Newmark Knight Frank Devencore Reports on Downtown Montreal Office Market

Increased development activity improving tenant leverage

 

MONTRÉAL, QUÉBEC--(Marketwired - May 22, 2014) - In its Real Estate Market Study published today, Newmark Knight Frank Devencore reported that vacancy rates in downtown Montreal's Class "A" and "B" office buildings have risen slightly over the past six months from 6.0% to 6.8%, which represents a negative space absorption of just over 400,000 square feet. Currently, 3.2 million square feet of Class "A" and Class "B" office space is available for lease or sublet.

 

"While vacancy rates in the corporate sector are creeping up in downtown Montreal, real estate activity continues to take place at a pace we haven't seen for many years," said Jean Laurin, President and CEO of Newmark Knight Frank Devencore. "There are a number of new projects currently being developed, and other projects that are either about to begin construction or are in the pre-leasing stage. In addition, a number of areas are being redeveloped. In Griffintown, for example, there is a good deal of rejuvenation taking place in both the commercial and residential sectors. Other parts of the city with condo, retail and commercial projects include the area surrounding the Bell Centre; the Mile End, Jean Talon and Avenue du Parc neighbourhoods; and the Quartier des Spectacles development. As the revitalization projects proceed, these neighbourhoods will become more attractive to landlords and developers, as they offer prime real estate in close proximity to the downtown core."

 

Mr. Laurin also noted that the investment and construction activity will significantly change the face of the downtown business district as well as the bordering areas over the next few years. "The new developments being built and planned, as well as the rejuvenation projects that are transforming what were once industrial zones into neighbourhoods that artfully combine condo, office and retail developments, are providing tenants with more leasing opportunities, and more negotiating leverage, than they have enjoyed in a number of years," he said.

 

In Canada's major cities, the combined Class "A" and Class "B" vacancy rate edged up from 4.5% to 5.9% in 2013. However, construction activity remains strong across the country and new towers are being built in virtually every city. The appetite for this premium space also remains strong. In most instances, space in the new towers, most of which are LEED-certified, is being fairly rapidly leased.

 

About Newmark Knight Frank Devencore

 

As part of Newmark Grubb Knight Frank, one of the world's leading commercial real estate advisory firms, Newmark Knight Frank Devencore is Canada's largest corporate real estate advisor and brokerage, exclusively representing corporate, industrial and retail space users. With offices across the country, Newmark Knight Frank Devencore offers its global clientele comprehensive services that are individually designed to ensure executive real estate decisions are supported by effective strategies and professional execution. To learn more about our capabilities, please visit www.devencorenkf.com.

 

About Newmark Grubb Knight Frank

 

Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.

 

With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.

 

NGKF is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.ngkf.com.

[Trudeau]

This increase of vacancy rate to 6.8% is worrying for downtown's future office building projects. Our economy is definitly too weak and thats number factor here, but other elements have to be mentionned. We see compagnies like TD Bank moving employees out of downtown and relocating them in Mile End and RBC is making a similar move. This phenomenon is caused by the conversion of former huge industrial buildings (Mile End and Chabanel) into commercial low cost offices. On the other hand, a lot of new square foots have been added in Laval and Brossard in particular, causing a migration of some of the corporate market share towards our close suburbs.

[ScarletCoral]

via The Gazette :

 

Appetite for new prime office space in Montreal is strong: report

 

BY ROBERT GIBBENS,

SPECIAL TO THE GAZETTE

MAY 27, 2014 7:41 AM

 

MONTREAL — While Montreal downtown office vacancy rates have been rising slightly, real estate activity continues at a pace not seen for many years and the new investments could change the city’s face significantly over the next decade, says a new report by property adviser Newmark Knight Frank Devencore.

Combined Class A and B office vacancy rates rose from six per cent in 2012 to 6.8 per cent in 2003, indicating 3.2 million square feet of space available for lease or sublet at year-end, the report said. Combined, Class A and B space totals 46.4 million square feet, compared with downtown Toronto’s 62.8 million square feet.

 

“New projects are being developed and others are about to begin construction or are pre-leasing and the changes will affect both the downtown core and bordering areas and provide tenants with more leasing opportunities and more negotiating leeway,” NKFD’s CEO Jean Laurin said in an interview from New York.

 

“Former industrial zones are being transformed into new neighbourhoods with condo, office and retail projects,” he added, “and the appetite for new prime space remains strong with new towers being leased fairly rapidly,” he said. “The trend in vacancies has continued into 2014.”

 

Major projects being completed next year will raise vacancy rates as existing tenants move to new quarters, but improving economic growth will gradually offset this and Canadian and international investors are seeing many new medium-term opportunities, Laurin said.

 

In the top A category, vacancy rates reached seven per cent in 2013, up from 6.3 per cent a year earlier, based on 51 buildings surveyed and indicating 1.6 million square feet available for lease or sublet at year-end. Class B vacancies were 6.6 per cent, up from 5.6 per cent (159 buildings), indicating 1.5 million square feet available.

 

The city’s main office corridors showed some wide variations for A and B classes combined, the report said. René-Lévesque Blvd. vacancies rose from 7.9 per cent to 11.2 per cent or 42 per cent, due to E-Commerce Place tenant exits. McGill College Ave. vacancies rose 41 per cent for similar reasons, but Cité de Multimedia vacancies slowed to 13.6 per cent. Sherbrooke St. was stable at 11.5 per cent and de Maisonneuve Blvd. at 5.5 per cent while Old Montreal dipped slightly to 6 per cent.

 

NKFD notes several key market factors, including 200,00 square feet becoming available at the Place Ville Marie with Deloitte LLP’s move to Cadillac Fairview Corp.’s new Bell Centre tower, Kevric Real Estate Corp.’s Tour Aimia at Victoria Square, Broccolini Construction Inc.’s L’Avenue 50-storey condo-office tower near the Bell Centre, a 500,000 square feet mixed-use building near the Quartier des Spectacles, 900 De Maisonneuve West, Westcliff Group’s proposed tower at Place Victoria and a 1.2 million-square feet office tower by Canderel Group and the Fonds immobilières de Solidarité FTQ near the Quartier des Spectacles.

 

In the medium term, office, condo and commercial projects will link Griffintown to the downtown core and the area between McGill St. and University Ave., south of Saint Jacques St., will become a focus for massive development, the report added.

 

Laurin said the lease decision-making cycle is lengthening as tenants embrace new technology and develop ways to use space more efficiently. Also, many older Class A and B buildings need updating and heavy renovation to attract new tenants, he added, citing the Caisse de dèpôt et placement du Québec’s $100 million Place Ville Marie program.

 

Canadian investors from outside Quebec and from Europe and the United States are the most prominent investors and will likely remain so in the medium term, he added.

 

Montreal-based NKFD operates nationally and is part of Newmark Grubb Knight Frank, one of the world’s leading commercial property advisory groups.

 

© Copyright © The Montreal Gazette

[alliance habitat]

Je vous remercie pour vos actualités concernant le marché d'édifices à bureaux de Montréal. Est ce qu'on peut imaginer que les entreprises s'installent en banlieue juste parceque les prix de l'immobilier y sont en baisse?

[Rocco]

This is all small talk as potential new tenants are non-existent in the downtown core. Just ask the real estate agents for 900 Maisonneuve, or Westcliff tower on Square Victoria, they must be tired of sitting alone watching the blank walls of their offices while their phones are collecting dust on empty desks!

[Rusty]

Bla bla bla Rocky ... just look at the Deloitte tower:rolleyes: