taking ntreecc ie - boma edmcommercial real estate guide 2015 |16 taking table of contents list of...

Centre Ice

COMMERCIAL REAL ESTATE GUIDE 2015 | 16

Taking

Centre Point Place features “Loft Style” Class A office space in the heart of Edmonton’s vibrant downtown financial district.

BRIGHT. OPEN. COLLABORATIVE.YOUR CANVAS AWAITS

• Unmatched signage exposure

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• Best in class management

Suite 401~ 25,000 sq. ft

BOOK YOUR TOUR

| Contact our Edmonton office at 780.426.8400 | oxfordproperties.com/leasing

Centre Point Place features “Loft Style” Class A office space in the heart of Edmonton’s vibrant downtown financial district.

BRIGHT. OPEN. COLLABORATIVE.YOUR CANVAS AWAITS

• Unmatched signage exposure

• Exceptional ceiling heights

• Competitive parking

• Direct access to transit

• Best in class management

Suite 401~ 25,000 sq. ft

BOOK YOUR TOUR

| Contact our Edmonton office at 780.426.8400 | oxfordproperties.com/leasing

BOMA-Edmonton-Spring2015-v2.indd 2 15-03-24 5:42 PM


Message from his Worship Mayor .......................................................................................................................... 5

Message from the BOMA Edmonton Chair ............................................................................................................. 6

Message from the Edmonton Economic Development Corporation President ........................................................ 7

New arena of opportunity ...................................................................................................................................... 8

The BOMA Edmonton Board of Directors 2015 .................................................................................................... 14

Back to the future ................................................................................................................................................ 16

The brilliant future of Edmonton 2.0 .................................................................................................................... 20

Power Players. Join the Team! .............................................................................................................................. 27

Retail Survey ....................................................................................................................................................... 28

Downtown Survey ............................................................................................................................................... 30

Suburban Survey ................................................................................................................................................. 42

Industrial Survey ................................................................................................................................................. 54

Investment Survey .............................................................................................................................................. 56

Overview .............................................................................................................................................................. 59

BOMA BESt .......................................................................................................................................................... 60

Multi-Family / Apartment Survey ........................................................................................................................ 62

Action Security ..................................................................................................................................................... 19

Arrow ................................................................................................................................................................... 11

Atco Power ........................................................................................................................................................... 24

Bee-Clean Building Maintenance Inc. .................................................................................................................. 15

Bentall Kennedy (Canada) LP ............................................................................................................................. 33

BOMA Awards Gala .............................................................................................................................................. 58

Burke Group ......................................................................................................................................................... 65

Colliers International .............................................................................................................................. Back Cover

Dream ................................................................................................................................................................ 23

DTZ Edmonton .................................................................................................................... Inside Right Front Cover

Edmonton Economic Development Corporation .................................................................................................. 32

G4S ...................................................................................................................................................................... 13

Humford Management Inc. ................................................................................................................................. 13

Manulife Financial ...............................................................................................................Inside Right Back Cover

McCor Management ............................................................................................................................................. 33

Melcor Reit ............................................................................................................................ Inside Left Back Cover

OCanada Painters ................................................................................................................................................. 45

Oxford Properties Group ....................................................................................................... Inside Left Front Cover

Pinchin West ........................................................................................................................................................ 15

Qualico Commercial ............................................................................................................................................. 25

Read Jones Christoffersen Ltd. ............................................................................................................................. 33

Rochelle Rae Marketing Inc ................................................................................................................................. 61

Seagate Contract Management ............................................................................................................................ 29

Servus Credit Union .............................................................................................................................................. 26

Simson Maxwell .................................................................................................................................................. 41

Solution 105 Consulting Ltd. ............................................................................................................................... 43

Westcorp Property Management Inc. .................................................................................................................. 53

Williams Engineering Canada Inc. ........................................................................................................................ 43

Centre Ice

COMMERCIAL REAL ESTATE GUIDE 2015

|

16

Taking

Table of Contents

List of Advertisers

Publisher

Building Owners and Managers Association

Edmonton870 EPCOR Tower

10423-101 Street Edmonton AB T5H 0E7

Telephone: 780.428.0419Fax: 780.426.6882

Email: [email protected]

Leasing Guide Committee

Chad Boddez [email protected]

Mike [email protected]

Jeremy [email protected]

Meghan [email protected]

Percy [email protected]

Rochelle [email protected]

Sarb [email protected]

Designed and produced by

Rochelle Rae Marketing IncEdmonton AB Canada

780.919.9346 | [email protected]

Feature articles written by

Bruce WhiteContact: 780.619.0092 | [email protected]

Additional copies of this publication are available fromBOMA Edmonton ©2015.

This publication contains information considered accurate at the time of publication. The publisher, however, makes no

warranty, expressed or implied, that this information is correct. The contents of this publication may not be reproduced without

permission of the Publisher. Printed in Canada, April 2015.

bomaedmonton.org 5

n behalf of City Council and the people of Edmonton, Alberta’s Capital City, it is my

pleasure to introduce the annual BOMA Edmonton Commercial Real Estate Guide.

Edmonton’s commercial real estate industry continues to play a vital role in our

city’s future vision and success. Everywhere you look construction cranes and new buildings

dot our city. Projects such as the Edmonton Arena District, the Royal Alberta Museum, LRT

expansion, Blatchford and the new Kelly Ramsay building will not only make our city a more

vibrant, lively place, but will also spur further business and investment for years to come.

I thank BOMA Edmonton for giving property owners, tenants, investors and managers

valuable insight into Edmonton’s economy and real estate market. As a major research,

manufacturing, and supply and service hub, Edmonton is a great place to live, invest and visit.

O

Yours truly,

Don Iveson, Mayor

Message from his Worship Mayor

Don Iveson


Message from BOMA Edmonton Chair

Myron Keehndmonton… taking centre ice

“taking centre ice” is a term that certainly resonates with Edmontonians. We cheered the announcement of

the new Rogers Arena and hoped that it would spark some other activity. And the arena delivered. First came

the announcement of the new City of Edmonton Building which was followed in short order by the Stantec Building

announcement and the new Delta Hotel. When you put all that together the original concept of the Edmonton Arena

District is a realty. And when you add the Kelley Ramsey Building with its exciting success, downtown Edmonton really

is shaping up to “… taking centre ice” for the City and for the Region.

The transformation of downtown continues to spark excitement for Edmonton and it continues to be a strong

contributor to the growth and economic development in the region and the country. Many companies continue to

experience positive growth and Edmonton, our Capital City, continues to fire on all cylinders.

The “…taking centre ice” theme certainly reflects the activity of the City and is an excellent choice for the BOMA

Edmonton Commercial Real Estate Guide at this juncture. The Rogers Place Arena construction and the new Kelley

Ramsey Building are in full construction phase as is the City of Edmonton’s new building. As well, activity outside the

downtown area continues too. The Edmonton International Airport has already expanded the announcement of their

new retail development and is continuing to see growth in passenger traffic. LRT expansion continues as does the

planning for growth at all four of Edmonton’s major post-secondary institutions each expanding with new construction.

And Edmonton still has a well-educated and skilled workforce while maintaining one of the lowest unemployment rates

in Canada.

Edmonton is also growing as a burgeoning centre of trade and finance and is home to corporate headquarters of

three major financial institutions and to the World Trade Centre, all of which are poised and ready to spread our Capital

Region’s ‘good news’ story to all markets.

Throughout this Guide you will find numerous examples that demonstrate Edmonton truly is “…taking centre

ice” for those that live, work and play in the region. And Edmonton is poised to continue as a city with a demonstrated

consistent growth for businesses that wish to expand or move to the region. You will find all the reasons you need in

this publication, from both personal and business perspectives, to locate and grow in Edmonton. BOMA Edmonton is

proud to sponsor this Guide and we trust that it will serve as a valuable reference tool in your growth and commercial

real estate choices.

Myron Keehn, Chair

E

Brad Ferguson, President & CEO

bomaedmonton.org 7

hroughout 2014 we used the word “utopia” when describing the Edmonton economy. Our population, GDP,

employment and income growth were envied across the country, our major events brought about international

attention, and our unrelenting downtown development heightened the anticipation of most Edmontonians. It was

truly utopia.

Today, short-term economic uncertainty is causing us to look inward at precisely the time when we should be doing

the opposite, and we need to put this volatility into context. Nowhere else in the developed world, among all G100

nations, is there a jurisdiction that has the wealth and solid financial foundation that we have here in Edmonton, Alberta.

We have no net debt, we have a AAA credit rating, we have one of the best educated populations, and we have a culture

of innovation and entrepreneurism that knows how to compete. If ever there was a reason to invest in Edmonton, it is

now – and the word “utopia” has been with the word “resilience” which will define 2015 and beyond.

Four years ago, we were still in the throes of a worldwide financial crisis, but our city didn’t cower. Our business

leaders and our city’s leaders took calculated risks. We are reaping the benefits of that attitude today, as many took

market share while others were navel gazing. We set some ambitious goals – to build new hotels, new cultural facilities,

new office towers, and new educational facilities – all in the downtown core. We exceeded those goals and the massive

construction activity that we are witnessing today is testament to that resilience and growth.

Later this year and throughout 2016, Edmonton will have 33 cranes operating in the 22 square block area of our

downtown. Nowhere else in North America is there such activity. It totals over $5.5 Billion of investment in our downtown.

And we can thank the City of Edmonton and Edmonton City Council for the willingness to encourage such risk-taking. It

was the new Rogers Place arena and the consolidation of the City’s administration into one downtown office tower that

was the spark that unleashed record levels of investment. And when we consider the new Kelly Ramsey building, the

new Hyatt and Delta hotels, Grant MacEwan University and the new Royal Alberta Museum, our downtown is ready to be

a vibrant place where people want to be.

New office space will draw new businesses downtown. It will put competitive pressure on the owners of class

B & C office space to invest and compete with the new product coming in 2017 and 2018. And this competitive

environment will encourage businesses to move downtown, as our downtown will become a campus in its own right,

where people want to work, play and connect with others.

We have a lot to do. We built the hardware; now it is time to build the software – the connections between the

buildings that create atmosphere and culture and exploratory fun. We need music, art, entertainment, and activated

spaces – the very things that are essential for all major cities to come alive.

Edmontonians have the creative spirit and the entrepreneurial drive to do it. We welcome all to our city to come be

a part of the transformation.

Message from Edmonton Economic Development Corporation President & CEO

Brad Ferguson

T


LOS ANGELES MEGA-DEVELOPMENT

INSPIRES EDMONTON

ARENA DISTRICT

U

New arena of opportunity

THE ARENA REALLY IS THE CATALYST THAT KICKSTARTS

EVERYTHING,SAYS DARREN DURSTLING,

PRESIDENT OF WAM DEVELOPMENT GROUP“

“

bomaedmonton.org

ntil recently, Rogers Place un-

der construction in downtown

Edmonton got all the atten-

tion. But now a sprawling excavation

and proliferation of cranes is about to

shift the focus south and east to the

Edmonton Arena District (EAD), one

of the most ambitious development

projects ever undertaken in Edmon-

ton.

EAD projects currently or soon

to be under construction will include

approximately 1.3 million square

feet of office space, 300,000 square

feet of retail and more than 1,000

residential units. Construction of all

these projects is being co-ordinated

to follow work on the 18,600-seat

home to Edmonton Oilers. Arena

District projects underway or planned

include:

• The first EAD tower is going up at

101st Street and 104th Avenue. This

will be an innovative, 27-storey

office building designed to

meet LEED Gold environmental

standards. The City of Edmonton

has leased 60 per cent of the

building, where it plans to

consolidate two-thirds of its

downtown staff, who are currently

spread across nine locations in the

city core.

• A dazzling, year-round public plaza

south of 104th Avenue and Rogers

Place will be built atop a 2,200-stall

underground parkade.

• The south side of the yet-to-be-

named plaza will be dominated

by Edmonton’s tallest skyscraper,

the 62-storey Stantec tower. This

mixed-use tower will contain a

combined one million square feet

of office, retail and residential

space, including upwards of 320

apartments on the upper floors.

• On the east side of the plaza, Delta

will open a 26-storey, 362-unit hotel

in a third tower planned to soar to

at least 50 storeys. The hotel will

feature some special amenities and

24,000 square feet of ballrooms

and meeting space. This tower also

will have hundreds of residential

units on the uppermost floors.

• The west and south sides of the

plaza will be focused on retail.

An urban village will include a

grocery store, a Rexall pharmacy,

banks, shops and numerous food

RESIDENTIAL

ROGERS PLACE ARENA + COMMUNITY RINK

OFFICE

RETAIL + HOSPITALITY

HOTEL

PUBLIC PLAZA

FUTURE DEVELOPMENT

SUBJECT TO CHANGE

E

D

F

B

G

A

H

I

J

104 Avenue

104 Street

103 Street

102 Street

103 Avenue

101 Street

9

U

New arena of opportunity


and beverage options. Cineplex has

announced it will open a 35,000-square-

foot, ultra-high-definition, VIP theatre.

Plans also include: • a yet-to-be-announced apartment tower

that would rise out of the west retail

podium, within steps of the arena.

• potential for two more residential

towers on the current casino site at 104th

Avenue and 101st Street, plus several

square blocks north of Rogers Place

earmarked for future development.

The whole area will be linked together

by covered, above-grade pedways and

connected to current and future LRT lines.

In total, the projects announced to date

have an estimated cost of $1.09 billion; once

later phases are finished, the ultimate cost

of EAD could be in the $2 billion range. The

project will go a long way towards fulfilling

the city’s long-stated ideal of downtown

as a place to live, work and play. Or, as a

Globe and Mail headline writer aptly put it,

“Dig up Edmonton parking lots, put up a

paradise.”

“The arena really is the catalyst

that kickstarts everything,” says Darren

Durstling, President of WAM Development

Group, minority partner with the Katz

Group in the EAD project. “Without it, I

don’t think you would see this revitalization

downtown. You’d see a little bit of it, but not

to this extent.”

As recently as seven years ago, no

one saw this coming. Then in June 2008,

then-47-year-old Daryl Katz, the seemingly

fearless owner of a rapidly growing empire

of drugstores, purchased the Edmonton

Oilers. Gradually a larger plan emerged.

The owner of the beloved NHL team

THE PROJECT WILL GO A LONG WAY TOWARDS FULFILLING THE CITY’S LONG-STATED IDEAL OF

DOWNTOWN AS A PLACE TO LIVE, WORK AND PLAY. OR, AS A GLOBE AND MAIL HEADLINE WRITER APTLY PUT IT, “DIG UP

EDMONTON PARKING LOTS, PUT UP A PARADISE.

“

“

MODERN THINKING,RELIABLE RESULTS,

STRAIGHT FORWARDSOLUTIONS.

Calgary | Edmonton | SaskatoonArrowOnline.ca

MECHANICAL ENGINEERING | ELECTRICAL ENGINEERING STRUCTURAL ENGINEERING | CIVIL ENGINEERING

Arrow_BOMA_8.625x11.125_AD.indd 1 2015-01-27 3:26 PM

envisioned a new arena near the city

centre that would be a catalyst for a new

wave of downtown development.

“I got a phone call three-plus years

ago to see if we wanted to team up with

them to develop the district around the

arena,” WAM’s Durstling recalls. What

followed was “full-time, lots of work” with

consultants, engineers and design teams

and “lots of research on how plazas and

districts work in other markets.”

One of the inspirations for the

emerging Edmonton Arena District

concept was L.A. Live adjacent to the

Los Angeles Convention Center and the

Staples Center arena. L.A. Live is a sports

and entertainment campus with a large

open square, concert hall, museum, media

centre, shopping and restaurants. The area

also includes hotels, luxury apartments

and office towers.

As in L.A., the plan that emerged for

Edmonton was audacious and big. The

arena and district development would

encompass 26 acres spanning from 101st

Street to 104th Street and from 103rd

Avenue to 106th Avenue. Rogers Place

would rise where railway tracks once

bisected the city. It would be connected to

a plaza on the south side of 104th Avenue

by the Winter Garden, a spacious, climate-

controlled events venue.

“It’s the entrance to the arena, it

stretches across 104th Avenue, connects

directly into the plaza,” says Durstling.

“The majority of patrons going into

the arena will come through the Winter

Garden. It’s close to an acre in size — really

architecturally special, just beautiful.”

Although it shares the sports and

entertainment focus of L.A. Live, the new

Edmonton Arena District will have greater

focus on residential, office and retail uses,

Durstling says.

We don’t know what inspired Daryl Katz

to embark on such an ambitious project

at the centre of his home town. However,

interesting insights about him can be

found in a lengthy profile — headlined

“Daryl Katz: reclusive billionaire” — that

was published in The Edmonton Journal in

December 2012.

Glen Scott, a Calgary lawyer and

law school friend of Katz, described the

Oilers’ owner to a Journal writer as a born

entrepreneur. “He doesn’t limit his mind.

People think in a box, and his box is very

big. You might think, ‘Well, one day I’ll be

the publisher of the Journal.’ He would

think, ‘I’m going to own all the newspapers

in North America.’ Most people wouldn’t

think that.”

Planning a project with so many

moving parts is a collaborative process.

Hariri Pontarini Architects (HPA), designer

of many of Toronto’s most striking

condominium towers, are the lead

designers. Dialog and Edmonton’s Stantec

group are also part of the design team.

Oversight for the architecture is provided

by Shugarman Architectecture & Design.

“The Stantec group has focused on

the office component on both buildings,

HPA has focused on retail and residential

component, along with the hotel,”

Durstling explains. “They have to work

hand in hand, because one is stacked on

top of the other.”

The groundbreaking for Rogers Place

was in March 2014 after often-agonizing

negotiations between the city and Katz’s

Edmonton Arena Corp. Then it was time

for the people in hard hats and reflective

vests to move in.

Through the summer of 2014, most

of the action at the arena site was at or

below street level: excavation, parkade


bomaedmonton.org 13

300, 10050-112 Street, Edmonton, AB T5K 2J1780 • 426-4960 ext. 226

[email protected]

550, 808-4th Avenue SW, Calgary, AB T2P 3E8403 • 319-0490 ext. 101

[email protected]

www.humfordmgmt.com

Creating Value in Real EstateEdmonton’s leading provider of security solutions

100, 9618-42 AvenueEdmonton, [email protected]

building, and the laying of the arena floor.

The first steel girder above ground was

erected at the end of September. After that

milestone, the pace accelerated: lots of

steel – eventually 15,390 pieces weighing

9,000 tonnes – was trucked in and hoisted

into position around the arena bowl and

enclosing building. The Winter Garden

structure spanning 104th Avenue began

to take shape. A second big dig began just

south of 104th.

“At the foot of the Winter Garden on

south side of 104th Avenue, we have a

2,200-car parkade that’s being dug right

now,” Durstling explained in the spring of

2015. “Then the hotel will go in sequence

first, with the residential above it. Next to

it is the podium of retail, then the Stantec

office tower, residential above it, then the

third residential tower. Then retail below

it on the old Greyhound terminal site:

residential and retail, cinemas. It’s all on top

of the 2,200-car parkade; all being built at

same time but they open at different times.”

The first puck is scheduled to be

dropped at Rogers Place in the fall of 2016.

The city-occupied tower should be ready in

2016, with the hotel and Stantec buildings

scheduled for 2018. As for the residential,

Durstling says, “We haven’t brought them

to market yet; we’re just getting organized.

We will bring them to market later this

year.”

Katz Group is the majority owner of

EAD JV, the company that will jointly

develop and manage the properties.

WAM Development Group has a minority

interest in EAD. Founded in 1987, WAM’s

recent developments in Edmonton include

the Illuminada residences in Oliver and

a logistics park currently being built on

Winterburn Road. It also has developed

projects in Calgary and recently opened an

office in Toronto.

Although EAD is bringing a massive

amount of real estate to market in

downtown Edmonton in a challenging

economic environment, Durstling says

feedback continues to be positive. “We

really didn’t have much of a choice in

timing this slowdown in the oil pricing,” he

points out.

“But what we’re bringing to the

office market is really new product. The

inventory in the Edmonton office market

is a bit dated. We’ve had great reception

for our product in the marketplace. I can’t

believe how fortunate we’ve been with the

acceptance of Edmonton businesses for

the whole Arena District.

“The Arena District is a big deal for us,

it’s been a great partnership with the Katz

group.”

BOMA Board of Directors 2015


EXECUTIVE COMMITTEEMyron Keehn

Chair Edmonton International AirportP.O. Box 9860Edmonton, AB T5J 2T2T. (780) 890-6729 : F. (780) 890-8215E. [email protected]

Tony PrsaPast Chair – BOMA Canada Representative

Harvard Property Management Inc.Suite 005, 11523 – 100 AveEdmonton, AB T5K 0J8T. (780) 413-7059 : F. (780) 482-6080E. [email protected]

Chris VilcsakTreasurer

Solution 105 Consulting Ltd.#230, 10357 – 109 StEdmonton, AB T5J 1N3T. (780) 429-4774 : F. (780) 429-4994E. [email protected]

DIRECTORSDarcy ArmstrongDirector: Membership Committee

GWL Realty Advisors Inc.#208, 10155 - 101 StEdmonton, AB T5J 4G8T. (780) 944-0902 : F. (780) 428-4047E. [email protected]

John FredericksonDirector: Real Estate Guide Committee

Colliers International#2210, 10180 - 101StreetEdmonton, AB T5J 3S4T. (780) 969-3030 : F. (780) 424-7830E. [email protected]

Ray DumouchelDirector: Environment Committee

University of Alberta4th Floor General Services BuildingEdmonton, AB T6G 2H1T. (780) 492-4048E. [email protected]

Jody KundrikDirector: Education Committee

Triovest Realty Advisors#103 – 10025 Jasper AvenueEdmonton, AB T5J 2B8T. (780) 408-1786 : F. (780) 990-1769E. [email protected]

Terry McRobbDirector: Awards Committee

Blackwood Partners Property Corp17203 - 105 AvenueEdmonton, AB T5S 1H2 T. (780) 481-8860 : F. (780) 413-0040E. [email protected]

Cameron NaqviDirector: Communications Committee

Cameron Developments Corporation10180 – 111 Street NWEdmonton, AB T5K 1K6T. (780) 424-8008 : F. (780) 424-2288E. [email protected]

Anthony PatenaudeDirector: Government Liaison

Humford Management Inc.300, 10050 – 112 StEdmonton, AB T5K 2J1T. (780) 426-4960 : F. (780) 425-1184E. [email protected]

Glen ScheuermanDirector: Tax Committee

Morguard Investments Limited#1100, 10060 Jasper AvenueEdmonton, AB T5J 3R8T. (780) 421-8000 : F. (780) 424-7933E. [email protected]

Ted StoneDirector: Golf Committee

Read Jones ChristoffersenSuite 100, 14904 – 123 AveEdmonton, AB T5V 1B4T. (780) 452-2325 : F. (780) 455-7516E. [email protected]

Sidney WaskiewichDirector: Safety & Security Committee

Qualico Commercial# 1200, 10109 - 106 StreetEdmonton AB T5J 3L7T. (780) 424-7474 : F. (780) 426-6217E. [email protected]

Erin WhiteDirector: Recruitment Committee

Bentall Kennedy (Canada) LPSuite 100, 10123 – 99 th StreetEdmonton, AB T5J 3H1T. (780) 401-0902 : F. (780) 429-0827 E. [email protected]

STAFFPercy J. WoodsPresident and Chief Staff Officer

BOMA Edmonton870 EPCOR Tower10423-101 Street Edmonton AB T5H 0E7T. (780) 702-5007 : F. (780) 426-6882E. [email protected]

Jeannette MensinkCoordinator, Events & Member Services


Cora KrywkoAccounting


bomaedmonton.org 15

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pinchinwest.comEdmonton

#200, 9707 -110 Street, AB Ph.780-425-6600

Email: [email protected]

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❖ Hazardous Materials Management ❖ Mould & Infection Control❖ Building Science and Sustainability ❖ Occupational Health & Safety❖ Environmental Due Diligence ❖ Environmental Sciences, Assessments & Approvals❖ LEED Construction Support ❖ Energy Management❖ End of Life Facilities ❖ Training

arch 2009 was a sad time in

downtown Edmonton after a

spectacular fire destroyed the

two beloved old buildings of the Kelly

Ramsey block, leaving little standing

other than the brick facades dating

from the 1910s and 1920s.

The buildings were important

historical artifacts as rare surviving

examples of urban building

styles of the early 20th century.

Many Edmontonians had a strong

emotional attachment to the

properties. They housed the city’s

first Eaton’s department store from

1929 and, more recently, numerous

restaurants such as the Bistro Praha

and the Mongolian Food Experience

that helped to enliven the city core

after 5 p.m. The buildings’ loss would

strike a blow to the city of Edmonton

at its heart.

“Kelly Ramsey was a real vibrant

cultural hub in Edmonton before the

fire took place,” recalls Kevin McKee,

president of Pangman Development

Corp., which is redeveloping the site.

“That part of Rice Howard Way badly

needed a renaissance, and it’s going

to get it through the redevelopment of

the Kelly Ramsey tower.”

This summer, more than six years

after the fire, a sleek, new tower rises

as another floor of structural steel is

added every 10 days to two weeks.

When completed in early 2016, the

new Kelly Ramsey tower will restore

a nearly lost piece of Edmonton’s

past, while adding a 25-storey office

tower that embraces the best building

technology available in the 21st

century. But the road from ashes

to Phoenix has been anything but

simple.

In the spring of 2009, there were

plenty of voices in Edmonton calling

for John Day to get involved with

the project. The local lawyer and

developer had a solid track record

in preserving and repurposing

iconic structures from Edmonton’s

past. His previous projects included

renovating the Garneau Theatre block

south of the High Level Bridge and

redeveloping of a group of buildings

at Whyte Avenue between 104th and

103rd Streets after a 2003 fire.

Day eventually agreed to take on


SAVING THE ICONIC KELLY RAMSEY BUILDINGS

HAS BEEN A SEVEN-YEAR ADVENTURE

FOR EDMONTON DEVELOPERS

M

Back to the future

bomaedmonton.org

the task and acquired the burnt-out

shell of Kelly Ramsey. Over the next

few years, he bought the rest of the

block and an adjoining lane owned by

the city to assemble a 35,000-square-

foot site right in the heart of the

financial core. Not so easy to do,

either: “The deal ended up in court 10

different times,” Day recalls.

Progress continued nevertheless.

McKee’s Pangman Development

Corp., already gaining a reputation

as the developer of J-22, a

275,000-square-foot mixed-use

highrise project on Jasper Avenue

West, signed on as a limited partner

and development manager. Day is

the managing limited partner for

Kelly Ramsey. Financing was secured

from Montez Corp., which manages

real estate investments such as

Londonderry Mall for pension funds.

On the ground, meanwhile, the

rescue of the old buildings’ historic

façade was an urgent priority.

McKee explains the process. While

the buildings’ outer shells were still

standing after the fire, Lorne Simpson,

a historical architecture consultant

was brought in to advise on the safest

way to preserve the façade. A point-

cloud survey was made to create a

detailed, three-dimensional map that

showed the position of every brick

on the facade. Only then could the

walls be taken down, with each step

meticulously recorded.

“Each of the bricks was taken

off one by one,” McKee says. “They

were cleaned and wrapped right on

the scaffold and palletized. And each

will be returned and reapplied in the

same order that they were taken off.

Generally, (except for broken pieces)

each brick is going to be in the same

location it was for the first 100 years

of the existence of the building.”

Meanwhile, McKee, Day and team

had some big decisions to make.

Sorting through various ideas

for redevloping Kelly Ramsey took

a couple of years. Echoing the old

buildings’ origins, there was early

talk of a department store behind the

restored facade. A hotel-anchored

mixed development also was on the

table — “That was definitely a live

issue for a long time,” as Day recalls

17


— but ultimately rejected for financial

reasons.

An architect was chosen, Dialog led by

Gerry Doering.

Another important decision was to

make Kelly Ramsey a LEED Gold building.

That put an extra cost burden on the

developers, as they had to meet binders

full of standards for everything imaginable

in a new building: from lighting and

efficient elevators and HVAC systems,

to grey water and site water runoff, to

the carbon footprint from transportation

of materials to the site, and the use of

recycled building materials (several tons

of previously owned bricks being helpful

here).

The stringent LEED certification

process isn’t completed until the building

has been up and running for a couple of

years and its operational efficiency proven.

Though expensive, this kind of social

responsibility reflects well on tenants and

in the long run reduces operating costs to

largely offset the higher investment in the

building.

“It was not insignificant, the premium

that goes to a LEED Gold building,” Day

says. “But we believe that in the fullness of

time, it will result in lower operating costs

for our tenants.”

The plan that finally emerged would

see a 550,000-square-foot, 25-storey office

tower fronted in part by the restored façade.

A prominent, two-storey mechanical space

on top would provide visual balance

and special skyline lighting effects. The

retail component would consist of two

frontages, one facing Rice Howard Way

and the other on 101st Street, suitable for

one or two restaurants, a coffee shop or

some stores.

Surprisingly, the decision to proceed

with the project happened before the

partners had secured an anchor tenant.

The only commitments they had were

for smaller spaces from a few blue-chip

tenants: KPMG, Field Law and Parlee

McLaws, LLP. “We made the decision to go

ahead and build the building when it was

25-per-cent leased,” McKee recalls.

It was a brave decision when you

consider the dynamics of the office market

in downtown Edmonton in 2013-14. There

had only been one new AA-class office

tower built in the city core in almost three

decades, the Epcor Tower. Meanwhile a

number of tenants had grown and were

forced to scatter their people through

multiple sites around downtown. At least

three major tenants were in the market

to consolidate: the City of Edmonton,

Enbridge Pipelines and the engineering

and design firm Stantec. The Province of

Alberta was also said to be mulling over

some proposals for consolidation.

Sign up one of these deals and the

project would be good to go. But there

were half a dozen downtown office towers

being proposed, each competing for those

same whale leases. The most ambitious

player, Edmonton Arena District led by

Daryl Katz, was proposing to build two

or more giant office towers downtown.

Then, once these were built and tenants

shifted locations, hundreds of thousands

of square feet of unleased or sublet space

would flood the market at their previous

bomaedmonton.org 19

addresses. That wouldn’t be a nice time to

own a 25-per-cent leased building.

If it all seems like a collossal poker

game, it’s worth noting that Day and

McKee held three aces: the most central

location, an excellent building, and since

they already had shovels in the ground,

the earliest completion date.

“We believed in the Edmonton office

market,” adds McKee. “We believed that if

we developed a high-quality, best-in-class

office building, the market would respond

positively.”

In the end, starting the building proved

to be a winning strategy. The city signed up

with the first EAD tower and Stantec soon

would be in the second. That left Enbridge,

which sent out an RFP at the end of 2013.

The pipeline company began to look

seriously at occupying two pedway-linked

buildings, Kelly Ramsey and Manulife

Place, where it already had a footprint.

The partners had a handshake deal with

Enbridge by the fall of 2014 and the lease

was signed and announced in December.

“The Enbridge deal was obviously fantastic

for us, but we were building Kelly Ramsey

with or without them,” McKee says. “We

had the financial commitment of pension

fund partner Montez and all our Alberta

partners.”

“We had lots of raised eyebrows,” Day

admits. “The city was consolidating their

business, Stantec was consolidating their

business, Enbridge was consolidating their

business. There were lots of concerns. I

think we were very mindful of that.”

Day and McKee realized the value of

offering a prime location. Sitting on the

most central available site in the financial

district, Kelly Ramsey will connect with

Manulife Place via a pedway over 101st

Street and link below street level to Scotia

Place and Central LRT station.

“We also thought that Edmonton is a

mature enough market, and business is

successful enough downtown, that people

would pay a little bit more in lease rates if

they got it back in lower operating costs,”

Day adds. “But there were definitely a lot

of raised eyebrows.”

In the end, their hand was well played

and once Enbridge signed in December

2014, occupancy in Kelly Ramsey leapt from

25 per cent to 82 per cent leased. “I believe

the pent-up demand for consolidation is

pretty much done,” Day quips.

When completed in 2016, the Kelly

Ramsey tower will be the most modern

office building yet to be built in downtown

Edmonton. Alberta’s first all-curtain-wall

highrise, its glass exterior will be attractive,

the structure lightweight, and it will allow

the maximum amount of natural light

inside. And here once again on Rice Howard

Way will be the facades of the Kelly and

Ramsey buildings — not a reproduction

but the original, painstakingly rebuilt.

“It was more than $3.5 million of

additional cost, but the city was our partner

and we received a historic grant for 50 per

cent,” says McKee. However, he believes

it was all worth the extra time, effort

and investment because it will set Kelly

Ramsey apart from the other downtown

office buildings.

“We’re very excited. It’s been a

wonderful journey and to see the project

come out of the ground is very exciting for

our entire team.”

AND HERE ONCE AGAIN ON RICE HOWARD WAY WILL BE THE

FACADES OF THE KELLY AND RAMSEY BUILDINGS — NOT A

REPRODUCTION BUT THE ORIGINAL, PAINSTAKINGLY REBUILT. “

“


STANTEC’S TOP URBAN DESIGNER

SIMON O’BYRNE SHARES HIS

OPTIMISTIC VISION FOR DOWNTOWN

The brilliant future of Edmonton 2.0

AS WE ALL KNOW, A LOT OF THE DEALS FOR THE OIL SANDS GET DONE IN CALGARY: INITIAL

ENGINEERING, PERMITS AND WORK WITH THE LAWYERS

AND ACCOUNTANTS,” HE SAYS. BUT ONCE THE CONSTRUCTION BEGINS,

THE FOCUS SHIFTS TO THE EDMONTON REGION.“

“

Simon O’Byrne

bomaedmonton.org

hrough his job as Stantec’s

leading urban planner, Simon

O’Byrne interacts regularly

with company offices from India

to the Middle East, from Florida to

the Northwest Territories and from

California to Labrador.

“I can tell you this,” he recently

declared to a BOMA Edmonton

audience. “There’s still no better

place to do business than Edmonton,

Alberta.”

O’Byrne bases his optimism

in part on the sheer volume of big

projects being built in downtown

Edmonton.

“By far the most popular tweet

I ever put out was last November,

when I pointed out there were 18

construction cranes in Edmonton’s

core and that by this summer to early

fall there would be 31 cranes,” he

says. “Anyone who travels around

can tell you there’s hardly a city core

anywhere on this continent that has

31 construction cranes right now.”

Each of those cranes, he adds,

represents a lot of construction

workers whose activity will peak

between now and 2018, and a lot of

economic activity that’s going to help

Edmonton get over the hump of low

energy prices.

Speaking in March 2015 to a

luncheon for BOMA Edmonton

members, O’Byrne commented

that he sees a lot of negativity about

Alberta in the national media. Most

reports focus on Calgary, which

has a much different economy than

Edmonton’s.

“As we all know, a lot of the deals

for the oil sands get done in Calgary:

initial engineering, permits and work

with the lawyers and accountants,

he says. But once the construction

begins, the focus shifts to the

Edmonton region.”

For example, the Northwest

Upgrader project in Fort Saskatchewan

will employ 4,000 to 4,500 highly paid

construction workers over the next

12 months and represent a capital

investment of $8.5 billion. But even

after the construction crews move on,

the upgrader will operate for many

decades, adding a lot of critical mass

to the region for 50 years or more.

“These companies typically

spend a further 15 per cent of their

21

T


initial capital investment every

single year on operations and

maintenance,” says O’Byrne.

“That’s what it costs to keep the

lights on, to keep the staff there,

to deal with what happens to the

bearings, etc.”

Long-lived assets such

as upgraders, refineries and

pipeline systems don’t close

down simply because of a spell

of unfavourable commodity

prices, and this gives Edmonton

a long-term advantage over

other cities.

“We’re doing a lot better

than Calgary in terms of housing

starts, our real estate is holding

its value, in terms of car sales and

employment,” O’Byrne argues.

“We actually created thousands

of jobs last month — how bad can

it be when the unemployment

rate in Edmonton is 4.8 per

cent?”

Another reason he is

optimistic is all the activity in the

heart of the city. “I subscribe to

the mantra that, ‘As goes your

downtown, so goes your city.’ ”

“This really matters, because

the city centre is the brand of the

city,” he adds. “If the downtown

is healthy, then we perceive that

city as healthy. Detroit might

have great suburbs that are

doing well right now, but who

thinks that Detroit is a great place

to invest?”

O’Byrne believes that

downtown Edmonton suffered

from underinvestment between

1980 and 2010, but that has

changed dramatically in recent

years.

“Edmonton’s downtown

popula tion has more than

doubled in the last 10 years and

it’s on a trajectory to reach 30,000

people,” he says. “That number

matters because studies have

figured out what the critical

mass needs to be for a city to

get the 24/7 vibrancy that every

community is after, and it’s about

30,000 people.”

Contrary to what downtown

merchants often think, 80 to 85

per cent of their business comes

from people who live within a

couple of miles of the business,

not from the suburbs.

“So if the core population

living in the centre of Edmonton

increases, that supports many

more merchants, businesses,

restaurants — those businesses

that add life to the street,” he says.

“It’s critical that we do all we can

to build up that core population

and make it successful.”

Another positive about the

current surge of construction

in downtown Edmonton is that

it doesn’t involve sacrificing

the city’s heritage. “We’re not

talking about replacing 10-storey

buildings with 20- or 30-storey

buildings; we’re talking about

replacing gravel parking lots with

beautiful new buildings.”

And thankfully, he adds,

the city has embraced design

excellence.

“Perhaps it started with the

Art Gallery of Alberta, where

we spent a lot of money on

architecture. For the utilitarian,

pothole-filling crowd out there,

maybe it was a waste of money,

but a lot of us were excited to

see the city have some pride

and to do something that’s

really interesting. At least we’ve

designed a building that’s worthy

of an opinion.”

In 2016, the Royal Alberta

Museum will open, bringing

thousands more people

downtown to enjoy the culture.

“So now it’s not just about

having one cultural thing to go

WE’RE NOT TALKING ABOUT REPLACING 10-STOREY BUILDINGS WITH 20- OR 30-STOREY BUILDINGS; WE’RE TALKING ABOUT

REPLACING GRAVEL PARKING LOTS WITH BEAUTIFUL NEW BUILDINGS.“

“

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to downtown, it’s the cumulative effect of

having so many things all aggregated in

one area and what that does.”

Education is also playing a big role in

reinventing Edmonton.

Grant MacEwan University, where

O’Byrne holds the Allard Chair in Business

for 2015, is closing all its suburban

campuses and moving to the downtown

campus that it began to build on former

railway lands in the 1990s. Soon there

will be 50,000 post-secondary students

downtown, and that doesn’t include NAIT

or the main campus of the University of

Alberta, which are both a few stops away

by light rail transit.

More of the 31 cranes are accounted

for by Norquest College, which has started

construction of the Singhmar Centre for

Learning, and the 25-storey Kelly Ramsey

office tower that will open next year. There’s

the Hyatt Place Hotel and the revitalization

of The Quarters, where a big condo tower is

going up. Several more apartment towers

are also going up all over downtown.

The project attracting the most

attention, though, is Rogers Place arena

and the surrounding Arena District that

will by 2018 include the 62-storey Stantec

Tower. Work also is underway on a second

office tower, a 50-storey hotel luxury hotel

and condo tower, dramatic public spaces

and 300,000 square feet of retail space –

virtually all built on former parking lots.

“What’s really interesting is that the

Arena District is going to put people on

the streets at all hours of the day: office

workers in business hours, people in the

hotels, people who will be living there,

people who go for games or concerts in

MORE OF THE 31 CRANES ARE ACCOUNTED FOR BY

NORQUEST COLLEGE, WHICH HAS STARTED CONSTRUCTION

OF THE SINGHMAR CENTRE FOR LEARNING, AND THE

25-STOREY KELLY RAMSEY OFFICE TOWER THAT WILL

OPEN NEXT YEAR. “

“


the evening and then the retail activity.”

The Arena District will not only house

O’Byrne’s office and all of Stantec’s other

Edmonton employees, it will also be

a showcase for the company’s design

capabilities.

“We want to be where that young

engineering and architectural talent wants

to be, where they want to work, to play. We

want to be in the core, which will be the

most desirable place to work.”

To bring growing numbers of people

in and out of downtown, Edmonton’s

light rail transit system is in the midst

of the biggest expansion in its history.

Opened in 1978, the original LRT

tracks and tunnels now reach into the

northeastern and southern sectors

of the city. Phase one of a second line

is about to open between downtown

and the former municipal airport in the

northwest. And work is soon to begin

on a European-style, low-floor LRT

running at street level along a right of

way that also accommodates cyclists

and pedestrians. This will connect

downtown to suburbs in the southeast

and eventually in the other direction out

beyond West Edmonton Mall.

“As we think of a ring road as a catalyst

for suburban development, light rail transit

is a catalyst for urban development,” says

O’Byrne. “More than 100,000 people a

day ride the LRT in Edmonton, and that’s

with one line. Now imagine when we have

three lines and they converge and you can

truly live an urban lifestyle and it’s not just

about commuting, it’s about your lifestyle

orientation.”

Perhaps the most important reason

that O’Byrne cites for his optimism is the

way that a younger, more urban population

is changing Edmonton’s brand: “There’s a

newfound confidence here that we didn’t

have five or 10 years ago.”

Welcome to Edmonton 2.0!

PERHAPS THE MOST IMPORTANT REASON THAT

O’BYRNE CITES FOR HIS OPTIMISM, IS THE WAY THAT A YOUNGER, MORE URBAN POPULATION IS CHANGING

EDMONTON’S BRAND: “THERE’S A NEWFOUND CONFIDENCE HERE THAT

WE DIDN’T HAVE FIVE OR 10 YEARS AGO“

“

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Edmonton – Personal Disposable Income (Per Capita) and Total Retail Sales

$60,000

$55,000

$50,000

$45,000

$40,000

$0

Average Personal Disposable Income per Capita ($) Average Total Retail Sales ($ Billions)

$30

$28

$26

$24

$22

$20

Inco

me

per C

apita

($)

Aver

age

Reta

il Sa

les

($ M

illio

ns)

2011 2012 2013* 2014* 2015* 2016* 2017* 2018*

* Forecast. Source: Conference Board of Canada.

RetailSurvey

period of intense consolidation

among Canadian retailers

continued into 2015, when news

came at the end of March that Best Buy

Co., Inc. was closing down the last of its

Future Shop stores across Canada. Sixty-

six stores were closed permanently, while

another 65 were rebranded as Best Buys.

Edmonton was not spared. Three Future

Shops were closed in South Edmonton

Common, on 170th Street and on 137th

Avenue. Another 137th Avenue location,

plus stores in St. Albert and downtown

Edmonton, were rebranded.

Many thought the closures were

inevitable after Minneapolis-based Best

Buy purchased the Burnaby-based Future

Shops in 2001; their big electronics stores

were frequently within sight of each other

on retail boulevards across the country.

In recent years, online retailers such as

Amazon and iTunes captured market

share from traditional brick-and-mortar

stores. In 2013, Best Buy cut 15 of its

230 Canadian stores during a corporate

reorganization and embarked on a revamp

that introduced a “store within a store”

concept that featured boutiques selling

top brands. It also pushed the option of

shopping at Best Buy online for pickup at

the nearest store.

The end of Future Shop came during

Macro trends buffet Edmonton retailers

“

“ASAFEWAY, SEARS CANADA,

SHOPPER’S DRUG MART, REITMANS, MEXX, JACOB

AND HOLT RENFREW HAVE ALL EITHER MERGED WITH OTHER COMPANIES,

CLOSED, REORGANIZED OR REBRANDED LARGE PARTS OF THEIR CANADIAN BUSINESSES

SINCE 2013.

a time of rapid consolidation for Canadian retailers.

Target rolled up all of its 133 Canadian stores right after

Christmas. Safeway, Sears Canada, Shopper’s Drug

Mart, Reitmans, Mexx, Jacob and Holt Renfrew have all

either merged with other companies, closed, reorganized or

rebranded large parts of their Canadian businesses since 2013.

The big exception to this trend of playing defence is Wal-

Mart, which in February 2015 announced it would invest $340

million to open 29 new Supercenters, add distribution facilities

and expand online commerce in Canada this year. However, that

was $160 million less than its announced investment in Canada in

2014. Another aggressive investor is Hudson’s Bay Co., which in

February formed a $4.2 billion joint venture with cross-border real

estate giants RioCan and Simon Properties.

In Edmonton, a lot of new retail space was built in the past five

years, much of it outside the Anthony Henday ring road. Another

300,000-plus square feet of retail is being built downtown.

Some of this additional space is needed just to keep up with the

number of shoppers; recently as many as 30,000 people a year

have migrated to the city. Most were young people with healthy

disposable incomes — in other words, big shoppers. How this

supply and demand equation balances out in coming years is

anyone’s guess.

At year-end CBRE reported a vacancy rate of 2.2 per cent, with

nearly 1.4 million square feet of retail space either vacant or under

construction.

Big American players will again be the focus of major

developments expected in 2015-16. One to watch will be where

the upscale Seattle-based department store Nordstrom opens

its first Edmonton store. Another will be the development of

western Canada’s first outlet centre on a Simon Properties site in

west Edmonton. It promises to be a great time to be shopping in

Edmonton.

bomaedmonton.org 29

2011 2012 2013* 2014* 2015* 2016* 2017* 2018*

C O N T R A C T M A N A G E M E N T

COMMERCIALGENERAL CONTRACTORS I N C E 1 9 8 8

780.452.7072 780.451.6899 [email protected] seagatecontract.com

CORPORATE | PROFESSIONAL | RETAIL | D E N TA L

HOSPITALIT Y | SALON & SPAS | INSTITUTIONAL


Average Rental Rates Average Operating Costs & Taxes

$40

$30

$20

$10

$0

Rent

al R

ate

& O

pera

ting

Cost

Edmonton Suburban Market

2008 2009 2010 2011 2012 2013 2014

$11.95

his year and for a few more years

to come, the biggest story in the

Edmonton commercial real estate

universe will be the addition of three major

office towers downtown:

The 25-storey Kelly Ramsey

building opening in 2016 will be part of

a consolidation of Enbridge employees

currently scattered across six buildings.

Enbridge will also become the largest

tenant in Manulife Place, which will be

linked to Kelly Ramsey by a pedway over

101st Street. The new tower by Edmonton

developer John Day preserves the facades

of two iconic early 20th century buildings

destroyed by fire in 2009.

One year later, Edmonton Arena

District (EAD), a partnership led by the Katz

Group, will open a 27-storey tower that will

allow the City of Edmonton to gather at

one location most of its downtown office

employees, currently in nine buildings.

The move is expected to simplify citizens’

access to services while cutting costs by

reducing the city’s overall footprint in the

downtown core.

Then in 2018, Stantec Tower will

consolidate 1,700 Edmonton employees

and showcase the firm’s engineering and

architectural capabilities. The 62-storey

tower will be Edmonton’s tallest building

and a landmark for the new Arena

District. The best views in the house will

be reserved for residents of 320 luxury

apartments on the top 36 floors. It also is

being developed by EAD.

Each of these buildings was needed

to accommodate a large, blue-chip tenant

that was bursting at its seams in multiple

locations. More than 75 per cent of the 1.7

million square feet in the three buildings is

leased. Once tenants move into their new

quarters in 2016-18, it will certainly cause

a knock-on increase in vacancies in older

Three new towers dominate the discussion

““

TFOR BUILDING OWNERS, THESE MOVE-OUTS WILL

PROVIDE AN OPPORTUNITY TO RENOVATE OR REPURPOSE

PROPERTIES BUILT 40 OR MORE YEARS AGO. FOR

TENANTS WANTING TO MOVE UP TO LARGER OR BETTER-APPOINTED PREMISES, THE CHOICES AVAILABLE AND

THE COMPETITION FOR THEIR BUSINESS WILL BE THE MOST ADVANTAGEOUS IN A DECADE

OR MORE.

DowntownSurvey

bomaedmonton.org 31

$50

$40

$30

$20

$10

$0

Rent

al R

ate

& O

pera

ting

Cost

Edmonton Downtown Financial District –Class A

2008 2009 2010 2011 2012 2013 2014

$18.50

downtown buildings.

For building owners, these move-outs

will provide an opportunity to renovate

or repurpose properties built 40 or more

years ago. For tenants wanting to move up

to larger or better-appointed premises, the

choices available and the competition for

their business will be the most advantageous

in a decade or more. And for downtown in

general, revitalization will be accelerated by

three of the best office projects ever built in

the city.

However, the three buildings represent a

9 per cent increase in the downtown office

inventory and they are hitting at a time of un-

certainty as Edmonton and Alberta deal with

the shock of steeply discounted oil prices. At

the end of 2014, the financial district had a

9.6 per cent vacancy rate, or about a million

square feet. There were another half million

square feet of vacant space in the govern-

ment district, where the rate was 8.8 per cent.

Average rents

varied from

$14.25 for Class

C space in the gov-

ernment to $25.75 for

AA downtown digs. Mar-

ket absorption of all the new or

vacated office space will continue to be

the key issue for the downtown for years to

come.

Some market participants describe the

overall situation as steady, while others

expect some kind of bottoming process.

The optimistic view is that while oil prices

will have a yet-to-be determined impact

on Alberta’s growth in the medium term,

Edmonton’s economy is more closely tied to

the volume of oil shipped than to the actual

price.

Any way you slice it, now is the best

time to be in the market for office space in

downtown Edmonton since the 1990s.

bomaedmonton.org 33

Vacancy Rate

Source: Colliers International

15%

12%

9%

6%

3%

0%

1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015

Vaca

ncy

(%)

DOWNTOWN SUBURBAN

8.1

%

12.3

7%

9.03

%

13.4

0%

8.66

%

12.5

0%

9.45

%

12.7

1%

9.25

%

12.6

1%

Building Value,Nationally.

Vancouver . . . . . . . . . 604 .683 .7133Calgary . . . . . . . . . . . . 403 .263 .0100Edmonton . . . . . . . . . 780 .423 .4400Regina . . . . . . . . . . . . 306 .359 .9799Winnipeg . . . . . . . . . . 204 .947 .2242Toronto . . . . . . . . . . . . 647 .722 .6472Gatineau . . . . . . . . . . . 819 .777 .2133Laval . . . . . . . . . . . . . . 514 .770 .3317Bathurst . . . . . . . . . . . 506 .546 .4144

mccor.c a

� Building Science

� Condition Assessments

� Fall Protection

� Parking Planning

� Parkade Corrosion Protection

� Roofing Consulting

� Structural Engineering

� Structural Restoration

rjc.ca


A B C D E F G H I J K L M N O P Q R S

11

22

33

44

55

66

77

88

104 AVENUE

112

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113

STRE

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114

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115

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111

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112

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99 S

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103

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107

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104 AVENUE 104 AVENUE

103A AVENUE

103 AVENUE

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COLLIERS MACAULAY NICOLLS INC.2210 Manulife Place

10180 - 101 StreetEdmonton, AB T5J 3S4

+1 780 420 1585

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2015DISCLAIMER: This document has been prepared by Colliers International for advertising and general information only. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising therefrom. 2015.

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Downtown Office Buildings100 Street Place P 4 101 Street Tower O 2 105 Street Building J 3 108 Street Building G 6 44 Capital Boulevard G 5 5th Street Place J 5 9925 Building G 6 9Triple8 Jasper Q 4 Alberta Block J 4 Alberta Labour Building G 6 Associated Engineering Plaza F 5 ATB Place P 5 ATB Place East P 5 ATCO Centre K 5 Baker Centre J 5 Bank of Montreal O 4 Beaver House L 4 Bell Tower N 2 Birks Building L 4 Blue Cross Building H 5 Blue Cross Place H 5 Boardwalk Building L 3 Bowker Building G 7 Canada Place R 4 Canadian Western Bank Place L 5 Capital Place F 8 CDI Building P 4 Cecil Place K 4 Centennial Plaza G 7 Centre West H 5 Century Place R 3 Chancery Hall Q 3 City Hall P 2 City Of Edmonton Tower N 2 CN Tower P 1 Commerce Place N 4 Commonwealth Building I 6 Compass Place C 5 CRHC Building C 3 Devonian Building D 4 Dorchester Building G 2 EAD Tower N 1 Edmonton Journal N 5 Empire Building O 4 Enbridge Place L 4 Enbridge Tower M 5 Encore L 4 Energy Square J 4 EPCOR Tower O 1 Federal Public Building G 7 Financial Building I 6 First and Jasper O 5 First Edmonton Place I 5 Forestry Building G 6 Fox Towers K 3 Harley Court E 5 Haultain Building G 7 Highfield Place I 5 Hotel Mac Q 5 HSBC Bank Place N 3 HSBC Building J 5 Intact Building G 4 Jaffer Building L 5 Jarvis Building I 6 John E. Brownlee Building R 1 Kelly Ramsey Building O 4 Labour Building G 6 Legislative Annex H 8 MacDonald Estates Q 4 Manulife Place N 4 Mayfair Village G 5 McLeod Tower P 4 Melton Building L 4 Milner Building K 5 Norquest College H 3 Oliver Tower M 6 Oxbridge Building I 7 Oxford Tower O 3 Peace Hills Insurance Building H 5 Peace Hills Trust Tower G 5 Petroleum Plaza H 6 Phipps McKinnon Building O 4 Revillon Building L 3 Rogers Place L 1 Royal Alberta Museum Q 1 Royal Bank Building N 5 Scotia Place I & II O 4 Scotia Place III O 4 Seventh Street Plaza H 5 Standard Life Centre K 5 Stanley A. Milner Library Q 4 Stantec Technology Centre C 4 Stantec Tower M 2 Sterling Place I 6 Sun Life Place R 4 Symphony Tower I 8 TD Tower O 3 TELUS House P 5 U of L Tower H 6 Ultima L 3 WCB Building H 6 World Trade Centre - Edm Q 4

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OFFICE BUILDINGS - GOVERNMENT CLASS A

OFFICE BUILDINGS - GOVERNMENT CLASS B

OFFICE BUILDINGS - GOVERNMENT CLASS C

OFFICE BUILDINGS - FINANCIAL CLASS AA

OFFICE BUILDINGS - FINANCIAL CLASS A

OFFICE BUILDINGS - FINANCIAL CLASS B

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RESIDENTIAL

COMMERCIAL/OTHER

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COLLIERS MACAULAY NICOLLS INC.2210 Manulife Place

10180 - 101 StreetEdmonton, AB T5J 3S4

+1 780 420 1585


2015DISCLAIMER: This document has been prepared by Colliers International for advertising and general information only. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising therefrom. 2015.


Major Downtown Office Buildings

Building Name Management Company Leasing Company Office Area Floor Space No . of Floors Year Built Contact Contact (sq . ft .) (sq . ft .)

P4 100 Street Place Melcor Developments Melcor Developments 44,295 5,152 9 1970 10150-100 Street Brandon Park, 780-423-6931 Nola Gunn, 780-423-6931

K5 10405 Jasper Humford Management Inc Northam Realty Advisors Limited 399,874 20,800 19 1980 10405 Jasper Avenue David Judge, 780-426-4960 Judy Lucas, 416-977-7151

J3 105 Street Building Humford Management Inc. Jones Lang LaSalle 85,222 10,187 9 1980 10242-105 Street Pat Perpeluk, 780-426-4960 Chad Brennand, 780-328-2550

G6 108 Street Building GWL Realty Advisors Inc. GWL Realty Advisors Inc. 177,246 14,451 11 1976 9942-108 Street Barb Perreault, 780-944-0905 Brent Peyre, 780-701-1104

G5 44 Capital Boulevard Morguard Investments Limited Morguard Investments Limited 385,228 28,000 12 1983 10044-108 Street Glen Scheuerman, 780-424-1693 Mike Verhoski, 780-421-8000 (varies)

P4 5th Street Place John Howard Society John Howard Society 32,763 8,620 4 1952 10010-105 Street 780-428-7590 780-428-7590

G6 9925 Building Triovest Triovest 227,277 19,300 12 1977 9925-109 Street 780-990-1768 Marc Harden, 780-990-1768

Q4 9 Triple 8 Jasper Bentall Kennedy (Canada) LP Colliers International 166,845 11,100 16 1979 9888 Jasper Avenue Nellie Boyer, 780-990-7010 Ian Bradley, 780-420-1585

J4 Alberta Block CKUA Radio Foundation CKUA Radio Foundation 37,028 4,983 6 1905 10526 Jasper Avenue Ken Regan, 780-428-2020 Ken Regan, 780-428-2020

F5 Assoc Engineering Plaza ProCura Real Estate Services ProCura Real Estate Services 164,466 14,186 12 1978 10909 Jasper Avenue 780-414-8888 Michael Surkovic, 780-414-8888

P5 ATB Place North Triovest Triovest 420,485 18,500 24 1970 10025 Jasper Avenue 780-990-1768 Marc Harden, 780-990-1768

P5 ATB Place South Triovest Triovest 716,759 23,700 33 1971 10020-100 Street 780-990-1768 Marc Harden, 780-990-1768

K5 ATCO Centre Triovest Triovest 285,461 14,947 20 1982 10035-105 Street 780-990-1768 Marc Harden, 780-990-1768 (varies)

J5 Baker Centre Dream Office Management Corp Dream Office Management Corp 135,132 10,081 15 1969 10025-106 Street Crystal Lehoux, 780-423-4800 Dave Kerr, 780-423-4800 (varies)

O4 Bank of Montreal Dream Office Management Corp Dream Office Management Corp 126,899 25,000 6 1985 10199-101 Street Kevin Humphrys, 780-801-3871 Dave Kerr, 780-423-4800 (varies)

L4 Beaver House ONNI Group Avison Young 85,319 68,278 5 1925 10158-103 Street Gianni Laudisio 604-602-7711 Cory Wosnack,780-428-7850

N2 Bell Tower Aspen Property Management Ltd. Aspen Property Management Ltd 421,484 4,704 31 1982 10104-103 Avenue 780-442-3100 Brett Koroluk, 780-442-3102 Low Rise 14,704

L4 Birks Building Melcor Developments Melcor Developments 35,141 7,500 4 1929 10113-104 Street Brandon Park, 780-423-6931 Pat Melton, 780-423-6931

DowntownSurvey

bomaedmonton.org 37



H5 Blue Cross Building Alberta Blue Cross Alberta Blue Cross 46,669 6,667 3 1956/1960 10025-108 Street Paul Molnar, 780-498-8112 Paul Molnar, 780-498-8112

H5 Blue Cross Place Alberta Blue Cross Alberta Blue Cross 94,500 10,500 9 1975 10009-108 Street Paul Molnar, 780-498-8112 Paul Molnar, 780-498-8112

G7 Bowker Building Edon Management Government of Alberta 153,515 19,994 8 1929 9833-109 Street 780-425-3708 780-422-9577

R4 Canada Place Maple Leaf Property Management Maple Leaf Property Management 777,430 (varies) 15, 17, 4 1988 9700 Jasper Avenue Carla Towstego-DeSousa , 780-822-6011 Carla Towstego-DeSousa , 780-822-6011 (three towers)

L5 Cdn Western Bank Place Bentall Kennedy (Canada) LP Bentall Kennedy (Canada) LP 406,019 13,900 HR 30 1980 10303 Jasper Avenue Erin White, 780-990-0910 Brad Alton, 780-990-7000 13,500 LR

P4 CDI Building ONNI Group Jones Lang LaSalle 49,088 7,266 6 1974 10115-100A Street Gianni Laudisio, 604-602-7711 Carolyn Bull, 780-328-2553

K4 Cecil Place Ayre & Oxford Inc. Jones Lang LaSalle 42,000 21,000 3 2008 104 Street & Jasper Avenue 780-448-4984 Chad Brennand, 780-328-2550

H5 Centre Point Place Oxford Properties Group Oxford Properties Group 108,488 14,541 3 1972 10205 - 101 Street Debra Edwards, 780-426-8409 Meghan Kinney, 780-426-8419

H5 Centre West Rancho Management Services Qualico Developments 159,953 14,541 12 1976 10035-108 Street Jack Dodds, 780-463-2132 Bill Manchuk, 780-424-7474 x 226

R3 Century Place City of Edmonton City of Edmonton 213,908 11,464 22 1974 9803-102A Avenue Walter Trocenko, 780-496-6557 Walter Trocenko, 780-496-6557

Q3 Chancery Hall City of Edmonton City of Edmonton 108,033 10,129 10 1966 3 Sir Winston Churchill Square Walter Trocenko, 780-496-6557 Walter Trocenko, 780-496-6557

P1 CN Tower Strategic Group Strategic Group 602,796 11,948 27 1967 10004-104 Avenue Julian Mannella, 780-454-8018 Courtney Strong, 780-454-8018 (varies)

N4 Commerce Place GWL Realty Advisors Inc. GWL Realty Advisors Inc. 602,796 20,434 27 1990 10155 -102 Street Darcy Armstrong, 780-944-1222 Brent Peyre, 780-701-1104 (varies)

I6 Commonwealth Building Jaffer Properties Inc DTZ Edmonton 34,584 7,217 5 1965 9912-106 Street Jan Musani, 780-429-1255 X 211 Cody Lowry, 780-421-1488

C5 Compass Place Humford Management Inc Colliers International 83,995 10 1974 10050-112 Street Susan Osterloh, 780-426-4960 Fahad Shaikh, 780-420-1585

D4 Devonian Building Canterra Development Corp. Canterra Development Corp. 158,907 17,600 10 2009 11150 Jasper Ave Ryan Brown, 780-413-7150 Ryan Brown, 780-413-7150 Redevelopment

G2 Dorchester Building Yale Properties Cushman & Wakefield Edmonton 56,712 12,000 4 1911 10357-109 Street Lynn Blomberg, 780-424-4477 Dustin Bateyko, 780-702-4257

H3 East Court Building NorQuest College NorQuest College 31,367 15,683 2 1961 10704-102 Avenue 780-644-6220 780-644-6220

DowntownSurvey




N5 Edmonton Journal Edmonton Journal Edmonton Journal 140,000 28,000 5 1990 10006-101 Street Dave Becker, 780-429-5111 Dave Becker 780-429-5111

O4 Empire Building Kipling Realty Management Jones Lang LaSalle 104,161 9,100 11 1962 10080 Jasper Avenue Jane Miller, 780-669-2095 Chad Boddez, 780-969-2995

L4 Enbridge Place Dream Office Management Corp Dream Office Management Corp 262,965 11,711 22 1981 10130-103 Street Kevin Humphrys, 780-801-3871 Dave Kerr 780-423-4800

M5 Enbridge Tower Bentall Kennedy (Canada) LP Bentall Kennedy (Canada) LP 182,476 9,062 21 1981 10201 Jasper Avenue Erin White, 780-401-0902 Brad Alton, 780-990-7000

J4 Energy Square Rancho Management Services Qualico Developments 129,662 10,886 12 1979 10109-106 Street Jack Dodds, 780-463-2132 Bill Manchuk, 780-424-7474 x 226

O1 EPCOR Tower Rancho Management Services Colliers International 625,000 24,200 28 2011 10423-101 Street Jack Dodds, 780-463-2132 Ian Bradley, 780-420-1585

I 6 Financial Building Stromiga Inc. DTZ Edmonton 136,493 12,400 11 1957 / 1975 10621-100 Avenue Ron Benjamin, 780-262-5564 Chuck Clubine, 780-733-6405

O5 First & Jasper GWL Realty Advisors Inc. GWL Realty Advisors Inc. 227,752 10,111 20 1974 10065 Jasper Avenue Carole Lajoie, 780-944-6221 Brent Peyre, 780-701-1004

I 5 First Edmonton Place National Realty Avison Young 225,855 16,680 15 1983 10665 Jasper Avenue Bob Hutchinson, 780-423-2000 Cory Wosnack, 780-428-7850

G6 Forestry Building GWL Realty Advisors Inc. GWL Realty Advisors Inc. 129,686 12,969 10 1979 9920-108 Street Barb Perreault, 780-944-0905 Brent Peyre, 780-701-1104

I 5 Highfield Place Dream Office Management Corp Dream Office Management Corp 101,533 10,460 10 1977 10010-106 Street Crystal Lehoux 780-423-4800 Dave Kerr, 780-423-4800

N3 HSBC Bank Place Dream Office Management Corp Dream Office Management Corp 270,756 16,360 18 1980 10250-101 Street Sue Punter, 780-423-4800 Dave Kerr, 780-423-4800

J5 HSBC Building Dream Office Management Corp Dream Office Management Corp 114,092 9,854 12 1974 10055-106 Street Kevin Humphrys 780-801-3871 Dave Kerr, 780-423-4800

G4 Intact Building ProCura Real Estate Services Ltd. ProCura Real Estate Services 225,000 20,000 11 2008 10830 Jasper Avenue 780-414-8888 Michael Surkovic, 780-414-8888

L5 Jaffer Building Jaffer Properties Inc Jaffer Properties Inc 27,000 7,500 5 1967 10355 Jasper Ave Jan Musani 780-429-1255 Xten 211 Jan Musani 780-429-1255 Xten 211

I 6 Jarvis Building Workers Compensation Board Workers Compensation Board 120,270 10,000 13 1971 9925-107 Street Manuel Vervoorst, 780-498-4874 780-498-4874

R1 John E. Brownlee Building Stetson Consulting Services Ltd. Alberta Infrastructure and Transportation 400,311 40,031 10 1984 10365-97 Street 780-482-4078 780-427-1633

F8 Ledgeview Business Ctr Humford Management Inc Melcor Developments 137,993 15,500 9 1980 9707-110 Street Susan Osterloh, 780-426-4960 Nola Gunn, 780-423-6931

DowntownSurvey

bomaedmonton.org 39



H8 Legislative Annex Province Of Alberta Province Of Alberta 150,220 10,714 12 1952, 1958 9718-107 Street 780-427-7453 780-427-7453

G6 Labour Building GWL Realty Advisors Inc. GWL Realty Advisors Inc. 90,324 8,829 10 1968 10808-99 Avenue Barb Perreault, 780-944-0905 Brent Peyre, 780-701-1104

Q4 MacDonald Estates Canadian Urban Limited Avison Young 20,000 5,148 26 1973 9939 Jasper Avenue Mike Sparrow, 780-424-7722 Karnie Vertz, 780-428-7850

P4 McLeod Tower Re/Max Real Estate Re/Max Real Estate 48,762 6,100 6 1961 10004 Jasper Avenue Robert McLeod, 780-447-084 Robert McLeod, 780-447-084

N4 Manulife Place Manulife Financial Manulife Financial 744,707 22,930 36 1983 10180-101 Street 780-420-6236 Laura Bradley, 780-409-2338

L4 Melton Building Melcor Developments Melcor Developments 114,612 13,004 9 1973 10310 Jasper Avenue Brandon Park, 780-423-6931 Pat Melton 780-423-6931

K5 Milner Building Dream Office Management Corp Dream Office Management Corp 180,026 13,497 12 1959 10040-104 Street Kevin Humphrys, 780-801-3871 Dave Kerr, 780-423-4800

O2 MNP Tower Aspen Property Management Ltd. Aspen Property Management Ltd. 320,408 13,567 29 1978 10235-101 Street 780-442-3100 Brett Koroluk, 780-442-3102

I7 Oxbridge Place GWL Realty Advisors GWL Realty Advisors 209,941 13,796 14 1976 9820-106 Street Carole Lajoie, 780-944-6221 Brent Peyre, 780-701-1104

O3 Oxford Tower Oxford Properties Group Oxford Properties Group 223,925 11,213 23 1974 10025-102A Avenue Debra Edwards, 780-426-8409 Meghan Kinney, 780-426-8419

I7 Park Plaza Oaksey Investments Cushman & Wakefield Edmonton 139,400 14,000 16 1985 10611-98 Avenue 780-455-3420 Neil Smith, 780-420-1177

H5 Peace Hills Insurance Bld. McCor Management Avison Young 74,428 13,048 6 1980 10709 Jasper Avenue Sonny Crowley, 780-423-4407 Cory Wosnack, 780-428-7850

G5 Peace Hills Trust Tower Triovest Triovest 147,563 12,772 12 1981 10011-109 Street 780-990-1768 Marc Harden, 780-990-1768

H6 Petroleum Plaza Morguard Investments Limited Morguard Investments Limited 304,770 N 12,128 13 1971 / 1973 9915/9945-108 Street Glen Scheuerman, 780-421-8000 Mike Verhoski, 780-421-8000 S 10,710

L3 Revillon Building McCor Management CBRE Limited 111,764 17,139 6 1912 10201-104 Street Julie Piquette, 780-423-4400 Jeff Simkin, 780-424-5475

N5 Royal Bank Building Melcor Developments Melcor Developments 132,376 7,910 15 1965

10117 Jasper Avenue Brandon Park, 780-423-6931 Pat Melton 780-423-6931

O4 Scotia Place Morguard Investments Limited Morguard Investments Limited 611,169 12,580 28 / 21 1983 10060 Jasper Avenue Glen Scheuerman, 780-424-1693 Mike Verhoski, 780-421-8000

DowntownSurvey




O4 Scotia Place Tower 3 Darlington Properties Inc. Darlington Properties Inc. 32,000 4,400 5 1981

10072 Jasper Avenue Martin Schultz, 780-490-1100 Martin Schultz, 780-490-1100 (varies)

H5 Seventh Street Plaza Alberta Health Services Real Estate & Leasing “North” N 156,500 13,000 13 1977

10030-107 Street 780-735-0246 Len Klausner - Director 780-735-1366 S 155,982

G7 Sir Frederick W. Haultain Edon Management Government of Alberta 137,757 13,775 8 1956

9811-109 Street 780-425-3708 780-422-9577

I6 Sterling Place GWL Realty Advisors GWL Realty Advisors 198,007 14,515 12 1981

9940-106 Street Carole Lajoie, 780-944-6221 Brent Peyre, 780-701-1104

R4 Sun Life Place Bentall Kennedy (Canada) LP Bentall Kennedy (Canada) LP 282,323 11,411 25 1977

10123-99 Street Nellie Boyer, 780-990-7010 Brad Alton, 780-990-7000

O3 TD Tower Oxford Properties Group Oxford Properties Group 333,441 14,153 HR 27 1976

10088-102 Avenue Debra Edwards, 780-426-8409 Meghan Kinney, 780-426-8419 13,706 LR

L3 The Boardwalk McCor Management CBRE Limited 74,871 24,957 4 1910

10310-102 Avenue Julie Piquette, 780-423-4400 Jeff Simkin, 780-424-5475

O4 The Phipps McKinnon Building The Canapen Group The Canapen Group 192,781 11,202 20 1977

10020-101A Avenue Brad Smith, 780-420-4804 Brad Smith, 780-420-4804

H6 U of L Tower Keywest Capital Corporation Cushman & Wakefield Edmonton 84,000 6,552 13 1979

10707-100 Avenue Ted Kennedy 403-269-9797 Neil Smith 780-420-1177

H6 WCB Building Workers Compensation Board Workers Compensation Board 153,233 12,200 9 1972

9912-107 Street Manuel Vervoorst 780-498-4874 780-498-4874 (varies)

Q4 World Trade Ctr - Edm Humford Management Inc. Humford Management Inc. 56,107 9,190 7 1952

9990 Jasper Avenue Anthony Patenaude, 780-426-4960 Anthony Patenaude, 780-426-4960

Points of Interest (as indicated on map)

P2 City Hall City of Edmonton City of Edmonton 48,467 varies 3 1992

1 Sir Winston Churchill Square Walter Trocenko, 780-496-6557 Walter Trocenko, 780-496-6557

H3 Norquest College NorQuest College NorQuest College 221,000 25,000 9 1971

10215-108 Street 780-644-6220 780-644-6220

S4 Shaw Conference Centre Edmonton Economic Dev Corp. Edmonton Economic Dev Corp. Varies 150,000 3 1983

9797 Japer Avenue Cliff Higuchi, 780-421-9797 Cliff Higuchi, 780-421-9797

POINTS OF INTEREST (as indicated on map)

DowntownSurvey

bomaedmonton.org 41

EDMONTON’S IN THE

• The City of Edmonton is the

youngest, fastest growing

major city in Canada, with 1.2

million people in the Greater

Edmonton Region.

• In 2013 the Metro Edmonton

Region’s population increased

by nearly 50,000. Edmonton

has higher absolute population

growth than major Canadian

cities such as Montreal or

Vancouver, despite those cities

being two to three times the

size of Edmonton.

• Edmonton’s economic output

(real GDP) is projected to grow

by 3.58% on average each

year from 2013-18, the highest

average growth rate among

Canada’s major cities.

• Edmonton is the closest major

centre to Alberta’s Oil Sands,

the third-largest oil reserves in

the world.

• Over the next 10 years, the

Oil Sands are projected to

require $340 billion in capital

investment, and a further $330

billion in maintenance, repair,

and operations spending. As

the Oil Sands’ manufacturing,

construction and service hub,

Edmonton is best positioned to

benefit from this investment.

ZONE

eakness in Edmonton’s suburban

commercial real estate market is

partly attributable to decreasing

demand for engineering and services

related to energy infrastructure. With future

resource projects being put on pause,

some engineering firms are inclined to

furlough staff and give up some of their

leased space.

Worley Parsons, a multinational

resource engineering firm that rented

acres of suburban space around Edmonton

between 2010 and 2013, has put some

blocks of space back onto the sublease

market.

The relatively small scale

of office properties in the

suburbs allows investors to build

on spec, and this is another source

of volatility. Developers were caught

offside by the sudden oil downturn and

the uncertainty that spread to other parts

of the economy. A few were left holding

inventories of space in new buildings in

the 50,000 square-foot range, three or four

storeys with underground parking.

Some businesses are less affected

than others by the whims of energy prices.

Tenants coming up for renewal have a great

opportunity to upgrade to a bigger space


Suburban Market Statistics

Submarket Inventory Vacancy Q1 2015 Net 2015 TOTAL Sublease (SF) Rate Absorbtion (SF) Absorbtion (SF) (SF)

118th Avenue 778,072 4.99% -2,688 -1,228 0

124th Street 803,472 19.69% 25,677 18,270 2,800

149th Street 1,094,126 6.16% -76 51,247 1,931

Eastgate 1,150,377 20.73% -37,585 -16,145 34,603

Southside 2,795,750 10.14% -2,672 12,045 43,591

South Henday 883,537 11.93% -8,091 48,568 27,001

Whyte Avenue 393,082 11.66% 10,614 -8,016 1,354

West End 1,583,239 16.89% 6,261 85203 37,565

SUBURBAN TOTAL 9,481,655 12.71% -8,560 189,944 148,845

EDMONTON TOTAL 26,766,696 10.60% -40,709 89,603 383,151

Surplus space might take a while to absorb

“

“WSOME BUSINESSES ARE LESS

AFFECTED THAN OTHERS BY THE WHIMS OF ENERGY

PRICES. TENANTS COMING UP FOR RENEWAL HAVE A GREAT OPPORTUNITY TO UPGRADE

TO A BIGGER SPACE OR NEWER BUILDING AT BETTER TERMS THAN THEY WOULD

HAVE SEEN A YEAR AGO.

SuburbanSurvey

or newer building at better terms than they

would have seen a year ago. As a result,

the suburban market is experiencing a

flight to quality, as some renewing tenants

opt to move out of B- and C-quality space

into new properties. A few have chosen to

move downtown, though that might not

be a good option for businesses that rely

on ease of staff and customer parking.

Owners of older suburban properties

are competing more aggressively than

in the recent past to keep their properties

rented. The relatively high absorption rate

in the 149th Street market on the west side

suggests that renovating a mature property

can be a winning strategy for landlords.

And the fact that many businesses want to

stay near existing customers might deter

tenants from migrating, for example, from

Whyte Avenue to south of Henday.

Across the suburban office market in

Edmonton, there was an effective vacancy

rate of 14% at the start of 2015. Healthy net

absorption of more than 211,000 square

feet will be more than offset by 1.2 million

square feet of new inventory nearing

bomaedmonton.org

Continued on page 45

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EDMONTON’S IN THE

ZONE

bomaedmonton.org 45

completion to add to an existing 10 million.

Asking rents across the diverse spectrum

of suburban buildings were running

anywhere from $12 to $36 per square foot,

depending on age, quality and location.

Forecasts are for a protracted

slowdown while the absorption and

reabsorption cycle runs its course. It’s

a great time to be a tenant with a lease

coming up for renewal.

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• Between 2014 and 2030

Western Canada’s oil

production is expected to

double. Alberta’s Oil Sands

will drive that growth.

• Edmonton is at the heart

of Canada’s agricultural

industry. Alberta exports

beef, canola, and other

agricultural products to

more than 100 countries

worldwide.

• Edmonton is the closest

major servicing centre to

the world’s third largest oil

reserves, the Athabasca

Oilsands. Oilsands recovery

requires technological

innovation to lower the

cost of recovery and

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Major Suburban Office Buildings - 124 Street Area

Building Name Management Company Leasing Company Office Area No . of Floors Year Built Contact Contact (sq . ft .)

1 124 Street Business Park Catholic Charities Society Colliers International South Building 12420 - 104 Ave Donna Gauthier, 780-391-3269 P. Goh/F. Shaikh, 780-420-1585 43,727 3 1982 North Building - 12431 Stony Plain Road 17,488 3 1982 East Building - 10408 - 124 Street 55,038 5 1970

2 124 Street Place Trans America Group Ltd Trans America Group Ltd. 32,692 3 1975

10235-124 Street Russ P / Derek W, 780- 486-3919 Russ P / Derek W, 780- 486-3919

3 Beaufort Building Harvard Property Management Inc DTZ Edmonton 31,276 3 1970

10835 - 120 Street Laura Sharen, 780-413-6916 Cameron Martin, 780-641-0834

4 Century Building Humford Management Inc. Avison Young 21,834 2 1978

10310 - 124 Street Susan Osterloh, 780-426-4960 Chris Killingsworth, 780-428-7850

5 Guardian Building Century West Management Inc. Century West Management Inc. 82,109 8 1975

10240-124 Street Mitchell Brody, 403-213-5543 Mitchell Brody, 403-213-5543

6 Harley Court Strategic Group Strategic Group 154,448 12 1978

10045-111 Street Julian Mannella, 780-444-8740 Courtney Strong, 780-444-8740

7 Jasper Centre Martello Properties DTZ Edmonton 43,000 4 1976

11456 Jasper Avenue 780-702-3380 Cody Lowry 780-421-1488

8 JE Place Liu and Associates Liu and Associates 19,875 3 1965

10534-124 Street Patricia Liu 780-429-1047 Patricia Liu 780-429-1047

9 LeMarchand Mansion Harvard Property Management Inc. Avison Young 72,106 4 1912

11523-100 Avenue Laura Sharen, 780-413-7060 Jason Gardner, 780-429-7569

10 Limelight (The) Humford Management Inc Jones Lang LaSalle 27,200 2 1962

10350-124 Street Stacy Elliot, 780-426-4960 Chad Brennand, 780-328-2552

11 Place 123 Bedford Holdings Inc Bedford Holdings Inc 28,384 2 1975

12315 Stony Plain Road Michael Koski, 780-497-0652 Michael Koski, 780-497-0652

12 Plaza 124 Humford Management Inc Jones Lang LaSalle 156,630 7 1983

10216-124 Street Stacy Elliot, 780-406-4960 Chad Brennand, 780-328-2552

13 Princeton Place Melcor Developments Melcor Developments 59,081 7 1971

10339-124 Street David Ball 780-423-6931 Pat Melton 780-423-6931

14 Stantec Centre Humford Management Inc Northam Realty Advisors Ltd 206,000 7 1978,

10160-112 Street David Judge, 780-426-4960 Judy Lucas, 416-977-7151 1980, 2003

15 West Chambers Building Kipling Realty Management CBRE Limited 86,400 6 1978

12220 Stony Plain Road Jane Miller, 780-669-2095 Jeff Simkin, 780-424-5475

16 Westcor Building Melcor Developments Melcor Developments 72,810 7 1978

12323 Stony Plain Road David Ball 780-423-6931 Nola Gunn, 780-423-6931

SuburbanSurvey

bomaedmonton.org 47

Major Suburban Office Buildings - 118 Avenue/ Kingsway Area


1 82nd Street Building Canadian Urban Limited Canadian Urban Limited 20,416 3 1973 11713-82 Street Tilda Ferguson, 780-424-7722 Tilda Ferguson, 780-424-7722

2 Administration Building Edmonton Oilers Edmonton Oilers 25,000 3 1974 11230-110 Street 780-414-4400 780-414-4400

3 Circle Square Strategic Group Jones Lang LaSalle 39,824 3 1983 11808 St Albert Trail Jon Zukiwsky, 780-444-8740 Chad Boddez, 780-969-2995

4 HYS Centre Northwest Healthcare Properties Northwest Healthcare Properties 147,442 7 1980 11010-101 Street Michael Lobsinger, 587-520-3708 Shelly Fedorak, 780-293-9348

5 Kingsway Mall Oxford Retail Group Oxford Retail Group 39,377 3 1976 109 St & Princess Elizabeth Ave Susan Denney, 780-479-5955 Tammy Abbott 780-479-5955/780-426-8411

6 Kingsway Professional Centre ProCura Real Estate Services Ltd. ProCura Real Estate Services Ltd. 73,410 6 1980 10611 Kingsway Avenue 780-414-8888 Michael Surkovic, 780-414-8888

7 Millard Health Workers Compensation Board Workers Compensation Board 71861 2 2002 131 - Airport Road Manuel Vervoorst, 780-498-4874 780-498-4874

8 Mira Health Centre NorthWest Healthcare Properties Corp Northwest Healthcare Properties Corp 67,012 1 1992 11910-111 Avenue Michael Lobsinger, 587-520-3708 Shelly Fedorak, 780-293-9348

9 Namao 158 Delcon Development Group Ltd. Delcon Development Group Ltd. 15,745 2 2011 15823 - 97 Street 780-423-4321 780-423-4321

10 Namao 160 Delcon Development Group Ltd. Delcon Development Group Ltd. 15,570 2 2010 15961 - 97 Street 780-423-4321 780-423-4321

11 Nexus Business Park Nearctic Group Owners & Managers Nearctic Group Owners & Managers 120,500 1 1977, 1978 14315-118 Avenue Guy St. Germain, 780-414-1700 Guy St. Germain, 780-414-1700 (3 b)

12 North City Centre Artis Reit CBRE 19,094 2 2010 13245 - 140 Avenue Lorraine Miller, 780-476-4064 Jeremy Deeks, 780-229-4651

13 Royal Alex Place K2 Property Management DTZ Edmonton 41,108 3 1969

10106-111 Avenue Kevin or Kathy W, 780-474-5233, 903-3722 Chuck Clubine, 780-733-6405 5

14 Stanley Building I Melcor Developments Melcor Developments 17,363 2 1968 11810 Kingsway Avenue David Ball, 780-423-6931 Nola Gunn, 780-423-6931

15 Stanley Building II Melcor Developments Melcor Developments 17,613 2 1968 11748 Kingsway Avenue David Ball, 780-423-6931 Nola Gunn, 780-423-6931

SuburbanSurvey


Major Suburban Office Buildings - 149 Street Area


1 149 Street Business Centre Edie and Associates Edie and Associates 42,000 1, 2 1981

14964 - 121A Avenue 780-488-3030 Alan E / Wade W, 780-488-3030 (3 buildings)

2 AMMSA Building AMMSA DTZ Edmonton 24,410 2 1977

13245-146 Street 780-455-2700 Cameron Martin, 780-421-1488

3 Coronation Plaza Shamrock Property Management Cushman & Wakefield Edmonton 120,408 5 1981

14310-111 Avenue David Benjestorf, 780-453-5631 Dustin Bateyko, 780-420-1177 (2 towers

4 Edmonton W Business Park Ph 8 Chester Developments Ltd. Chester Developments Ltd. 17,000 2 1998

12004-12040 149 Street Tom Burke, 780-719-4114 Tom Burke, 780-719-4114

5 High Park Corner Humford Management Inc. NAI Commericial 26,752 3 1979

14 925-111 Avenue Susan Osterloh, 780-426-4960 Chad Snow 780-436-7410

6 Klondike Centre Key West Realty and Property Mgmt. Key West Realty & Property Mgmt. 49,200 2 1978

11066-156 Street Barry Wade, 780-483-5666 780-483-5666 - Ext 226

7 Meadowlark Place Prof Ctr CB Richard Ellis CB Richard Ellis 43,160 4 1969

8708-155 Street 780-424-5475 780-424-5475

8 Meadowlark Health & Spg Ctr Strategic Group Strategic Group. 100,000 1 1963

156 Street and 87 Avenue Jon Zukiwsky, 780-444-8740 Jon Zukiwsky, 780-444-8740

9 Parkwest Business Centre Colliers International Colliers International 152,606 2 1978/1999

149-151 Street and 123 Avenue Cheryl Ewasiw, 780-420-1585 Fahad Shaikh 780-420-1585 (varies)

10 St. Albert Trail Centre TBA TBA 84,000 1 1976

13140 St Albert Trail

11 St. Albert Trail Place Dream Office Management Corp Dream Office Management Corp 38,000 2 2006

13151-146 Street Dave Kerr, 780-423-4800 Kevin Humphrys, 780-801-3871

12 Trail Business Centre Melcor Developments Melcor Developments 77,296 3 1980

13220 St Albert Trail David Ball 780-423-6931 Pat Melton, 780-423-6931

13 Treasures Insurance TX4 Investments Ltd. Cushman & Wakefield Edmonton 18,295 3 1978

14727-87Avenue Randy Treasure, 780-452-4405 Dennis Herbut, 780-420-1177

14 West End Medical & Prof McCor Management Cushman & Wakefield Edmonton 49,434 3 1973

9509-156 Street MS (Peggy) Craner, 780-423-4400 Shane Asbell, 780-993-0082

15 Westgrove Professional Bldg Interpro Property Corp DTZ Edmonton 44,886 4 1980

10230-142 Street Bob Proznik, 780-482-6464 Ext 222. Cameron Martin, 780-421-1488

SuburbanSurvey

bomaedmonton.org 49

Major Suburban Office Buildings - West End Area


1 A.U.P.E. Building A.U.P.E. A.U.P.E. 64,350 3 1982 10451-170 Street Bill Dechant, 780-930-3302 Bill Dechant, 780-930-3302

2 Belmead Professional Darlington Properties Inc. Darlington Properties Inc. 36,580 3 1980 8944-182 Street 780-490-1100 Martin Schultz, 780-490-1100

3 Callingwood Professional Centre Centrecorp Management Services Limited Centrecorp Management Services Ltd 30,000 3 1985 6655-177 Street 780-435-1444 780-435-1444

4 Cardinal Building Humford Management Inc. Avison Young 31,000 2 1979 17205-106A Avenue Justin Rudyk, 780-426-4960 780-428-7850

5 Centre 170 McCor Management Colliers International 139,760 3 1980 10403-172 Street MS (Peggy) Craner, 780-423-4400 Ian Bradley 780-420-1585

6 Centurion Plaza Humford Management Inc. DTZ Edmonton 39,932 3 1979/1980 10335-172 Street Justin Rudyk, 780-426-4960 Cameron Martin, 780-421-1488

7 Ford Credit Building Morguard Investments Limited Morguard Investments Limited 82,176 2 2000 17187-114 Avenue Glen Scheuerman 780-421-8000 Mike Verhoski 780-421-8000

8 Imperial Deluxe Imperial Deluxe Properties Inc. Imperial Deluxe Properties Inc. 154,217 2 varies 176-178 Street & 103-105 Avenue Sam Halabi, 780-484-2228 Sam Halabi, 780-484-2228 (6 buildings)

9 Jayman Building Colliers International Telsec Group 63,000 3 2008 5093 Windermere Boulevard 780-420-1585 Sean Flathers, 403-203-3000

10 Mayfield Business Centre Canadian Urban Limited CBRE Limited 55,269 4 1979 10525-170 Street Tilda Ferguson, 780-424-7722 Jeff Simkin 780-424-5475

11 Mayfield Square I Edie and Associates Edie and Associates 40,000 2 1979 10464 Mayfield Road Al Edie, 780-488-3030 Al Edie, 780-488-3030

12 Mayfield Square II Edie and Associates Edie and Associates 40,000 2 1979 10458 Mayfield Road Al Edie, 780-488-3030 Al Edie, 780-488-3030

13 Plaza West Plaza West Properties Ltd. Avison Young 36,561 2 1980 17704-103 Avenue Sonia Dechant, 780-487-5157 Peter Schwann, 780-428-7850

14 Quikcard Centre Humford Management Inc Avison Young 36,177 2 1978 17010-103 Avenue Kim Richard, 780-426-4960 Peter Schwann, 780-428-7850

15 Ricoh Building Colliers International Colliers International 32,925 2 1980 16011-116 Avenue 780-420-1585 Phil Goh, 780-420-1585

16 Sterling Business Centre Melcor Developments Melcor Developments 67,909 2 1983 17420 Stony Plain Road David Ball 780-423-6931 Pat Melton, 780-423-6931

17 U.M.A. Building 1 UMA Group UMA Group 41,320 3 1979 17007-107 Avenue 780-486-7000 780-486-7000

18 U.M.A. Building 2 UMA Group UMA Group 27,241 2 1979 17107-107 Avenue 780-486-7000 780-486-7000

19 West Campus A Remington Development Corp. Remington Development Corp. 118,751 3 2013 18817 Stony Plain Road Colin Clish, 780-413-8266 Ramona Meixner, 403-255-7003

20 West Campus B Remington Development Corp. Remington Development Corp. 118,884 3 2011 18807 Stony Plain Road Colin Clish, 780-413-8266 Ramona Meixner, 403-255-7003

21 Westgate Business Park Melcor Developments Melcor Developments 75,141 1 1979/ 1981 102 Avenue and 178 Street David Ball, 780-423-6931 Pat Melton, 780-423-6931

SuburbanSurvey


Major Suburban Office Buildings - Southside Area


1 Campus Tower Midwest Property Management Avison Young 36,589 3 1970 8625-112 Street 780-420-4040 Peter Schwann, 780-428-7850

2 College Plaza Westcorp Properties Inc. Westcorp Properties Inc. 207,701 21 1974 8215-112 Street 780-431-3305 Jonathon Milroy, 780-431-3304

3 Garneau Professional Centre NorthWest Healthcare Properties Northwest Healthcare Properties 57,634 5 1978 11044-82 Avenue Michael Lobsinger, 587-520-3708 Shelly Fedorak, 780-293-9348

4 Plaza 82 Delcon Development Group Ltd. Delcon Development Group Ltd. 22,338 4 1975 10504-82 Avenue 780-423-4321 780-423-4321

5 Strathcona Professional Centre C.A. Property Management C.A. Property Management 53,328 3 1980 10328-81 Avenue Alfred Mah, 780-719-2839 Alfred Mah, 780-719-2839

Major Suburban Office Buildings - Whyte Avenue Area


1 Alberta Municipal Place Humford Management Inc. Jones Lang LaSalle 62,000 3 1985 8616 – 51 Avenue Kim Richards, 780-426-4960 Chad Brennand, 780-328-2550 Renovated 2010

2 AMA Building AMA AMA 66,345 5 1990 10310-39A Avenue Bob Sage, 430-5740 Bob Sage, 780-430-5740

3 Centre 51 South - 9731-51 Ave 7,923 2 1972 Centre 51 West 9750 - 51 Ave Morguard Investments Ltd. Morguard Investments Ltd. 9,088 2 1976 Centre 51 West 9730 - 51 Ave Glen Scheuerman, 780-421-8000 Mike Verhoski, 780-421-8000 7,230 2 1975

4 Centre 104 Arcturus Realty Corporation Standard Life Assurance Co of Canada 75,855 8 1975 5241 Calgary Trail Northwest Becki Allen, 780-425-5527 Darrin Geddes, 780-944-1152

5 Commerce South Office Park Bentall Kennedy (Canada) LP Bentall Kennedy (Canada) LP 370,007 1–3 1990/2015 86 Street & 51 Avenue Nellie Boyer, 780-990-7010 Brad Alton, 780-990-7000 (4 Bldgs)

6 Elm Business Park McCor Management CBRE Limited 157,881 1-4 2009 9426-51 Avenue Julie Piquette, 780-423-4400 Al Menon, 780-424-5475 (4 Bldgs)

7 EMC2 Building Artis Reit Artis Reit 28,520 3 1980 6020-104 Street Lorraine Miller, 780-476-4064 Randy Mudryk, 780-476-4063

8 Gateway Blvd (Argyll Ctr) Berezan Management Ltd. Berezan Management Ltd. 91,000 1 1975 6325 Gateway Boulevard Kathryn Atlas, 780-440-6500 Kathryn Atlas, 780-440-6500

9 Greystone Business Park Morguard Investments Limited Morguard Investments Limited 104,072 2 1981 97 Street & 42 Avenue Glen Scheuerman, 780-421-8000 Mike Verhoski, 780-421-8000

10 Karst Building Karst Property Management Jones Lang LaSalle 29,000 2 2009 1420 Parson Road 780-425-6905 Chad Brennand, 780-328-2550

11 Kingsdale Professional Centre Servis Realty Inc. NAI Commericial 39,176 2 1978 9644-54 Avenue 780-415-5414 Chad Snow 780-436-7410

SuburbanSurvey

bomaedmonton.org 51

12 Lange Centre Lange Realty Lange Realty 52,000 1 1976 10335-61 Avenue Gordon Lange, 780-437-0450 Gordon Lange, 780-437-0450

13 McIntyre Centre 1 McIntyre Centre Limited McIntyre Centre Limited 23,996 1 1979 4804-89 Street Cal Phare, 780-462-5311 Lesley Wabisca, 780-462-5311

14 McIntyre Centre 2 McIntyre Centre Limited McIntyre Centre Limited 27,552 3 1979 8657-51 Avenue Cal Phare, 1-866-334-1262 Lesley Wabisca, 780-462-5311

15 McIntyre Centre 3 McIntyre Centre Limited McIntyre Centre Limited 22,960 2 1979 5008-86 Avenue Cal Phare, 780-462-5311 Lesley Wabisca, 780-462-5311

16 Milbourne Office Towers Interpro Properties Corporation Cushman & Wakefield Edmonton 42,968 3 1978, 1982 38 Avenue & Millwoods Road 780-447-7102 Dustin Bateyko, 780-702-4257

17 Millwoods Towne Ctr Prof Bld Ivanhoe Cambridge Avison Young 47,373 3 1989 6203-28 Avenue Connie Nesbitt, 780-440-8485 Peter Schwann, 780-428-7850

18 Omni Centre Alberta Permit Pro Inc. Jones Lang LaSalle 40,548 2 1989 9636-51 Avenue Rick Kerscher, 780-430-3716 Chad Brennand, 780-328-2550

19 PCL Business Park Princeton Developments Ltd. Princeton Developments Ltd. 92,020 2 1978 54 Avenue & 99 Street 780-423-7775 780-423-7775

20 Pleasantview Prof. Building H.J. Rebman H.J. Rebman 24,000 4 1973 11044-51 Avenue Harold Rebman, 780-438-6976 Harold Rebman, 780-438-6976

21 Point 51 Berezan Management Ltd DTZ Edmonton 26,700 2 1981 9004/9090 51 Avenue Kathryn Atlas, 780-440-6500 Brian Bowen, 780-421-1488

22 Reliance Building Bedford Properties Corp. Colliers International 50,375 3 1979, 2004 4209-99 Street Larry Woolsey, 780-983-6066 Ian Bradley, 780-420-1585

23 Richfield Building Interpro Properties Corporation Colliers International 31,506 1 1980 31 Avenue and Parsons Road 780-447-7102 Ian Bradley, 780-420-1585

24 Springwood Court Redding Management & Realty Ltd. Redding Management & Realty Ltd. 35,326 3 1982 4220-98 Street 780-463-6475 780-463-6475

25 Sprucewoods Business Park Colliers International Colliers International 75,300 1 1977 8905-8925 51 Avenue Cheryl Ewasiw, 780-420-1585 Fahad Shaikh, 780-420-1585

26 Tawa Office Tower Northwest Healthcare Properties Northwest Healthcare Properties 43,409 2 1986 3017-66 Street Michael Lobsinger, 587-341-1232 Shelly Fedorak, 780-293-9348

27 Terrace Office Tower Berezan Management Ltd. Berezan Management Ltd. 142,472 8 1971 4445 Calgary Trail South Kathryn Atlas, 780-440-6500 Kathryn Atlas, 780-440-6500

28 The Steppes BLDG Services Group Inc. Avison Young 74,560 3 2008 1253 & 1259 - 91 Street SW 780-757-8015 Mark Hartum, 780-429-7557

29 Weber Centre Arcturus Realty Corporation Jones, Lang, LaSalle 121,512 9 1979 5555 Calgary Trail Northwest Becki Allen, 780-425-5527 Chad Brennand, 780-328-2552

30 Whitemud Business Park Morguard Investments Limited Morguard Investments Limited 107,530 3 1980 4245-97 Street Glen Scheuerman, 780-421-8000 Mike Verhoski, 780-421-8000

Major Suburban Office Buildings - Southside Area (cont’d)


SuburbanSurvey

52

Major Suburban Office Buildings - Eastgate Area


1 50th Street Atria Highfield Place Inc. Avison Young 169,440 3 1982 9405-50 Street 780-423-2000 Cory Wosnack, 780-428-7850

2 50th Street Place 50th Street Place 50th Street Place 60,000 2 1978 8170-50 Street Ram Singh, 780-440-9000/554-4250 Ram Singh, 780-440-9000/554-4250

3 Capilano Centre Melcor Developments Melcor Developments 90,973 5 1978 9945-50 Street Brandon Park, 780-423-6931 Pat Melton, 780-423-6931

4 Eastgate Building Strategic Group Strategic Group 27,000 2 1978 9311-48 Street Jon Zukiwsky, 780-444-8740 Jon Zukiwsky, 780-444-8740

5 Edmonton Sun Building Berezan Management Ltd Cushman & Wakefield Edmonton 103,131 3 1983 4990-92 Avenue Kathryn Atlas, 780-440-6500 Shane Asbell, 780-917-8346

6 Febtro Centre Servis Realty Western Law Group Ltd. 27,072 2 1978 9440-49 Street 780-415-5414 Crystal Lansperg, 780-450-2929

7 Former ARC Building Nelson Properties Nelson Properties 20,000 2 1980 5104- 82 Avenue Doug Nelson, 780-466-0439 Doug Nelson, 780-466-0439

8 Parkwood Office Centre Strategic Group Strategic Group 41,615 1 1978 9343/9353/9363-50 Street Julian Mannella, 780-454-8018 Courtney Strong, 780-454-8018

9 Twin Atria Triovest Triovest 371,663 4 1982 4999-98 Avenue Marc Harden, 780-990-1768 Marc Harden, 403-355-3396

SuburbanSurvey

EDMONTON’S IN THE ZONE

• Four of Edmonton’s post-

secondary institutions are among

the largest of their respective

types in Canada: the University

of Alberta, the Northern Alberta

Institute of Technology, MacEwan

University and Norquest

College. The University of Alberta

is a major research-intensive

university that consistently ranks

in the top 100 worldwide.

• The University of Alberta is one of

the largest universities in Canada

and received more than $450

million in annual research funding

for the 2013-2014 academic year.

• The University Of Alberta faculty

of engineering ranks in size among

the top five per cent of engineering

schools in North America.

• Edmonton is the economic hub for

all major activity in Canada’s Arctic

and northern region. It is the only

city with direct flights to all major

populated centres in the Yukon,

Northwest Territories and Nunavut.

• Edmonton has seven major

industry sectors that are

projected to grow by 10 percent

or more over the next five years:

construction, manufacturing,

transportation and


Located in the midst of Whyte Avenue and just

minutes from downtown, College Plaza is in the

middle of it all.

A modern Class A building, College Plaza offers your employees

access to stylish offices, newly-renovated common areas and a

superb central location that’s around the corner from downtown

Edmonton. Take advantage of numerous amenities, such as 24-hour

security, a variety of healthcare and medical services within the

building, heated underground parking, a business centre with

multiple boardrooms and a club-quality fitness facility. College

Plaza provides a beautiful space to work—all within walking

distance of Edmonton’s vibrant Whyte Avenue neighbourhood.

For further information, please contact:

Westcorp Property Management Inc.#200, 8215 112 Street NW | Edmonton, AB | T6G 2C8T: 780 431 3304 | F: 780 431 3331E: [email protected]

westcorp.net

UN

IVE

RS

ITY

OF

AL

BE

RT

AC

OL

LE

GE

PL

AZ

AIN

DO

OR

SW

IMM

ING

PO

OL

MORE CENTRAL THAN CENTRAL.


2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Lease Rates vs. Oil

$12

$10

$8

$6

$4

$2

$0

$120

$100

$80

$60

$40

$20

$0

$ ps

f

US

D /

Bar

rel

Market Average Rental Rates

Market Average Op. Cost

WTI-Cushing (USD / Barrel) Annual Average

$4.4

0

$7.1

0

$9.2

5

$9.5

0

$8.2

5

$8.2

5

$8.7

5

$8.8

0

$8.8

5

$9.7

0

$1.9

5

$2.1

0

$2.2

5

$2.7

5

$3.0

0

$3.0

0

$3.2

5

$3.4

0

$3.7

0

$4.1

0

or the past several years recently,

Greater Edmonton had the double-

edged honour of having some of the

highest industrial real estate rents on the

continent. It might be someone else’s turn

for a while.

During 2014, asking industrial rents

rose more than 15 per cent and the vacancy

rate fell almost one per cent, even though

1.14 million square feet of industrial space

was completed. Developers rushed in to

meet the demand.

Ten new industrial parks are under

development in northwest Edmonton

alone, with 3 million square feet

expected to completed in 2015, much

of it built on spec. The largest of these is

WAM Developments’ logistics-oriented

development on Winterburn Road, with

615,000 square feet in the first three

buildings currently going into the ground.

WAM plans to ultimately open nearly 4

million square feet in their development.

New supply also is coming on stream

Shortage of industrial space has ended: Now what?

“

“FUNDOUBTEDLY, SUPPLY HAS

CAUGHT UP WITH DEMAND. AND AFTER LAST FALL’S COLLAPSE IN OIL PRICES, ANY DEMAND

CURVE WE DRAW TODAY WOULD BE A LOT SHALLOWER

THAN A YEAR AGO.

IndustrialSurvey

bomaedmonton.org 55

outside city limits including Leduc-Nisku,

the traditional go-to play for oil-servicing

companies. To the west of the city, industrial

parks are sprouting in Spruce Grove, Stony Plain

and elsewhere in Parkland County.

While it would be alarmist to say there is a glut

of industrial space, the serious lack of available

space of the past five years appears to be over. By

the beginning of 2015 there were 4 million square

feet of total industrial vacancies in the region, for

a balanced vacancy rate of about three per cent.

Undoubtedly, supply has caught up with

demand. And after last fall’s collapse in oil prices,

any demand curve we draw today would be a lot

shallower than a year ago. But those expecting

rents to fall as precipitously as WTI futures might

have a long wait.

Edmonton’s resource-based industries

embrace a large base of “grey-collar” businesses,

which include specialists in repair, maintenance

and logistics that support the day-in-day-out

operations of northern Alberta’s resource giants.

Their businesses are more closely linked to the

volumes of petroleum products shipped than on

month-to-month changes in commodity prices.

Beyond resources, Edmonton is also the

supply centre for two million people in northern

Alberta for everything from food to auto parts to

heating and air conditioning equipment. For these

industries that have been forced to compete for

labour, capital and an industrial bay to call home,

the energy-related downturn isn’t a 100-per-cent

bad thing.

Industrial Areas


f the owners of mature downtown office

properties were worried about three or

more new towers glutting the market

in five years, you would expect at least

some of them to sell their buildings and

move on to more promising investments.

That hasn’t been the story in downtown

Edmonton. Not a single downtown

building changed hands in the second

half of 2014, and the region’s most visible

buildings accounted for a paltry four per

cent of investment sales in the city over

the entire year.

There are plenty of potential buyers

with capital to put to work, but owners

were simply unwilling to sell. If this

trend continues in 2015, it would be a

strong indication that owners believe the

reinvigoration of downtown Edmonton

will be a net benefit for them. It also would

provide some vindication to those who

braved the critics and went ahead with

large investments in rapid transit, quality

of life projects, educational infrastructure,

residential high-rises and office towers

downtown.

The suburban office market saw its

largest sale ever in 2014, with the Twin Atria

in Capilano going for $94 million. That deal

was the largest investment transaction in

any commercial real estate category in the

city in 2014. The summertime sale of Plaza

124 for $37.1 million, or just under $240 per

square foot, set a new benchmark for the

124th Street office market. The suburban

office market will be one to watch in 2015-

““

ITHERE IS ONLY ONE THING THAT EDMONTONIANS CARE ABOUT MORE THAN HOCKEY

AND THAT’S SHOPPING. RETAIL PROPERTIES

CHANGING HANDS IN 2014 INCLUDED CAPILANO MALL FOR $70 MILLION, CENTURY PARK’S RETAIL COMPONENT

FOR $43 MILLION AND WHITE OAKS SQUARE FOR

$31 MILLION.

Supply and demand send mixed message to property investors

InvestmentSurvey

Industrial Statistics (Total Sales)

Industrial Historic Information

YEAR $ VALUE AVG. $/SF

2008 $248,602,592 $113

2009 $365,329,150 $117

2010 $466,679,207 $125 (ING $582,000,000)

2011 $540,194,753 $133

2012 $534,100,429 $154

2013 $926,812,751 $135

2014 $585,715,460 $158

Retail Statistics (Total Sales)

Retail Historic Information


2008 $268,484,500 $221

2009 $97,176,791 $219

2010 $290,988,666 $190

2011 $410,546,336 $231

2012 $679,618,841 $395

2013 $394,340,032 $316 (Sobeys $176,620,000)

2014 $388,859,986 0 $270

Office Statistics (Total Sales)

Office Historic Information


2008 $421,100,646 $281

2009 $176,280,000 $310

2010 $504,515,445 $282

2011 $800,558,413 $275

2012 $422,413,537 $257

2013 $328,870,000 $299

2014 $271,407,055 $227

16 and beyond as it grapples with a suddenly large

overhang of sublet space, just as 1.2 million square

feet of shiny, new floor space is completed. With

so much new product coming both downtown and

in the burbs, look for cap rates to increase for older

properties.

There is only one thing that Edmontonians

care about more than hockey and that’s

shopping. Retail properties changing hands in

2014 included Capilano Mall for $70 million,

Century Park’s retail component for $43 million

and White Oaks Square for $31 million. In all,

more than 30 retail properties changed hands

last year, the most of any investment category.

Going forward, investment and tenant interest

remains high for retail properties with large

food or drug anchors.

Demand was also strong for large, income-

producing proper-

ties in the industrial

parks in and around

Edmonton, with the

industrial sector account-

ing for just less than one-

third of the $693 million in invest-

ment transactions in 2014. Marquee deals

included a GE Canada portfolio of five industrial

properties (and a sixth in Calgary), which all went

for just under $44 million to Standard Life. And the

closing of a 344,000-square-foot portfolio of light

industrial buildings in northwest Edmonton in the

fourth quarter for nearly $47 million showed con-

tinuing demand for quality B Category industrial

space. Low energy prices can be expected to tilt

the balance more in favour of tenants and buyers

in 2015-16.

bomaedmonton.org 57

Top Sales Transactions 2014

Building Asset Type Building Size (sf) Price

Twin Atria Building Suburban Office 356,066 $94,000,000

Capilano Mall Retail Shopping Centre 337,624 $68,930,268

Century Park Retail Retail Shopping Centre 86,429 $43,200,000

Plaza 124 Suburban Office 154,631 $37,100,000

White Oaks Square Retail Shopping Centre 158,318 $31,375,000

Source: The Network

S

BOMA Edmonton would like to Congratulateall the 2015 Winners:EPCOR TOWER • MANAGED BY: RANCHO REALTY (EDMONTON) LTD.

T O B Y A W A R D : 5 0 0 , 0 0 0 – 1 M I L L I O N S Q F T C A T E G O R Y

ATCO CENTRE • MANAGED BY TRIOVEST REALTY ADVISORS INC.,

GRANT MacEWAN UNIVERSITY SERVICES CENTREMANAGED BY MacEWAN UNIVERSITY

T H E B O M A B E S T A W A R D

ATB PLACE • MANAGED BY TRIOVEST REALTY ADVISORS INC. E A R T H A W A R D

TRIOVEST REALTY ADVISORS INC. B U I L D I N G O P E R A T I O N S T E A M O F T H E Y E A R A W A R D

BENTALL KENNEDY (CANADA) LP P R O P E R T Y M A N A G E M E N T T E A M O F T H E Y E A R A W A R D

EPCOR TOWER • MANAGED BY RANCHO REALTY (EDMONTON) LTD. TWIN ATRIA BUILDING • MANAGED BY TRIOVEST REALTY ADVISORS INC.

9925 BUILDING • MANAGED BY TRIOVEST REALTY ADVISORS INC. PEACE HILLS TRUST TOWER • MANAGED BY TRIOVEST REALTY ADVISORS INC.

ATCO CENTRE • MANAGED BY TRIOVEST REALTY ADVISORS INC. C E R T I F I C A T I O N O F B U I L D I N G E X C E L L E N C E A W A R D

APPLIED COLOUR LTD. GREEN JEANS INTERIORSCAPE LTD.

SCANDINAVIAN BUILDING SERVICES LTD. C E R T I F I C A T I O N O F C U S T O M E R S E R V I C E E X C E L L E N C E A W A R D

SCANDINAVIAN BUILDING SERVICES P I N N A C L E A W A R D F O R C U S T O M E R S E R V I C E

CDML P I N N A C L E A W A R D F O R I N N O V A T I O N

GARDA WORLD PROTECTIVE SERVICES

P I N N A C L E A W A R D F O R A B O V E & B E Y O N D T H E C A L L O F D U T Y

GALA 2015

Thank YouTO THE MEMBERS THAT CONTRIBUTED TO

THIS CELEBRATION OF EXCELLENCE:

Bee-Clean Building MaintenanceBentall Kennedy (Canada) LP

Oxford Properties GroupWilliams Engineering Canada

Alberta InfrastructureAltaPro Electric Ltd. Altec Industries Ltd. Applied Colour Ltd.

ATCO Power Canada Ltd. Ayre & Oxford Inc

BDO LLPCity of Edmonton - Commercial Services

Edmonton International Airport Flynn Canada

Garda Canada Security Corp Harvard Property Management Inc.

Humford Management Inc. IMPARK

Paladin Security GroupQualico Developments West Ltd.

Read Jones Christoffersen Rochelle Rae Marketing Inc

Scandinavian Building Services Ltd.Siemens Building Technologies Ltd.

Solution 105 Consulting Ltd.Stantec

SuperPro Painting Systems of Edmonton Inc.

Triovest Realty Advisors Ltd.The Westin Hotel

o is the glass half-empty or is it half-

full? Or possibly both?

What happened to oil prices at the

end of 2014 was unnerving, but it’s easy to

forget that the price shock created winners

as well as losers. If you burn a lot of fuel

to raise crops, manufacture tubing or haul

products across the country, things just

got better.

If you’re building new office towers,

your costs just got a little lower and

interest rates will stay low a little longer. If

you lease commercial space for an office,

warehouse, store or place to live, being in

Edmonton just got a little more affordable.

In Alberta, where pumping oil and gas

is big part of the economy, we’ve seen this

movie before. Oil prices collapsed in 1981,

1986, more times than you count in the

1990s, and again in 2001, 2005, 2008 and

2014. Through it all, the province added

nearly 1.5 million new people who enjoy

lifestyles as good as any in North America.

For commercial real estate in

Edmonton, the 2015-16 period will be a

time of uncertainty while macro-economic

trends and some local situations work

themselves out. It will also be a time of

visible progress as new offices and hotels

rise from former parking lots, a glittering

new arena takes shape, and a third LRT

line helps knit together a newer, livelier

and more diverse city.

This is a time of opportunity.

After the oil shock, room for optimism

S“

“FOR COMMERCIAL REAL ESTATE

IN EDMONTON, THE 2015-16 PERIOD WILL BE A TIME OF

UNCERTAINTY WHILE MACRO-ECONOMIC TRENDS AND SOME

LOCAL SITUATIONS WORK THEMSELVES OUT.

bomaedmonton.org 59

OVERVIEW

Learn more about the program, download the application guide or apply now.

bomabest.ca

BOMA BESt Certification... the industry standard.

5 CATEGORIES OF BOMA BESt:

• Office

• Enclosed Shopping Centres

• Multi Use Residential Buildings

• Open Air Retail Places

• Light Industrial

BOMA Edmonton has certified over 163 buildings in its region. For a complete listing, check the BOMA Edmonton website.

BOMA BESt builds on the framework of BOMA Go Green and Go Green Plus. New applicants will come in line with buildings already certified and the industry standard.

BOMA BESt delivers value: applications are assessed using third-party verifiers, the application fee is affordable and certification helps promote your commitment to environmentally aware tenants.

BOMA BESt Buildings have the BOMA BESt logo in the survey section of this guide.

BOMA BESt delivers performance improvement: the process helps property managers find ways to reduce operating costs and improve building performance through improved environmental management.

BOMA BESt delivers education: it is a self-administered process that engages owners, managers, operators and tenants. The hands-on process helps building management teams learn environmentally friendly ways to manage their buildings.

| 780.919.9346 | 604.828.1485

Our goal?To assist in your business success.

Learn more about the program, download the application guide or apply now.

bomabest.ca


Demographics favour apartment investments

Market Statistics - October 2014 Average Average Average Average Vacancy Vacancy Bachelor 1 Bedroom 2 Bedroom 3 Bedroom Market Rate 2014 Rate 2013 ($/mth) ($/mth) ($/mth) ($/mth)

Downtown 1.8% 1.3% $872 $1,057 $1,330 $1,512

Hudson Bay Reserve 2.4% 2.8% $733 $888 $1,099 $1,270

University 1.1% 0.6% $966 $1,066 $1,328 $1,388

West Central 1.8% 1.8% $714 $909 $1,099 $1,264

Jasper Place 2.2% 1.1% $764 $904 $1,126 $1,360

West Jasper Place 0.8% 1.1% $902 $1,111 $1,322 $1,492

South West 1.3% 0.3% $925 $1,091 $1,274 $1,439

East Central 1.6% 1.5% $846 $926 $1,140 $1,419

Millwoods 0.6% 0.6% $780 $1,011 $1,308 $1,444

North Central 3.0% 3.8% $729 $879 $1,027 $1,259

North East 2.7% 1.8% $759 $986 $1,210 $1,319

Castledowns 1.2% 1.0% $678 $1,005 $1,183 $1,378

St. Albert 1.7% 1.2% ** $988 $1,352 $1,366

SURVEY MARKET AVERAGE 1.7% 1.4% $843 $1,001 $1,230 $1,383

Source: CHMC Fall 2013 Rental Market Rep

orry, but you won’t find much doom

and gloom in the rental apartment

market report. Nor should there be

with vacancy rates below two per cent,

capitalization rates between five and six,

unemployment under five and local GDP

close to breakeven. Given that apartments

are a much-sought-after investment for

long-term rental income and capital

appreciation, there’s plenty of room for

cautious optimism here.

The key number that will continue to

drive Edmonton’s market for multi-family

housing isn’t the price of oil. What will

really move the market for condos and

rental suites in Edmonton is the influx of

60,000 new people to the city between

2012 and 2014.

Although people frequently migrate

to Edmonton to find opportunity, it’s

“

“SSINCE 1996, THE CITY ADDED

262,000 PEOPLE, OR 43%, TO REACH 878,000 PEOPLE, PLUS

ANOTHER 450,000 WHO NOW LIVE IN SURROUNDING MUNICIPALITIES.

Multi-Family/ApartmentSurvey

Advertise in the 2016 BOMA Edmonton Commercial Real Estate Guide.

Call us today 780.428.0419

Score new business!


6%

5%

4%

3%

2%

1%

0%

2008 2009 2010 2011 2012 2013 2014 2015*

2.4%

3.7%

4.5%

3.2%

1.7% 1.7% 2.

0%

Mutifamily Vacancy Rate (Edmonton CMA)

1.4%

* Forecast

$1,000

$800

$600

$400

$200

$0

2008 2009 2010 2011 2012 2013 2014

$182

$122

$219 $214 $227 $3

06

$330

Multifamily Total Sales Volume (millions)

Source: The Gettel Network

quite rare for people to migrate out. The

last time the city experienced prolonged

out-migration was in 1993-96, when the

population fell by 1.7% over a three-year

period. After that, inward migration surged

back stronger than ever. Since 1996, the

city added 262,000 people, or 43%, to reach

878,000 people, plus another 450,000 who

now live in surrounding municipalities.

So when the dust settles in the energy

markets, it will probably turn out that

the majority of recent arrivals will still

be in Edmonton and ready to resume

their climb up the property ladder. Many

young renters who arrived and moved

into basement suites in 2013-14 will be

ready to move up by 2015-16. Following an

emerging trend of recent years, many of

these young renters and buyers will choose

to put down roots in or near downtown.

These first-timers will join pre-retirement

baby boomers to underpin condo-building

booms in Canadian city centres, including

Edmonton’s, which has more than doubled

its population since 2001. This trend is likely

to continue.

By the end of 2014, Edmonton’s

multifamily market was at its peak

performance. Apartment vacancies were

1.7%, one of the lowest rates in Canada.

Average rent for a two-bedroom apartment

in Edmonton was about $1,200. Average

condominium prices across the city were

$251,000. As long as low mortgage rates

persist, condo ownership isn’t a big leap

for renters who have been able to save up

a down payment.

As with other sectors, the multifamily

market was held back by a shortage of

available properties in 2014. Buyers of

significant multifamily rental properties

were seeing capitalization rates ranging

between five and six per cent, virtually

unchanged since 2011. Sales dollar volume

was near average for the period at $270

million, or about $135,000 per suite,

depending on building size and quality.

Given people’s tendency to wait and see

before making big financial commitments

in uncertain times, it is possible that we

are entering a period of wait-and-see in

the various housing markets. However,

like the period between 1993 and 1996, any

downturn is likely to be forgotten within a

few years.

ORGANIZATION: EEDC

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PROJECT: World is Coming

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PROJECT: Direct Mail

Burke has been working closely with Edmonton’s business

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ORGANIZATION: Syncrude Canada Ltd.

AGENCY: DDB Edmonton

PROJECT: Table toppers

ORGANIZATION: Alberta OmbudsmanAGENCY: ZGMPROJECT: Ombudsman Annual Report

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ORGANIZATION: EIA

AGENCY: DDB Edmonton

PROJECT: Brand Pride Book

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314856_BurkeBOMAad.pdf 1 2015-04-16 3:21 PM

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Putting the pedal to the metal.

Colliers Macaulay Nicolls Inc.


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