Get documents about "Halifax Nova Scotia Commercial Real Estate Market
Description
Halifax Nova Scotia Commercial Real Estate Market document sample
Document Sample
COMMERCIAL REAL ESTATE MARKET REPORT COMMERCIAL REAL ESTATE MARKET REPORT
JJ Barnicke Atlantic Limited JJ Barnicke Atlantic Limited
1809 Barrington Street, Suite 1402, Halifax, Nova Scotia B3J 3K8 1809 Barrington Street, Suite 1402, Halifax, Nova Scotia B3J 3K8
Ph: 902-429-9249 Fx: 902-429-5176 www.jjb.com/halifax Ph: 902-429-9249 Fx: 902-429-5176 www.jjb.com/halifax
January 2005 January 2005
Atlantic Region Economic Overview
Economic growth in Atlantic Canada is forecast to lag the national average for 2004 and
2005. Nova Scotia GDP is predicted to grow 2.3% and 2.6% respectively in 2004 and 2005.
Newfoundland and Labrador's GDP growth in 2004 and 2005 are forecast to reach 2.5%
and 2.2%, New Brunswick 2.6% and 3.0%, and Prince Edward Island 2.0% and 2.4%.
Successful Tenant Representation 2004 ISNOR MOTORS
3447 KEMPT R OAD, NS
In the first half of 2004, there were high levels of activity in construction, manufacturing
and the publicly funded health and education sectors; however, these sectors were
. 12,600 sq.ft. Building counterbalanced by weak tourism and consumer activity. Hospitality and residential
. 42,156 sq.ft. Lot development projects will continue to be the primary focus of new real estate development
. High Profile Location for the Halifax CBD during 2005. Three downtown development proposals valued in excess
A SKING $ 2,100,000 of $150 million are currently in the hands of municipal planners. Residential, retail and
Leased 11,954 sq.ft. Leased 4,487 sq. ft. Leased 2,825 sq.ft. Leased 11,900 sq. ft. industrial development will continue in the suburban areas for 2005/2006. Notable are
Capital District Dominion of Canada major residential developments on the Brightwood Golf and Country Club, Morris
Metropolitan Halifax Lake-Russell Lake, and Williams Lake, as well as retail development on the Countryview
Health Authority Chamber of Commerce General Insurance American Express and in the Baker Drive-Portland Street area.
In Nova Scotia, declining natural gas production, the strengthening Canadian dollar and
high energy costs have had negative impact on growth; however, a $1-billion natural gas
Leased sq.ft. distribution system and a $500 million natural gas pipeline expansion are progressing.
Leased 25,000 sq.ft. Leased 8,161 sq.ft. Leased 68,000 sq.ft. Leased 12,000 sq.ft. 9185 COMMERCIAL ST.
N EW MINAS , NS
Halifax-Dartmouth-Bedford, the economic engine for Nova Scotia, continues to benefit
from its diverse economy centered around regional business services, medical and high-tech
Capital District . 9,000 sq.ft. Office
research, government, medical and educational services, military, and tourism.
. 23,000 sq.ft. Warehouse
Anixter Health Authority Exxon Mobil Imperial Oil . Multi-use Building
A SKING $995,000 Feature Property
Dartmouth Marine Slips
. Halifax Harbour Across
Jim MacKinlay Downtown Dartmouth from Halifax CBD
482-5487 . Land - 9.2 Acres
for all of your Tenant Representation Needs Downtown Halifax
. Water Lots - 21.0 Acres
. Currently Zoned - Marine
15 FIELDING AVENUE Business
D ARTMOUTH, NOVA SCOTIA
. 23,000 sq.ft. Dartmouth Marine Slips
Client Advisory Service Team . 2.33 Acres ASKING $ 10,000,000
. 6 Private Offices
Tim Margolian, President & Investment Sales - tim.margolian@jjb.com 425-9554 . Warehouse Ceilings 18’ Sales & Investments
A SKING $ 1,100,000
Investor interest in Atlantic Canada continues to grow. Low interest rates, security of
Greig Horton , VP Corporate Services & Investment Sales - greig.horton@jjb.com 482-0282
capital, and higher investment returns than available in other parts of the country are
fueling increased investor confidence in Atlantic Canadian investment opportunities.
Dan Sangster , Sales/Client Advisory Services - dan.sangster@jjb.com 429-9339 Increasing values for sellers and lower going-in yields for buyers are slowly being realized.
Jim MacKinlay, Leasing/Client Advisory Services - jim.mackinlay@jjb.com 482-5487 Fundamentals are strong for all asset classes. The demand for multi-residential
properties remains high but is expected to cool as vacancy and interest rates increase
273 F OREST STREET marginally in late 2005. Interest in industrial and retail properties will remain high and,
Helen Harris, Office Administrator - helen.harris@jjb.com 482-9331 YARMOUTH, NOVA SCOTIA subject to rising interest rates, are anticipated to appreciate modestly. Although investor
. 20,000 sq.ft. Building interest in properties throughout Atlantic Canada is increasing, Halifax remains the
. 18,000 sq.ft. preferred market.
Manufacturing Space
. 2,000 sq.ft. Office Space Subject to the negative impact imposed by rising interest rates,
. 3 Loading Docks our forecast for 2005 anticipates continued demand for all
A SKING $ 450,000 commercial real estate product types in Atlantic Canada.
COMMERCIAL REAL ESTATE MARKET REPORT COMMERCIAL REAL ESTATE MARKET REPORT
JJ Barnicke Atlantic Limited JJ Barnicke Atlantic Limited
1809 Barrington Street, Suite 1402, Halifax, Nova Scotia B3J 3K8 1809 Barrington Street, Suite 1402, Halifax, Nova Scotia B3J 3K8
Ph: 902-429-9249 Fx: 902-429-5176 www.jjb.com/halifax Ph: 902-429-9249 Fx: 902-429-5176 www.jjb.com/halifax
January 2005 January 2005
HRM Office Market Dartmouth Bedford Industrial Market Halifax
19% 4% Bedford
Bedford 5%2%Halifax 2%
Office vacancy in Halifax Regional Municipality (HRM) New construction in the Burnside Industrial Park 5%
increased 80,000 +/- sq.ft. during 2004, resulting in an end added 80,000 square feet of industrial space
of year vacancy rate of 9.4% which remains one of the during 2004 and as a result the vacancy rate
lowest overall office vacancy rates in Canada. The increased 1.7% to 6.5% as of year end. New
availability of sublet space will continue to impact on
vacancy; however, we forecast continued modest absorption construction scheduled for completion in the 1st
and stable rental rates throughout HRM in 2005. half of 2005 will add an additional 190,000 +/-
C ORNWALLIS INN CBD 54% Peripheral sq.ft. to inventory and increase vacancy in the
K ENTVILLE, NS
HRM Office Market - CBD 23% short-term to 9.3%+/-.
. 82,000 sq. ft. Building 93%
Burnside Burnside
LAKE LOON LANDS Absorption December December 93%
. ~2.5 Acres Halifax CBD leasing activity was modest during 2004 ending the year with a 9.2% overall 2004 2003 With the exception of owner-occupied, additional
GOLFVIEW D RIVE , NS
. Zoned C-1 Commercial vacancy (Class A - 10.6% and Class B - 8.6%). (12 months) (12 months)
new construction in the industrial sector during
Absorption Dec 2004 Dec 2003 . ~23.83 Acres
A SKING $ 4,195,000 (12 months) Positive Class A absorption of 14,000 square
Burnside Business Park (23,031) 63,792
2005 is not expected until such time as the
(12 months) . Flat Land
feet was offset by negative absorption of 52,000 . Easy Access Bayers Lake 3,600 16,670 increased supply has been absorbed.
Central Business Dis. (37,873) 40,440 square feet of Class B space which was primarily ASKING $ 3,650,000
Peripheral (27,509) 86,098 attributable to the recognition of additional sublet Atlantic Acres/Bedford 844 (1,389) With the move of Federal Government archives’
space.
Dartmouth 94,604 107,097 102,000 sq.ft., into one of the new properties in
Overall Warehouse (18,587) 79,073
Bedford (21,542) 4,649
Net rents in the CBD remain steady with continued Burnside and the expansion of the RCMP by
Overall Metro 7,680 238,284 hold-the-line pressure on landlords' to counter the Net Effective Rates 25,000 sq.ft. into another of the new Burnside
Net Effective Rates impact of sublets and tenant migration to suburban properties, it is evident that Burnside is and will
3411 HIGHWAY 211 office space. Rental rates will remain below Burnside Business Park $5.50-$9.50 $6.00-$8.00 continue to be the preferred industrial location
Central Business Dis. $9.00-$18.00 $9.00-$18.00
C ENTRELEA, NS replacement costs and as a result no new CBD office within HRM.
. 157,000 sq. ft. Office and Peripheral $7.50-$16.50 $8.00-$16.00 construction is anticipated for 2005. Bayers Lake $7.00-$10.00 $7.00-$8.00
Manufacturing facility Dartmouth $7.00-$16.00 $7.00-$16.00 Atlantic Acres/Bedford $5.00-$7.00 $5.00-$7.00
. 48.1 Acres of Property
Bedford $9.50-$16.50 $9.00-$16.00
. 14.6 to 14.9 ft. Ceilings
ASKING $ 695,000 Industrial 10 YR Vacancy & Absorption
HRM Office Market - Suburban LOT A2C & 525 MAIN ST., Leasing face rates for new
D ARTMOUTH, NS construction remain in the 300,000 20.0%
Suburban Halifax markets consisting of Peripheral . Unique Development
Halifax, Dartmouth and Bedford continued to grow but at a slower pace compared to prior $6.50 to $6.75 net psf 200,000 15.0%
Opportunity range. In general, we 100,000 10.0%
years. Suburban vacancy ended the year at 9.7% with positive absorption of 45,553 square
feet. Positive absorption is expected to continue during 2005, with little if any new office . Excellent Site Visibility anticipate rental rates for 0 5.0%
construction to be completed during 2005. ASKING $ 1,100,000 existing supply will remain -100,000 0.0%
steady throughout 2005.
96
97
99
00
02
03
95
98
01
04
Peripheral Halifax's overall vacancy was 9.4% with negative absorption of 27,500 square feet
19
19
19
20
20
20
19
19
20
20
487 MARINE D RIVE primarily attributable to the addition of sublet space to the market. Dartmouth office space
SYDPORT, CAPE BRETON continues to grow, experienced positive absorption of 94,600 square feet and ended the year Absorption Vacancy
. 1,400 sq. ft. Office with an overall vacancy of 9.9%.
. 21,000 sq. ft. Warehouse
jjBarnicke Atlantic's Team
. ~5.91 Acres of Land Suburban rental rates will remain steady as businesses
. Zoned I-1 Light Industrial continue to look for the benefits of favourable rents, free Halifax Regional Municipality At jjBarnicke Atlantic we pride ourselves in recognizing the importance of every client. With over 28 years
parking and convenient access to highways and arterial roads. . Total population experience in the industry, jjBarnicke Atlantic is available to meet your sales, leasing and investment
ASKING $ 750,000
360,000 requirements. Our service strength is further enhanced through our partnership with jjBarnicke nationally.
Office 10 YR Vacancy & Absorption · Total Office Market Size The jjBarnicke Atlantic Leasing Team specializes in office and industrial leasing, with the expertise and
For Lease 8.9 million sq ft knowledge to assist in negotiating your existing lease (renewal), seek out new premises, market your sublet
400,000 20.0% or provide consultation services. As Client Representation Specialists, we are on your team.
· Total Office Market Vacancy
300,000 15.0% 9.4% The jjBarnicke Atlantic Sales Team has the background and experience to market a broad range of
220 KENT STREET
200,000 10.0% CHARLOTTETOWN, PE commercial properties including unserviced land, owner occupied buildings, retail malls, office,
· CBD Class A Vacancy multi-residential and industrial buildings. Familiarity with market trends and our market/property analysis
1791 BARRINGTON STREET 100,000 5.0% 10.6% . Multi-tenant Four Plex provide clients with the edge needed to make sound investment decisions.
HALIFAX , NS 0 0.0% Building
. 3,992 sq. ft. · Total Industrial Market Size . 4,950 sq. ft. Lot JJ Barnicke Atlantic Limited
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 4.9 million sq ft
. 5th Floor Office . 2,100 sq. ft. Commercial 1809 Barrington Street, Suite 1402
. 11 Private Offices Absorption Vacancy · Total Industrial Vacancy Space Halifax, Nova Scotia B3J 3K8
www.jjb.com/halifax
. Class “A” Leasholds 6.5% A SKING $ 159,000
Related docs
