dtz barnicke built

IN THIS ISSUE: NaTIoNal SUrvEy: a look aT GrEEN BUIldING TrENdS // PoST olymPIc look aT vaNcoUvEr // dEEP SEa coolING IN HalIfax // BrowNfIEld rEdEvEloPmENT IN kINGSToN // INdUSTrIal GovErNmENT GraNTS IN moNTrEal // foUr NEw GrEEN offIcE TowErS IN calGary // EdmoNToN'S lrT SySTEm

canadian real Estate Perspectiveseal Estate PerspectivesEstate Perspectives 2011Built

OntarioManitoba

Alberta

Québec

Saskatchewan

Nova Scotia

Content

4 Letter from the Chairman / Note from the Editors

5 Lettre du président du conseil / Note des éditeurs

6 Office Locations from Coast to Coast

8 Green Barometer // Baromètre écologique national

British Columbia13 Olympic Pride Fuels Development // La Fierté olympique stimule le développment

16 Government Relocation Affects Victoria Office Market

17 New Demand for Strata Office Space

Alberta 21 Expanding the Edmonton Transportation System

23 Overbuilt or Underestimated?

Saskatchewan27 The Changing Landscape of Regina's Downtown

Manitoba31 CentrePort Canada

Ontario35 A Toronto Retailer Goes Solar

36 The Imperial Oil Building: Then and Now

37 The Retail Master Plan

38 Mississauga Core Revival

39 Airport Corporate Centre Eco Industrial Park // Le parc éco- industriel du centre des affaires de l'aéroport

41 The Economical Growth of Hamilton

42 Food Belt Versus Urban Sprawl

43 Spotlight on Logistic Trends: People

44 Spotlight on Logistic Trends: Goods // Point de mire sur les tendances de la logistique : le transport de beins

46 Waterloo in Transition

47 London/Windsor/Sarnia

48 Creative Economy

49 Kingston's Brownfield Redevelopment Pilot Project

50 Kingston Downtown Revitalization: An Action Plan

52 Landsdowne Park Redevelopment: A Unique Opportunity For Community Sustainability

Québec55 Les cinq édifices commerciaux à l'évaluation la plus élevée de Montréal // The Top Five Commercial Buildings in Montréal

58 Des programmes incitatifs à Montréal // Assistance Programs in Montréal

Nova Scotia61 Deep Sea Cooling

British Columbia

DTZ Global Reach

The DTZ global team is united by a single focus — to deliver our clients exceptional service, rooted in a deep understanding of their needs and a commitment to their long–term success.

With over 10,000 personnel spanning 140 cities in 42 countries, DTZ has enjoyed a reputation for excellence providing leading-edge property insight and on-the-ground delivery to investors, developers, corporate and public sector occupiers and financial intermediaries.

Built is printed on FSC certified recycled paper.

As we embark on a new year, I think it would be timely to pause and

reflect on our truly good fortune of living and working in this great

country of Canada. No individuals or corporations are immune from

the ravages of a recession, and the one that we are now exiting

was one of the most challenging in recent memory. The United

States has had to face unprecedented problems and take serious

measures to combat many of the issues. The housing market is one

of the best barometers of the economic health of any economy,

and in some areas such as Nevada, Arizona and California, the

effects have been devastating. Huge numbers — in excess of fifty

percent — of all mortgages in these areas have been under water,

as the values of the mortgages exceed the values of the homes.

The U.S. administration is struggling daily with the unemployment

issue and the confidence in the U.S. banking system is at an all

time low. There are many who feel that it could be years before the

U.S. recovery is complete.

If we contrast that with Canada, our housing markets, particularly

in the large metropolitan areas such as Toronto and Vancouver, are

at an all time high. Average prices continue to rise and condo

minium development continues unabated. The Canadian banking

system is the envy of the world, as it has outperformed every

other country during this difficult time. Their lending practices, the

regulations in effect and the superb management of our banks have

been major reasons for our economy to continue to be rock solid.

While we have taken on considerably more debt, the stability of our

political system and the consistent conservative financial policies

of The Bank of Canada have made it so much more attractive to do

business here at home.

Our commercial markets remains strong, as much of the high quality

office tower inventory is held in institutional hands and rental rates

continue to be predictable and strong. There is a scarcity of first

class office buildings for sale in this country and the competition

remains fierce for these assets.

And so, on balance, we have the privilege of living and working

in a country that itself works very well. For those people who are

diligent in their efforts and keep well informed and knowledgeable

in our business, there is every reason for optimism.

We also have the advantage of combining in DTZ Barnicke

Limited the rich tradition of two outstanding firms. DTZ has over

ten thousand employees worldwide and is doing business in forty

two countries. They are leading the way in China, a market of

growing importance in the future. The Barnicke organization

brings to this partnership an impressive record of outstanding

performance over the past fifty years. The Barnicke name continues

to have strong identification among our corporate clients, and the

culture that was created of community service continues under our

merged entity. These combined credentials will serve us well in the

coming days.

I recently attended a memorial service for one of Canada’s best

known and most successful businessmen. Not withstanding

his prominence and notoriety across our land, the single theme

that resonated on this particular occasion was the consistency

of his gentlemanly behaviour, his gracious caring and generous

attitude toward others. He was living proof that in a highly

competitive world it is not necessary to treat one another in an

aggressive or inappropriate manner. As we move forward together

as a regenerated team, it is my goal to have the DTZ Barnicke

organization emulate this behaviour which I believe will shine

like a beacon for all to see, among our clients, our friends and

our competitors.

En ce début de nouvelle année, je crois qu’il est opportun de

prendre un temps d’arrêt et de réfléchir à la véritable chance

que nous avons de vivre et de travailler dans ce grand pays

qu’est le Canada. Aucune personne, ni aucune entreprise n’est

immunisée contre les ravages d’une récession. De mémoire

d’homme, celle dont nous émergeons était l’une des plus

éprouvantes. Les ÉtatsUnis ont dû affronter des problèmes

sans précédent et prendre des mesures importantes pour

lutter contre bon nombre d’entre eux. Le marché de l’immobilier

résidentiel est l’un des meilleurs baromètres de la santé d’une

économie, et dans certaines régions comme le Nevada,

l’Arizona et la Californie, les effets ont été dévastateurs. Une

proportion considérable – plus de cinquante pour cent de

toutes les hypothèques de ces régions présente un solde négatif

puisque la valeur des hypothèques excède celle des maisons.

L’administration américaine est aux prises quotidiennement

avec le problème du chômage et la confiance dans le système

bancaire américain est à son plus bas. Nombreux sont ceux

qui pensent que de nombreuses années seront nécessaires

avant que les ÉtatsUnis s’en relèvent complètement.

Si l’on compare avec le Canada, nos marchés immobiliers,

notamment dans les grandes régions métropolitaines comme

Toronto et Vancouver, sont à un sommet inégalé. Les prix

moyens continuent d’augmenter et la mise en chantier de

condominiums continue sans relâche. Le système bancaire

canadien fait l’envie du monde entier surclassant celui de tous

les autres pays en cette période difficile. Les pratiques d’octroi

de prêts, la réglementation en vigueur et l’excellente gestion de

nos banques font partie des principales raisons pour lesquelles

notre économie continue d’être solide comme le roc. Bien que

nous ayons accepté d’augmenter l’endettement, la stabilité

du système politique et les politiques financières toujours

prudentes de la Banque du Canada rendent la perspective de

faire des affaires, ici, beaucoup plus attrayante.

Les marchés commerciaux demeurent solides puisqu’une forte

proportion des tours de bureaux de qualité sont détenues par

de grandes institutions et les prix de location continuent d’être

prévisibles et élevés. Les immeubles de bureaux de catégorie

A se font rares au pays et la concurrence demeure féroce pour

ces actifs.

Dans l’ensemble, nous avons le privilège de vivre et de travailler

dans un pays très bien structuré. Pour les personnes qui sont

diligentes dans leurs efforts, qui demeurent à l’affût et qui

connaissent bien notre marché d’affaires, il y a tout lieu de se

montrer optimistes.

Chez DTZ Barnicke Limitée, nous avons l’avantage de jumeler

les riches traditions de deux excellentes entreprises. DTZ

compte plus de dix mille employés dans le monde entier et fait

des affaires dans plus de quarantedeux pays. Elle mène le

peloton en Chine et pour le futur, son marché tend à gagner en

importance. Quant à Barnicke, elle apporte à ce partenariat un

dossier impressionnant dû à son rendement hors du commun

cumulé depuis cinquante ans. Le nom Barnicke maintient

sa notoriété auprès de la clientèle corporative et la culture

créée pour le service communautaire se poursuit dans l’entité

fusionnée. Ces compétences conjointes nous seront fort utiles

dans le futur.

J’ai récemment assisté au service commémoratif de l’un

des hommes d’affaires les plus connus et les plus prospères

du Canada. Nonobstant son importance et sa notoriété au

pays, la constance de sa courtoisie, de son empathie et de

son attitude généreuse envers les autres était constamment

mise de l’avant pendant la cérémonie. Il était la preuve vivante

que, dans un monde hautement concurrentiel, l’agressivité et

l’incivilité ne mènent à rien. Tandis que notre équipe renouvelée

va de l’avant, mon objectif est que DTZ Barnicke adopte ce

comportement qui, à mon avis, servira de phare, à la fois pour

nos clients, nos amis et nos concurrents.

Note from the Editors: This real estate magazine is the culmination of the work, ideas, and innovation of colleagues from our DTZ Barnicke offices across the country. Each contributor researched and wrote articles on topics that best highlighted their local real estate environment. The result, is a collection of facts, articles, photographs and predictions from coast to coast that, when read together, offers insight into new developments, trends and market conditions in Canada. In addition, we conducted our first survey on sustainability polling a crosssection of players in the Canadian real estate industry where you can read our results in the feature story titled "Green Barometer."

Note des éditeurs : Ce magazine d’immobilier est la culmination du travail, des idées et de l’innovation des collègues de nos bureaux de DTZ Barnicke de tout le pays. Chaque collaborateur a fait des recherches et rédigé des articles sur les sujets qui mettaient le mieux en valeur le milieu de l’immobilier de sa région. Il en résulte un recueil de faits, d’articles, de photographies et de prédictions d’un océan à l’autre qui, lorsqu’ils sont lus ensemble, donnent un aperçu de l’évolution, des tendances et des conditions du marché au Canada. En outre, nous avons effectué notre première enquête sur la durabilité auprès d’un groupe transversal de participants de l’industrie canadienne de l’immobilier. Vous pouvez en lire les résultats dans l’article vedette, intitulé « Un baromètre écologique ». Les articles portant sur le marché québécois et ceux ayant une pertinence nationale peuvent être lus en français.

Letter from the Chairman Lettre du président du conseilThomas G. McCarthy

ottawa

roger casagrandeSenior Vice President, Managing Director

Toronto Corporate Head Office

colin rossSenior Vice President & Manager, Office Leasing


Tom mccarthyChairman


andrew BarnickeSenior Vice President, Capital Markets Group


Steven alikakosSenior Vice President, Retail, Canada

montréal

Erik chartonSenior Vice PresidentCourtier immobilier, Real Estate Broker

montréal

michael david owenSenior Vice PresidentCourtier immobilier agréé, Chartered Real Estate Broker

richmond Hill

Paul langerSenior Vice President

kingston

Peter kostogiannisPresident, Broker of Record

Halifax

Tom carpenterVice President, Broker of Record

Office Locations from Coast to Coast

mississauga

Jim murraySenior Vice President & Managing Director, Broker of Record

calgary

Terrence PhilpsSenior Vice President

regina

mike HoganPresident, Broker

victoria

rick PettingerPartner, Managing Broker

Niagara

Taylor wilsonPresident, Broker of Record

vancouver

mark HerbertPresident and CEO

london

rick GleedPresident, Broker of Record

Edmonton

lance frazierBroker

Nanaimo

Bob mossManaging Partner

waterloo

John whitneyPresident, Broker of Record

winnipeg

martin mcGarryPresident

kelowna

murray willsManaging Broker

8 Built 2011 Bringing You the Power of One™ 2011 Built 9Bringing You the Power of One™

Green BarometerBy Sarah Lambersky

Un baromètre écologiquepar Sarah Lambersky

National // Scène nationale

Puisque l’intérêt envers les avantages économiques et environnementaux du virage écologique est florissant, nous avons pensé qu’il serait utile pour nos lecteurs d’effectuer un sondage sur les tendances immobilières écologiques. Les propriétaires, les courtiers, les promoteurs, les banquiers, les bureaux de développement économique et les ingénieurs du Canada entier nous ont donné leur avis sur des sujets aussi variés que les suppléments de coûts liés aux bâtiments écologiques et les motivations suscitant des pratiques écologiques.

Selon les 109 répondants, le mouvement des bâtiments écologiques se porte bien. En effet, 93 % des personnes interrogées croient que les pratiques de bâtiments écologiques sont enracinées, comparativement à 7 % qui sont d’avis que les pratiques immobilières durables sont une mode passagère. En 2005, le Conseil du bâtiment durable du Canada (CBDCa) a publié un rapport intitulé Analyse de rentabilité pour les bâtiments écologiques au Canada, qui quantifiait les répercussions

commercial and institutional buildings account for one third of the nation’s energy production, 50% of our extracted natural resources, 25% of landfill waste, 10% of airborne particulates and 35% of greenhouse gases1. Since the release of this report, the industry has progressed considerably in its adoption of green building practices as evidenced by how fast green certifications such as BOMA BESt, and Leadership in Energy and Environmental Design (LEED) are growing.

The benefits of going green as a function of reducing real estate risks, and improving the economic and environmental returns on a building, both for owners and tenants, has moved from nice-to-have towards becoming a must-have that is integrated into corporate strategy. For building owners, benefits include higher occupancy rates, higher future building values, reduced risk of building obsolescence, lower operating costs, and the ability to command a rent premium. For building occupants benefits include better indoor air quality, higher employee productivity, lower employee absenteeism rates, alignment with corporate brand identity and potentially lower operating costs.

Clients are the major catalyst driving green building trends as 51% agreed that demand fuelling green building trends was client driven. Conversely, 19% indicated government policy was driving demand, 17% indicated society was driving demand and 13% stated that corporate policy was driving demand. Looking forward, 72% of respondents anticipate demand for green buildings will increase, compared to 23% who stated demand for green buildings would remain the same. Only 2% of respondents suggested demand would decrease and 3% were unsure of the future trend.

Depending on the scale, scope and type of undertaking, green projects may come with a higher up-front price tag. In some cases, the cost of going green can come at a discount whereas in other projects, the cost can escalate to premiums

environnementales de l’industrie de l’immobilier et présentait les arguments en faveur de l’adoption de pratiques de construction écologiques. Contre toute attente, ce rapport révèle que les 500,000 immeubles institutionnels et commerciaux représentent le tiers de la production d'énergie du Canada, 50 % des ressources naturelles extraites, 25 % des déchets enfouis, 10 % des particules en suspension dans l’air et 35 % des gaz à effet de serre1. Depuis la publication de ce rapport, l'industrie a considérablement progressé dans l’adoption de pratiques de construction écologiques, tel que le démontre la rapidité de la croissance de certifications écologiques comme BOMA BESt et LEED.

Les avantages du virage écologique pour ce qui est de la réduction des risques immobiliers et de l’amélioration du rendement économique et environnemental d’un immeuble, tant pour les propriétaires que pour les locataires, sont passés « d'agréables » à « indispensables » et intégrés à la stratégie d’entreprise. Pour les propriétaires d’immeuble, ces avantages incluent des taux d’occupation plus élevés, une valeur immobilière plus élevée à long terme, une diminution du risque de désuétude des bâtiments, une diminution des coûts d’exploitation et la capacité de justifier des loyers plus élevés. Pour les occupants, les avantages incluent une meilleure qualité de l'air ambiant, une meilleure productivité des employés, un taux d'absentéisme au travail moins élevé, le respect de l’image de marque et un potentiel de réduction des frais d’exploitation.

Les clients sont les principaux catalyseurs des tendances liées aux bâtiments écologiques, car 51 % des répondants conviennent que la demande provient des clients. Par contre, 19 % croient que les politiques gouvernementales déterminent la demande, 17 %, que la société en est responsable et 13 %, que ce sont les politiques d’entreprise qui la justifient. Dans une perspective d’avenir, 72 % des répondants prévoient

As interest in the economic and environmental benefits of “going green” has flourished, we thought it would be useful to our readers to conduct a survey on the state of environmentally-driven real estate trends. Landlords, brokers, developers, bankers, economic development officers, and engineers across Canada shared with us their opinions on topics ranging from green cost premiums to motivations driving green practices.

According to our 109 respondents, the green building movement is alive and well with 93% of individuals surveyed agreeing that green building practices are here to stay in contrast to 7% of respondents who indicated that sustainable real estate practices were a short term fad. In 2005 the Canadian Green Building Council (CaGBC) released a “state of the nation” report titled A Business Case for Green Buildings in Canada quantifying the environmental impact of the real estate industry and qualifying the case for adopting green building practices. Astonishingly, this report found that Canada’s 500,000

10 Built 2011 Bringing You the Power of One™ 2011 Built 11Bringing You the Power of One™

ranging from 10-30%2. Nevertheless, when questioned at what premium survey respondents were prepared to pay beyond basic costs, 55% revealed they would be comfortable paying a one to five per cent premium for a sustainable green project, 12% are willing to pay a six to 10 per cent premium for green space and 6% per cent of businesses are willing to pay a premium greater than 10%. 27% said they would not be willing to pay a premium for a sustainable green project.

Similarly, 89% of those polled agreed the cost of going “green” meant an increased up-front cost as a trade-off for long term savings. 2% of respondents agreed that green initiatives would reduce up-front costs as a trade off for long term savings, 6% responded green costs were the same as non-green project costs and that green costs would bring about long term savings and finally 3% disagreed that there were any long term savings to be reaped from implementing green initiatives.

Finally, we polled our respondents on which green initiatives they would be implementing in 2011 on a corporate level and it seems that despite the breadth of priorities, the top three were to be more conscious of turning off lights and office equipment when not in use, increase recycling initiatives, and reduce greenhouse gases and one’s carbon footprint.

Green building trends clearly have a foothold in the market and have gained momentum in the Canadian real estate industry. There is still a long way to go towards greening new and existing building stock however, as decisions makers gain experience and knowledge in this discipline, it will be exciting to watch the green movement continue to unfold. »

1. CaGBC, A Business Case for Green Buildings in Canada, 2005

http://www.cagbc.org/uploads/A Business Case for Green Bldgs in Canada.pdf

2. CaGBC, A Business Case for Green Buildings in Canada, 2005


que la demande de bâtiments écologiques augmentera, comparativement à 23 % qui déclarent qu’elle restera la même. Seulement 2 % prétendent que la demande diminuera, tandis que 3 % ne sont pas certains de la tendance future.

Compte tenu de leur échelle, de leur portée et de leur type, les projets écologiques peuvent coûter plus cher à construire. Dans certains cas, le virage écologique peut favoriser une réduction des coûts, tandis que dans d’autres, les dépenses en immobilisations peuvent augmenter de 10 % à 30 %2. Néanmoins, 55 % des répondants ont répondu qu’ils étaient prêts à payer des frais supplémentaires de 1 % à 5 % pour un projet de bâtiments écologiques durable, 12 % étaient disposées à payer des frais supplémentaires de 6 % à 10 % pour jouir d’un espace écologique et 6 % des entreprises sont enclines à débourser des frais supplémentaires de plus de 10 %. Par contre, 27 % des répondants ont déclaré qu'ils ne paieraient pas de frais supplémentaires pour un projet écologique durable.

Dans le même ordre d’idée, 89 % des répondants convenaient que le virage écologique s’associait à des frais initiaux plus élevés en contrepartie d’économies à long terme. Cependant, 2 % des répondants pensaient que les initiatives écologiques réduiraient les frais initiaux en contrepartie d’économies à long terme, 6 % étaient d’avis que les coûts liés aux projets écologiques étaient identiques à ceux des projets non écologiques et enfin, 3 % croyaient que la mise en œuvre de projets écologiques ne suscitait aucune économie à long terme.

Finalement, nous avons demandé aux répondants quelles initiatives écologiques ils implanteraient dans leur entreprise en 2011. Malgré l’éventail des priorités, les trois plus populaires semblent être de se rappeler d’éteindre les lumières et l’équipement de bureau lorsqu’ils ne sont pas utilisés, d’augmenter les projets de recyclage et de réduire les émissions de gaz à effet de serre et l’empreinte de carbone.

La tendance pour les bâtiments écologiques s’est indéniablement implantée sur le marché et a pris de l’ampleur au sein du marché canadien de l’immobilier. Il reste un long chemin à parcourir avant de rendre écologique l’ensemble du parc immobilier, nouveau comme ancien. Néanmoins, il sera passionnant d’observer l’évolution du mouvement écologique tandis que les décideurs gagneront en expérience et en connaissances dans ce domaine. »

1. CBDCa, Analyse de rentabilité pour les bâtiments écologiques au Canada, 2005


2. CBDCa, Analyse de rentabilité pour les bâtiments écologiques au Canada, 2005


British Columbia 2011 Built 13Bringing You the Power of One™

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Many in the city feared that Vancouver would suf fer the same debt-ridden fate of other Olympic host cities during the 2010 Olympics Games. Montreal, host of the 1976 Olympics, finally paid down the $1.4 billion mortgage on its Olympic Stadium after three decades. In a milder example, Salt Lake City, took almost two years to recuperate from Olympic spending and development. The honour and pride associated with hosting an international event typically fuels architectural bravado, overbuilding and optimistic property sellers. The Vancouver real estate market, however, has managed to escape the wrath with minor economic setbacks and instead benefited from steady growth that continues to signal positive future demand.

Infrastructure investments are one of the key elements that has supported the Vancouver real estate market and added to its competitiveness. For example, projects such as the new Canada Line, a rapid transit line that connects to Trans -Link’s SkyTrain metro network, has greatly bene-fited the city with its 19.2 kilometers of track linking Vancouver to Richmond. Similarly, the $579 million plan to upgrade the Sea-to-Sky Highway and Whistler Highway relieved traffic congestion and made transportation avenues through the city and up the Coast more accessible. Finally, new spin-offs in the form of new social housing, community centre, waterfront park space and a street car line enhanced Vancouver’s south east False Creek Area from both an economic and social perspective.

Lors des Jeux olympiques de 2010, nombreux sont ceux qui, à Vancouver, craignaient que la Ville devienne tout aussi criblée de dettes que d’autres villes hôtes. En effet, il a fallu trois décennies pour que Montréal, hôtesse des Jeux de 1976, réussisse à se libérer de l’hypothèque de 1,4 milliard de dollars sur son stade olympique. Salt Lake City n’a pas subi un sort aussi déplorable, mais il lui a tout de même fallu près de deux ans pour se remettre des dépenses et de la mise en valeur engagés en prévision des Olympiques. L’honneur et la fierté associées à la tenue d’un événement international incitent souvent à l’esbroufe architecturale, à la surconstruction et à des vendeurs de propriétés optimistes. Toutefois, le marché de l’immobilier de Vancouver a réussi à échapper à ce fléau. Les revers économiques se sont révélés mineurs, et on a plutôt constaté une croissance constante qui signale une future demande positive de l’immobilier.

Les investissements dans les infrastructures font partie des principaux éléments ayant soutenu le marché de l’immobilier et accru le caractère concurrentiel de Vancouver. À titre d’exemple, la nouvelle ligne Canada Line du réseau de métro SkyTrain de la société TransLink représente un énorme avantage pour la ville, avec ses 19,2 kilomètres de rails entre Vancouver et Richmond. De même, le projet de 579 millions de dollars visant à rénover le tronçon de l’autoroute Sea-to-Sky jusqu’à Whistler a allégé la congestion

Olympic Pride Fuels DevelopmentBy James Fraser

La fierté olympique stimule le développementpar James Fraser

Vancouver

B.C.'s total land and freshwater area is 95 million hectares, larger than France and Germany combined. BC occupies about 10% of Canada's land surface.

BC is Canada's secondlargest natural gas producer, and the oil and gas industry continues to see tremendous growth, particularly in northeastern B.C.

demographic Information (2011 Estimates):

Population: 4,603,013 Avg. Household Income: $82,060

Source: FP Info Markets 2011 Estimates

Source: Government of British Columbia

Vancouver Winter Olympics Cauldron. Vancouver, B.C.

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14 Built 2011 British Columbia Bringing You the Power of One™ British Columbia 2011 Built 15Bringing You the Power of One™

Close Up: Vancouver

Demographic:Population 2,413,546 Avg. Household Income $89,077Source: FP Info Markets 2011 Estimates

Market Health Overall:“Held steady this year” “Looks promising for 2011”

Economic Drivers: Forestry, Construction, Manufacturing, Mining

Office Market: The Metro Vancouver vacancy rate increased from 8.0% to 9.0% due to a large quantity of space brought to market in the suburbs. Leasing activity was dominated by demand for smaller, higher quality space, especially in Downtown Vancouver. Development activity continues with 14 projects in the planning or preleasing stages.

Industrial Market: Industrial vacancy rates increased in 2010 from 3.6% to 4.7% due to an oversupply of space relative to demand and are expected to increase in 2011, particularly in Surrey and Delta. Surrey expects 270,000 square feet of space to come to market in 2011 and Burnaby expects 220,000 square feet of space from the New Haven Phase II project alone. Development continues including the Burnaby developments of Glenwood 6 & 7 (200,000 square feet) and 4061 McConnell Avenue (150,000 square feet).

Retail Market: Retail was off to a rocky start in 2010 but the revival in consumer confidence coupled with employment gains bolstered retail sales and fosters a degree of optimism for 2011. The true test of retail revival will have been the 2010 holiday season. Many retailers are back in the market albeit looking for sharper deals.

The residential legacy component of the Olympic Village is one piece of real estate that was not immune to the over-optimism leading up to the Olympics. The high profile, $1 billion multi-residential

Olympic Village known as the Millennium Water development housed more than 2,700 athletes but has seen few buyers after the Games, with only 35 per cent of the units sold. Recently, the developer Millennium went into receivership, and handed over control to Ernst and Young. A new marketing strategy will be dev-eloped with prices for the remaining units adjusted to reflect the market’s demand.

Construction of the Athletes Village

et permis une meilleure accessibilité aux avenues de la ville et de la côte. De plus, d’autres retombées, sous forme de nouveaux logements sociaux, d’un centre communautaire, d’un parc au bord de la mer et d’une ligne de tramway, ont également amélioré le quartier de False Creek, au sud-est de Vancouver, tant sur le plan économique que social.

Toutefois, l’héritage résidentiel du Village olympique est un projet immobilier qui n’a pas échappé au suroptimisme précédant les Jeux. En effet, Rebaptisé Millennium Water, le complexe haut de gamme de 1 milliard de dollars a accueilli 2,700 athlètes, mais compte peu d’acheteurs depuis les Jeux, puisque seulement 35 % des unités sont vendues. Récemment, le promoteur Millennium a été mis sous séquestre et son contrôle a été transféré à Ernst & Young. Une nouvelle stratégie de commercialisation sera élaborée, et le prix des unités restantes sera corrigé de manière à refléter la demande du marché.

While it is seldom the case that Olympics are free from cost-overruns, economic indicators in the Metro Vancouver Area are reflecting the benefits of post-Olympic hype and international exposure. The strength of Vancouver’s real estate market shows no signs of stalling as new office towers are proposed downtown and demand for housing is increasing less than a year after the Olympics. This city looks to be reaping the benefits that global exposure brings from hosting a high profile international event. »

I l est ra re que les Olympiques n’engendrent pas de dépassements des coûts, mais les indicateurs économiques du district régional du Grand Vancouver ref lètent les ef fets du battage publicitaire post–olympique et de l’exposition médiatique internationale. La croissance du marché de l’immobilier de Vancouver n’affiche aucun signe de stagnation tandis que de nouveaux projets de tours de bureaux sont proposés au centre-ville et que la demande d’hébergement augmente, moins d’un an après les Olympiques. La Ville semble récolter les fruits de l’exposition médiatique mondiale qu’elle a engendrée en tenant un événement international de prestige. »

The Olympic Village – False Creek, British Columbia

English Bay, Vancouver

Vancouver's continued growth shows no signs of stalling.

La croissance du marché de l’immobilier de Vancouver n’affiche aucun signe de stagnation.

16 Built 2011 British Columbia Bringing You the Power of One™ British Columbia 2011 Built 17Bringing You the Power of One™

British Columbia Legislature, Victoria

Close Up: Victoria

Demographic:Population 363,194 Avg. Household Income $81,847Source: FP Info Markets 2011 Estimates

Market Health Overall:“Reasonably healthy” “A return to 2007 levels of activity”

Economic Drivers: Tourism, Technology, the Vancouver Olympics

Office Market: Significant provincial government cutbacks caused vacancy rates in Class B and C office space to rise in 2010 affording existing tenants the opportunity to trade up to higher quality Class A space. Expect the same vacancy rate levels in 2011 and no new projects coming to market. Lower rental rates in the downtown office market present an opportunity for tenants to upgrade their premises or get the best competitive rates. The time frame to act is between now and 2012 when the provincial government will be back in the market looking for space.

Industrial Market: The industrial vacancy rate is among the lowest in North America and will hold at 3% through 2011. Land values and rents have escalated dramatically over the past few years, however, both stabilized in 2010. Headlease space held firm while sublease space can be found at rates 20% below market rents. A new resurgence of industrial activity from tenant expansions puts pressure on rents given the limited supply. This is particularly relevant to tenants in the tech sector looking for larger space. Landlords of smaller industrial buildings may find it challenging to fill their space. Positive absorption in the industrial market primarily stemmed from Sysco Foods’ expansion into its new location as well as, new industrial product that came online in 2010 which was 90100% preleased.

Investment Market: There were many active private investors and REITS in the market but a shortage of quality investment product continued. Demand for all product classes will persist in 2011, particularly retail and apartment. During 2010, yields returned to precrash levels and will stay the same in 2011.

Retail Market: The brakes were put on retail sales in early 2010 as tourism dried up and residential property sales fell. Downtown vacancy rates increased as retailers catering to tourists were forced to downsize or close. In the second half of 2010, market conditions improved along with increased consumer confidence. Uptown Centre, which is currently under development and redevelopment attracted large retailers like Urban Barn, BCBG Max Azria, Mexx, Sephora and Children’s Place. Phase II is estimated to be completed by 2012. New developments are underway in the Capital region which will bring new retailers to the area despite the slight increase in vacancy rates.

Consolidation of office space in Victoria is a growing trend among government users in order to reduce real estate costs. As a result of budget pressures brought on by the global financial crisis, the provincial government has taken advantage of market opportunities to do just this in downtown Victoria. Eight public sector companies are in the process of relocating their offices to more environmentally friendly buildings while hoping to achieve productivity efficiencies and cost savings by having staff under one roof.

While greening the public portfolio of office space has its upside for the user, the downside to the office market is the impact that such large-scale relocation has on downtown Class B and C space. The downtown market has been most affected, experiencing a loss of nearly 150,000 square feet of occupied space since the end of 2008. As a result, the Victoria office market vacancy rate has increased from a dysfunctional level that persisted until the end of 2008 (below 3%) to roughly around 8% at the end of 2010.

Landlords are becoming increasingly competitive with leasing rates. “Vacancies are going up, rents are going down," says Gerald Hartwig, who owns and manages more than 100,000 square feet of downtown Victoria office space, including Nootka Court, which recently lost provincial tenants. Not surprisingly, slowing of demand coupled with increasing vacancy has forced rental rates to come off their all-time highs in all classes of space. Nootka Court, for example with 40,000 square feet available, is now listed for $11 per square foot.

As we proceed through 2011, Victoria expects vacancy rates to increase further as 80,000 square feet of large block office space at 1019 Wharf Street and other smaller pockets of space come back to the market from government users. Absorption of excess office space will likely begin in mid-2011 when the federal government takes occupancy of some of the space vacated by provincial public agencies. As a result of this absorption, rental rates will increase as space is absorbed, thereby ending the second half of 2011 in a more balanced state of supply and demand. »

Government Relocation Affects Victoria Office MarketBy Jessica Mavrikos

VictoriaClose Up: Nanaimo


Market Health Overall:“Steady during 2010” “Expect the same in 2011”

Economic Drivers: Lifestyle inmigration, Tourism, Education, Healthcare

Office Market: The office vacancy rate stabilized in 2010 at 8% despite the fact that the provincial government downsized and returned space to the market. Three new office strata developments were completed in 2010 and no new projects were planned for 2011. Rental rates remained steady in 2010 and will likely decline in older office stock in 2011, a boon for tenants.

Industrial Market: Industrial vacancy increased to 6% in 2010 and demand is expected to remain weak during 2011 due to the slowing regional economy. Rents softened slightly and will trend downward in older industrial product whereas rents in new product with good amenities are expected to hold firm in 2011. No new buildings were completed in 2010 and none are expected for 2011, however a few local developers are preparing projects for 2012 completion.

Investment Market: Strong demand and limited supply of product. Regional, pr ivate investors with long term investment horizons are keen on Central Vancouver Island apartment buildings and retail strip plazas. Attractive long term interest rates will keep yields at current levels. Wellington Court Retail Centre sold in 2010 for $11.2 million at a 7.4% cap rate.

Retail Market: Retail vacancy increased in 2010 as consumer spending decreased. As the population continues to grow, retailers opening in Nanaimo are showing a preference for locating in the south. Country Grocer, Rona and Rexall all built new stores in the Southgate node. 2010 rental rates were under pressure and are expected to drop again in 2011, favouring tenants. Phase I of Port Place Shopping Centre in downtown Nanaimo is expected to be completed in 2011; subsequent phases will add retail and residential to the area.

New Demand for Strata Office SpaceBy Bob Moss

Nanaimo

With interest rates at historical lows in Canada, the trend to own office space, rather than lease it, is gaining traction in Nanaimo. Office strata, also known as office condominiums, is the process by which investors or owner-occupiers buy office space as an asset for rental purposes or for their own use. In addition to offering office users an opportunity to build equity, strata office space provides new premises in the Nanaimo market where much of the existing office rental stock is twenty years old or more. In markets where there is a shortage of office space and no new product in the pipeline, office strata is an option to hedge against supply deficits and makes sense in specific cases.

Over the past two years, developers in Nanaimo responded to increasing demand for strata office by bringing new product to the market targeting professionals who have a strategy to own their own space. Three projects were completed during 2010 and another one is planned for construction in 2011. Of the projects completed in 2010, two were mixed use with office space on the main floor and residential on top. The third project was a conventional two story office building totaling 17,500 square feet. Sizes for the individual units for the three properties range from 1,000 to 4,000 square feet and selling prices during the past year ranged from $280 to $300 per

New strata office, Nanaimo

18 Built 2011 British Columbia Bringing You the Power of One™

square foot. In each case, premises were finished to base building level, typical of office strata, and developers were prepared to complete tenant improvements at the buyer’s cost. The strata corporation will be responsible for maintenance of all common areas so the professional owners will have the benefits of ownership without the regular maintenance obligations. Interestingly, the majority of buyers of strata office this past year were medical professionals.

While it is anticipated that demand for office strata will increase, there are still risks associated with purchasing this type of asset including interest rate fluctuation and the proper management

of the strata corporation. Many buyers finance their purchase with first mor tgage borrowings. Much of the purchaser’s occupancy cost is based on the interest rate of the mortgage and when interest rates rise, demand will be reduced, especially if interest rates increase drastically. Likewise, some buyers are tempted to self manage their strata corporations, but lack the time and end up relying on strata manage ment agents. In order for purchasers to con-tinue to be attracted to these new developments, management of building structure and common areas will need to be done at a high level. »

In markets where there is a shortage of office space and no new product in the pipeline, office strata is an option to hedge against supply deficits and makes sense in specific cases.

New strata office space, Nanaimo

Science World, Vancouver

Alberta 2011 Built 21Bringing You the Power of One™Skyscrapers towering over Calgary Alberta Canada with Bow River and Centre Street bridge in foreground

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Seven Light Rail Transit (LRT) arms are being built in Edmonton over the next thirty years which is good news for real estate values, accessibility and marketability of properties in the city. As outlined in “The Way We Move” the City of Edmonton’s Transportation Master Plan, the Edmonton LRT will double its length and capacity beyond the current 21 kilometer, 15 station system. The LRT will expand stations to the west end, Mill Woods and NAIT. Currently, the city is forging ahead with the northwest line to NAIT, with preliminary construction starting in the 105 Street/107 Avenue area. Pending council decisions in the latter half of 2010, design work will start on the east-west LRT line, from the west-end (Lewis Estates) through downtown to the southeast Mill Woods Town Centre.

Edmonton’s transportation strategy aims to expand the LRT into residential areas to create a system where commuters can make a better use of public transportation in order to reduce congestion, pollution and increase productivity as well as encouraging a shift away from dependence on single passenger cars. The LRT system will bring an efficient, convenient mode

of transportation to new neighbourhoods and areas including access to Edmonton’s downtown core, the financial and govern-ment districts, as well as, access to Grant MacEwan University College, NAIT and West Edmonton Mall.

To accommodate and support population growth in Edmonton, “The Way We Move” sets to integrate Edmonton’s transportation systems within the existing urban land-scape, to develop a sustainable transit system with the hopes of moving 120,000 riders per day on the LRT’s busiest routes. The City’s goal of providing Edmonton’s growing population with an alternative form of transportation is one step closer to realization.

These changes to the Edmonton public transit system will also affect real estate by fueling development along LRT lines, and increasing property values in close proximity to transit. The expansion of the LRT development is expected not only to impact how Edmontonians travel and live, but also the evolution of the city’s infrastructure, economy and real estate. »

Expanding the Edmonton Transportation System By Carolyn Bull

Edmonton

Alber ta's forests suppor t the province's 3rd largest industry, and provide opportunities for hunting, wildlife viewing and recreation.

Oil and gas produce onequarter of Alberta's gross domestic product. The energy industry accounts for 275,000 direct and indirect jobs.

Source: Government of Alberta

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Edmonton Light Rail Transit (LRT)

22 Built 2011 Alberta Bringing You the Power of One™ Alberta 2011 Built 23Bringing You the Power of One™

Close Up: Edmonton

Demographic:Population 1,190,243 Avg. Household Income $102,304 Source: FP Info Markets 2011 Estimates

Market Health Overall:“Performed well in 2010,” “A renewed market enthusiasm”

Economic Drivers: Oil and Gas, Government, Natural Resources, Engineering

Office Market: Economic slowdown and corporate downsizing, especially in the oil and gas sector, caused vacancy rates to increase year over year from 9.9% to 10.8% by the end of 2010; this is a trend that will continue into 2012. Low public sector appetite for space will leave large blocks of contiguous space vacant until 2011. Several projects are under construction, including Epcor Tower (Q4 2011). It is a good time for tenants to take advantage of attractive tenant improvement packages and discounted rental rates as preleasing is a challenge.

Industrial Market: There were nominal changes to industrial market fundamentals. The vacancy rate hovered around 4.4% as no new buildings came online in 2010 and should trend downward in 2011. As oil and gas projects resume in the city, absorption levels will increase as tenants look for space, particularly those with yard storage and turnkey options. There are two projects due in 2011 with no major preleasing completed. Rental rates held steady for small and mid size deals and decreased in larger pockets.

Investment Market: The investment market came back aggressively in late 2009 and early 2010 as REITs, German investors, local private investors and developers were armed with capital and poised to buy. However, buyers who waited for foreclosures and higher cap rates on quality properties were disappointed, and for the most part, unsuccessful at finding deals. Demand was low for land and apartment sales were scarce in 2010, due to high prices from the 2008/2009 sale prices. Ample supply and low demand for land will continue downward pressure on prices. Yields will remain low in 2010 and into 2011.

Retail Market: There are limited options for vacant retail space in quality centres, which makes placing national tenants a challenge. Additional rents (CAM and taxes) are increasing which resulted in upward pressure on overall gross rents. Landlords are focusing on long terms deals that make sense in their centres. Class B and C centres are benefiting from their creativity in structuring leases to fill vacant space. 2010 rents in Class A centres remained steady whereas Class B and C rents decreased. 2011 rent trends will follow a similar pattern.

Calgary

West Edmonton Mall

Investment in non-residential construction in Calgary for the first three quarters of 2010 was down 12.7% from the same period in 2009, according to Statistics Canada. This is not surprising if you have been paying attention to Calgary’s office vacancy rates and rental rates lately. Those in Calgary know that when the energy industry grows, so does Calgary’s population and demand for office space. Between 2004 and 2006 when oil and gas prices started to rise and the population was increasing 3 to 4% per year, real estate developers started planning to keep up with expected growth in employment. As these buildings come on-line in 2011 and 2012, unscathed by the financial crisis and ready for occupancy, the question on everyone’s mind remains: Is Calgary overbuilt? The answer is no. To understand this contrarian perspective, three things are important to consider, namely the role of pre-leasing, backfill and demand.

Firstly, the surge in construction was fueled by a growing energy sector and tight supply which led to sufficient demand to pre-lease the new office towers. The Bow (Q1 2012) for example, Encana’s new headquarters, is 100% pre-leased which will not have an effect on the market in terms of new supply impacting the vacancy rate. Despite the fact that Encana is consolidating its offices and will leave four Class A buildings to backfill, there are tenants in those buildings who now have room to expand as the market picks up. The same goes for Centennial Place (Q1 2010) and Eighth Avenue Place (Q1 2011). Eighth Avenue Place is 60% pre-leased but is close to attaining an 85% occupancy rate as existing tenants seek to expand their requirements in the building. The only building that continues to impact the market is the Palliser South building (2010) which is 30% occupied. Overall, the market is firing up as the oil and gas sector return to drilling. One reason not to be too concerned by a 12% vacancy rate is if gas prices increase from their $4 level, it could trigger a rapid absorption of office space and send rental rates up as companies take on more space; a good reason to be bullish on Calgary’s office market.

Top New Office Construction

Overbuilt or Underestimated? By Sarah Lambersky

Downtown Calgary at night

24 Built 2011 Alberta Bringing You the Power of One™ Alberta 2011 Built 25Bringing You the Power of One™

The PalliserStatus: Palliser South – completed in early 2010

What: Two office towers, a renovated Palliser Square and a commercial promenade with two additional towers planned

NRA: 1.2 million square feet

Developer: Aspen Propertiest

Interesting Fact: The south tower includes a slow away from the east side of the sixth floor, so that the floor plates grow progressively larger toward the top level

Built with efficient and low maintenance building materials.

Green fact

Eighth Avenue PlaceStatus: Under Construction

What: Two towers

NRA: East Tower 1,042,027 square feet

Estimated Completion: Q1 2011

Developer: Hines

Interesting Fact: First office building in Canada to be precertified in the Leadership in Energy and Environmental Design (LEED) for Core and Shell

Targeting LEED Gold Core and Shell Certification.Green fact

The BowStatus: Under Construction

What: North Tower and South Tower, 58 stories including three floors with sky gardens and two retail floors

NRA: 1.9 million square feet

Estimated Completion: Q1 2012

Developer: Matthews Development

Interesting Fact: Will be Calgary’s tallest building and the first curved building in North America

Belowgrade parking for 320 bicycles and 100 bicycle parking spaces above grade.

Green fact

Centennial PlaceStatus: Completed Q1 2010

What: Two towers, 1.2 million square feet of office space

NRA: 776,753, square feet

Developer: Oxford Properties

Interesting Fact: The project took five years from predevelopment and approvals to project completion

Green fact

Built in accordance with LEED Gold Standards that will feature a green podium roof.

Downtown Calgary at night

Top New Office Construction in Calgary

Saskatchewan 2011 Built 27Bringing You the Power of One™

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Downtown Regina, Saskatchewan (photo courtesy of Daniel Paquet)

As the North American economy rebounds from the global financial crisis, the Sask-atchewan economy continues to thrive and its real estate industry is the economic barometer for the thriving city of Regina.

According to Enterprise Saskatchewan, “There are unprecedented opportunities in Saskatchewan – so many that global investors now know exactly where Saskatchewan is on the map. The province has it all: the resources from potash, oil, gas, steel, uranium, manu-facturing and abundant and productive agricultural land; the people who make up a youthful, highly skilled and energetic workforce; the competitive environment; and an economic climate being noticed around the world.” To support Regina’s commodity-fueled demand and growing population, two

new real estate projects have been given the go-ahead for development in downtown Regina: Hill Tower Three and City Square.

Harvard Developments, the developer behind Hill Tower Three, started construction on the new $100 million Class A office building where Mosaic Potash will become the lead tenant. Hill Tower Three will add 200,000 square feet of office space in the downtown core and change the skyline of the city. It has been 20 years since an A class, high rise has been built in Regina. Completion of the new tower located on the corner of 12th Avenue and Hamilton Street is slated for 2012. There are also other proposed developments in the planning phase, which would include more office space as well as two residential high rise buildings.

The Changing Landscape of Regina’s Downtown

Regina

daylight saving time does not occur in Saskatchewan. The clocks remain on central Standard Time, except in creighton and denare Beach.

Source: NASA

Estevan, Saskatchewan is the sunniest place in canada with 2540 hours of sunlight a year.

Source: Canadian Geographic




An aerial view of Regina's Downtown

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The other project that will have a major impact on Regina’s downtown is the revitalization of Victoria Park, a project called City Square. City Square aims to reshape 12th Avenue as a new pedestrian friendly space that aims to create an Urban Public Square in Victoria Park to accommodate special events and festivals. City Square and the Victoria Park redevelopment are part of phase one of the downtown master revitalization plan named the WOW project. The transformative project located at the north end of Victoria Park and 12th Avenue, between Scarth Street and Lorne Street will see the expansion of the park, with the vision of making it more “people friendly.”

Both projects seek to re-energize the downtown core to further stimulate business and activity in the city. »

Close Up: Regina


Market Health Overall:“4.5% economic growth projected for 2011,” “Vacancy at record lows across the board”

Economic Drivers: Oil and gas, Potash, Uranium, Steel, Manufacturing, Technology

Office Market: As existing tenants expanded, office vacancy dropped in 2010 f rom 2.7% to 2.5%. This trend is expected to continue into 2011 with demand stemming from professional service, energy, resource and technology firms. Harvard Development started construction on its new 200,000 square foot Class A office tower, the first high rise development in 20 years, in downtown Regina. It will be the new home of Mosaic Potash and the federal government with expected completion in 2012. There is also a suburban office park in the planning stages. Rental rates increased in 2010 and are expected to increase again in 2011 as record low vacancy rates boost this landlord market.

Industrial Market: Industrial vacancy decreased in 2010 to 2% from 2.5% with a further decrease expected in 2011. Demand is strong due to Saskatchewan’s role as a central transportation hub into Western Canada complemented by the announcement of the CP Intermodal Facility (see Spotlight on Logistics), and Loblaws’ new 1 million square foot warehouse and distribution centre. New development and infrastructure projects are underway at the Global Transportation Hub to accommodate large parcels of industrial land that were annexed west of the Regina International Airport. In addition, a section of land was annexed in the NE quadrant called Ross Industrial Park. Rental rates are fore casted to increase in 2011.

Investment Market: The investment climate was quiet in 2010 as landlords reaped the benefits of unencumbered income streams due to record low vacancy rates across all product classes. It was difficult for sellers to find quality assets to deploy their proceeds. The lack of investment opportunities shifts the focus to buildtosuit alternatives. Local highnetworth buyers are the most active in the market. Cap rates range from 89% and it is anticipated the same range will persist in 2011.

Retail Market: Record retail sales in 2010 are expected to repeat in 2011. As a result of a number of tenants able to hit percentage rent objectives, rental rates are increasing. Power Centre development in East Regina and North West Regina is complete and Sherwood Village Mall is in the process of being demalled and converted to Rochdale Crossing with a 2011 estimated completion.

“There are unprecedented opportunities in Saskatchewan – so many that global

investors now know exactly where Saskatchewan is on the map. The province

has it all: the resources from potash, oil, gas, steel, uranium, manufacturing and abundant and productive agricultural land; the people

who make up a youthful, highly skilled and energetic workforce; the competitive

environment; and an economic climate being noticed around the world.”

— Enterprise Saskatchewan

South Saskatchewan River across from downtown Saskatoon

Murals on Saskatchewan's Twin Towers celebrating the Roughriders' Centennial

Manitoba 2011 Built 31Bringing You the Power of One™

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Every so often certain projects are brought to market that have the potential to change the future of a city. CentrePort Canada is, without a doubt, one of those projects. It will not only affect Winnipeg and Manitoba in terms of generating economic value, but it will also affect the whole country as it is the only Canadian inland port with single-window access to a foreign trade zone offering companies a one-stop shop situation to obtain trading permits and applications.

This new 20,000 acre inland port and foreign trade zone, which will be developed in phases, is located in northwest Winnipeg and is situated in close proximity to all major modes of transportation including air, rail, sea and road. Setting up a foreign trade zone allows CentrePort Canada to offer cost

savings to investors and businesses through sales tax and duty exemptions, as well as, offering companies high quality and high capacity logistics services, communication networks, office space, and streamlined customs processes. These incentives have the ability to spur employment and economic growth for the City of Winnipeg. Likewise, the construction of a $212.5 million expressway is underway that will link the inland port to the Perimeter Highway with expected completion in 2011.

CentrePort Canada CEO Diane Gray and her team have been spreading the message throughout the world about this develop-ment and its benefits, which will undoubtedly boost the commercial real estate market in Winnipeg. So far there are approximately 130

CentrePort CanadaBy Chris Macsymic

Winnipeg

Manitoba has over 100,000 lakes and has one of the highest rates of vacation home ownership in Canada.

The Royal Canadian Mint in Winnipeg not only produces coins for Canada but has minted currency for over 60 countries around the globe.

Source: Tourism Manitoba




CentrePort

32 Built 2011 Manitoba Bringing You the Power of One™

CentrePort Cargo Plane

businesses operating on CentrePort Canada’s site and going forward, will continue to attract businesses and investors to develop the remainder of its greenfield opportunities on the 20,000 acre footprint. There are industrial developments within the Inland Port that have seen increased interest as companies contemplate locating in CentrePort Canada. One of these pro-jects is Brookside Industrial Park West which is selling parcels of land in CentrePort Canada. Not only is Brookside Industrial one of the few prime spots, it is also one of the last remaining pieces of land for sale in CentrePort at this time.

Winnipeg has always been positioned as a transportation and logistics hub. Today the remaining building blocks are in place, along with the new Winnipeg James Armstrong Richardson International Airport, to strategically compete in global transportation and logistics. The continued marketing of this project locally and worldwide creates a positive outlook for commercial real estate in Winnipeg. It is an exciting time to be in Winnipeg as this project continues to move forward. »

Setting up a foreign trade zone allows CentrePort Canada to offer cost savings to investors and

businesses through sales tax and duty exemptions. These incentives

have the ability to spur massive growth for the City of Winnipeg.

Close Up: Winnipeg


Market Health Overall:“Vacancies are at record lows and trending downward"

“Higher activity levels expected in 2010 in comparison to 2009”

Economic Drivers: Manufacturing, Transportation, Financial Services

Office Market: The downtown office vacancy rate stabilized at 4.9% as of June 30, 2010. Rental rates held firm and have not changed in the last decade. A new suburban medical office, the first to be built in many years, is being built in Southwest Winnipeg. Additionally, a new office building in the planning stages is set to commence construction in mid-2011 at the James A. Richardson International Airport. In the first half of 2011, expect the down-town office market to heat up as five to six large tenants seek space which could lead to some big announcements.

Industrial Market: The vacancy rate increased from 2.0% to 2.4% in 2010. The final vacancy rate for 2010 is expected to climb slightly as many transactions are slated for completion in early 2011. Many tenants chose to renew rather than move or expand in 2010 as caution reined the marketplace. However, growing optimism should help drive expansion later in 2011. With the exception of one 37,000 square foot flex space under construction, developers held off on new construction due to high construction prices and a “wait and see” attitude. Demand will increase in 2011 as businesses rebound from the global recession which should signal to developers to bring new product to market by Q3 2011.

Investment Market: Winnipeg achieved its second best year in terms of dollar value in history. Activity is apparent as investors chase what little investment product is available in the city. Notable transactions include Timbercreek’s purchase of three apartment blocks for $100 million and Artis REIT acquiring two regional shopping centres for $52.5 million. Expect cap rates to continue a downward trend in 2011, similar to the pressure on cap rates in 2010.

Retail Market: New Canadian and U.S. retailers such as Hollister, Sephora, BCBG, Forever 21, Apple, Pizza Pizza, Bath and Body Works and Pet Smart opened stores in the city last year. In 2011 expect a Wal-Mart Supercentre, Lowe’s, H&M, Bed Bath and Beyond, Bass Pro Shops and T&T Supermarket Inc to expand to Winnipeg. This year will be marked by increased leasing and new construction as large scale projects such as Polo Park North and Seasons of Tuxedo where IKEA is being built, get underway.

The Canadian Mint, Winnipeg

Ontario 2011 Built 35Bringing You the Power of One™

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CN Tower, Toronto

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Canada, known for its unique landscapes and majestic scenery, is not a country that people associate as a sun destination. However government policies and incentives to reduce energy consumption, along with a heightened awareness of renewable energy, may position Canada as the next destination to soak up the sun via rooftop or ground photovoltaic panels (solar panels).

The installation of solar panels on roof tops is a viable means of generating an ancillary cash flow stream for a commercial property. Retail and industrial products in particular, lend themselves as a good economic fit for solar panels due to the large square footage needed to derive economies of scale. Large big box retailers, as an example, typically occupy floor plates of 100,000 square feet or greater, which makes economic sense when evaluating this capital expenditure from a cost–benefit analysis. One program that has successfully motivated building owners to act on renewable energy is the Feed in Tariff (FIT) program. In Ontario, the FIT program, which was launched under the Ontario Power Authority in accordance with the Green Energy Act, pays participants up to 80.2 ¢ per kW as a reward to reduce their dependency on non-environmentally friendly energy sources such as coal.

The first such retailer in Canada to participate in the FIT program is IKEA which announced in October 2010 that it will make its home furnishings company the first retailer to exclusively own, install and operate the largest rooftop solar network in Ontario under the FIT program. IKEA, which completed the installation of its solar panels at three of its Toronto locations the end of 2010, has partnered with AMP Solar Group in what is believed to be the largest solar rooftop installation by a Canadian retailer. Together the systems will have a capacity of 750kW, which is the approximate equivalent of what is needed to power 100 average Ontario homes. AMP’s extensive knowledge and expertise on commercial scale solar roof-tops will enable IKEA Canada to be the first retailer to carry out this extensive project at this magnitude. So why did IKEA decide to invest in solar panels? The answer is simple — IKEA will generate $684,000 in revenue annually from its previously unused rooftops as a result of an investment of $4.6 million. Earning a return from solar power will enable IKEA to reinvest the revenue in other sustainability projects; an example of applying environmental consciousness and business strategy at its best. »

A Toronto Retailer Goes SolarBy Jessica Recchi

Toronto

Ontario's industries range from cultivating crops, to mining minerals, to manufacturing automobiles, to designing software and leadingedge technology.

The labour force exceeds six million people and about half of Ontario residents over the age of 25 have completed postsecondary schooling.

Source: Government of Ontario




36 Built 2011 Ontario Bringing You the Power of One™ Ontario 2011 Built 37Bringing You the Power of One™

It is not very often that a landlord has the opp-ortunity to purchase, master-plan and redevelop an entire city block in Toronto. In the case of Allied Properties REIT, what began as a portfolio acquisition of old, dilapidated brick and beam warehouse buildings on King Street West, between Spadina and Bathurst, turned into a unique opportunity that brought together a diverse retail and office mix of tenants over 10 years of strategizing, cultivation and execution.

The advantage of owning the majority of build-ings in a concentrated area, as is the case with Allied Properties, is that they chose to take the opportunity and the time to do the right deals, and not to rush ahead just to fill space. By standing back and laying out a master plan of ideal tenants to populate its retail spaces, Allied’s King West has evolved into the most desirable streetfront retail in downtown Toronto.

Normally, a group of streetfront retailers in a neighbourhood band together to form a Business Improvement Area (BIA) to figure out how best to attract businesses and consumers to their area. In King West’s case, the landlord essentially was its own BIA and set the tone for the street’s future development by plotting a path that would deliver the assortment of services and amenities that it believed its new office tenants and residents would find desirable. By choosing one-off, flagship-type users that had no other locations in Toronto

or Canada the landlord aimed to deliver a unique retail mix and vibe that would appeal to the trendy, urban, early adopters that were the dominant demographic flocking to the area.

In 1999, with its plan in hand, Allied began the process of vacating, sandblasting and upgrading its collection of historic buildings. One to two years following the start of the office transformation, the long term retail strategy began to take shape with early movers such as Rodney’s Oyster House (2001), followed by BMW’s Mini Cooper Deal-ership (2002), Crush Wine Bar (2002), Brassaii (2003), Calphalon (2003), and the Brant House (2004) leading the way for Design Within Reach (2007), and The Spice Route Asian Bistro and Bar (2008). Today, the ongoing pieces of the retail plan are falling into place with the recent opening of Patagonia in December 2010, and Alimento Fine Food Emporium and SOMA Chocolate slated for 2011.

With Allied’s office and retail space on King Street West now completely occupied, and more new condominiums being built in the immediate area than any other North American city, the question at hand is, can this unusual opportunity be recreated elsewhere in the city, or country? »

Close Up: Toronto

Demographic:Population 5,834,408 Avg. Household Income $99,168Source: FP Info Markets 2011 Estimates

Market Health Overall:“Economic growth finally translates into demand in later half of 2010”

Economic Drivers: Financial Services, Professional Services, Insurance, Technology

Office Market: Demand for office space picked up as the banking and professional services sectors looked to expand. There was also demand for space from the software, animation and gaming industries bringing the vacancy rate down to 7.9%. In 2011 the vacancy rate is expected to decrease slightly as the majority of new space that will come on market was preleased. Going forward, as vacancy is eaten up due to limited supply expected in 2011, rental rates will rise.

Industrial Market: Industrial vacancy rates are stable and will experience a marginal decline in 2011 from 7.7% in 2010. 2010 also saw a flight to quality properties as space came back to the market. Demand for longer term sublets will continue as well for third party logistics (3PL) space as manufacturers hedge their cost of warehousing in a trade off for something more flexible. In 2011, expect developers to go through predevelopment but until rental rates rise, and the economy improves, current rents do not justify development especially considering rent is flat or declining in existing product.

Investment Market: Sales of industrial buildings are up due to low interest rates. Most buyers are institutional. Overall the investment market is robust and yields are back to prerecession levels. Looking forward, the level of activity will increase as purchasers take advantage of the sellers market. Retail product continues to be in high demand in 2010 and 2011 while hotels were the least in demand. Notable transactions include Erin Mills Shopping Centre and Atrium on Bay. Yield pressure is greatest for Class B assets. The challenge going forward is namely a lack of Class A assets for purchase.

Retail Market: Overall, the Toronto retail climate is stable, dominated by U.S. expansions. Examples include Brooks Brothers, Victoria's Secret, Anthropologie and Crate & Barrel, with the anticipation of J. Crew opening in Toronto in 2011. The challenge for mall based retailers is to find a location in a tier one property as they are 100% leased. Retail rents and sales were flat in 2010, with the exception of the top shopping centres such as Yorkdale, Fairview and the Eaton Centre. We will see more and more vacancies come up on the street, and expect to see landlords beginning to drop their net rents to retain their better tenants.

When the Imperial Oil building was built in Toronto in the Yonge and St. Clair area, it was designed to last for centuries. Constructed in the mid–1950s as the headquarters of Imperial Oil Ltd., no expenses were spared in the development of 111 St. Clair as a modern day masterpiece of mid-century modernism. In its creation, only the best materials and most advanced building technologies were used. Not to mention, in 1957, Toronto artist and Canada’s greatest muralist, York Wilson, was commissioned to create the building’s lobby mural, the largest mural in Canada which tells the story of oil and energy.

The design of what became the Imperial Oil building was sub-mitted by architect Alvan Mathers of Mathers & Haldenby as the firm’s entry into the national design competition for the new city hall for the City of Toronto. The City of Toronto opted for an international design firm instead of Alvan Mathers. However, around the same time, Imperial Oil was planning to consolidate its operations and build a new building in Toronto. Imperial Oil liked Alvan Mathers’ design and shortly thereafter, 111 St. Clair was born.

In 2004, Imperial Oil made the decision to move its corporate headquarters to Calgary from Toronto, reputed to be one of the largest corporate moves in Canadian history. In light of the oil company’s relocation decision, a unique real estate opportunity presented itself to transform one of Canada’s great buildings, to taling more than 400,000 square feet, into a residential community.

The developer, Camrost-Felcorp, under the leadership of David Feldman, saw the vision and potential to add value to 111 St. Clair Avenue West and has set forth to create Imperial Plaza, a premier residences with over 400 units. Suite sizes in Imperial Plaza will range from 480 to 2,600 square feet and the building amenities will be unparalleled with expected occupancy in 2012. »

The Imperial Oil Building: Then and NowBy Andrew Barnicke

Toronto

The Retail Master PlanBy Steven Alikakos

King Street West, TorontoThe Imperial Oil Building at 111 St. Clair Ave. W., Toronto

Toronto


Mississauga

Mississauga Core RevivalBy Warren D’Souza

Mississauga City Centre (MCC) is going through a resurgence in real estate activity. The combination of five years of new condominium development and city centre infrastructure projects has shifted demand from the outlying markets back into Mississauga’s core.

Historically, Mississauga City Centre was made up of Square One Shopping Centre, a transportation hub, City Hall, and approximately a dozen office buildings that were built in the 70s and 80s. Over the last decade, there was an external move out of the MCC to outlying nodes such as Airport Corporate Centre (ACC), Meadowvale and Hur-ontario North for a couple of reasons. Firstly, dev-eloped land was readily available in the “suburbs” of Mississauga and users seeking higher ratio parking could be met in these areas. Secondly, the highway 401 corridor, and more recently the Highway 407 corridor, provided greater visibility and accessibility than those in the MCC.

In the case of the ACC, this shift in demand to the outlying areas originated with U.S. based companies that were drawn to the close proximity of Pearson International Airport. Around the same time, Meadowvale, located west of the ACC, started to populate its land with pharmaceutical and financial tenants and Hurontario North, located south of the 401, drew users into developments mainly from the financial sector.

When the economy slowed in late 2008, out of the four areas, the ACC was most impacted since large blocks of space were left empty by U.S. and local firm closures and downsizing. On the other hand,

many of the buildings in the Meadowvale area were built based on demand, instead of on speculation, and therefore was not as greatly impacted as the ACC. Further south, Hurontario North continued to grow and attract tenants and MCC activity remained stable with no new construction.

Today, the MCC has come full circle and is resurging with a flurry of development projects and new activity. For example, the residential condominium market is growing in leaps and bounds attracting thousands of residents to area. So far, 7,800 units have been built, 8,000 are under application and 15,700 are under construction. Likewise, the City is redeveloping City Hall and the Central Library, a project called the Civic Square Restoration, which will create a large gathering area for residents, and the ability to host large scale concerts and events. Sheridan College has also chosen the MCC for its newest campus, slated for fall 2011 completion; the new college will house over 1,700 students. Finally, the Bus Rapid Transit (BRT) project is underway which will bring a dedicated bus lane along Highway 403 running east-west between Winston Churchill Boulevard and Renforth Drive. Not only will the BRT cut down travel time across Mississauga and also improve access to the city core, it will also enhance the competitiveness of the area for employment purposes. Given the proliferation of infrastructure projects, transportation initiatives and new residents, it is only natural that demand for new office development will resume. The only challenge that remains which may hamper growth is the parking situation for the city. However with increased demand, perhaps developers can justify the cost to make these improvements. »

Sheridan College Campus

Mississauga

An Eco Industrial Park (EIP) is a type of industrial park where a group of businesses share a common property with a focus on increasing economic gains, while minimizing environmental impact to the community at large. Unlike regular industrial parks which may have a limited focus on the environmental impact of its tenants’ businesses, EIPs incorporate green features such as environmentally friendly site design and sustainable infrastructure. Their aim is to minimize waste and pollution, reduce storm water runoff, and increase energy efficiency.

In Toronto, the Pearson Eco-Business Zone was launched in 2008 with the goal of increasing eco-business activity, a collaborative approach to businesses working together to make pro-ducts and services easier, cheaper, more inno-vative and sustainable, greening the practices of existing businesses and attracting eco-friendly businesses to the area. The project is situated in the Toronto Pearson International Airport region, covers an area of 12,000 hectares of industrial and commercial land and is home to over 12,500 businesses and 355,000 employees.

Airport Corporate Centre Eco Industrial ParkBy Sarah Lambersky

Un parc éco-industriel (PEI) est un type de parc industriel dans lequel un groupe d'entreprises partage une propriété en vue d’accroître leurs profits tout en réduisant au minimum les répercussions environnementales pour l’ensemble de la collectivité. Contrairement aux parcs industriels habituels, qui s’intéressent peu aux conséquences environnementales des activités de leurs locataires, les PEI intègrent des caractéristiques écologiques, telles qu’un aménagement respectueux de l’environnement et une infrastructure durable. Ils cherchent à limiter les déchets et la pollution, à réduire le ruissellement des eaux pluviales et à accroître l’efficacité énergétique.

À Toronto, la zone pour éco-entreprises de l’aéroport Pearson a été lancée en 2008 afin d’augmenter l’activité éco-industrielle, qui représente une approche coopérative des affaires dans le but de rendre les produits et services plus accessibles, moins chers, plus novateurs et plus durables, de rendre les pratiques des entreprises

Le parc éco-industriel du centre des affaires de l’aéroportpar Sarah Lambersky

The Pearson Eco-Business Zone – An aerial view of Toronto Pearson International Airport and the surrounding business community. Source: Partners In Project Green

Absolute World Condominiums City of Mississauga (Photo courtesy of Ian Muttoo)


The Pearson Eco-Business Zone was developed through a partnership between three municipalities, the Toronto and Region Conservation Authority and the Greater Toronto Airport Authority. The resident companies have the opportunity to join Project Green programs, receive training on how to adopt and implement green initiatives and benefit from resources to support green endeavours that impact environmental performance. Businesses participating in Project Green span sectors including manufacturing, professional services, transportation, warehousing and hospitality.

Currently, there are 600 companies signed up as participants in the program with another 400 involved as partners and 100 as ambassadors. »

existantes plus écologiques et d’attirer des entreprises respectueuses de l’environnement. Le projet est situé près de l’aéroport international Pearson de Toronto sur une superficie de 12,000 hectares de terrains industriels et commerciaux. Il accueille 12,500 entreprises et 355,000 employés.

La zone pour éco-entreprises de l’aéroport Pearson a été mise en valeur grâce à un partenariat entre municipalités, l’organisme de conservation de la ville de Toronto et l’autorité aéroportuaire du Grand Toronto. Les entreprises locataires ont la possibilité d’adhérer à des programmes du Projet vert, à suivre une formation pour adopter et mettre en œuvre des initiatives écologiques et à profiter de ressources en vue de soutenir les efforts écologiques qui influent sur le rendement environnemental. Les entreprises qui participent au Projet vert couvrent le milieu de la fabrication, des services professionnels, du transport, de l’entreposage ainsi que de l’industrie hôtelière et du tourisme.

Déjà 600 entreprises participent au programme, 400 en sont partenaires et 100 en sont ambassadrices. »

Bayer Inc. – An aerial view of Bayer Inc. in Toronto and their 8,000 square foot Green Roof. Source: Partners In Project Green

Close up aerial view of Bayer Inc.'s Green RoofBayer Inc's Green Roof. Source: Partners in Project Green

In a raucous meeting on October 13, 2010, Hamilton City Council voted 13-2 to bring the Hamilton Airport Employment Growth District (AEGD), approximately 830 hectares surrounding the John C. Munro Hamilton International Airport, into the urban boundary. The City has identified the AEGD as an important economic engine for Hamilton. Current projections estimate that 20,000-30,000 jobs would be created with the future development of the AEGD.

The AEGD is a City-led project which aims to expand Hamilton’s employment opportunities and support its population growth. In an October 14, 2010 article in the Hamilton Spectator newspaper, City staffs were quoted as saying the plan will generate annual tax revenue of $52 million and cost an estimated $353 million in infrastructure when fully dev-eloped by 2031. The Spectator went on to report that a City consultant estimated “45 percent of the employment will be through wholesale trade, transportation and warehousing.”

The land surrounding the Hamilton International Airport was first earmarked as potential employment land in the early 2000’s as a result of the provincial government’s initiative entitled “Places to Grow”. Following the

“Places to Grow” initiative, the area was identified in the Growth Related Integrated Development Study (GRIDS) as a preferred area for growth in Hamilton to 2031. The growth, development and prosperity of several industry sectors, such as the logistics industry, are dependent upon ready access to the airport and the servicing of land for future development making proper land use and infrastructure planning extremely important in this area.

During the animated City council meeting on October 13th, council voted against the motion to refer the issue back to the economic development and planning committee opting instead to have it dealt with by a new council to be elected Oct. 25th. The majority supported the view that development is required to attract business, create jobs, lower taxes and help rebalance the current assessment which is 70 percent residential and 30 percent commercial/industrial. Council also supported the mayor’s proposal that, upon 33 percent project completion, the City will undertake a review to assess Hamilton’s need for further employment land. This decision may prove to be an exciting opportunity for commercial and industrial development on a scale seldom seen in Hamilton. »

The Economic Growth Of Hamilton

Hamilton

Aerial view of Hamilton


The Town of Markham, located approximately 24 kilometers north of Toronto’s city centre, is a rapidly expanding community with a population expected to grow by more than just over 150,000 people by 2031. The Town is also home to a contentious debate over whether some of the best agricultural land in Canada, which is located in Markham, should be developed. The argument, to build or not to build, is forcing some of the Town’s councilors into a fight with a counter proposal: to create a permanent “food belt” in Markham.

To provide a bit of background on the issue, at stake is the remaining 2,000 hectares of prime agricultural land, which is referred to as the “whitebelt”. This land is currently outside of Markham’s urban area but not in the designated Greenbelt — 728,000 hectares of permanently protected green space wrapping around the Golden Horseshoe in southern Ontario. This area is considered by Markham’s growth plan strategy to have development potential. The expansion alternative is for Markham to see urban sprawl onto nine square kilometers of already scarce farmlands, fields and forests. The proposal of a permanent food belt within this area will attempt to stop the urban sprawl by asking the Province of Ontario’s government to reduce the number of allocated new residents by 40,000 and contain 100% of growth within the existing urban boundary.

Land is expensive in Markham, making the financial stakes significant. For example, the sale of the 205 acre Beckett Farm, at Kennedy Road and Sixteenth Avenue in 2009 for just over $100 million (approximately $500,000 per acre), provides strong evidence that if the land is available, developers are willing to pay but, at what cost to the town and its residents? A recent poll conducted by Pollara for the Ontario Greenbelt Alliance indicates that 27 percent of residents placed growth, sprawl and congestion as the most important issues facing Markham. “Instituting a food belt would place Markham in a leadership position,” according to Rick Smith, executive director of Environmental Defense, a key member of the Ontario Greenbelt Alliance. “This is Markham’s decision to make, but the Greenbelt Alliance commissioned the poll because we were curious about the levels of public support for the food belt.”

The result of the debate? The proposal of a permanent food belt in Markham — which has piqued the interest and sparked heated debates between environmentalists, local residents and developers alike — was defeated in a 7-6 vote in May 2010. As a result, approximately 1,000 hectares of whitebelt land will be developed, while the remaining 1,000 hectares will be the subject of study by town staff which will require a decision at that time whether or not it should be included in a Greenbelt expansion request to the province. »

Markham

An example of Markham's sprawling residential area

Farmland in Markham

Food Belt Versus Urban SprawlBy Angela Forth

Spotlight on Logistics Trends: PeopleGreater Golden Horseshoe

If you work in a major Canadian city, it is likely that sitting in traffic has become a daily ritual for you. In the Greater Golden Horseshoe (GGH) region in Ontario, it has become a nightmare. The GGH stretches from Fort Erie through the Niagara Peninsula, around Lake Ontario, across the Greater Toronto Area, over to Peterborough and north to Collingwood. With the population projected to grow by an additional 3.8 million people over the next 25 years, city planners across the region have been scrambling to provide solutions to ensure smooth mobility between communities. Traffic and congestion negatively impacts the movement of people and goods and can have a negative impact on productivity and, therefore, the economy as a whole.

Unfortunately in Ontario, the lack of space available along the 400 series of highways renders it nearly impossible to build our way out of congestion by adding additional lanes. However, one solution is slowly rolling out that may clear up congestion on the streets. High Occupancy Vehicle lanes, often referred to as carpool lanes, are restricted highway lanes that are reserved at peak travel times for multioccupant vehicles, such as transit buses and carpools. In December 2005, to encourage carpooling and transit use, the provincial government opened the first freeway HOV lanes in the province on portions of Highways 403 and 404. The result? Transit use has increased on routes that offer HOV lanes and users are experiencing less frustration from traffic congestion. According to

the Ministry of Transportation of Ontario on Highways 403 and 404, HOV commuters are saving 14 to 17 minutes per trip compared to their travel time before the HOV lanes were opened. Travelers in nonHOV lanes have also reduced commutes by 8 to 11 minutes. HOV lanes also provide environmental benefits as they encourage commuters to shift away from single passenger vehicles.

Traffic congestion and transportation options play a strong role in real estate decisions. Employee commute times are one of the major factors a company considers when planning a corporate real estate strategy. Lost work productivity due to employees or clients stuck in traffic delays can translate into economic losses for a company if they are located in a congested area. Knowing that your employees, products and services can move smoothly from your facility to its final destination is an important consideration in the decision making process.

Recent monitoring on the HOV lanes reveals that all commuters, even those in the general purpose lanes, are saving time compared to their travel time to work prior to HOV lanes opening. The Ministry of Transportation plans to expand the HOV network to over 450 kilometres of new HOV lanes. This extensive system will maximize use of public infrastructure investments, help manage congestion, make crossregional transit systems more effective, and make movement of goods through the region more efficient. »

HOV FreedomBy Dave Thomaes


Spotlight on Logistics Trends: Goods

Point de mire sur les tendances de la logistique : le transport de biens

Trailers on TrainsBy Charles Torzsok

Reduced productivity, environmental concerns and increased transportation costs have empowered the rail industry to make some radical changes. It set out to create a solution to these problems by reducing the number of standard nonreinforced trailers on North American highways. Intermodal shipping — the process by which a transport truck is driven onto the flatbed of a train and transported via rail to its next destination—reduces a truck’s carbon footprint and drive time as the train becomes the main carrier responsible for moving goods. Similar to driving a car onto a ferry, intermodal shipping is a system that links together different modes of transportation to reduce volume on main corridors, address public interest in protecting the environment, conserve fuel, as well as allowing companies to improve their supply chains. The Office of Energy Efficiency, part of Natural Resources Canada, reported that freight transportation accounts for almost half of greenhouse gas emissions in the transportation sector. In 2007, Environment Canada found that the transportation sector was the second largest emission producing category of greenhouse gases.

La diminution de la productivité, les préoccupations environnementales et les coûts de transport plus élevés ont incité l’industrie ferroviaire à adopter des changements radicaux. L’industrie a entrepris de créer une solution à ces problèmes en réduisant le nombre de remorques non renforcées standards sur les autoroutes nordaméricaines. Le transport intermodal, c’estàdire le processus par lequel un camion de transport est chargé sur la plateforme d’un train et acheminé à sa prochaine destination, réduit l'empreinte de carbone du camion et le temps de conduite puisque le train devient le principal transporteur responsable du déplacement des marchandises. Similaire au transport d’une automobile par traversier, le transport intermodal relie différents modes de transport pour réduire l’achalandage des principaux corridors routiers, répondre à l’intérêt du public envers la protection de l’environnement, économiser le carburant et permettre aux entreprises d’améliorer leurs chaînes d'approvisionnement. Selon l’Office de l’efficacité énergétique (OEE) de Ressources naturelles Canada, le transport de marchandises représente près de la moitié des émissions de gaz à effet de serre dans le secteur du transport. De plus, en 2007, Environnement Canada a découvert que le secteur du transport était le deuxième plus grand émetteur de gaz à effet de serre en importance.

As an industrial owner, locating in close proximity to an intermodal shipping hub can increase the competitiveness of a property. From a user perspective, intermodal shipping can significantly reduce supply chain costs. Intermodal shipping is not a new concept, but as competition and the volume of trucks intensify, intermodal is a cost effective way to support supply chains as it uses existing rail capacity instead of requiring new infrastructure investments for high way expansion.

Canadian Pacific’s “Expressway” service between Montreal and Detroit is a good example of a successful and expanding intermodal service. The terminals are built close to major highway arteries making it easy to pickup and setoff the trailers. Two trains operate in each direction, six days per week, with capacity for up to 90 trailers per train which allows for flexibility and convenience of a scheduled service.

Fleet owners such as Hudson’s Bay Company, Canadian Tire and FritoLay now use their drivers and tractors for local deliveries only. Companies who are setup for just in time production are also frequent users of the service. Border issues are significantly reduced as the trains move quickly through customs inspection. This enables cargo to bypass clogged highway crossings that interfere with production lines. Balanced loads are also created in both directions between parts and assembly plants.

In today’s environment, the economics of intermodal shipping make sense. The high reliability of scheduled trains and reduced transportation costs improve supply chains, not to mention other social and economic benefits to the user. Rather than engaging in head to head competition between rail and trucking industries, an integrative solution and partnership brought these two modes of transportation together to benefit the manufacturing, warehousing and logistics sectors. Due to the success of the intermodal model, plans by other rail operators to add, improve, or expand this service in many of their major corridors are in the works. »

Un propriétaire d’immeuble industriel situé tout près d’un centre de transport intermodal peut voir le caractère concurrentiel de sa propriété augmenter. Du point de vue de l’utilisateur, le transport intermodal peut réduire considérablement les coûts liés aux chaînes d'approvisionnement. Le concept du transport intermodal n’est pas nouveau, mais devant l’intensification de la concurrence et du volume de camions, il représente un moyen rentable de soutenir les chaînes d’approvisionnement, car il fait appel aux voies ferrées existantes plutôt que de susciter de nouveaux investissements dans les infrastructures en vue d’agrandir les autoroutes.

Le service « Expressway » du Canadien Pacifique entre Montréal et Détroit est un excellent exemple de service intermodal en pleine expansion. Ses terminaux sont construits près des grandes artères des autoroutes, ce qui facilite le chargement et le déchargement des remorques. Deux trains circulent dans chaque direction, six jours par semaine, pour une capacité maximale de 90 remorques par train, assurant ainsi la flexibilité et la commodité d’un service régulier.

Les propriétaires de parc de camions comme la Compagnie la Baie d'Hudson, Canadian Tire et FritoLay n’utilisent désormais leurs conducteurs et leurs tracteurs de remorque que pour les livraisons locales. Les entreprises qui favorisent une production justeàtemps sont également de fréquents utilisateurs de ce service. Les problèmes douaniers diminuent nettement puisque les trains passent rapidement l’inspection. Les cargaisons évitent ainsi les intersections routières congestionnées qui nuisent aux chaînes de production. De plus, des chargements équilibrés sont assurés dans les deux directions, tant pour les pièces que pour l’usine de montage.

Dans le contexte actuel, l’aspect économique du transport intermodal est logique. La grande fiabilité des horaires de train et les frais de transport moins élevés améliorent les chaînes d'approvisionnement, sans compter les autres avantages sociaux et économiques pour l’utilisateur. Plutôt que de jouer la carte de la concurrence féroce entre l’industrie ferroviaire et l’industrie du camionnage, une solution et un partenariat intégrés permettent de combiner ces deux modes de transport au profit des secteurs de la fabrication, de l’entreposage et de la logistique. Grâce au succès du modèle intermodal, d’autres exploitants de l’industrie ferroviaire planifient enrichir, améliorer, voire étendre ce service dans leurs principaux corridors. »

Des remorques sur des trainspar Charles Torzsok


Waterloo London/Windsor/Sarnia

The Lang Tannery rendering

375 Hagey Blvd. rendering

Close Up: Waterloo

Demographic (Kitchener/Waterloo/Cambridge):Population 508,937 Avg. Household Income $87,804Source: FP Info Markets 2011 Estimates

Market Health Overall:“Significant recovery” “Line up of retailers looking to backfill space”

Economic Drivers: Technology, Financial Services

Office Market: The vacancy rate in 2010 was 11% and is expected to decrease further in 2011 as technology, financial services and healthcare tenants look to expand. Office leasing and developments were active this year. For example, the Lang Tannery development in downtown Kitchener signed Desire2Learn, The Digital Media Hub and Google for 105,000 square feet of space. The Cora Group is building a 105,000 square foot property in the Research and Technology Park in Waterloo where Agfa Healthcare will take 82,000 square feet of office space, and both Research in Motion and Activa Group have business parks (campuses) under construction. Rents for smaller office projects command around $15 per square foot while new offices command $18. Tenants continue to have choice in the marketplace which keeps landlords competitive.

Industrial Market: 2011 will be a strong year for industrial development. Current demand is for flex and driveup office space. Although absorption was strong in 2010, the region overall is still negative. Industrial users will continue to see bargain prices. As construction costs increase, the trend is for users to buy vacant industrial buildings and convert them for reuse such as the Kitchener Frame building and the Breithaupt Block. Developers interested in industrial adaptivereuse can offset net development charges with credits when the buildings are demolished.

Investment Market: Owners are choosing against selling their buildings because they are unable to find replacement inventory once they make a sale. Demand for multiresidential was the strongest in 2010 whereas industrial was the weakest. Equitable Life and Bentall Kennedy teamed up to purchase Alpine Plaza from Strathallen Corp. for $8 million. Cap rates are lowest for multiresidential project (68%) whereas other investment classes are in the 89% range.

Retail Market: Large format retail has little to no vacancy. Recent expansion in Conestoga Mall added over 130,000 square feet including a 700 seat food court. New to the site is a freestanding CIBC, a redesigned transit terminal as well as retailers such as Bath and Body Works, Spring Rolls, and Oliver & Bonacini. The biggest slowdown in retail is among smaller users in the range of 1,0002,500 square feet. The Boardwalk, a one million square foot mall, is under construction on Ira Needles Blvd. Anchor tenants include WalMart, Rona, Empire Theaters, LA Fitness and Cara Foods (with five restaurants). The challenge remains to find new locations for retailers, especially as the new sites proposed are two or three years away from breaking ground.

LondonTwo retail malls in London have undergone retrofits and conversions from retail to mixed use office properties. City Plaza, formerly Galleria Mall was converted from a mall to include retail, office space. City Plaza has even created space for educational usages. Westmount Mall, also transitioned from a retail property to include a pharmacy, doctors offices, some retail and a food court.

General Dynamics, located in London has received a $33.2 million dollar order to produce 21 RG-31 Mk5EM and 6 RG-31 Mk5E military vehicles as well as the Government of Canada’s $34.4 million dollar order to upgrade 550 LAV III vehicles.

A small, London based company has recently installed a solar system to run in conjunction with London’s regular electricity system. IndelWorks is contributing to the renewable energy movement in London and has set up a 10,000 Watt Micro-FIT solar system which is incorporated within the London Hydro Grid on April 2010 on a 20 year contract. Also, KACO new energy, the world’s second largest solar inverter manufacturer, who has delivered more than 2GW of PV inverters to customers world wide. Their new facility will be located on the Dancor Campus in London’s Skyway Industrial Park. »

SarniaSarnia, Ontario is now home to the largest photovoltaic solar farm in the world. Enbridge’s $400-million solar project opened in October 2010 and will output 80 megawatts to power more than 12,000 homes or roughly 40% of the homes in the City of Sarnia. Originally developed by First Solar as a 20 megawatt project, Enbridge added an additional 60 megawatts totaling 1.3 million panels that will work to reduce greenhouse gas emissions by 1.5 million tones. Enbridge’s solar farm is a plus in terms of positioning Canada as a global solar player. »

WindsorWindsor/Detroit Border Crossing, which handles almost 30 per cent of all Canada-U.S. trade according to the Canadian Economic Action Plan construction which is already underway that will include inspection plazas on both sides of the river and feeder highways linking Highway 401 in Windsor to the I-75 in Detroit.

The renewable energy trend continues to gain traction as a host of international and domestic renewable energy companies flock to Windsor to open up offices including Siliken (Spain), Schletter (Germany). WindTronics (U.S.), and Solar Source Corp (Canada) which is helping to stimulate Windsor-Essex economy and generate jobs in the area.

University of Windsor is constructing a $112 million Centre for Engineering Innovation on campus that will house its Faculty of Engineering. The 300,000 square foot facility will be the largest building in Windsor-Essex to achieve LEED Gold status the largest building on campus for the Centre for Engineering Innovation.

St. Clair College is constructing a new Applied Health Sciences building and downtown Windsor MediaPlex for $32 million. The new Centre for Applied Health Sciences is being built to meet regional health care infrastructure needs and is estimated to be complete by March 2011. »

The Region of Waterloo continues to transition from an economy that is predominantly industrial based to one that is geared to office and advanced manufacturing. Once home to Canadian manufacturers such as Greb-Hush Puppies, Bauer Skates, Electrohome, Deilcraft Furniture, Kaufman Footwear, Uniroyal Goodrich, with each successive recession occurring during the 80s, 90s and 2000s, these companies slowly started to disappear from the local landscape. Fortunately, the innovation located in the region allowed for the dev-elopment and growth of the financial services, technology and education sectors.

Today, Waterloo is home to several internationally re-cognized brand name firms such as Research in Motion, Christie Digital, Agfa HealthCare, Manulife Financial and Economic Insurance, OpenText, and Desire2Learn that are bringing prosperity and economic growth to the area. »

Waterloo in TransitionBy John Whitney

Downtown London Downtown Windsor


Niagara RegionClose Up: Niagara Region


Market Health Overall:“The local market underperformed in 2010” “Growth in 2011 will be static”

Economic Drivers: Tourism, Green Technology, Post Secondary Education Institutions

Office Market: The vacancy rate increased by 20% and absorption remained negative as a number of tenants purchased their own buildings or chose to consolidate office space in 2010. The majority of vacancy is located in the downtown core, while floor plates over 7,500 square feet are difficult to locate in the suburban areas. National tenants are busy securing restrictive covenants in their leases thus blocking “competing” users. There is one 20,000 square foot office building scheduled for completion in North St. Catharines in 2011 with Investors Group as the main tenant. Tenants are seeking incentives such as free onsite parking, access to the main highways, built out space and early lease termination clauses in order to stay put. The Walker Family Cancer Centre continues to take shape in West St. Catharines. Another large project currently under construction is the Cairns Family Health and Bioscience Complex at Brock University. Rental rates continue to decrease due to oversupply of space on the market. Expect a ‘‘tenant market’’ to continue into 2011 as rates decline approximately 34%.

Industrial Market: The vacancy rate increased to almost 20% as approximately one million square feet of space is on the market. Industrial buildings that are priced at less than $1 million are selling briskly despite adverse market conditions. 2011 should be a difficult year for industrial leasing, especially larger buildings that cannot be subdivided. Tenants are increasingly looking for shorter terms and “outs” in their contracts. Tenants are seeking small flex space with high ceiling heights and which has left large industrial leasing cold. Rents are down to $3 per square foot in Class A industrial buildings and will continue to decrease in 2011 as lack of demand is affecting rates.

Investment Market: Minimal activity with mostly small, local players involved. The products most in demand are retail plazas, office buildings and apartment buildings. Capitalization rates for retail plazas are typically between 8% and 9%; while apartment buildings range from 7% to 8%. The challenge remains to find good quality, properties available for sale. A large sale included a modern 115,000 square foot industrial building in the Niagara Falls Industrial Park for $21 per square foot with over 15 acres of land (under power of sale). Generally, the market is under supplied with minimal distress sales.

Retail Market: The retail market is strong for big box retailers with some new design builds in 2010. The ongoing reconfiguration of Niagara Falls’ Queen Street district for specialty shopping that caters to tourist has had moderate success. Rents are decreasing and will continue to stabilize during 2011. Small units in strip plazas can still command $14 to $18 per square foot net rents. A new “large format” WalMart and Lowe’s store is nearing completion in the southend of Niagara Falls. Challenges include survival for the downtown core tenants and retaining tenants for local strip malls. The most active tenants in the Niagara region retail market have been the big five banks, franchised food companies and the LCBO.

federal and provincial governments, is progressing as demolition began on a series of buildings in December 2010. The centre will offer four performance venues including a 900 seat concert hall, a 200 seat dance and theatre venue, a 200 seat cinema and a recital hall for Brock University’s Marilyn I. Walker School for the Fine and Performing Arts. Likewise, Brock University’s fine arts campus is clear to proceed after the Ontario government announced funding for the project in April 2010. The new Marilyn I. Walker School will provide facilities for more than 500 full-time students and faculty and will be located beside nGen. Both the school and performing arts cen-tre will bring employment opportunities, draw residents and increase pedestrian traffic in the downtown core as well as positively impact the economic health of the region.

For an area that experienced significant job loss, these projects are contributing to growth in a meaningful way that was previously unimaginable. Keeping the workforce alive through innovation, tech-nology and the advancement of artistic talent will make the Niagara Region unique and will reduce the impact of seasonality on business sectors in the region by balancing the earning potential with sectors less affected by the weather. Taking Niagara to the next level by becoming an important player in technology and the arts is the silver lining to the Region’s ongoing success. »

After suffering a decline in employment, the Niagara region is taking a new direction focusing on fostering innovation, the arts and creativity in order to drive the economy. An area known for tourism and wine, the Niagara region is dev-eloping a new niche and laying the groundwork to become a hub for digital interactive media projects, business development and artistic talent through the creation of nGen, Niagara Interactive Media Generator and the Performing Arts Centre.

In the past two years, the City of St. Catharines along with public and private institutions, invested $7.2 million to launch a space to promote and support entrepreneurship, research and ideation from small and medium sized companies and re-search from the academic community. Cur rently a mix of experts, investors and researchers are on-site to mentor nGen residents in order to focus and grow the expertise in the Niagara Region.

Funding for creativity and a regeneration of economic activity has not stopped with nGen. The Downtown Performing Arts Centre, a $54 million endeavor with backing from the

Creative EconomyBy Taylor Wilson

Redeveloping neglected brownfield sites — industrial or commercial land that has been underused, predominantly as a result of suspected or real environmental pollution — can result in significant economic benefits for a city. Potential gains include the creation and retention of employment opportunities, increased economic productivity of surrounding land, increased tax revenue, lower municipal infrastructure costs, reduced health risks associated with contaminated land and improved communities. According to the National Round Table on the Environment and the Economy, there may be as many as 30,000 such sites across Canada that have potential for redevelopment. Unfortunately, these abandoned or idle brownfield lands possess a stigma as well as an environmental liability and there is a cost premium for site rehabilitation.

The Province of Ontario’s answer to unlocking brownfield value is its 2001 Brownfield Statutory Law Amendment Act which provides certain protections and financial incentives for developers to encourage the remediation of these lands. In conjunction with the Planning Act, municipalities can establish Community Improvement Plans (CIP) for defined areas, and are thus able to provide financial incentives such as tax assistance, loans or grants to developers to offset the burden of remediation costs for brownfield redevelopment projects within the defined area(s). This effectively uses public sector investment to leverage private sector investment.

Martin L. Skolnick, Vice President of DTZ Barnicke Eastern Ontario Limited, was a member of the 2002 Task Force that identified two CIP areas for brownfield remediation and re-development that were later adopted by the City of Kingston in 2004. These two CIP areas covered 503.1 acres which rep resented a total of 571 potential brownfield properties in Kingston.

Kingston’s Brownfield Redevelopment Pilot ProjectBy Gillian Ward

Rendering of the Marilyn I. Walker School for the Fine and Performing Arts

Brownfield during redevelopment

Kingston


Kingston was the first municipality in Ontario approved to offer a tax incentive associated with a brownfield clean up and its first application was for the downtown waterfront property commonly known as Block D. This site was previously considered too costly to redevelop. Historically known as Mississauga Point, Block D’s use, dating back to 1892, was primarily industrial. The Canadian Locomotive Company (CLC), a Canadian manufacturer of railway locomotives, was situated on the site at Ontario and Gore Streets, on Kingston’s waterfront. Because of this prominent waterfront location and its 7.5 acre size, Block D’s potential for redevelopment was attractive in terms of value that could be added to the land.

Block D was redeveloped by Homestead Land Holdings Ltd. in conjunction with Gillin Engineering. As “in situ” remediation methods were not yet developed, the remediation process required excavation and removal of contaminated soil, with extreme care and attention to control of groundwater infiltration. Approximately 30% of the excavated material was rock that could be crushed and reused for backfill on the site. The total cost for remediation was approximately $10M.

Through an early public consultation process, Homestead was able to ach-ieve collaboration between public and private interests and addressed com-munity concerns over public access to the waterfront and site lines to the water for neighbouring residences. To demonstrate respect for the historic nature of the site, Homestead also created a showcase of items discovered during the remediation work. This display is in the first residential high rise building that was developed on the site, which was appropriately named “Locomotive Works”.

The opening of Battery Park in June, 2010, concluded the final stage of the Block D redevelopment project. The site has been transformed from an embarrassing and potentially hazardous downtown eyesore into a prime waterfront development with a public park, a 92 unit condominium complex — most of which was presold—two residential rental buildings of 142 units and 130 residential units, plus two ground level commercial units, and a 141 unit Residence Inn by Marriott. This dev-elopment has already contributed over $100M to the local economy during its construction phase and will continue to generate increased economic benefit for the City of Kingston, particularly its down-town core. »

Kingston’s downtown core remains strong and vibrant at a time when other cities of comparable size are facing a loss of vitality. While some cities see residential populations defect to the suburbs and store fronts being left vacant by retail decentralization to power centres, Kingston has not. This city’s success provides an excellent example of downtown revitalization and urban planning.

The overall goal of a downtown revitalization project is to boost the local economy and increase demand that, in turn, positively impacts local business and real estate. Revitalization generates benefits such as increased tourism dollars, stronger and more stabilized property and housing values, and more cultural and social activities. Integral to this holistic process is attracting the residential population back to the heart of the city, thus increasing retail sales through higher pedestrian traffic. Ideally, downtown revitalization projects integrate the nec-essary facilities to live, work, shop and play — all right downtown. There are a few key strategies that keep Kingston’s downtown an attractive destination for residents, business and tourism alike.

Firstly, the City of Kingston emphasizes a balance between preserving its history, and increasing the City’s density through strategically planned infill via new or redeveloped mixed use projects. For example, the historic S&R retail building, which will maintain its architecturally significant façade, is currently under redevelopment as The Smith Robinson Building — three floors of office space above street level retail/restaurant space, totaling 60,000 square feet.

Another illustration of how this con cept has been put into action is the development of the attractive new Battery Park that provides public access to the waterfront and is part of the brownfield redevelopment highlighted in the acc ompanying article. The final stages of this development were completed in 2010 and the design includes a limestone seating wall, waterfront pathway, an accessible event plaza and additional lights and plantings.

A second strategy which the City of Kingston uses to keep its downtown vital is to situate public service offices, municipal administrative functions, and institutions such as Queen’s University, Royal Military College, Hotel Dieu Hospital, and Kingston General Hospital downtown, which helps to increase draw and demographic diversity.

Finally, the City of Kingston’s rejuvenation of historic Springer Market Square, refurbishment of Kingston’s Grand Theatre and decision to situate the recently built K-Rock Centre for

sports and entertainment downtown all contribute to the health of this neighbourhood. These venues complement the existing amenities, such as restaurants, hotels and public transportation, and attract additional business through cultural activities and events. Locating the K-Rock Centre downtown increased the utility of existing parking facilities, generally underutilized after regular business hours, and prevented the necessity of paving greenfield space to provide parking for the facility.

The City of Kingston continues to focus on improving its downtown infrastructure, moving forward with its vision and plans for accessible, pedestrian friendly streetscapes, and the redevelopment of more brownfield sites. By enriching quality of life in the downtown, they are attracting people and business back to the heart of the city and stimulating the urban economy. »

Kingston Downtown Revitalization: An Action PlanBy Gillian Ward

Kingston’s “downtown core is one of the most successful downtowns in Ontario, in terms of the size of its commercial sector, retail selection and the balance between chain stores and independent retailers…downtown

Kingston is a major asset to the community and to the regional visitor base.”

Source: urbanMetrics Inc., Commercial Inventory and Market Analysis City of Kingston, 2008

Aerial view of Kingston's downtown area with the redeveloped brownfield area in foreground

Kingston as viewed from Fort Henry (Photo Courtesy of Joan Mann)

Kingston


Over the years the site and its buildings have fallen into a state of disrepair, which prompted the City of Ottawa to proceed with the “ Lansdowne Partnership Plan” to redevelop the park.

The vision for the renewed Lansdowne Park will see the green space surrounding the Rideau Canal expanded and a re-vitalization of the existing stadium and arena for sports and entertainment events. The partnership hopes that this site will stand as a model of modern-day innovation in an urban form where people can walk, cycle, shop, work, and live in an environment respectful of the architectural heritage of the City of Ottawa.

The Lansdowne project has three key components:

1. The Stadium – a 24,000 seat open-air sports stadium which will be home to a new CFL team.

2. Urban park component beside the Rideau Canal which will include large open spaces, baseball diamonds, soccer fields, outdoor curling sheets and year-round market retail in the Horticulture Building.

3. Mixed-use commercial development component near Bank Street which will consist of 300,000 square feet of retail, restaurants, entertainments, sport and professional services, and 90,000 square feet – 6 storey office building.

One of the key principles of the Lansdowne redevelopment project is to create a community sustainability model for urban revitalization. The Lansdowne redevelopment presents a very unique opportunity for the City of Ottawa to be a leader in community sustainability by striving to achieve a gold certification for LEED Neighbourhood Development (LEED ND).

LEED ND is based on the integration of the principles of smart growth, urbanism and green building. This certification provides independent third-party verification that a dev-elopment’s location and design meet accepted high levels of environmentally responsible, sustainable development. LEED ND communities restore green space, make efforts to store and treat storm water on-site, and have LEED certified buildings.

The new buildings will be designed to meet a minimum of LEED Silver standard across all building types (retail, office, and residential). The Lansdowne redevelopment has the potential to be one of only a few large projects in Canada that is developed to LEED ND standards.

The redevelopment plan has been opposed by some Ottawa residents and community groups, particularly those closest to the Lansdowne site. Heritage activists have opposed the plan to move a heritage building on the site. The plan also faces court challenges and a review before the Ontario Municipal Board before it can proceed to construction. Construction is scheduled to commence in June 2011 and is expected to be completed in 2013. »

Lansdowne Park Redevelopment: Integrated site plan, City of Ottawa

The City of Ottawa, in partnership with Ottawa Sports and Entertainment Group (OSEG), is working to redevelop and transform Lansdowne Park into a world-class venue while acting as a model of sustainability in the community.

Lansdowne Park is a 37-acre historic sports, exhibition and entertainment facility owned by the City of Ottawa. It is located on the east side of Bank Street, south of Holmwood Avenue and adjacent to the western boundary of the Rideau Canal in the heart of the nation’s capital. Lansdowne is framed by lands of local and national importance: the scenic Queen Elizabeth Drive, owned by the National Capital Commission, and by the Rideau Canal, a National Historic Site of Canada and a UNESCO World Heritage Site.

Lansdowne Park contains Frank Clair Stadium, Civic Centre Arena, the Horticultural Building and Aberdeen Pavilion (both designated heritage under the Ontario Heritage Act), Coliseum and other exhibition buildings.

Landsdowne Park Redevelopment: A Unique Opportunity For Community SustainabilityBy Paul Mullin

Ottawa

Ottawa River Parkway

Close Up: Ottawa


Market Health Overall:“Slow and steady in 2010,” “2011 steady but not spectacular growth”

Economic Drivers: Government, Technology

Office Market: Absorption was positive and the vacancy rate in the Ottawa office market decreased from 6.6% early on in 2010 to 6.2% due to strong leasing activity in the suburban west market of Kanata where several large blocks of vacant space were filled by high tech companies, RIM and HP. The vacancy rate is expected to increase in 2011 as large blocks of space in downtown Ottawa come back to the market. Public sector tenants continue to show demand for Leadership in Energy and Environmental Design (LEED) space while private sector tenants look for high quality, economic, modern office space. Development activity has been slow in Ottawa for the past several years. Accreditation Canada’s new head office was the only new office building completed in 2010. One more office will be completed in 2011 for Export Development Canada. Net rental rates decreased in 2010 due to increasing vacancy rates in the downtown core and double digit vacancy in the suburban west markets of Nepean and Kanata. Downtown rates will likely experience further downward pressure in 2011. Downtown and Ottawa East are landlord markets whereas Kanata, Nepean and Ottawa West are ‘ten ant markets’.

Industrial Market: Industrial vacancy increased to 4.1% from 3.6% in 2010 due to the completion of a new spec industrial building on Polytek Road. Vacancy is expected to rebound in 2011. The development market has been relatively quiet in the industrial market with one building coming to market this year and one in the following year.

Investment Market: Increased liquidity in the market and the stability of Ottawa’s economy resulted in an active investment market. In the first six months of 2010, there were 127 sales of property in comparison to 102 sales during the same period in 2009. Retail, multiresidential and land were the most desired products however; office and industrial assets were also in demand. The sale of Nortel's Carling Campus (2.2 million sq. ft.) to Public Works and Government Services Canada was concluded in December 2010. There is a concentration of ownership in the multiresidential class with very few players willing to sell. Cap rates compressed in 2010 returning to 2008 levels. Yields also decreased this year from 7.1% to 6.6% with the expectation that yields will continue to trend downward in 2011. The challenge remains to be the shortage of investment grade product in the Ottawa market.

Retail Market: Overall vacancy in the retail market declined to 2.9% in 2010 while rents increased due to the rent increase in neighbourhood malls. Rents will continue to increase in 2011 due to low vacancy and tight supply.

Québec 2011 Built 55Bringing You the Power of One™

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La publication du nouveau rôle foncier de la Ville de Montréal, publié en septembre 2010 révèle les cinq édifices commerciaux possédant les évaluations foncières les plus élevées de la métropole. Le rôle foncier représente l’inventaire des propriétés dont il indique la valeur commerciale d’après la valeur réelle du marché au moment de l’évaluation. Cette valeur a été déterminée en juillet 2009 et est entrée en vigueur le 1er janvier 2011. Le rôle d’évaluation foncière servira de base pour les taxes foncières 2011-2013. Ainsi, les cinq édifices montréalais à l’évaluation foncière la plus élevée sont :

La Place Ville Marie : Cet immeuble de prestige, offrant de plus de 1,5 million de pieds carrés d’espace de bureau et une magnifique galerie marchande, est situé au cœur du centre-ville de Montréal. Réputée pour la renommée de ses locataires, la qualité de ses aménagements et sa galerie commerciale qui regroupe environ 80 marchands, la Place Ville Marie est maintenant évaluée à 725 millions de dollars.

Le complexe Desjardins : Ce complexe se compose de trois tours à bureau totalisant 99 étages et trois niveaux de stationnement, sans oublier une galerie commerciale de 110 boutiques et restaurants, incluant un centre sportif,

In September 2010, the City of Montréal published the latest assessment roll. This property inventory indicates the commercial value of each property based on its real market value at the time of assessment. Real market values were established on July 1st, 2009 and came into effect on January 1st, 2011. The assessment roll valuation makes up the basis of 2011-2013 property taxes. According to this assessment roll, the top five commercial buildings are:

Place Ville Marie: This prestigious building of over 1.5 million square feet of office space and a magnificent shopping mall is located in the heart of downtown Montréal. Recognized for its renowned tenants, the quality of its design and its shopping mall of approximately 80 merchants, Place Ville Marie is now ass-essed at $725 million.

Complexe Desjardins: This complex is comprised of three office towers totaling 99 floors and three levels of parking. It includes a shopping mall with 110 boutiques and restaurants, a sport centre, a food court and a magnificent food fair. Strategically located in the new Quartier des spectacles, the complex benefits from excellent visibility and constant traffic. The assessment roll of this complex is now $565 million.

The Top Five Commercial Buildings In Montréal By Mireille Signori

Montréal

Le parc éolien Le Nordais situé en Gaspésie dans la province de Québec, est l’un des plus importants au Canada et possède les plus hautes éoliennes à axe vertical au monde. Un total de 132 éoliennes compose le parc et produit en moyenne 165,000 mégawattheures par année.

Quebec has the most important windmill park in Canada. It’s also one of the largest in the world. It’s the Le Nordet windmill park in Cap Chat in the Gaspésie region.

La forêt québécoise couvre plus de 750 000 km2 ce qui représente la taille de la Suède et la Norvège combinée. Elle représente 20 % des forêts canadiennes.

Quebec’s forest covers more than 750,000 km2, which is the size of Sweden and Norway together. It represents 20% of the Canadian forests.

Source: Gouvernement du Québec // Government of Québec

Informations démographiques (estimation basée sur 2011) :

Population : 7 959 230 Revenu moyen par ménage : 68 684 $


Demographic Information (2011 Estimates):



Centre-ville de Montréal // Downtown Montréal

Les cinq édifices commerciaux à l’évaluation la plus élevée de Montréal par Mireille Signori

56 Built 2011 Québec Bringing You the Power of One™ Québec 2011 Built 57Bringing You the Power of One™

Point de mire : Montréaldémographie :Population 3,892,154 Revenu moyen par ménage 73,851 $Source: FP Info Markets 2011 Estimates

dTZB montréal :« Un marché calme, mais stable en 2010 » « Construction spéculative limitée »

Moteurs économiques : Les services financiers, la technologie

Marché des immeubles à bureau : Les activités du marché des immeubles à bureau sont demeurées stables en 2010. Plusieurs locaux de grande superficie sont apparus sur le marché de la souslocation au troisième trimestre de 2010, ce qui accroîtra le taux d’inoccupation en 2011. La Ville devrait observer une absorption positive au second semestre, lorsque certains de ces grands locaux seront loués. Les entreprises de technologie et de conception de jeux sont actives à Montréal. Elles sont à la recherche d’espaces dotés de bonnes infrastructures, situés près des transports en commun. Aucun grand projet de mise en valeur n’a pris fin en 2010, sauf quelques projets destinés à des locataires en banlieue. Le marché était favorable aux locataires, car les taux de location sont demeurés stables et les forfaits offerts aux locataires étaient plus élevés qu’à l’habitude. En 2011, l’équilibre devrait revenir puisque les loyers demeureront les mêmes et qu’on observera une absorption de l’espace. Bell Canada a terminé la construction de son nouveau campus à l’ÎledesSœurs, où elle a relocalisé son siège social. Elle laisse ainsi près de 155 000 pieds carrés d’espace à louer au 1050, côte du Beaver Hall.

Marché des immeubles industriels : Le taux d’inoccupation des immeubles industriels est demeuré stable à 8,3 % en 2010, même si un large éventail d’espace continue d’être offert dans la Ville. La demande d’espace cubique a augmenté, car Montréal devient un marché axé sur la distribution. Pendant le deuxième semestre de 2010, les activités locatives pour les espaces de 40 000 à 100 000 pieds carrés se sont accrues à Montréal en raison d’un gain de confiance des entreprises. Les loyers ont continué de diminuer, notamment les immeubles à la hauteur libre de moins de 24 pieds. On a observé très peu de construction spéculative en 2010, de même qu’une augmentation de la demande de produits LEED. Le nombre de constructions d’immeubles industriels a atteint son taux le plus bas des cinq dernières années, mais PR@M, un nouveau programme d’abattement d’impôt créé par la Ville (voir l’article intitulé Le programme d’abattement d’impôt de Montréal) a suscité la construction de nouveaux projets sur l’île de Montréal. De nombreux terrains sont disponibles à VaudreuilDorion, à Laval, à Châteauguay et à SalaberrydeValleyfield, à une fraction du prix de ceux de l’île.

Marché de l’investissement : La demande de propriétés industrielles demeure élevée puisque les faibles taux d'intérêts incitent les locataires à explorer les possibilités d’acquisition. Les transactions majeures sont dominées par des investisseurs institutionnels, tandis que les transactions plus modestes sont réalisées par des investisseurs locaux privés. Peu de propriétés d’investissement sont à vendre, ce qui crée un écart entre les attentes des acheteurs et les évaluations des vendeurs. Deux transactions ont retenu l’attention cette année : le 1801, avenue McGill College et la Place Innovation.

Close Up: Montréaldemographic:Population 3,892,154 Avg. Household Income $73,851Source: FP Info Markets 2011 Estimates

market Health overall:“A flat but stable market in 2010” “Limited speculative construction”

Economic drivers: Financial Services, Technology

office market: In 2010, the office market was flat in terms of activity. Large blocks of sublet space came back on the market in Q3 2010 which will negatively impact the vacancy rate in 2011. The city should see some positive absorption during the second half of 2011 as some of the large sublet space that came back on the market is leased up. Technology and gaming firms are active in Montréal seeking out space with good infrastructure located close to public transportation. No significant development projects were completed in 2010 except for a few tenant specific projects in the suburbs. Rental rates were stable with higher than normal tenant incentive packages making it a ‘tenant market’ in 2010. In 2011 rents will level off as space is absorbed. Bell Canada completed its new campus on Nun’s Island and relocated its head office to the new facility leaving 200,000 square feet of space to backfill at 1050 Beaver Hall Hill.

Industrial market: The industrial vacancy rate held steady at 8.3% in 2010 despite the fact that a wide range of space continues to be available in the city. Demand for cube space increased as Montréal becomes a distribution driven market. In the second half of 2010, Montréal saw more leasing activity in the 40,000 to 100,000 square foot range as businesses became more confident. Rental rates continued to decrease, particularly those with clear heights less than 24”. The market saw limited speculative construction in 2010 and increased demand for Leadership in Energy and Environmental Design (LEED) products. Montréal’s industrial construction numbers were its lowest in five years however a new tax abatement program, PR@M, created by the City (see Montréal’s Tax Abatement Program) resulted in some new projects onisland. There is a large supply of offisland land available in VaudreuilDorion, Laval, Châteauguay and Valleyfield at a discount of onisland land.

Investment market: Demand for industrial properties remains strong as low interest rates encourage existing tenants to explore ownership opportunities. Large transactions are dominated by institutional investors whereas smaller deals are done by private, local investors. There is limited product for sale creating a gap between buyer expectations and seller valuations. Two notable deals this year include 1801 McGill College and Place Innovation.

un marché d’alimentation et une magnifique foire alimentaire. Stratégiquement situé dans le nouveau Quartier des spectacles, le complexe profite d’une excellente visibilité et d’un achalandage constant. La valeur foncière de ce complexe atteint désormais 565 millions de dollars.

Le Fairview Pointe-Claire : Incontournable et branché, ce centre à la mode est la destination par excellence de l'Ouest de l'île pour qui veut vivre une expérience de magasinage inoubliable. Offrant un éventail incomparable de plus de 200 magasins, boutiques et restaurants, ce centre commercial possède désormais une valeur foncière de 68 millions de dollars.

Le 1250 René-Lévesque Ouest : Un des plus récents immeubles de prestige du quartier des affaires du centre-ville de Montréal, ce magnifique gratte-ciel est l’un des plus hauts de l’île de Montréal, avec ses 47 étages et ses cinq niveaux de stationnement souterrain. La valeur foncière de cet immeuble de plus de un million de pieds carrés d’espace de bureau est évaluée à 332 millions de dollars.

Les Galeries d’Anjou : Regroupant plus de 175 magasins et services de premier choix, ce centre commercial est l’un des plus imposants de l’Est de Montréal. Son emplacement stratégique à l'intersection des autoroutes 40 et 25 en fait une destination prisée. Désormais, la Ville de Montréal évalue cet immeuble à 328 millions de dollars. »

Fairview Pointe-Claire: Inescapable and trendy, this fashion centre is the West Island destination of choice for an unforgettable shopping experience. With its incomparable range of over 200 stores, boutiques and restaurants, this commercial center is now assessed at $368 million.

1250 René-Lévesque West: One of the most recent prestigious buildings in Montréal’s downtown business district, this magnificent skyscraper is one of the tallest building on the island, with its 47 floors and five levels of underground parking. The assessment value of this over one million square feet of office space building is assessed at $332 million.

Les Galeries d’Anjou: With its over 175 stores and first class services, this shopping mall is one of the most impressive of the East End of Montréal. Because of its strategic location at the corner of Highways 40 and 25, the Galeries d’Anjou is a popular destination. The City of Montréal assesses this building at $328 million. »

La Place Ville Marie

Le complexe Desjardins

Le Fairview Pointe-Claire

Le 1250 René–Lévesque Ouest

Les Galeries d'Anjou

58 Built 2011 Québec Bringing You the Power of One™ Québec 2011 Built 59Bringing You the Power of One™

PR@M-Revitalization is an incentive program for owners of buildings where industrial or commercial activity takes place that does not comply with zoning regulations, but the use of the building is under grandfather protection (acquired rights). The purpose of this grant is to improve the quality of the environment, rehabilitate certain contaminated sites and build new residential or mixed-use complexes, with a maximum subsidy amount of $1.5 million.

ClimatSol is a site decontamination program that includes measures aimed at reducing greenhouse gas emissions and improving energy efficiency of buildings. In 2007, the government of Québec has committed to reducing greenhouse gas emissions. For this purpose, it has granted a $25-million budget to the City of Montréal, who manages it. So far, 156 projects have received support, for an investment totaling $1.3 billion. As part of the last provincial budget, this program has been extended until March 31st, 2015.

Success@Montréal is the City of Montréal economic dev-elopment strategy with a 15-year timeline, meant to raise the city’s standard of living and quality of life.

To learn more about any of the previous programs, visit the City of Montréal website at http://ville.montreal.qc.ca. »

Le marché de l’immobilier est demeuré relativement stable compte tenu de la crise financière des dernières années. Malgré la récession, la Ville de Montréal a su se démarquer et maintenir le cap en stimulant l’économie. Elle a mis en place plusieurs programmes d’aide entre 2007 et 2010, dont les suivants :

Le PR@M — Industrie est un programme incitatif destiné aux propriétaires de bâtiments industriels de Montréal. Il offre un remboursement de la taxe foncière générale liée à l’augmentation de la valeur de la propriété découlant de la construction, de la reconversion ou de l’agrandissement d’un bâtiment industriel, et ce, sur une période de cinq ans. Le PR@M — Industrie a été créé pour accélérer l’investissement immobilier, revitaliser ou reconvertir le patrimoine industriel de la Ville, améliorer le caractère concurrentiel de Montréal et maintenir une structure économique diversifiée.

Le PR@M — Commerce vise à moderniser les artères et secteurs commerciaux afin de permettre aux propriétaires d’entreprises d’augmenter la rentabilité de leurs investissements. Il propose un soutien financier jusqu’à concurrence de 4,000 $ par projet de rénovation (couvrant 50 %

The real estate market has remained relatively stable despite the financial crisis of the last few years. During the recession, the City of Montréal managed to stay on track by stimulating the economy. It launched several assistance pro-grams between 2007 and 2010, including the following:

PR@M— Industry is a subsidy program for owners of industrial buildings located in Mon- tréal. It offers a five-year general property tax rebate on the increase in property value resulting from the construction, conversion or expansion of an industrial building. PR@M Industry was created to accelerate investment in property development, revitalize or convert the city’s industrial heritage, improve Montréal’s com petitive position and maintain a diversified economic structure.

PR@M – Commerce is meant to modernize com-mercial arteries and neighbourhoods, so that business owners improve their profitability. Fin-ancial support of up to $4,000 per renovation project (covering 50% of design/planning costs) is available as well as a financial support up to $33,000 per building (covering a third of eligible work costs).

Des programmes incitatifs à Montréal par Marie-Hélène Boulay

Assistance Programs in Montréal By Marie-Hélène Boulay

Montréal

des honoraires professionnels en design d’aménagement) de même qu’un soutien financier pouvant atteindre 33,000 $ par bâtiment (couvrant le tiers du coût des travaux admissibles).

Le PR@M — Revitalisation est un programme incitatif à l’intention des propriétaires de bâtiments commerciaux à usage dérogatoire, maintenu par droits acquis, afin qu’ils construisent des unités d’habitation conformes au zonage maintenant en vigueur. Le programme vise à améliorer la qualité de l’environnement, à nettoyer certains terrains contaminés et à construire de nouveaux complexes résidentiels ou à usage mixte, au moyen d’une aide financière maximale de 1,5 million de dollars.

ClimatSol est un programme de décontamination qui intègre des mesures de réduction des émissions de gaz à effet de serre et d’amélioration de l’’efficacité énergétique des bâtiments. En 2007, le gouvernement du Québec s’est donné le mandat de lutter contre les émissions de gaz à effet de serre. C’est pourquoi il a octroyé un budget de 25 millions de dollars à cet effet à la Ville de Montréal, qui en assure la gestion. Jusqu’à présent, 156 projets ont obtenu un financement, ce qui totalise un investissement de près de 1,3 milliard de dollars. Dans le cadre du dernier budget provincial, ce programme a été reconduit jusqu’au 31 mars 2015.

Réussir@Montréal est la stratégie de développement économique de la Ville de Montréal qui s’échelonne sur 15 ans, en vue d’améliorer le niveau et la qualité de vie dans la métropole.

Pour en savoir plus au sujet de l’un ou l’autre de ces programmes, il suffit de consulter le site Web de la Ville de Montréal, à l’adresse suivante : http://ville.montreal.qc.ca. »

Architecture historique de Montréal // Montréal's Historical Architecture Centre-ville de Montréal // Downtown Montréal Gratte-ciel de Montréa // Montréal Skyscrapers Palais Des Congrès De Montréal

Nova Scotia 2011 Built 61Bringing You the Power of One™Hal

ifax

Historical Town Clock on Citadel Hill, Halifax

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Halifax

Nova Scotia is one of the founding provinces of Canada. It is known for its high tides, lobster, fish, blueberries, and apples.

Halifax is the capital Nova Scotia and is the largest urban area in the Canadian Atlantic provinces.

Source: Canada Online


Population: 946,117 Avg. Household Income: $68,212


HVAC systems represent one of the largest expenses for building operators and can create indoor air quality issues and pollution. Balancing tenant needs, environmental goals and bottom line expectations by building owners can be challenging depending on the age of the building, the age of the HVAC system and costs associated with maintenance and repair. One building manager in Halifax, Nova Scotia has a solution that addresses all three of these concerns.

The Purdy’s Wharf Complex, managed by GWL Realty Advisors Inc., strives to address HVAC challenges with an innovative Sea Water Cooling System. Purdy’s Warf uses low-temperature sea water from the Halifax Harbour to cool its towers which proves to be a viable solution to reduce building operation costs, and to meet owner and tenant ex-pectations. The concept of sea water cooling is rather simple and is an effective means to cool a building in an environmentally friendly and cost effective way.

“The cost to install the open-cycle system was approximately $400,000 greater than purchasing a conventional cooling system,” says Amber Cox, Senior Property Manager, “But with annual savings of $177,350 in electrical costs and reduced building and operational costs, the system yielded a pay-back of in just over two years.”

The system works by having two centrifugal pumps draw cold water from the sea, drive it through two heat exchangers into an open piping loop, and expel warm sea water back into the harbour. Chilled water from the heat exchanger cools the coils on each floor as an air circulation fan moves warm air from the building through a coil into the closed loop system. Only a small amount of energy is required to pump water in and out of the building and the system typically runs for ten and a half months of the year. »

Deep Sea CoolingBy Susan Drake

Halifax's Purdy's Wharf

Nov

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62 Built 2011 Nova Scotia Bringing You the Power of One™

Close Up: HalifaxDemographic:Population 406,644 Avg. Household Income $79,542Source: FP Info Markets 2011 Estimates

Market Health Overall:“No cranes in Halifax’s CBD…Yet” “Local market conditions consistent across Atlantic Canada”

Economic Drivers: Logistics, Government, Institutional

Office Market: The downtown Halifax vacancy rate rose to 6.5% as the suburban market continued to attract downtown tenants with its low taxes, abundance of free parking, and improving transit schedules. Most of the major leasing activity in 2010 was attributed to government and institutional moves. New projects may surface in 2011 however tenants will be faced with the reality of higher rental rates to justify development costs. Four new buildings were available in Halifax in 2010. Emera (Nova Scotia Power) is developing a 130,000 square foot office building that they will move into in 2011 vacating its CDB location where they have been for 20 years. However a significant amount of this space is being backfilled by the Province of Nova Scotia Department of Heath in 2012. Anticipate an increase in rent in 2011. Next year look for Halifax’s new $150 million convention centre to announce construction.

Industrial Market: In 2010, the industrial vacancy rate was just below 6%. Demand for space was so strong that it is nearing the point of insufficient supply. The opening of Atlantic Gateway–Halifax Logistics Park, a hub to distribute highvalue imports throughout eastern North America, attracted large distribution companies to the newly developed area of Burnside. Positive absorption in Halifax’s largest industrial park has supported a low vacancy rate among industrial properties. Most activity in the business parks is end user driven either as an expansion, or move from leasing to owning. New work has begun on an 80,000 square foot spec building for CREIT in Burnside Park. 300,000 square feet of new multi–tenant buildings is anticipated for 2011 as well as the new 250,000 square foot regional RCMP building is underway.

Investment Market: There were few investment transactions in 2010. Well positioned retail and multitenant commercial/industrial properties seem to be in strong demand as well as high density residential properties located in better neighbourhoods. Retail and commercial/industrial products were dominated by institutional investors while private equity players sought out office and high density residential buildings. Cap rates are compressing in all categories.

Retail Market: Retail was strong in 2010 with continual growth of Dartmouth Crossing and the expansion of other shopping centres driven by large national and international retailers. New retailers to Halifax include Bed Bath and Beyond, Tag, Calvin Klein, and Pro Hockey Life.

Halifax Downtown

A view of downtown Halifax from Citadel Hill

Peggy's Cove famous sea side town

Headquartered in Toronto, DTZ Barnicke has 19 full service offices across Canada with an excess of 500 employees, including over 250

sales professionals. Operating in all major real estate sectors including office, industrial, capital markets/investment, retail, hospitality and corporate services, DTZ Barnicke acts as a broker to service tenants, developers,

owners, investors, governments and landlords.

DTZ Barnicke provides a comprehensive range of brokerage services and value-added

business advice in commercial real estate to leading international corporations, institutions

and portfolio owners across Canada.

www.dtzbarnicke.com

Contact

DTZ Barnicke Limited2500 – 401 Bay Street,Toronto, Ontario, Canada, M5H 2Y4Tel: +1 416 863 1215Fax: +1 416 863 9855

Although the information contained within is from sources believed to be reliable, no warranty or representation is made as to its accuracy being subject to errors, omissions, conditions, prior lease, withdrawal or other changes without notice and same should not be relied upon without independent verification. DTZ Barnicke Limited, Real Estate Brokerage 01/2011

Canadian Head Office Toronto, Ontario +1 416 863 1215

British Columbia Victoria +1 250 382 3400Nanaimo +1 250 753 5757Vancouver +1 604 684 7117Kelowna +1 250 808 6877

AlbertaCalgary +1 403 508 1215Edmonton +1 780 421 1488

SaskatchewanRegina +1 306 777 0678

Manitoba Winnipeg +1 204 928 5000

Western Ontario London/Windsor/Sarnia +1 519 438 5588Waterloo Wellington +1 519 746 6300

Central OntarioNiagara Falls +1 905 354 7413 Mississauga +1 905 848 1215Richmond Hill +1 416 449 1710

Eastern Ontario Kingston +1 613 542 2724Ottawa +1 613 232 1215

Québec Montréal +1 514 868 1215

Atlantic CanadaHalifax +1 902 429 9249

www.dtzbarnicke.com

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