DTZ Barnicke Built

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Built

canadian real Estate Perspectives eal

2011

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

DTZ Global Reach

British Columbia

Alberta

Saskatchewan

Manitoba

Ontario

Qubec

Nova Scotia

Content4 Letter from the Chairman / Note from the Editors Lettre du prsident du conseil / Note des diteurs Office Locations from Coast to Coast Green Barometer // Baromtre cologique nationalOlympic Pride Fuels Development // La Fiert olympique stimule le dveloppment Government Relocation Affects Victoria Office Market New Demand for Strata Office Space 46 47 48 49 50 52

Ontario35 36 37 38 39 A Toronto Retailer Goes Solar The Imperial Oil Building: Then and Now The Retail Master Plan Mississauga Core Revival Airport Corporate Centre Eco Industrial Park // Le parc coindustriel du centre des affaires de l'aroport The Economical Growth of Hamilton Food Belt Versus Urban Sprawl Spotlight on Logistic Trends: People Spotlight on Logistic Trends: Goods // Point de mire sur les tendances de la logistique : le transport de beins Waterloo in Transition London/Windsor/Sarnia Creative Economy Kingston's Brownfield Redevelopment Pilot Project Kingston Downtown Revitalization: An Action Plan Landsdowne Park Redevelopment: A Unique Opportunity For Community Sustainability

Qubec55 Les cinq difices commerciaux l'valuation la plus leve de Montral // The Top Five Commercial Buildings in Montral Des programmes incitatifs Montral // Assistance Programs in Montral Deep Sea Cooling

5 6

58

8

Nova Scotia61

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 longterm 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.

41 42 43 44

British Columbia13

16 17

Alberta21 23 Expanding the Edmonton Transportation System Overbuilt or Underestimated?

Saskatchewan27 The Changing Landscape of Regina's Downtown CentrePort Canada

Manitoba31Built is printed on FSC certified recycled paper.

Letter from the ChairmanThomas G. McCarthy

Lettre du prsident du conseilEn ce dbut de nouvelle anne, je crois quil est opportun de prendre un temps darrt et de rflchir la vritable chance que nous avons de vivre et de travailler dans ce grand pays quest le Canada. Aucune personne, ni aucune entreprise nest immunise contre les ravages dune rcession. De mmoire dhomme, celle dont nous mergeons tait lune des plus prouvantes. Les tatsUnis ont d affronter des problmes sans prcdent et prendre des mesures importantes pour lutter contre bon nombre dentre eux. Le march de limmobilier rsidentiel est lun des meilleurs baromtres de la sant dune conomie, et dans certaines rgions comme le Nevada, lArizona et la Californie, les effets ont t dvastateurs. Une proportion considrable plus de cinquante pour cent de toutes les hypothques de ces rgions prsente un solde ngatif puisque la valeur des hypothques excde celle des maisons. Ladministration amricaine est aux prises quotidiennement avec le problme du chmage et la confiance dans le systme bancaire amricain est son plus bas. Nombreux sont ceux qui pensent que de nombreuses annes seront ncessaires avant que les tatsUnis sen relvent compltement. Si lon compare avec le Canada, nos marchs immobiliers, notamment dans les grandes rgions mtropolitaines comme Toronto et Vancouver, sont un sommet ingal. Les prix moyens continuent daugmenter et la mise en chantier de condominiums continue sans relche. Le systme bancaire canadien fait lenvie du monde entier surclassant celui de tous les autres pays en cette priode difficile. Les pratiques doctroi de prts, la rglementation en vigueur et lexcellente gestion de nos banques font partie des principales raisons pour lesquelles notre conomie continue dtre solide comme le roc. Bien que nous ayons accept daugmenter lendettement, la stabilit du systme politique et les politiques financires toujours prudentes de la Banque du Canada rendent la perspective de faire des affaires, ici, beaucoup plus attrayante. Dans lensemble, nous avons le privilge de vivre et de travailler dans un pays trs bien structur. Pour les personnes qui sont diligentes dans leurs efforts, qui demeurent lafft et qui connaissent bien notre march daffaires, il y a tout lieu de se montrer optimistes. Chez DTZ Barnicke Limite, nous avons lavantage de jumeler les riches traditions de deux excellentes entreprises. DTZ compte plus de dix mille employs dans le monde entier et fait des affaires dans plus de quarantedeux pays. Elle mne le peloton en Chine et pour le futur, son march tend gagner en importance. Quant Barnicke, elle apporte ce partenariat un dossier impressionnant d son rendement hors du commun cumul depuis cinquante ans. Le nom Barnicke maintient sa notorit auprs de la clientle corporative et la culture cre pour le service communautaire se poursuit dans lentit fusionne. Ces comptences conjointes nous seront fort utiles dans le futur. Jai rcemment assist au service commmoratif de lun des hommes daffaires les plus connus et les plus prospres du Canada. Nonobstant son importance et sa notorit au pays, la constance de sa courtoisie, de son empathie et de son attitude gnreuse envers les autres tait constamment mise de lavant pendant la crmonie. Il tait la preuve vivante que, dans un monde hautement concurrentiel, lagressivit et lincivilit ne mnent rien. Tandis que notre quipe renouvele va de lavant, mon objectif est que DTZ Barnicke adopte ce comportement qui, mon avis, servira de phare, la fois pour nos clients, nos amis et nos concurrents. Les marchs commerciaux demeurent solides puisquune forte proportion des tours de bureaux de qualit sont dtenues par de grandes institutions et les prix de location continuent dtre prvisibles et levs. Les immeubles de bureaux de catgorie A se font rares au pays et la concurrence demeure froce pour ces actifs.

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.

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 Canadas best

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.

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