The Calgary Industrial Perspective - Colliers International

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CALGARY PERSPECTIVE I SECOND QUARTER 2010 I INDUSTRIAL Vacancy and Availability District Total Inventory (Sq. Ft.) Total Available (Sq. Ft.) % Available % Vacant Alyth-Inglewood 2,897,296 3,163 0.11% 0.11% Beltline 326,756 56,377 17.25% 14.29% Bonnybrook 2,872,915 72,102 2.51% 2.51% Burns 1,834,271 121,345 6.62% 3.92% East Fairview 3,100,726 112,310 3.62% 2.86% Fairview 1,691,092 71,987 4.26% 0.36% Haysboro 378,894 2,506 0.66% 0.66% Highfield 5,831,878 180,409 3.09% 2.60% North Manchester 3,622,965 221,161 6.10% 6.10% Riverview 980,225 17,024 1.74% 1.74% South Manchester 5,043,448 102,834 2.04% 1.67% Total Central Market 28,580,466 961,218 3.36% 2.68% Airways 2,232,680 86,696 3.88% 3.60% Beaverdam 661,709 21,479 3.25% 3.25% Deerfoot Bus. Park 3,513,465 399,120 11.36% 9.66% Freeport 1,168,667 80,999 6.93% 6.93% Greenview 2,470,604 56,763 2.30% 1.86% Horizon 4,188,210 226,373 5.41% 2.04% VACANCY Region April 2010 July 2010 April 2010 July 2010 (Sq. Ft.) (Sq. Ft.) (%) (%) Central 780,371 764,997 2.73 2.68 Northeast 2,037.174 2,028,610 5.77 5.75 Southeast 3,441,788 2,886,163 6.85 5.69 Total 6,893,934 6,339,225 5.89 5.36 AVAILABILITY Region April 2010 July 2010 April 2010 July 2010 (Sq. Ft.) (Sq. Ft.) (%) (%) Central 939,542 961,218 3.28 3.36 Northeast 2,802,537 3,311,840 7.83 9.14 Southeast 5,849,497 5,454,171 11.39 10.48 Total 10,253,119 10,408,531 8.60 8.60 Mayland 1,739,798 53,832 3.09% 3.09% McCall 3,649,921 318,045 8.71% 8.71% Meridian-Franklin 5,283,755 376,955 7.13% 5.93% Pegasus 678,261 49,828 7.35% 1.68% Saddleridge 27,119 9,275 34.20% - Skyline 1,846,819 65,781 3.56% 3.56% South Airways 3,923,479 170,531 4.35% 3.50% Stoney 1,981,192 1,193,880 60.26% 28.67% Sunridge 1,320,776 112,152 8.49% 8.49% Westwinds 1,541,401 90,131 5.85% 3.18% Total NE Market 36,227,856 3,311,840 9.14% 5.75% Douglasdale 1,321,767 104,026 7.87% 3.17% Dufferin 2,950,743 505,737 17.14% 3.99% Eastfield 2,415,844 181,117 7.50% 4.67% Eastlake 3,654,800 478,173 13.08% 11.06% Foothills 22,327,068 1,897,623 8.50% 5.83% Forest Lawn 1,392,750 2,400 0.17% 0.17% Golden Triangle 756,635 18,164 2.40% 2.40% Great Plains 4,701,413 1,090,616 23.20% 14.97% Mountainview 288,916 - - - Ogden 345,730 - - - Rangewinds 776,672 34,711 4.47% 4.47% Availability Vacancy Total Occupied Space Fully Serviced Land Values Section 23 2,683,740 60,540 2.26% - Shepard 656,056 - - - Shepard Business Park 1,069,635 139,313 13.02% 8.48% South Foothills 2,518,493 51,876 2.06% 1.81% Southbend 1,195,840 68,518 5.73% 5.73% Starfield 2,017,118 788,063 39.07% 1.36% Valleyfield 955,592 33,294 3.48% 3.48% Total SE Market 52,028,812 5,454,171 10.48% 5.69% Airdrie 1,272,609 418,090 32.85% 32.85% Balzac 775,500 127,500 16.44% 33.95% Cochrane 45,865 - - - MD of Foothills 6,000 - - - MD of Rockyview 1,913,686 119,339 6.24% 5.58% North West 159,415 16,373 10.27% 5.93% Total Other Districts 4,173,075 681,302 18.66% 17.86% Overall Market 121,010,209 10,408,531 8.60% 5.36% 2 COLLIERS INTERNATIONAL
CALGARY PERSPECTIVE I SECOND QUARTER 2010 I INDUSTRIAL Current Freestanding / Land / Condo Trends The freestanding owner/user sales market continued to be strong through the second quarter of 2010. Driven by low interest rates, more favorable financing and a general opinion that sale values have hit bottom and are beginning to rebound has resulted in strong activity. The number of quality freestanding buildings currently on the market is very limited which should result in more land sales. Users will determine that purchasing an existing suitable property is not an option and focus on new build to suits, which we are beginning to see now on requirements under 15,000 square feet that has resulted in more land sales within Calgary after a slow 2009. The City of Calgary owns and is offering the majority of the fully serviced industrial land available in the southeast for sale. The City remained relatively firm on asking prices despite the large inventory available when compared to private owners and developers who have reacted to the changing land market in 2009 and 2010 with lower prices. All eight of the lots in Phase I of the City’s Great Plains Industrial Park remain available at asking prices from $550,000 - $675,000 per acre with only two lots available that are less than 2 acres in size. All remaining lots available from the City in Eastlake Industrial Park are over 2 acres although there are smaller lots available from private owners. Average selling prices in the southeast remained at approximately $510,000 - $540,000 per acre. Remaining lots in Eastlake have asking prices from $560,000 - $625,000 per acre. Asking prices for partially serviced industrial land along the 84th Street Corridor remain stable in the second quarter with prices from $265,000 - $350,000 per acre and sales transacting in the same range. Springbank Commercial Park on the west side of Calgary which rarely sees transactions due to the small inventory of land saw three separate land sales. A total of seven acres sold in Springbank at approximately $350,000 per acre. These sales all occured in the second quarter. The northeast and central industrial land prices remained relatively unchanged at approximately $800,000 - $1,000,000 per acre given the lack of immediate inventory available. The industrial condo market saw a resurgence in the second quarter of 2010. Virtually all of the existing condo bays in Eastlake Industrial Park that were constructed in 2008/2009 and remained on the market during the downturn in 2009 have now sold. This is a positive sign of a more active industrial sales market as small bay condo sales are typically the first to slow in a downturn and the last to come back in an improving market. Selling prices for “shell” condo bays are $150 - $185 per square foot for units of approximately 3,000 square feet. This is off of peak pricing of $185 - $200 per square foot seen in 2008. Notable transactions LEASED - 220,000 square feet Landlord: The Beedie Group Tenant: TransCanada Turbines SOLD - 4.04 acres Vendor: Jayben Holdings Ltd. Purchaser: ASC Springbank Inc. - Lot 4 Purchaser: Outer Edges Landscaping Inc. - Lot 5 COLLIERS INTERNATIONAL 3
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The Calgary Industrial Perspective - Colliers International

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