J pold’s Commercial Real Estate Thread

[J pold]

Article in today's Herald about Quarry Park. Being a suburban broker we are very in touch with what's going on there. Feel free to ask me any questions you have.

http://www.calgaryherald.com/busines...929/story.html

[J pold]

Jacobs Canada came out to the market with a 33,064 sf sublease this morning through Cushman & Wakefield. The space has never been occupied so clearly Jacobs over estimated their growth plans and now have this Lease on their books. You now have major sublease space on the market from Worley Parsons, Woodgroup Mustang, and Jacobs Canada with a number of other smaller engineering groups with sublease space on the market.

The downtown has seen some slowdown with their vacancy rate ticking upwards over the last 3 quarters, but the suburban market has remained relatively unchanged. With these new vacancies hitting the market over the past weeks it looks that is going to change.

PROPERTY FACTS

• LOCATION Southeast
• TOTAL BUILDING SIZE 171,128 sf
• NUMBER OF FLOORS 3
• YEAR BUILT 2012
• PARKING COSTS 49 stalls at no charge
• 43 stalls at $155.00 (fixed 5 years)
• BUILDING CLASS A

LEASE PARTICULARS

• AREA AVAILABLE Suite 350 – 33,064 sf
• RENTAL RATE $26.50/sf – 5 years
• $28.50/sf – 5 years
• OP COSTS $11.65/sf (Est.)
• POSSESSION Immediately
• TERM to December 31, 2023
• INDUCEMENTS Virgin space – $40.00/sf

Rendering and Floorplan:

Spoiler!

[ranchlandsselling]

Originally Posted by J pold

Jacobs Canada came out to the market with a 33,064 sf sublease this morning through Cushman & Wakefield. The space has never been occupied so clearly Jacobs over estimated their growth plans and now have this Lease on their books. You now have major sublease space on the market from Worley Parsons, Woodgroup Mustang, and Jacobs Canada with a number of other smaller engineering groups with sublease space on the market.

The downtown has seen some slowdown with their vacancy rate ticking upwards over the last 3 quarters, but the suburban market has remained relatively unchanged. With these new vacancies hitting the market over the past weeks it looks that is going to change.


PROPERTY FACTS

• LOCATION Southeast
• TOTAL BUILDING SIZE 171,128 sf
• NUMBER OF FLOORS 3
• YEAR BUILT 2012
• PARKING COSTS 49 stalls at no charge
• 43 stalls at $155.00 (fixed 5 years)
• BUILDING CLASS A

LEASE PARTICULARS

• AREA AVAILABLE Suite 350 – 33,064 sf
• RENTAL RATE $26.50/sf – 5 years
• $28.50/sf – 5 years
• OP COSTS $11.65/sf (Est.)
• POSSESSION Immediately
• TERM to December 31, 2023
• INDUCEMENTS Virgin space – $40.00/sf

Rendering and Floorplan:

Spoiler!

Maybe a comment on how much of their space that is? Gives a bit of perspective

Are the others downtown space? Or somewhere else in the burbs? Didn't think they were at Quarry Park.

How's the Atco park doing?

[J pold]

Originally Posted by ranchlandsselling

Maybe a comment on how much of their space that is? Gives a bit of perspective

Are the others downtown space? Or somewhere else in the burbs? Didn't think they were at Quarry Park.

How's the Atco park doing?

In the grand scheme of things not that much. I don't believe they have any offices downtown, and if they do they are likely quite small. Their Calgary head office is located in Quarry Park and is roughly 370,000sf. They also have another 20,000sf of space in the Cardel Building across the street. So the 33,000sf is less then 10% of their position in Quarry, but interesting to see that space has never been occupied and clearly Jacobs is falling short of their growth expectations.

To give a larger context to QP Jacobs got very lucky with their suburban office move. Their head office is now located directly across from the new Imperial Oil Office Campus. Remington's next development will be Quarry Crossing (I'll post info later today) and is slated to be completed by 2015. There are rumors that other major engineering firms (AMEC, Worley, Focus, etc) are taking a long look at relocating to QP to get exposure to Imperial Oil.

[KTrain]

Where's the best place to search online for available commercial/office spaces in Calgary? icx.ca seems to have a really limited selection.

[J pold]

Originally Posted by KTrain

Where's the best place to search online for available commercial/office spaces in Calgary? icx.ca seems to have a really limited selection.

There really isn't a place where this is available yet and icx.ca is extremely limited. As I said information is largely controlled by brokers and landlords at this point. Part of this thread is being open with CP and the internet at large about our information.

We have a full database of every commercial listing in Calgary. If you're looking for space or just want to what's out there PM me and I can provide at list for you.

[J pold]

Info on Remington's latest development in Quarry Park:

QUARRY CROSSING

BUILDING A: AVAILABLE 133,843 sq. ft
BUILDING B: AVAILABLE 161,926 sq. ft.

LEASED: 26,744 in Building A

BUILDING A OCCUPANCY: June 2015
BUILDING B OCCUPANCY: October 2015

CONSTRUCTION STATUS: Under Construction

HIGHLIGHTS

• 50 Quarry Park Blv SE, Calgary, AB
• Excellent access/egress via 18th Street S.E. and 24th Street S.E. with connections to Glenmore Trail and Deerfoot Trail
• Numerous amenities including The Market at Quarry Park providing retail services, health facilities, large park spaces and immediately adjacent to the Bow River and its pathway system

SERVICES

• City of Calgary Transit via routes 24, 102, 103, 110, 117, 133, 136, 151 and BRT #302
• Future S.E.LRT alignment on 24th Street

RATES

• $26.95 / sq. ft.
• 40.00 / sq. ft. TIA after T-Bar, HVAC & Lighting

OPERATING COSTS & TAXES

• Budgeted for 2015 at $15.24 / sq. ft.

RENDERING & SITE PLAN:

Spoiler!

[Violator]

Originally Posted by J pold

Article in today's Herald about Quarry Park. Being a suburban broker we are very in touch with what's going on there. Feel free to ask me any questions you have.

http://www.calgaryherald.com/busines...929/story.html

The laurier the rental property in that picture looks really fugly

[J pold]

Originally Posted by Violator

The laurier the rental property in that picture looks really fugly

For sure. Remington are commercial developers so there is still some growing pains for their first time residential projects. I still believe the project will be a success, and A class the whole way.

[Rerun]

Because of your insulting attitude and comments on here to many posters, I would never recommend the company I work for, buy or lease commercial real estate from you.... and we are looking by the way.

I'm surprised Realtor 1 agreed to team up with you.

[J pold]

Originally Posted by Rerun

Because of your insulting attitude and comments on here to many posters, I would never recommend the company I work for, buy or lease commercial real estate from you.... and we are looking by the way.

I'm surprised Realtor 1 agreed to team up with you.

I’ve been a regular member of CP for nearly 10 years and in that period of time I am sure I have said and done things that have insulted posters. If that is the case I certainly apologize for that and will be more diligent in my conduct on the site going forward. That being said my personal past on the site is not a reflection of my professional skill set, and certainly not a reflection of Colliers services. If you choose not to use me (or Colliers) that is certainly your choice, but to dismiss my services when you have not even used them is unfair IMO.

Best of luck to you and your company with your commercial real estate going forward.

[ranchlandsselling]

Originally Posted by Rerun

Because of your insulting attitude and comments on here to many posters, I would never recommend the company I work for, buy or lease commercial real estate from you.... and we are looking by the way.

I'm surprised Realtor 1 agreed to team up with you.

Pretty weak post and totally unnecessary! I'm not sure why you'd come into a forum and find a thread just to tell someone what you did. If you really felt you needed to do that probably best to consider sending a PM.

Honestly, I think there's a difference between posting in game threads, off topic, and then a work related forum. Things can get pretty dumb/ugly in those other forums and most posters can get pretty silly at times. If you've fairly portrayed jpold in your comments then you're just as bad for what you've just posted and how you've gone about doing it. If someone is really that bad maybe consider leading by example and taking the highroad vs. a public shaming.

[J pold]

Interesting buzz around the market this week is Husky announcing their long term plans. Their leases (roughly a million square feet) at Western Canadian Place roll in 2018 and they have been in market for nearly all of this year putting out RFPs to nearly every major developer. Our downtown group at Colliers is working with them but I can honestly say that I have no idea where they'll end up at this point. Their current landlord ((British Columbia Investment Management Corporation (bcIMC)) will have to be extremely aggressive on their renewal terms as they cannot afford to lose that tenant.

Their timeline to announce is by the end of the year so could be any day now.

[Bigtime]

Yeah there have been lots of rumours floating about with regards to Husky, even some talk of them potentially looking for a flashy new tower (and that ties in with the rumours of this "Gateway" project that could be taller than Brookfield Place).

[ranchlandsselling]

Interesting.

Any idea who bought the space on 6th ave and 4th street yet? The Imperial owned land that was sold to some unknown?

Man, Western Canadian Place could be tough space to fill, haven't been through it recently and can't recall what sort of shape it's in, but could be a pretty big vacancy. I'd prefer if BCIMC just won them over with a good deal and they stayed put. This current development cycle could do with a lull.

Surprised about Husky though, aren't they notoriously cheap? I'd think I'd be less surprised to see them go into suburban office than a new build.

[Bigtime]

Originally Posted by ranchlandsselling

Interesting.

Any idea who bought the space on 6th ave and 4th street yet? The Imperial owned land that was sold to some unknown?

Man, Western Canadian Place could be tough space to fill, haven't been through it recently and can't recall what sort of shape it's in, but could be a pretty big vacancy. I'd prefer if BCIMC just won them over with a good deal and they stayed put. This current development cycle could do with a lull.

Surprised about Husky though, aren't they notoriously cheap? I'd think I'd be less surprised to see them go into suburban office than a new build.

I know, but cannot say who at this time.

[ranchlandsselling]

Originally Posted by Bigtime

I know, but cannot say who at this time.

Any idea when it will be divulged? I need to do some digging.

[J pold]

Originally Posted by ranchlandsselling

Interesting.

Any idea who bought the space on 6th ave and 4th street yet? The Imperial owned land that was sold to some unknown?

Man, Western Canadian Place could be tough space to fill, haven't been through it recently and can't recall what sort of shape it's in, but could be a pretty big vacancy. I'd prefer if BCIMC just won them over with a good deal and they stayed put. This current development cycle could do with a lull.

Surprised about Husky though, aren't they notoriously cheap? I'd think I'd be less surprised to see them go into suburban office than a new build.

I've heard Oxford was in the biding but now those rumors have gone cold.

My guts says that bcIMC will put a deal in front of Husky that is too good to walk away from and they renew. I've heard they are offering $100/SF TIA with an extremely discounted rate. With all the backfill space coming to the market in between 2016-2018 they cannot afford to have that much exposure.

From a suburban perspective I know Remington put an RFP in front of them for Quarry Park but ultimately I don't see them leaving the downtown.

[Bigtime]

Originally Posted by ranchlandsselling

Any idea when it will be divulged? I need to do some digging.

No idea unfortunately.

[shermanator]

Random building nerd question alert. At the intersection of Elbow and 50th they have signs on the SE and SW corners advertising new mixed use (office / retail) development. I've known of the building on the SW corner, but is the building on the SE corner new, or just advertising the one on the SW corner?