First Gulf office development for Aviva Canada

Q3 Market Update

Wednesday, December 20, 2017

Construction is currently in progress for First Gulf's 56,000 sq. ft. office development at 1335 North Service Road E. This two-storey building will be home to Aviva Canada offices in Oakville.

Building Permit Activity

Commercial building permits were issued for two brand new office developments along the QEW corridor, totaling approximately 145,000 sq. ft. Industrial building permit activity concentrated around significant investments in facility alterations and improvements.

Q3 2017 Building Permit Data
  # of Permits Construction Values Year-to-Date Construction Values
Commercial 52 $38,466,998.00 $85,397,111.80
Industrial 9 $3,198,773.00 $79,021,486.00
Institutional 34 $7,377,925.00 $101,278,894.00

Real Estate Update

Office Market

Vacancy rate: 22.6% | Total Inventory: 4.0 million sq. ft.

Highlights
  • Recent lease transactions: Aviva Canada 1335 North Service Road East Class B, 56,000 sq. ft.
  • 567 Michigan Drive construction complete adding 40,700 sq. ft. of inventory to the Oakville market

Source: CBRE Marketview Snapshot, Toronto Office Q3 2017– Oakville

Industrial Market

Availability rate: 2.5% | Total Inventory: 18.1 million sq. ft.

Source: CBRE Marketview Snapshot, Toronto Industrial Q3 2017 - Oakville