Q1 2019 building permit and real estate update
Monday, June 03, 2019
Major building permit activity in the first quarter of 2019 took the form of new institutional and commercial developments, and interior alterations for existing company growth.
Building permit activity
In Q1 2019, Oakville continued to experience new office development. The latest building in the IQ Centre on Iroquois Shore Road will bring 45,000 sq. ft. of new office space to Oakville.
Interior demolition of the former Sears building at Oakville Place is underway for GoodLife Fitness, Pet Smart and Buy Buy Baby. OE Banquet and Conference Centre on South Service Road is expanding their existing banquet hall facilities.
Burloak Technologies is expanding the footprint of their building on South Service Road to accommodate rapid growth. Ford Motor Company continues to invest in operations in Oakville with improvements on The Canadian Road.
Q1 2019 building permit data
- Commercial: 78 permits ($24,723,530 construction value)
- Industrial: Five permits ($6,128,120 construction value)
- Institutional: Eight permits ($49,525,500 construction value)
Real estate market
Office
- Average lease rate: $19.08 per square foot
- Vacancy rate: 19.4 per cent
- Total inventory: 4.2 million square feet
Source: CBRE Marketview Snapshot, Toronto Office, Q1 2019
Industrial
- Average net rental rate: $7.45 per square foot
- Availability rate: 3.6 per cent
- Total inventory: 18.2 million square feet
Source: CBRE Marketview Snapshot, Toronto Industrial, Q1 2019