Q2 2019 building permit and real estate market update
Monday, August 26, 2019
Major building permit activity took the form of interior alterations for companies who are expanding and relocating. With over 113,414 square feet of office space absorbed in the second quarter, Oakville is the community where companies want to be.
Building permit activity
Most significantly this quarter were new permits for the Mid-Halton Waste Water Treatment Plant Administration Building, Glen Abbey Park and Community Centre, a real estate office building on Lakeshore Road West and parking garage alterations on Lakeshore Road East.
Q2 2019 building permit data
- Commercial: 62 permits ($14,002,365 construction value, $38,712,293 year-to-date construction value)
- Industrial: Six permits ($11,558,272 construction value, $17,686,392 year-to-date construction value)
- Institutional: 12 permits ($3,159,049 construction value, $52,684,549 year-to-date construction value)
Real estate market
Office
- Average lease rate: $19.19 per square foot
- Vacancy rate: 17.2 per cent
- Total inventory: 4 million square feet
Source: CBRE Marketview Snapshot, Toronto Office, Q1 2019
Industrial
- Average net rental rate: $7.81 per square foot
- Availability rate: 3.7 per cent
- Total inventory: 18.2 million square feet
Source: CBRE Marketview Snapshot, Toronto Industrial, Q1 2019