Major building permit activity in the first quarter 2019 took the form of new institutional and commercial developments, and interior alterations for existing company growth.
Q1 2019 Building Permit Activity
In the first quarter of 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 RioCan 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 accomodate rapid growth. Ford Motor Company continues to invest in operations in Oakville with improvements on The Canadian Road.
| # of Permits | Construction Values | |
|---|---|---|
| Commercial | 78 | $24,709,928 |
| Industrial | 5 | $6,128,120 |
| Institutional | 8 | $49,525,500 |
Q1 2019 Real Estate Market
Office
- Average lease rate: $19.08 per sq. ft.
- Vacancy rate: 20.9%
- Total inventory: 4.2 million sq. ft.
Source: CBRE Marketview Snapshot, Toronto Office, Q1 2019
Industrial
- Average net rental rate: $7.45 per sq. ft.
- Availability rate: 3.6%
- Total inventory: 18.2 million sq. ft.
Source: CBRE Marketview Snapshot, Toronto Industrial, Q1 2019