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Oakville Commercial Real Estate by the Numbers

Oakville Commercial Real Estate by the Numbers

Oakville Commercial Real Estate by the Numbers
July 18
10:53 2016

Many choose to stay once here. In 2014, UTC Aerospace Systems – Landing Systems, with close to 900 employees, celebrated 30 years in the community. In December 2014, it was announced that the company was again selected as one of the GTA’s top employers for 2015. They also continue to invest – in 2014, RioCan Oakville Place announced a $30 million makeover.

Oakville’s Economic Development Annual Report 2015’s Real Estate Market Overview noted that “the 1.8 per cent vacancy rate as of Q2 2015 is lower than any quarterly reporting in 2014. Industrial sales activity remained strong and the average price per square foot increased to

$135 in Q4 from $120 in Q4 2014. Oakville’s office market total inventory continued to expand in 2015 reaching 3.1million square feet.”

In 2015, 434 Building Permits were issued.Total construction value for commercial building permits issued in 2015 reached over $86.3 million, which is close to the seven-year average of $92.7 million. Major business employment area developments in 2015 includes the Great Lakes Business Park Phase 3, Oakville Trafalgar Memorial Hospital, and Carttera Oakwoods Business Park at 1383 Joshuas Creek Drive – a 42-acre prime employment land with an ideal mix of office, retail, high-profile industrial, and hotel uses.

“Carttera considers Oakville an exceptional opportunity for commercial real estate development,” says Dean Cutting, Partner at Carttera. “With the combination of a

well- established community, a recognized centre for business market leaders and a hub within the GTA and Golden Horseshoe, Oakville is a great fit for the Oakville Business Park.”

CBRE Market Snapshot – Toronto Office, Q4 2015 Oakville – notes that the “Oakville market is bounded by Highway 407 to the north, Winston Churchill Blvd to the east, Lakeshore Road to the south and Burloak Drive to the west.” Recent developments include 1670 North Service Road E with 30,802 square feet of brand new office space coming to market.

The Economic Development department will launch an office marketing campaign in 2016 to raise awareness of the availability of high-quality office space in Oakville.

Oakville has also launched a new site selection tool known as FindOakville, an interactive mapping tool that helps potential business owners find current ICI real estate opportunities, information on properties such as zoning and property boundaries, as well as active developments and building permits provided through a partnership with the Oakville, Milton and District Real Estate Board.

“Oakville continues to be a priority destination for new investment,” says Mayor Rob Burton.

“Oakville’s business community is integral to the town’s economic prosperity.As a Council, we work in partnership with businesses and community partners to provide an environment conducive to their success.”

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