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Chicago Downtown
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million square feet of office space.
Downtown Chicago,
especially along Wa.
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.
.
.
.
and enhance an already vibrant market.
RetailThe retail market consists of approximately 500 million square feet of retail space.
In the central business district,
the market is driven by opportunistic retailers who have recognized that the CBD provides them an interesting demographic of young professionals as well as mature empty nesters.
Companies entering the market and existing retailers are also creating opportunities for themselves and supporting reverse migration to the CBD.
As a result,
stores and retail centers have a long-
term opportunity.
.
.
.
.
.
le also facilitating major office and retail sale and lease transactions.
A.
.
.
New York
.
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.
ogy sectors.
&
nbsp;
Lower Manhattan or Downtown is home to Wall Street,
the .
.
.
.
.
.
companies have a major presence here.
RetailThe retail market in Manhattan is one of larges.
.
.
.
.
.
ocal consumer base.
With street level retail on most major streets and aven.
.
.
.
.
.
ought after in the world.
&
nbsp;
Major retailers including Saks Fifth Avenue.
.
.
.
.
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ue.
&
nbsp;
Closer to Midtown South and Downtown,
art galleries and showrooms.
.
.
.
.
.
ond all-
time highs for office,
luxury retail and multi-
family assets.
Priva.
.
.
.
.
.
New York metro area,
with demand for retail and office ownership varying s.
.
.
.
.
.
and landlord representation (
Office,
Retail and Industrial)
,
capital marke.
.
.
Los Angeles West
.
.
.
tinctly different submarkets known as Downtown Los Angeles;
West Los Angele.
.
.
.
.
.
city known as the San Fernando Valley.
RetailThe Los Angeles retail marketβ
s diverse offerings range from high-
end stores on Rodeo Drive retail to big-
box outlets prevalent throughout Southern California.
In recent years,
many big-
box retailers have taken advantage of L.
A.
β
s favorable long-
term lease opportunities to open strategic locations in the region.
The overall retail vacancy rate has consistently remained less than 5%
.
IndustrialThe vast L.
A.
industrial real estate market benefits from its proximity to the Port of Los Angeles,
which handles approximately 6 million containers per year.
The industrial sector is principally located in proximity to downtown Los Angeles,
the LAX hub and the Long Beach port.
The largest completed transaction in nearly 10 years occurred in 2011 when the 99 Cent Only chain leased a 622,
000-
square-
foot distribution center.
InvestmentInstitutional investors,
including notable pension funds,
REITs and public companies,
are attracted to the Los Angeles market as a whole due to the cityβ
s large population and the number of companies based here.
While institutional investors dominate the office sector,
they have also invested billions in the retail,
industrial and multi-
residential markets.
Private investors tend to have stronger footholds in the retail and multi-
residential sectors of Los.
.
.
Los Angeles North
.
.
.
tinctly different submarkets known as Downtown Los Angeles;
West Los Angele.
.
.
.
.
.
city known as the San Fernando Valley.
RetailThe Los Angeles retail marketβ
s diverse offerings range from high-
end stores on Rodeo Drive retail to big-
box outlets prevalent throughout Southern California.
In recent years,
many big-
box retailers have taken advantage of L.
A.
β
s favorable long-
term lease opportunities to open strategic locations in the region.
The overall retail vacancy rate has consistently remained less than 5%
.
IndustrialThe vast L.
A.
industrial real estate market benefits from its proximity to the Port of Los Angeles,
which handles approximately 6 million containers per year.
The industrial sector is principally located in proximity to downtown Los Angeles,
the LAX hub and the Long Beach port.
The largest completed transaction in nearly 10 years occurred in 2011 when the 99 Cent Only chain leased a 622,
000-
square-
foot distribution center.
InvestmentInstitutional investors,
including notable pension funds,
REITs and public companies,
are attracted to the Los Angeles market as a whole due to the cityβ
s large population and the number of companies based here.
While institutional investors dominate the office sector,
they have also invested billions in the retail,
industrial and multi-
residential markets.
Private investors tend to have stronger footholds in the retail and multi-
residential sectors of Los.
.
.
Montreal
.
.
.
et.
Over the past decade,
the office,
retail,
industrial and investment sec.
.
.
.
.
.
professional-
services industries.
The downtown office market caters mainly .
.
.
.
.
.
ted to government-
subsidized clusters.
RetailDue to the cityβ
s strong employ.
.
.
.
.
.
on and its European flair,
Montrealβ
s retail sector has expanded steadily o.
.
.
.
.
.
nte-
Catherine Street,
Montrealβ
s main retail strip,
ranks among the worldβ
s 30 most sought-
after fashion retail corridors.
The list,
which considers.
.
.
.
.
.
ey have also invested billions in the retail,
industrial and multi-
resident.
.
.
.
.
.
l estate situations involving office,
retail,
and industrial leases,
as wel.
.
.
Toronto (HQ)
.
.
.
in development projects in the cityβ
s downtown,
expanding the traditional b.
.
.
.
.
.
ated both within and just outside the downtown core.
Office submarkets alon.
.
.
.
.
.
also boast a wide selection of spaces.
RetailWith more than 5 million consum.
.
.
.
.
.
ter Toronto Area,
the cityβ
s stock of retail real estate has historically e.
.
.
.
.
.
opping amenities.
As Canadaβ
s largest retail market,
Toronto has attracted the attention of retailers from around the world.
Over the past five years,
high-
end retail chains have contributed to the up-
ma.
.
.
.
.
.
for branch offices,
distribution and retail facilities across the continen.
.
.
Boston
.
.
.
t.
Demand is traditionally highest in downtown Boston,
and in the western and northern suburbs.
Downtown Bostonβ
s Back Bay and Financial Dist.
.
.
.
.
.
se,
TJX,
and Arbella Mutual Insurance.
RetailThe retail market is focused on high-
end product with great co-
tenancies.
Dominant retail markets include downtown Bostonβ
s Back Bay submarket,
as well as suburban hubs such as Framingham/
Natick,
Burlington/
Woburn,
and Route 1 South.
Retailers with less than 5,
000 square feet comprise the largest share of the market and traditionally experience the highest vacancy rates.
In contrast,
big-
box retailers with 100,
000 square feet or more .
.
.
Vancouver
.
.
.
than 46 million square feet of space.
Downtown Vancouverβ
s office market ty.
.
.
.
.
.
and limited inventory.
Lease rates in Downtown Vancouver are among the high.
.
.
.
.
.
office towers come on stream in 2015.
RetailRetail space in Downtown Vancouver remains in demand but a la.
.
.
.
.
.
throughout Metro Vancouver.
American retailers are increasingly making the.
.
.
Chicago Suburban
.
.
.
million square feet of office space.
Downtown Chicago,
especially along Wa.
.
.
.
.
.
hance an already vibrant market.
&
nbsp;
RetailThe retail market consists of approximately 500 million square feet of retail space.
In the central business district,
the market is driven by opportunistic retailers who have recognized that the CBD provides them an interesting demographic of young professionals as well as mature empty nesters.
Companies entering the market and existing retailers are also creating opportunities for themselves and supporting reverse migration to the CBD.
As a result,
stores and retail centers have a long-
term opportunity.
.
.
.
.
.
le also facilitating major office and retail sale and lease transactions.
A.
.
.
Bruce Munro
.
.
.
Munro
Vice-
President,
Retail Advisory Service
Real Estate Broker
Specialty:
&
nbsp;
Retail
Office:
&
nbsp;
.
.
.
.
.
.
.
munro@
avisonyoung.
comVice-
President,
Retail Advisory Serviceworkfaxcellwor.
.
.
.
.
.
license and decided to specialize in retail leasing in the downtown core,
where the vacancy rate had bee.
.
.
.
.
.
he leading national and international retail companies,
based in Canada and.
.
.
.
.
.
ntieth lease transaction in the prime retail area of Canadaβ
s longest retail corridor,
Ste.
Catherine Street.
&
nbs.
.
.
.
.
.
to the existing fully leased high end retail space and completed lease tran.
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.