Toronto - It is with the downtown area of Toronto, on Bay Street
even, that the Case of deposit and placement of Quebec
prepare one of its larger real projects of
last years, via its subsidiary company SITQ.
It is about a tower of offices which would rise on 45 or 50
stages, with a little more than one million square feet in
hiring, learned the Press Businesses.
The SITQ is already very present at the downtown area of Montreal.
It holds also significant investments with
Vancouver and in Calgary, in particular.
But in Toronto, the building projected to the “45, Bay Street”
the largest investment would constitute by far of
SITQ in the financial capital of Canada.
It has yet only small buildings there of
offices, with the downtown area and in suburbs.
“We bought this batch to the 45, Bay Street with an aim of y
to build an office building which will be our point
of entry strong on the market of the downtown area of Toronto ", has
confirmed Amélie Plants, spokesman of SITQ to his seat
social of Montreal.
It refused to reveal the cost of this ground of 100 180
square feet, whose purchase goes up last May.
But of the opinion of Toronto-native brokers in real estate
commercial, this site “had to be not badly expensive”
because it is about the still free last for construction
in the street Bay, where the addresses are aligned more
prestigious of the financial district of Toronto.
Moreover, the batch is located at two steps of the Union station,
important crossroads of public transport, and one
immediate neighbor of the two principal road arteries of
downtown area.
Also, the “45, Bay Street” is located opposite the Center Air
Canada, the amphitheatre of Maple Leafs of the LNH and of
Raptors of the NBA, as well as an important place of
entertainment of the fortunate professionals of the district
financier.
As for the cost of the projected building and its bill book of
construction, one indicates to the SITQ that it would still be necessary
“a few months” before specifying this information.
Starting from the costs of the others turns of offices in building site
with the downtown area of Toronto, one can consider the cost total
of a building of forty stages and a million
square feet to some 200 million dollars.
Moreover, like it does it elsewhere than in Montreal,
SITQ wishes to join Toronto-native partners for
management of the future building. But it envisages to remain about it
sole owner, with less interesting offer.
Many square feet
As for the economic situation of market, Toronto-native brokers
estimate that the SITQ will have to analyze the bill book well of
marketing and of construction of its project. Because it
would occur following three large buildings of
offices already in building site with the downtown area, which will add
approximately 3,5 million square feet in hiring from here two
years.
For the moment, the rate of inoccupation of the buildings of
first category - a index-key for the promoters
is established around 5,5% in the financial district of
Toronto.
“After years without major construction, and raises it
request for buildings, it is a market favorable to
property developers and with the lessors of buildings
existing ", according to Raymond Wong, analyst of market at
CB Richard Ellis, important Toronto-native broker locally of
offices.
But with the three large buildings already in building site, Mr.
Wong expects that this rate of inoccupation goes up
around 12% at the time of their simultaneous delivery, with
end of 2009.
“Despite everything, that should still be an interesting market
for the promoters, in so far as economy
does not slow down too much by then ", according to Mr. Wong.
At the SITQ, the spokesman, Amélie Plant, indicated
that “prospects for market to the downtown area of
Toronto form obviously part of the detailed analysis of
project ".
