COMMERCIAL AND INDUSTRIAL REAL ESTATE - GUIDE - 2018 EDITION - Lavaleconomique
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GUIDE
COMMERCIAL
AND INDUSTRIAL
REAL ESTATE
2018 EDITION
A WORD FROM THE MAYOR
It is with great pleasure that we present the latest
edition of the Laval Commercial and Industrial Real
Estate Guide. This guide is an invaluable resource for
real estate investors, tenants, developers, brokers and
all other intermediaries seeking site and real-estate
information.
The realty portfolio in Laval is attractive, high quality
and varied. What is more, Laval’s undeniable strengths
and strategic location in the m
etropolitan area make it
a premier location for investors.
This guide also shows how extraordinary a host city Laval
can be for businesses, with its modern infrastructures,
diverse economy and exceptional quality of life. In this
context, Laval’s new downtown is taking shape, Place
Bell in particular, offering exceptional opportunities.
To invest in Laval is to join a large, strong and thriving
business community.
Learn more about the location possibilities listed in this
guide, and join the Laval business community. Come
grow with us!
MARC DEMERS, MAYOR OF LAVAL
2018 Commercial and Industrial Real Estate Guide 3
TABLE OF CONTENTS INTRODUCTION TO THE GUIDE 5 LAVAL: MODERN CITY, MAJOR MARKET 6 CHOOSE LAVAL 10 Financial tools Incubation and innovation sites BUILD YOUR FACILITIES 14 Economic rent required to break even when constructing a building Economic rent – industrial buildings Economic rent – office buildings BUY A BUILDING 18 Overview of real-estate investment market conditions Overview of real-estate investment market conditions Recent transaction – market for industrial buildings REAL ESTATE OPTIONS IN THE RENTAL MARKET 22 Office buildings Industrial-building market NEW PROJECTS 34 Offices – 2014 Planned projects in pre-leasing phase – offices Planned projects in pre-leasing phase – industrial SHOPPING CENTRE MARKET 40 Consumer spending of Laval households CITY OF LAVAL ECONOMIC DEVELOPMENT DIVISION 46 GLOSSARY 47
INTRODUCTION
TO THE GUIDE
The aim of the 2018 Laval Commercial and Industrial Real Estate Guide is to provide
business people with the essential information needed to make an enlightened de-
cision regarding the local commercial and industrial real-estate market. Produced
in collaboration with the Altus Group and its research division, Altus InSite, the real
estate portrait presented in the pages that follow will inform real estate investors of
current conditions in the Laval real estate market. It presents both options available
in the rental market and the cost of building or purchasing new facilities.
The industrial and office real-estate market information provided by the Altus Group
and its Altus InSite division are based on field studies to inventory real estate a vailable
in the Laval territory. The compiled data used to analyze other parameters, such as
market and economic rents, selling price per square foot and property costs, among
many others, come from a variety of recognized sources and round out this market
profile. Altus Marketing Research, a division of the Altus Group, provided data on
consumer spending for the section on shopping centres.
All information on real-estate market conditions presented by the Altus Group was compiled and analyzed with the
utmost care. Only reliable sources were retained. Due to the size of the market to be covered, it is possible that the
information may not be entirely accurate or complete. The Altus Group cannot be held responsible for any errors or
omissions. Once brought to our attention, all wrong or incomplete information will be corrected or completed at the
earliest opportunity.
2018 Commercial and Industrial Real Estate Guide 5
LAVAL: MODERN CITY, MAJOR MARKET
Laval is the third largest city in Québec and the 13th largest in Canada, with a population of
over 430,000 people in 2016. Data provided by the Canada Mortgage and Housing Corporation
(CMHC) shows that the number of residential housing starts within Laval territory in 2017 reached
2,021 dwelling units, an increase of 40% or 573 units compared with 2016 (1,448 housing starts).
This is the highest number since 2012.
ADVANTAGES OF LAVAL:
CLOSE TO EVERYTHING
Accessibility and proximity: major assets for workers and businesses
Estimated travel time
from downtown Laval
Downtown Montréal 30 min (car)
Downtown Montréal 26 min (métro)
Montréal-Trudeau Airport 20 min (car)
Port of Montreal 30 min (car)
A SOLID TRANSPORTATION
INFRASTRUCTURE NETWORK
Laval has major roadways (five highways and two major boulevards). Its public transit system
serves the territory efficiently: three métro stations, two suburban train lines serving five stations
within Laval, and 45 bus lines provide rapid access to the city from all economic centres of the
Greater Montréal area.
ADVANTAGES OF LIVING IN LAVAL
Laval offers a perfect balance between commercial areas, green spaces and residential
neighborhoods. It is a gathering place where fun, business and the art of living come together
perfectly to offer residents an exceptional quality of life.
2018 Commercial and Industrial Real Estate Guide 7
A VIBRANT DOWNTOWN The new downtown is taking shape with over $2 billion in public and private real-estate invest- ments, both current and in the near term. Indeed, major and structural projects for the future of Laval have enhanced its offer: Place Bell, expanding educational institutions, a central library, a professional arts centre and a new multipurpose hall (CUBE), an aquatic centre, a bioscience centre, etc. The downtown will also be home to new technological enterprises and services with the aim of offering quality jobs. It will become a living cultural destination and a focal point of crea- tivity, generating technological and artistic innovations while expanding the place of universities. A downtown that will be a great place to live, study, work and have fun! BUSINESSES Over 1,669 retail business are spread throughout Laval. Beyond a doubt, the best example is Carrefour Laval, the largest shopping centre in Québec. People come from far and wide to shop in the city because of its appealing, rich and diverse offer. Laval’s many urban cores are also an attraction. Think of Vieux-Sainte-Rose, with its range of boutiques, antique shops and art galleries, or Sainte-Dorothée, where agricultural and horticultural producers sell their farm-fresh wares. ATTRACTIONS AND TOURISM Laval is a booming tourist destination that stands out for its unique attractions. Good weather or bad, sporting, scientific and entertainment activities abound: SkyVenture, the Cosmodôme, Maeva Surf, etc. Laval boasts over 900 tourism establishments, including 600 restaurants and 14 hotels. Laval’s tourism appeal is enriched by a variety of cultural programming and events, par- ticularly the offerings of the Salle André-Mathieu, Maison des arts, Centropolis and Place Bell. In terms of b usiness tourism, Laval played host to 201 conferences and events with expenditures by attendees evaluated at over $9 million in 2017. RESIDENTIAL NEIGHBOURHOODS Laval has many residential developments spread throughout the municipality where old and new stand shoulder to shoulder. Although single-family dwellings make up a large part of the residential offer, all types of housing are available. The various projects foster neighborhood attractiveness and dynamism to create a living environment that is increasingly familiar, friendly and animated, for both residents and the workers who come their each day. LAVAL: MODERN CITY, MAJOR MARKET
INDUSTRIES
Laval has a large industrial zone within its territory that is divided into three large sectors – the
West, Centre and East – all strategically located along transportation corridors. Covering a ter-
ritory of 171.5 million square feet, Laval has 40 million square feet to be developed, and offers
businesses and real-estate developers a variety of support programs, including a generous tax cre-
dit. The city’s major infrastructures and well-developed road transport network and public transit
system provide smooth and efficient access to Laval. These are advantages to which real-estate
and business stakeholders are sensitive, as revealed by the scale of industrial, commercial and
residential projects in Laval.
1- The West sector is very well located near Montréal-Trudeau Airport. Its total area is 24 million
square feet, with 11 million square feet still to be developed, including nearly 6 million square
feet in the short term. Several flagship companies are found in the West sector, among them
Savaria, Liebherr, SHAN and Lumen.
2- The Centre sector, ideally located between the main transportation infrastructures, includes
the Parc industriel Centre, the third largest industrial park in Greater Montréal and seventh
largest in Québec, with an area of 89 million square feet. The Biotech City, a mecca for tech-
nologies and life sciences, is also located in the Centre sector, where it occupies an area of
13 million square feet. Among the flagship business in the Centre sector, we find the head
offices of Couche-Tard and Rôtisseries St Hubert, as well as such major companies as Lesters
Foods and Servier Canada.
3- Bordered by the Saint-François and Saint-Vincent-de-Paul neighbourhoods, the East Sector
is located near the A-25 bridge, leading directly to port infrastructures. The total area of this
sector is 45 million square feet, and the inventory still to be developed has reached 20 million
square feet, half of that in the short and medium term. Large businesses have settled in
eastern Laval. These companies include Pelican International, Show-Canada, Arconic and Total
Metal Recovery. In addition, the latest development plan includes a new high-technology and
innovation zone of 6 million square feet located at the exit to the A-25 bridge.
Riv
i è re lle îles
de s M i
3
2
1
4
1- West sector
Ri
viè
re
de
2- Centre sector
s
Pr
ai
rie
s 3- Est sector
4- Downtown
0 2,5 5 10
km
Centre-ville (!1 Secteur industriel Ouest
Haute-technologie et innovation (!2 Secteur industriel Centre
Industrie !(3 Secteur industriel Est
Industrie et commerce régional
2018 Commercial and Industrial Real Estate Guide 9
CHOOSE LAVAL
Laval offers various options for businesses looking to locate in the city. Several tracts are avai-
lable for those that would like to move into a facility custom built to their needs. In addition, the
rental market offers several quality locations for those leasing office, industrial or commercial
spaces. The resale market is also particularly attractive, as evidenced by the number and value of
transactions each year.
The Offre immobilière lavalloise (Laval real-estate offer) section of the Economic Development
division website (lavaleconomique.com) will direct you to the main search sites for buildings for
sale or rent.
FINANCIAL TOOLS
THE PROPERTY TAX CREDIT
The City of Laval offers a generous property tax credit program to support property taxes and
entrepreneurs in their expansion projects or to attract new businesses. This program proposes a
credit of up to $7.5 million over a five-year period.
PROGRAMS AND GUIDANCE
The City of Laval Economic Development division makes a range of financial tools available to
entrepreneurs and businesses in order to stimulate entrepreneurship, encourage expansion and
support job growth. Programs available include the Local Investment Fund (FLI) and its small
businesses component (FLI-PE), Social Economy Fund (FES), Young Promoters Fund (FJP), and
Support for Self-Employment (STA).
The website of the Economic Development division (lavaleconomique.com) provides detailed
information about these financial tools.
2018 Commercial and Industrial Real Estate Guide 11INCUBATION AND INNOVATION SITES The City supports business incubators in its territory and is developing new ones. THE QUÉBEC BIOTECHNOLOGY INNNOVATION CENTRE (CQIB): LAVAL LEADS IN THE LIFE SCIENCES The first life sciences incubator in Canada, the Laval CQIB has nurtured some 50 emerging com- panies since it was founded in 1995. On average, 40% of these were still in business three years after leaving the CQIB. Successes include Bio-K+ and CIRION, both of which have located in Laval. Today, the CQIB is operating at 90% capacity with 10 companies under incubation. In order to ensure the growth of the CQIB, the City of Laval awarded it a grant of $360,000 for 2017–2018, thereby reasserting Laval’s leadership in health technologies. THE CENTRE D’INCUBATION ET D’ACCÉLÉRATION EN MOBILITÉ INTELLIGENTE À LAVAL (CIAMIL): FOR SMART TRANSPORTATION SOLUTIONS! CIAMIL (the centre for incubation and acceleration of smart mobility in Laval), an initiative supported by the City of Laval and the Société de transport de Laval (STL) aims to improve the transporta- tion of people and goods on the island. It seeks smart solutions to various problems associated with travel in industrial zones and increasing congestion in the road network. These technologies could also be adapted to other cities facing similar issues, thereby spotlighting the expertise and ingenuity of local entrepreneurs. THE CENTRE QUÉBÉCOIS D’INNOVATION EN COMMERCE (CQIC): A COMMERCE INNOVATION REFERENCE CENTRE A new initiative in Laval, the mission of the CQIC will be to mobilize the commerce industry and the innovation ecosystem to develop the commerce of tomorrow to meet consumer needs and requirements effectively anywhere, anytime, distinctively and profitably, thereby nurturing the prosperity and growth of all partners. CHOOSE LAVAL
LE PARC D’INNOVATION AGRICOLE DE LAVAL (PIAL):
TRADITION AND INNOVATION
The PIAL project aims to support the emergence of innovative agricultural production, processing
and marketing. Through this plan, the boldest entrepreneurs can now access reserved agricultural
land and develop promising new methods for the future. By encouraging experimentation, Laval
hopes to create a larger place for the next generation and thereby contribute to the dynamism of
a sector that has gained renown across Québec.
THE THIRD SPACE: SUPPORT FOR COLLECTIVE ENTREPRENEURSHIP
Collective entrepreneurship is also an engine of Laval’s economic vitality. For this reason, through
the Social Economy Fund (FES), the City supports the founding of businesses, cooperatives and
other social economy projects.
In 2017, The Third Space received a significant financial contribution under this program. This
new collaborative workspace offers office and meeting-room rentals as well as collective intelli-
gence workshops, conferences and active networking. The services of a squad of experts are also
offered for free, on a case-by-case basis, to members of the cooperative
2018 Commercial and Industrial Real Estate Guide 13BUILD YOUR FACILITIES
For businesses that would like to build custom facilities, it is possible either to buy land or to assign
the task to a developer that already owns the site. Most properties for sale in Laval are currently
private owned.
Data on recent transactions indicate price ranges to buy property on the private market to construct
industrial or commercial building (including offices).
CITY OF LAVAL – PROPERTY VALUES – 2017 (BY TYPE OF USE)
Use Value scale Average area of Market trend
($/ft 2) property (ft 2)
Industrial 8 to 11 125,000 Stability
Commercial (office and business) 18 to 45 100,000 Stability
Compilation and analysis of transactions, Altus Group, December 2017
ECONOMIC RENT REQUIRED
FOR COST-EFFECTIVE BUILDING CONSTRUCTION
The economic rent is the rental price that would allow the owner to receive a return on investment
to develop a property and to attract different production factors in this enterprise. In other words, it
is the minimum rent needed to make constructing a building profitable.
This rent makes it possible not only for an investor to measure the potential return from a building
constructed for rental, but also for occupants to compare the cost of building ownership with that
of rental of a new or existing building. The decision to rent, buy for occupancy or construct a new
building depends on the real estate and financial strategy of each business.
2018 Commercial and Industrial Real Estate Guide 15ECONOMIC RENT – INDUSTRIAL BUILDINGS The economic rents shown in the tables below are for information purposes only, and for the construction of a typical building. The cost may vary, depending on the project. In the case of an industrial building, in particular, the percentage of area allocated to office space, the presence of refrigeration, security requirements and clear height can affect pricing. However, the table below can serve as a starting point for estimating the construction cost for a typical warehouse built for a single tenant. CONSTRUCTION TYPE – SINGLE-TENANT BUILDING Cost of construction (January 2018) Land: low-strategy plot; $8/ft2 x 2.5 $20.00 Storage building, clear height of 28 ft, Single tenant : $80/ft2 x 100% $80.00 INDIRECT EXPENSES Commission (none) $— Absorption (pre-leased space) $— Total $— $— Costs before profit, hazard and contingencies $100.00 Constant rate of return on development 7.35 % Return required (net income) $7.35 OWNER EXPENDITURES Vacancy: ($7 + $4) X 3% $0.33 Asset management: ($7 + $4) X 1.5 % $0.17 Reserve for major repairs: ($7 + $4) x 0% $— Total $0.50 $0.50 Economic rent required (net, per ft ) $7.85 2 Rounded to $7.75 Calculation and analysis: Altus Group, January 2018 BUILD YOUR FACILITIES
ECONOMIC RENT – OFFICE BUILDINGS
To make construction of a new Class A office building in Laval cost effective, the net rent generated
by the building has to be just under $20/ft2 yearly. In comparison, this figure is estimated at $25
for a Class A building in downtown Montréal. Adding the net rent to other costs (property taxes,
operating expenses and energy costs), the total gross rent required is nearly $55 for d owntown
compared with roughly $33.50 gross/ft2 for Laval.
For definitions of the various classes of office buildings, see the glossary at the end of this guide.
SUBURBAN BUILDING ON OUTSKIRTS
80% PRE-LEASED
Cost of land $30/ft2, ratio of 1:1 $30.001
Construction Outdoor parking, ratio 0.8:1 $4.402
Superstructure – M&S – 5% $151.003
Marketing Advertising, promotion and commissions (4%) $6.04
Various incentives $20.00
Gross rent-free $0.00
(0 months @ $34.75 – 7.50% of vacancy)
Interest $30.00 + 181.44/2 @ 6%/year, 10 months $6.04
Developer’s fees 3% of construction cost (at $155.40) $4.66
Capitalization of ½ of 20% of space – 7.5% of vacancy
income loss for one year at $34.75/ft2 $2.17
MARKETING AFTER BEFORE
Total, excluding 5 to 10% premium for “Green Building” certification $224.31 $198.27
Economic rent required distributed over gross leasable area (97%) $231.25 $208.71
Constant rate of return on development $7.8% $7.8%
Rent required $18.04 $16.28
Plus vacancy of 7.5% $1.35 $1.22
Less revenues from parking $0.00 $0.00
Typical rent required $19.39 $17.50
Net Actual net
1
FAI = Floor Area Index or the relationship of area of building/area of property
2
Half of a vehicle space of 400 ft2 gross/1,000 ft2 of building calculation and analysis:
3
Marshall & Swift Cost Index less 5% for suburban building
Calculation and analysis: Altus Group, January 2018
2018 Commercial and Industrial Real Estate Guide 17BUY A BUILDING
OVERVIEW OF REAL-ESTATE
INVESTMENT MARKET CONDITIONS
Market investment conditions have been favourable for the past few years, since interest rates are
low and financing for real estate is easy to obtain. Furthermore, the value of revenue properties
has increased considerably over the past five years. For some companies, the option to purchase a
building rather than rent may be advantageous.
The analysis of recent transactions identified sales price ranges by square foot for office and
industrial buildings.
RECENT TRANSACTONS – OFFICE BUILDING MARKET
4200 GARAND STREET, UNITS 101 AND 102
Selling price $1.13 million ($177/ft2)
Date of sale May 2017
Buyer Association immobilière F. T. Q. Laval
Sale of two co-owned office spaces
located on main floor
460 AND 470 GARAND STREET
Selling price $1.17 million ($167/ft2)
Date of sale March 2017
Buyer Immeubles DM2AC
Sale of two co-owned office spaces
located on main floor
440 GARAND STREET
Selling price $1.41 million ($198/ft2)
Date of sale January 2017
Buyer 9882499 Canada
Sale of two co-owned office spaces
located on main floor
2018 Commercial and Industrial Real Estate Guide 19475 ARMAND-FRAPPIER BOULEVARD Selling price $2.7 million ($145/ft2) Date of sale August 2017 Buyer CiToxLAB North America Single-tenant office building located in Biotech City 575 ARMAND-FRAPPIER BOULEVARD Selling price $11.5 million ($215/ft2) Date of sale March 2017 Buyer Immobilier Armfrap Two-floor office building, fully occupied by a single tenant and including a laboratory spacee 1980 MICHELIN STREET Selling price $1.43 million ($117/ft2) Date of sale March 2017 Buyer 9349-4045 Québec Office building of approximately 12,000 ft2 Building vacant at time of sale RECENT TRANSACTIONS – INDUSTRIAL-BUILDING MARKET 4150 CHOMEDEY HIGHWAY Selling price $6.15 million ($88/ft2) Date of sale November 2017 Buyer Summit REIT Single-tenant building with building/land ratio of 33% BUY A BUILDING
2300 MICHELIN STREET
Selling price $3.05 million ($71/ft2)
Date of sale May 2017
Buyer La compagnie 2 Amériks
Single-tenant warehouse of nearly 45,000 ft2
Vacant on date of sale
2745 MICHELIN STREET
Selling price $6.85 million ($106/ft2)
Date of sale February 2017
Buyer 9313-5630 Québec
Multi-tenant warehouse/distribution centre
Clear height: 26 feet
3025 LE CORBUSIER BOULEVARD
Selling price $9.65 million ($89/ft2)
Date of sale July 2017
Buyer Omega II
Multi-tenant building
Building constructed in 1979
1795 JEAN-NOËL-LAVOIE HIGHWAY
Selling price $6.2 million ($84/ft2)
Date of sale December 2017
Buyer Immeubles Trévi
Single-tenant building
2018 Commercial and Industrial Real Estate Guide 21REAL ESTATE OPTIONS IN THE RENTAL MARKET CHOOSE LAVAL
The rental market in Laval offers several options at costs comparable to other real-estate markets
in the metropolitan suburbs. The wave of office construction projects in the territory between
2012 and 2014 increased the offer of Class A sites. Construction activity was more constant on
the industrial side, with projects of varying envelopes. Laval therefore has a larger proportion of
new or recent properties.
OFFICE BUILDINGS
The office-building market in Laval comprises just over 4.2 million square feet, including a high pro-
portion of Class A spaces. The inventory of office buildings in Laval is relatively recent compared
to that on the island of Montréal. On the one hand, the city developed much later than the central
neighbourhoods of Montréal and, on the other, availability and lower land costs make building
construction easier. In fact, roughly one third of the rental area has been developed since 2000.
INVENTORY OF OFFICE BUILDINGS
Office building market Total office Availability Vacancy rate Buildings under Total area
inventory (ft 2) rate (%) (%) construction Buildings under
construction (ft 2)
LAVAL 4,229,639 16% 15% 0 0
Class A 2,538,517 12% 11% 0 0
Class B 1,581,319 22% 22% 0 0
Class C 109,803 3% 3% 0 0
Source: Altus InSite, December 2017
15 % 15 %
21 % 21 %
Before 1960
31 % 31 %
10 % 10 % 1960 to 1989
54 % 54 % 1990 to 1999
Since 2000
15 % 15 % 53 % 53 %
LAVAL ISLAND OF MONTRÉAL
Source: Altus InSite, December 2017
2018 Commercial and Industrial Real Estate Guide 23PRINCIPAL MANAGERS OF OFFICE BUILDINGS – LAVAL
Property Area of Number Responsable
Leasing
manager portfolio of buildingsde lainformation
location
Cominar 1,761,040 19 David Savard Fortier 514 337-8151 cominar.com
ext. 3323
Groupe Petra ltée 362,644 2 Nick Ceravolo 514 321-7515 groupepetra.com
ext. 244
Groupe Montoni 230,731 3 Mike Jager 450 978-7500 groupemontoni.com
Bentall Kennedy 153,969 2 Catherine Vourakis 514 393-7719 bentallkennedy.com
Landmark 138,227 2 Elise Gauvreau 514 845-9115 landmarkproperties.ca
Properties Inc.
Source: Altus InSite, December 2017
AVAILABILITY AND VACANCY
The vacancy rate for office spaces in Laval, i.e. the percentage of the total area vacant divided by
the total local inventory, has fluctuated greatly since 2014 due to the delivery of major projects, in-
cluding the buildings at 3055 and 3111 Saint-Martin Boulevard. The vacancy rate jumped to nearly
25% in Laval in Q3 2014, and then stabilized at 15.4% in Q4 2017.
However, the spike in 2014 caused by the introduction of new Class A spaces into the market had
a marked effect on vacancy in Class B buildings. Before 2014, vacancy was similar in classes A and
B, but starting in Q1 2015, a gap opened between the two classes. In Q4 2017, vacancy in Class B
buildings was 21.6%, while it was only 11.4% for those in Class A.
We also note that although no new office buildings have been constructed in Laval since Q4
2014, this has not caused vacancy rates to rise. Furthermore, no projects are under construction,
although two are in the pre-leasing phase: Espace Montmorency (approximately 493,000 ft2 over
20 floors) and Tour Chomedey II (approximately 120,000 ft2 over 10 floors).
If we look at the vacancy rate by sector, we note that it is lower in the Downtown/West sector,
where in Q4 2017, it was 11.8%, compared with 19.5% in the East sector.
EVOLUTION OF VACANCY RATE BY BUILDING CLASS
Class A Class B Laval Total
35 %
(Delivery of 3055 and 3111 Saint-Martin and Place Laval V)
30 %
25 %
Vacancy rate (%)
20 %
15 %
10 %
5%
0%
2013 Q1
2013 Q2
2013 Q3
2014 Q1
2014 Q2
2014 Q3
2015 Q1
2015 Q2
2015 Q3
2016 Q1
2016 Q2
2016 Q3
2017 Q1
2017 Q2
2017 Q3
2012 Q4
2013 Q4
2014 Q4
2015 Q4
2016 Q4
2017 Q4
Source: Altus InSite, December 2017
REAL ESTATE OPTIONS IN THE RENTAL MARKETEVOLUTION OF VACANCY RATE BY SECTOR
Downtown and Laval West Laval East Laval Total
35 %
(Delivery of Place Laval V)
30 %
25 %
Vacancy rate (%)
20 %
15 %
10 %
5%
0%
2013 Q1
2013 Q2
2013 Q3
2014 Q1
2014 Q2
2014 Q3
2015 Q1
2015 Q2
2015 Q3
2016 Q1
2016 Q2
2016 Q3
2017 Q1
2017 Q2
2017 Q3
2012 Q4
2013 Q4
2014 Q4
2015 Q4
2016 Q4
2017 Q4
Source: Altus InSite, December 2017
LARGE CONTIGUOUS AREAS AVAILABLE
Large contiguous areas available (that are currently vacant or for lease for future occupancy) are
few in the “10,000 ft2 and larger” class: only five buildings offer such spaces. Furthermore, no
building can accommodate a tenant requiring a minimum contiguous area of 50,000 ft2. The largest
contiguous area available in Laval is a sub-lease of 39,619 ft2 at 1950 Maurice-Gauvin Street, a
Class A building constructed in 2013 that is 55.9% vacant.
LARGE CONTIGUOUS AREAS AVAILABLE
Building name Address Largest contiguous
area available (ft 2)
1950 Maurice-Gauvin Street 1950 Maurice-Gauvin Street 39,619
Place Laval I 1 Place Laval 26,900
1699 Le Corbusier Boulevard 1699 Le Corbusier Boulevard 24,093
Revenu Canada 3400 Jean-Béraud Avenue 20,402
Place Laval II 2 Place Laval 18,051
Dessau II 1700 Laval Boulevard 15,752
275 Armand-Frappier Boulevard 275 Armand-Frappier Boulevard 14,729
Place Laval IV 4 Place Laval 13,855
Édifice La Banque du Canada 2525 Daniel-Johnson Boulevard 11,987
1595 Daniel-Johnson Boulevard 1595 Daniel-Johnson Boulevard 11,729
2550 Daniel-Johnson Boulevard 2550 Daniel-Johnson Boulevard 11,086
Banque Royale du Canada 3100 Le Corbusier Boulevard 10,407
3111 Saint-Martin Boulevard West 3111 Saint-Martin Boulevard West 10,287
Place Laval III 3 Place Laval 4,747
Source: Altus InSite, December 2017
2018 Commercial and Industrial Real Estate Guide 25RENTS
Market rents for office buildings in Laval are comparable with those in other suburbs of the metro-
politan area and significantly more affordable than those downtown. We noted that asking rents
for 11 buildings with space for rent that indicated their rate on www.altusinsite.com range from
$22 to nearly $30 gross/ft2, depending on the class of the building.
RANGE OF ASKING RENTS BY BUILDING CLASS
Building class Range of asking rents
Lowest Highest
Class A – Laval $22.00 $29.50
Class B – Laval $22.00 $25.00
Source: Altus InSite, December 2017
OCCUPANCY COST FOR CLASS A OFFICE BUILDINGS
According to the most recent rental agreements analyzed by the Altus Group (December 2015 to
December 2017), operating expenses seen for Class A office buildings in Laval range from $5.58
to $10.64/ft2. Taxes are between $3.80 and $7.13/ft2, while electricity ranges from $1.06 to $1.37.
Note that Class B buildings were not included in this study due to a lack of observations (only two
agreements accessible).
OCCUPANCY COST PER CLASS
Class A Operating Taxes Electricity
expenses
Minimum $5.58 $3.80 $1.06
Maximum $10.64 $7.13 $1.37
Source: Compiled by the Altus Group, 2017
DEFINITIONS OF ASKING RENT
Net asking rent: non-negotiated net rent for a leased space, excluding operating expenses and property taxes.
Gross asking rent: net rent plus additional rent.
Additional rent: all fees that are not included in the operating expenses (maintenance of common property, administration expenses, etc.),
energy costs and property taxes.
REAL ESTATE OPTIONS IN THE RENTAL MARKETINDUSTRIAL-BUILDING MARKET
The Montréal census metropolitan area (CMA) has the second largest industrial park in Canada,
which includes more than 7,000 industrial buildings totalling nearly 350 million square feet. It’s a
dynamic park that is currently transitioning from traditional sectors toward leading-edge industries
and converting to other uses.
Montréal is pivotal in terms of transportation and distribution. Over the years, Montréal’s industrial
activity has shifted toward the suburbs along major highways. Strategically located on highways,
Laval industrial parks have been developed in the biotechnology, distribution and manufacturing
niche. The extension of Highway 25 has also benefited development of mainly industrial activity.
The availability and affordability of properties are suitable for constructing modern and, often, multi-
functional (flex) buildings, able to accommodate several uses, including a high proportion of space
fitted out as offices.
According to the most recent inventory compilation done by Altus InSite, in Q4 2017, Laval’s local
industrial market consists of approximately 19.2 million square feet and just over 400 buildings.
Half of this inventory is made up of single-tenant buildings. Buildings held and fully occupied by
the owner are excluded from the rental inventory.
Of the roughly 409 buildings identified, 109 had been built recently, since the year 2000.
INVENTORY
Industrial Total industrial % of total Availability Availability Total area Variations in
rental market inventory (ft 2) inventory (ft 2) rate (%) Buildings under inventory over
construction (ft ) past 12 months
2
LAVAL INDUSTRIAL RENTAL 19,250,381 100% 1,245,758 6.5% 0 199,070
(light industrial)
Condominium 974,159 5% 93,349 9.6% 0 0
Mini-warehouse 127,446 1% 0 0.0% 0 0
Multi-tenant building 8,171,219 42% 728,465 8.9% 0 9,000
Single-tenant building 9,977,557 52% 423,944 4.2% 0 190,070
LAVAL 19,250,381 100% 1,245,758 6.5% 0 199,070
Laval – Centre 13,232,573 69% 740,040 5.6% 0 60,070
Laval – West 3,614,218 19% 231,631 6.4% 0 130,000
Laval – East 2,403,590 12% 274,087 11.4% 0 9,000
Source: Altus InSite, December 2017
2018 Commercial and Industrial Real Estate Guide 27MAIN INDUSTRIAL RENTAL PORTFOLIOS IN LAVAL
Property Area of Number Leasing
manager portfolio of buildings information
Cominar 1,402,225 18 Victoria Tenenboym 514 337-8151 cominar.com
ext. 3218
Dream Industrial 1,120,540 7 Isabelle Barter 450 975-5115 dream.ca
Management Corp.
Groupe Montoni 631,842 7 Mike Jager 450 978-7500 groupemontoni.com
Manulife Real Estate 519,844 5 Jake Vaughan 514 288-6773 manulife.com
Bentall Kennedy 458,423 1 Robert Giglio 514 733-8544 bentallkennedy.com
ext. 222
Source: Altus InSite, December 2017
AVAILABILITY AND VACANCY IN THE INDUSTRIAL MARKET
The vacancy rate, i.e. the percentage of total area vacant divided by the total inventory, dropped
over the past two years in Laval. Absorption was positive for six of the eight last quarters, and the
number of square feet vacant dropped by nearly 885,000 over the same period. Note that the pe-
riod analyzed began in Q1 2013 with a negative absorption of 910,000 ft2 compared with Q4 2012,
the latter was divided equally between the tenant types, i.e. “multi-tenant” and “single-tenant”.
HISTORY OF ABSORPTION 2013–2017
New offer Absorption Vacancy
900 15.0 %
700 12.5 %
10.0 %
500
7.5 %
300
thousand (000) ft2
5.0 %
100 2.5 %
-100 0.0 %
-300 -2.5 %
-5.0 %
-500
-7.5 %
-700
-10.0 %
-900 -12.5 %
-1,100 -15.0 %
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Source: Altus InSite, December 2017
Comparing Q4 2017 with the same quarter the preceding year, the vacancy rate for the region
of Laval fell from 8.2% to 6.5%. This was a significant drop in vacancy considering that nearly
200,000 ft2 in new offer was delivered during this same period. Over the past year, the vacancy
rate also dropped from 6.5% to 5.6% in the Centre sector, 9.1% to 6.4% in the West sector and
12.3% to 11.4% in the East sector. For other types of buildings, the multi-tenant rental market saw
the vacancy rate fall from 10.7% to 8.9% since Q4 2016.
REAL ESTATE OPTIONS IN THE RENTAL MARKETThe market for single-tenant buildings shows a lower vacancy, but followed a similar downward
trend, with a drop in the vacancy rate of 5.3% to just 4.4% during the same period.
VACANCY BY SECTOR AND TYPE OF BUILDING
Number of Total area Area vacant Area vacant Area vacant and Total vacant Vacancy
buildings (ft 2) and rented (ft 2) for rent (ft 2) subleased (ft 2) area (ft 2) rate (%)
LAVAL 408 19,250,381 63,643 1,136,725 2,550 1,380,306 7.2
Condominium 28 974,159 0 88,549 0 111,667 11.5
Mini-warehouse 2 127,446 0 0 0 0 0
Multi-tenant 169 8,171,219 63,643 659,518 2,550 736,697 9
Single tenant 209 9,977,557 0 388,658 0 531,942 5.3
LAVAL – CENTRE 285 13,232,573 42,750 674,485 2,550 888,370 6.7
Condominium 13 461,083 0 41,243 0 59,238 12.8
Mini-warehouse 1 107,462 0 0 0 0 0
Multi-tenant 128 6,194,975 42,750 404,080 2,550 460,366 7.4
Single tenant 143 6,469,053 0 229,162 0 368,766 5.7
LAVAL – WEST 55 3,614,218 0 215,798 0 224,601 6.2
Condominium 7 379,000 0 11,675 0 16,798 4.4
Mini-warehouse 0 0 0 0 0 0 0
Multi-tenant 15 932,055 0 61,927 0 61,927 6.6
Single tenant 33 2,303,163 0 142,196 0 145,876 6.3
LAVAL – EAST 68 2,403,590 20,893 246,442 0 267,335 11.1
Condominium 8 134,076 0 35,631 0 35,631 26.6
Mini-warehouse 1 19,984 0 0 0 0 0
Multi-tenant 26 1,044,189 20,893 193,511 0 214,404 20.5
Single tenant 33 1,205,341 0 17,300 0 17,300 1
Source: Altus InSite, December 2017
Nearly 70 industrial buildings within Laval territory currently have space to rent, including
43 multi-tenant buildings, 19 single-tenant units and seven co-ownership options. The options are
varied and include spaces ranging in contiguous area from 1,000 to 135,000 ft2. However, only
three options for contiguous sites over 100,000 ft2 were identified. Industrial businesses seeking
large areas can nonetheless consider constructing a custom facility for their operations.
For businesses active in the warehousing and distribution sector, clear height of more than 24 feet
is desirable, since it makes it possible to maximize the use of each square foot. Options are
nonetheless rare in this niche. No site offers a clear height of more than 32 feet, only two locations
have 28 to 32 feet, and 14 locations have 24 to 28 feet.
2018 Commercial and Industrial Real Estate Guide 29NUMBER OF OPTIONS FOR CONTIGUOUS SPACES
Number of options Number of options
for a space of for a space of
100,000 ft 2 or more 50,000 ft 2 or more
LAVAL 3 6
Laval – Centre 1 4
Laval – West 1 1
Laval – East 1 1
Source: Altus InSite, December 2017
NUMBER OF LOCAL OPTIONS BY CLEAR HEIGHT
under 18 ft
18 to 24 ft
24 to 28 ft
28 to 32 ft
over 32 ft
0 5 10 15 20 25 30
Single tenant
Multi-tenant
Source: Altus InSite, December 2017
REAL ESTATE OPTIONS IN THE RENTAL MARKETINVENTORY
Clear height Over 32 ft 28 to 32 ft 24 to 28 ft 18 to 24 ft Under 18 ft
Multi-tenant 0 1 9 25 3
Single tenant 0 1 5 8 3
Source: Altus InSite, December 2017
4% 4%
6% 7% 6%
12 %
Over 32 ft
% 35 % 12 % 22 % 35 % 12 %
28 to 32 ft
24 to 28 ft
18 to 24 ft
59 % Under 18 ft
43 % 43 %
GREATER MONTRÉAL LAVAL
Source: Altus InSite, December 2017
2018 Commercial and Industrial Real Estate Guide 31RENTS
Asking rents remained relatively stable over the past five years. We note however that they can
vary enormously in the industrial market, depending on the clear height, the year of construction,
the proportion set aside for office use, visibility, highway access and many other factors. While the
average rent for the 25 buildings of our sample approaches $10 gross/ft2 ($6.48 net plus an ave-
rage additional rent of $3.67), variations are huge, depending on the building. In fact, sites can be
rented for just $4, while modern buildings, well located and with a high proportion of office spaces
(when this is not the majority of the area), list rents over $10/ft2.
Based on observations by Altus InSite for multi-tenant buildings for which the rental rates are listed,
net asking rents for buildings with a clear height of 18 to 24 feet in the Laval market most often
range from $5.50 to $9.50/ft2 (additional fees range from $3 to $5.50/ft2). For single-occupancy
buildings with a clear height greater than 18 to 24 feet, net asking rents range from $8.50 to
$9.50/ft2 (with additional fees from $3.50 to $5.50/ft2).
EVOLUTION OF LAVAL RENTAL RATES – INDUSTRIAL RENTAL BUILDINGS
Net asking rent Average additional rent
$12
$10
$8
$6
$4
$2
$0
2012 Q4
2013 Q1
2013 Q2
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
2016 Q2
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
Source: Altus InSite, December 2017
COMPARISON OF ASKING RENT – MULTI-TENANT BUILDINGS
Net asking rent Average additional rent
Laval
Greater
Longueuil area
Saint-Laurent
Lachine
Montréal East
$0 $2 $4 $6 $8 $10 $12
Source: Altus InSite, December 2017
REAL ESTATE OPTIONS IN THE RENTAL MARKET2018 Commercial and Industrial Real Estate Guide 33
NEW PROJECTS CHOOSE LAVAL
In the office-building market, the most-recent new construction dates back to 2014, when four
projects were completed. Since then, there have been no project starts, although two are in the
pre-leasing phase: Espace Montmorency and Tour Chomedey II. On the industrial side, two pro-
jects were completed in 2017, none are under construction, and eight are in the pre-leasing phase.
These projects are presented briefly in the pages that follow.
PROJECTS COMPLETED
OFFICES – 2014
3111 SAINT-MARTIN BOULEVARD
Class: A
Sector: Laval – Downtown and West
Office area: 53,755 ft2
Near highways 440 and 15
Corner of Daniel-Johnson Boulevard
5 floors
LEED® Silver Certification
Property manager: Bentall Kennedy
PLACE LAVAL 5
Class: A
Rental sector: Laval – East
Office area: 286,000 ft2
Corner of Des Laurentides
and Saint Martin boulevards
Near métro station De la Concorde
14 floors
BOMA designation: Silver
LEED designation: Recommended (Certified)
Owner: Cominar
2018 Commercial and Industrial Real Estate Guide 351410 JAFFA STREET Class: A Rental sector: Laval – Downtown and West Office area: 36,000 ft2 Near major thoroughfares A-15, A-440 and A-13 Number of floors: 3 Rental: Groupe Lacombe/NAI 3055 SAINT-MARTIN BOULEVARD Class: A Sector: Laval – Downtown and West Office area: 99,690 ft2 In Centropolis subdivision 6 floors LEED-CS Gold certification Owner: Cominar INDUSTRIAL – 2017 1800 MONTGOLFIER STREET Industrial park: Laval – Centre Name of firm: SMS Equipment Total area of building: 60,070 ft2 Type of industrial building: Light industrial Type of building: Single tenant Property manager: Montoni Group NEW PROJECTS
PLANNED PROJECTS IN PRE-LEASING PHASE – OFFICES
2000 JACQUES-TÉTREAULT STREET –
ESPACE MONTMORENCY
Class: A
Sector: Laval – East
Office area: 493,260 ft2
Multi-purpose building: commercial,
institutional, offices
Number of floors: 20
LEED: Aiming for LEED Gold certification
On Espace Montmorency site
Highways: Quick access to highways 15 and 440
Property manager: Montoni Group
1350 CHOMEDEY BOULEVARD – PHASE 2
Class: A
Sector: Laval – Downtown and West
Office area: 120,000 ft2
Number of floors: 10
Near intersection of Du Souvenir
and Chomeday boulevards
Rental: Immodev
2018 Commercial and Industrial Real Estate Guide 37PLANNED PROJECTS IN PRE-LEASING PHASE – INDUSTRIAL 5600 ERNEST-CORMIER STREET Industrial park: Laval Total area of building: 35,000 ft2 Type of industrial building: Light industrial Type of building: Multi-tenant Rental: Location Cushman & Wakefield ÉTIENNE-LENOIR STREET Industrial park: Laval II Corporate Centre Total area of building: 204,167 ft2 Type of industrial building: Light industrial Type of building: Multi-tenant Property manager: Montoni Group LOUIS-B. MAYER Industrial park: Impact 440 Total area of building: 87,700 ft2 Type of industrial building: Light industrial Type of building: Multi-tenant Property manager: Montoni Group SOUTH SERVICE ROAD, HIGHWAY 440 Industrial park: Industria 440 Total area of building: 165,000 ft2 Type of industrial building: Light industrial Type of building: Single or multi-tenant/purchase Property manager: Cosoltec NEW PROJECTS
LUCIEN-L’ALLIER
Industrial park: Lucien-L’Allier
Total area of building: 65,500 ft2
Industrial area: 23,500 ft2
Office area: 42,000 ft2
Type of industrial building: Light industrial
Type of building: Single or multi-tenant/purchase
Property manager: Cosoltec
1700 MONTÉE MASSON
Industrial park: Industrial park Highway 25
Total area of building: 40,000 ft2
Type of industrial building: Light industrial
Type of building: Multi-tenant rental
Property Manager: Frare & Gallant
975 PAUL-KANE PLACE
Industrial park: Industrial park Highway 25
Total area of building: 84,800 ft2
Industrial area: 79,400 ft2
Office area: 5,400 ft2
Type of industrial building: Light industrial
Type of building: Single tenant
Property Manager: Loracon Construction
2018 Commercial and Industrial Real Estate Guide 39SHOPPING CENTRE MARKET
Laval is home to many shopping centres of all categories: regional supercentres (e.g. Carrefour
Laval), megacentres, neighbourhood malls, strip malls and single-tenant buildings. Rents and
common services vary greatly depending on the type of centre.
LAVAL SHOPPING CENTRES
Largest shopping centres Total area (ft 2) Property
Carrefour Laval 1,336,017 Cadillac Fairview
SmartCentres Val-des-Brises 792,716 SmartCentres
SmartCentres Chomedey Highway W. 682,035 SmartCentres
Centre Laval 683,000 Cominar
Centre Laval 600,000 Blouin Vincenti
SmartCentres 2075 Chomedey 585,623 SmartCentres
Centropolis 545,000 Cominar
Quartile Laval 265,000 Cominar
Méga Centre Notre-Dame 610,873 RioCan
Centre St-Martin 241,457 RioCan
Centre Duvernay 265,000 Asgaard
Sources: Shopping centre management websites
CONSUMER SPENDING OF LAVAL HOUSEHOLDS
The age profile and level of education of Laval residents is similar to that found on average in the
Montréal metropolitan area (CMA). Nonetheless, the profile of Laval households differs slightly
from the Montreal CMA in terms of size (2.6 people per household in Laval versus 2.3 in the CMA)
and home ownership (69% of Laval households own their home vs. 56% in the CMA). A slightly
higher proportion of Laval residents are allophone than the CMA average: 31% speak a language
other than English as their mother tongue versus 22% in the CMA.
Household income is slightly higher than the average in the CMA at $86,322 yearly compared
with $82,589.
2018 Commercial and Industrial Real Estate Guide 41Responsable
SOCIO-DEMOGRAPHIC PROFILE OF LAVAL
de la locationRESIDENTS
Variables Laval Montréal CMA
AGE BRACKETS
Ages 0 to 9 12% 12%
Ages 10 to 19 12% 11%
Ages 20 to 34 18% 20%
Ages 35 to 54 29% 28%
Ages 55 to 64 13% 13%
Age 65 and older 17% 16%
AVERAGE AGE 41.1 40.6
FIRST LANGUAGE
French 57% 63%
English 7% 11%
Arabic 7% 4%
Italian 4% 3%
Greek 3% 1%
Spanish 3% 3%
Creole 2% 1%
Other 12% 11%
Multiple answers 5% 4%
SIZE OF HOUSEHOLD
Single person 26% 33%
Two people 31% 32%
Three people 16% 15%
Four or more people 26% 20%
People per household 2.6 2.3
HOUSING OWNERSHIP STATUS
Owner 69% 56%
Tenant 31% 44%
LEVEL OF EDUCATION
Primary 19% 18%
Secondary 23% 22%
College 33% 31%
University 26% 29%
HOUSEHOLD INCOME (2015)
Under $20,000 7% 12%
$20,000 to $39,999 16% 19%
$40,000 to $59,999 18% 18%
$60,000 to $79,999 15% 14%
$80,000 to $99,999 12% 11%
$100,000 or more 31% 27%
Average household income $86,322 $82,589
Montréal CMA = 100 104.5 100.0
Source: Statistics Canada, 2016 Census
SHOPPING CENTRE MARKETIn terms of household consumer spending, Laval residents spend slightly more than the provincial
average, and this in virtually all categories of products. According to the analysis done by the Altus
Group, the potential generated by Laval residents is estimated at roughly $4.28 billion in 2018.
POTENTIAL OF THE CITY OF LAVAL IN 2018
Responsable
SUMMARY de la location
Categories 20181
Durable and semi-durable goods $2,044,421,800
Basic consumer goods $1,596,028,000
Personal services $92,831,100
Restaurants $543,358,400
TOTAL $4,276,639,300
1
Taking into account estimated expenditures for 2018
Source: Altus Group
2018 Commercial and Industrial Real Estate Guide 43ANNUAL HOUSEHOLD SPENDINGResponsable
IN QUÉBEC AND CITY OF LAVAL –
PERSONAL SERVICES AND RESTAURANTS
de la location
Type of service Québec 20181 Laval 2018 2
PERSONAL SERVICES
Clothing services (dry cleaners, laundromats, sewing work) $58 $60
Hair and estheticians $493 $519
Total – Personal services $551 $579
RESTAURANTS
With minimal service $1,392 $1,534
With full service – family $876 $965
With full service – ambiance $623 $686
With full service – gourmet $185 $204
Total – Restaurants $3,076 $3,389
1
Estimate based on Statistics Canada. Survey of household expenditures, 2015 and restaurant sales, taverns and caterers
2007 to 2017, CANSIM Table 355-0006. Data for 2018
2
Altus Group estimates
ANNUAL PER-CAPITA SPENDING IN QUÉBEC AND CITY OF LAVAL –
Responsable
DURABLE AND SEMI-DURABLE GOODS
de la location
Type of store Québec 20181 Laval 2018 2
DURABLE AND SEMI-DURABLE GOODS
Furniture $321 $336
Home accessories $133 $139
Electronics, appliances and computers $288 $301
Renovation, hardware, materials and gardening $869 $889
Clothing and clothing accessories $656 $687
Footwear $105 $110
Jewellery and leather goods $53 $55
Sporting goods, hobbies, music and bookstores $308 $322
General merchandise $1,623 $1,680
Various retail stores $302 $314
Total – Durable and semi-durable goods $4,658 $4,833
BASIC CONSUMER GOODS
Supermarkets $2,083 $2,107
Convenience and specialty stores $452 $457
Pharmacies, health and personal care products $1,195 $1,209
Total – Basic consumer goods $3,730 $3,773
1
Statistics Canada, 080-0020 in catalogue. Estimate based on data from 2007 to 2017, indexed for 2018
2
Altus Group estimate (based on the socio-economic profile of residents in the area under study).
SHOPPING CENTRE MARKETLAVAL ECONOMY IN NUMBERS (2013–2017)
YEARLY DATA 2013–2017
2013 2014 2015 2016 2017
LABOUR MARKET
Jobs within the territory 153.7 153.0 155.6 155.8 ND
Number of businesses 12,021 11,358 11,279 11,406 ND
Employed Laval residents 221.0 226.9 209.1 212.3 219.7
Labour-force participation rate 68.7 70.2 64.7 64.5 65.7
Unemployment rate (%) 6.6 7.1 8.0 7.3 6.7
Employment rate (%) 64.2 65.2 59.5 59.8 61.3
DEMOGRAPHY
Population 417,058 421,733 425,225 429,413 437,413
ECONOMIC ACCOUNTS
GDP at basic prices ($ millions) 13,676 13,866 14,315 14,6271 15,1091
GDP per capita ($/capita) 32,771 32,862 33,862 33,6441 34,3371
Disposable income ($/capita) 25,613 26,057 26,593 27,334 28,3361
CONSTRUCTION AND HOUSING
Value per building permit ($1,000s) 735,464 635,543 906,887 656,703 652,605
Residential housing starts 1,545 1,027 1,965 1,448 2,021
INVESTMENTS (Capital expenditures in millions of dollars)
Private
Capital assets 491.0 564.2 588.4 601.8 474.6
Repairs 207.8 264.3 306.0 — —
Public
Capital assets 492.7 318.9 314.0 462.9 499.5
Repairs 70.6 85.1 105.9 — —
Total
Capital assets 983.7 883.1 902.4 1,064.7 974.1
Repairs 278.4 349.4 411.9 — —
1
Overview and economic forecasts, July 2017, Desjardins Economic Studies
Sources: Institut de la statistique du Québec, Canada Mortgage and Housing Corporation (CMHC), Communauté métropolitaine de
Montréal (CMM)
2018 Commercial and Industrial Real Estate Guide 45CITY OF LAVAL ECONOMIC DEVELOPMENT DIVISION
The mandate of the City of Laval Economic Development division is to simplify and speed the
processing of investment files in Laval, to develop the region and its businesses, to receive and
support the business community efficiently and effectively, and to increase the synergy between
the City and its partners in order to accelerate economic growth.
OUR RANGE OF SERVICES INCLUDE SEVERAL AREAS:
Financial support for businesses
+
Guidance in the search for financing, proposal of financial tools and support in developing
growth strategies.
+ R
eal estate investments
Evaluation of real estate needs, guidance, site searching and sale of municipal property.
+ S
upport of entrepreneurship
Guidance of private and social economy businesses in all phases of current or future
development. Training, mentoring and networking.
+ A
dvisory services to businesses
Multi-sectoral expertise to ensure the growth of businesses while improving their
effectiveness, efficiency, innovation projects and competitiveness.
Mobility and international affairs
+
Organization of trade missions and guidance in export endeavours, market development,
recruitment and integration of foreign workers.
Financial support Real Estate Support Advisory services Mobility and
for business Investments entrerpreneurship to businesses international affairs
For more information:
450 978-5959 • Lavaleconomique@laval.ca • Lavaleconomique.comGLOSSARY
ABSORPTION ADDITIONAL RENT CONTIGUOUS AREAS
Net growth of the total square All costs that are not included AVAILABLE
footage occupied in a given in the net rent, such as ope- Adjacent spaces that can be
market. rating costs (maintenance of combined to accommodate a
CLASS A OFFICE BUILDING common areas, management single tenant.
Very good-quality building in fees, etc.), energy costs and VACANCY RATE
terms of design, materials, municipal taxes. The percentage of total area
diversity of tenants, age, size, ASKING GROSS RENT vacant divided by the total
location and services. Net rent plus additional rent. inventory.
CLASS B OFFICE BUILDING ECONOMIC RENT
Good-quality building in terms The rent that would allow
of design, materials, tenant the owner to receive a return
mix, age, size, location and on investment to develop a
services. property and to attract diffe-
CLASS AA OFFICE rent production factors in this
BUILDING enterprise.
Building ranking among the
ASKING NET RENT
best of Class A and found
Net (and non-negotiated) rent
primarily in the downtown of
for a rental unit, excluding
major urban centres.
operating expenses and pro-
“FLEX” BUILDING perty taxes.
A building that can provide for 1 square foot = 0.093 square metre
a variety of uses under one 1 square metre = 10.764 square feet
roof, such as warehousing,
administrative support offices,
wholesale and showrooms.
Photos: City of Laval, Cominar, Paginart, Centropolis, Dugraff, Roxane Paquet PhotographeYou can also read
