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Hamilton’s high-density sector maturing

Just like mid-month, the end of December witnessed good transaction levels. No major deals took place in Hamilton, which could be a sign of things to come in 2023.

The largest transaction of the week took place in Cambridge, where Smartstop Self Storage purchased a 200,000 sq. ft asset for $36 million ($176/sq. ft).

The second largest transaction occurred in Thorold, where Bioveld purchased approximately 450,000 sq. ft of an industrial asset, with additional land, along the Welland Canal and will reportedly lease to the Hamilton-Oshawa Port Authority.

In Hamilton, the largest deal was for a 9,000 sq. ft office, which sold for $1.85 million ($206/sq. ft), which is about the typical value for most of the (very few) office transactions.

In the news, Hamilton‘s high-density sector is maturing, immigration to Canada hit a record in 2022, and the labour market crushed forecasts.

If you’re interested in learning what happened in Hamilton during 2022 and the trends heading into 2023, please join me at The Hamilton Commercial Real Estate Report: Year in Review at CoMotion on King at 115 King St. E. on January 25 at noon. RSVP today!

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

News Headlines

Greenbelt infrastructure issues could delay homebuilders 
The Toronto Star, December 30, 2022

Hamilton’s high-density sector is maturing
RENX, January 6, 2023

Hamilton Jamesville redevelopment stalled by CN appeal
The Hamilton Spectator, January 6, 2023

Labour market crushes forecasts, increases odds of rate hike
BNN Bloomberg, January 6, 2023

Record number of condos to hit Toronto market in 2023
The Globe and Mail, January 3, 2023

Immigration to Canada hits record in 2022
The Globe and Mail, January 3, 2023

Why those waiting for a return to normal commercial real estate will get left behind
The Financial Times, January 2, 2023

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Hamilton’s Highest Value Development Projects for 2022 (so far)

This week witnessed lower than typical volumes, with Hamilton being the top performer for the third consecutive week and Kitchener-Waterloo/Cambridge providing a very, very rare no-show. St. Catharines also did not register a commercial real estate transaction.

With the Bank of Canada interest rate increases, we’re beginning to materially see a slowing in the market, however, values have continued to hold.

This week’s largest transaction occurred in Brantford, where 102 acres of vacant prospective residential land at 531 Powerline Rd. sold for approximately $24 million or $238,000/acre, which usually indicates the land requires substantive land entitlement before development can be implemented.

Of note for Hamilton, Vrancor Group purchased 21 Queen St N, a house abutting their King St and Queen St block development, for $500,000 or $10 million/acre.

In the news, The Spec provided a story on Hamilton’s highest value development projects for 2022, IKEA purchases 65 acres of Hamilton land (as reported last week), and the unemployment rate drops in Hamilton.
News Headlines

Hamilton’s highest value development projects for 2022

IKEA purchases 65 acres of land in Hamilton for $82 million

Unemployment rate drops, economic growth ‘optimistic’ for Hamilton 

Hamilton architect says Barton apartment would be first in 100 years

July 2022 RAHB Stats

North American leader in logistics expands facility in Hamilton

The first tiny home show in Hamilton takes place this week 
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Alex Manojlovich’s Weekly Market Report: Hamilton LRT construction to begin in 2024

The largest transaction in Hamilton this week was for this office building at 630 Main St. E.

This week witnessed a decent volume of deals. Hamilton was the top performer, while Brantford was a rare no-show.

The volume of transactions has been objectively healthy so far. However, it will be interesting to monitor the ripple effects caused by the Bank of Canada‘s latest rate increase.

This week, the area’s largest transaction was for an unaddressed property on Dobbie Dr. in Cambridge. The vacant industrial land parcel sold for $5.64 million (approximately $1 million/acre).

The largest transaction in Hamilton was for an office building at 630 Main St. E., which traded for $4.7 million ($243/ sq.ft). It’s a good price considering the asset class and location.

In the news, the Hamilton LRT process is underway, there are updates on several Hamilton development projects, GHA residential rental rates are rising quickly, and Toronto is increasing development charges by 46%.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

News Headlines

Procurement process for LRT to start later this year, construction in 2024
CBC News, July 18, 2022

Two LiUNA towers to remake Hamilton skyline
Daily Commercial News, July 18, 2022

Condo development flattened by fire will go ahead as planned
The Hamilton Spectator, July 19, 2022

Winona builder appeals towering LiUNA Gardens plan to OLT
The Hamilton Spectator, July 18, 2022

New Horizon Development Group’s Stoney Creek tower plan headed to OLT
The Hamilton Spectator, July 19, 2022

Two-way Main St conversion part of Hamilton LRT design talks
The Hamilton Spectator, July 19, 2022

Barton St. parking lot could become vibrant residential infill
The Bay Observer, July 21, 2022

Mayor backs museum at waterfront
The Hamilton Spectator, July 20, 2022

Evolving Workforces: Scoring Tech Talent 2022 — North American Report
CBRE, July 2022

GTA condo rents climb at fastest pace on record
BNN Bloomberg, July 19, 2022

Toronto condo sellers turn to rental market
The Globe & Mail, July 20, 2022

Toronto council hikes development charges 46%
The Globe & Mail, July 19, 2022

BMO: BoC’s 1% point rate hike, a hammer to housing market
The Globe & Mail, July 18, 2022

Canada’s inflation rate hits 8.1%, but signs suggest peak is near
The Globe & Mail, July 20, 2022

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Rendering of the Design District towers by Emblem Developments

Alex Manojlovich’s Weekly Market Report: Emblem Launches Largest Downtown Hamilton Condo Project

This week witnessed some great action.

The retail asset class continues its return to consistency with a few smaller deals this week.

The largest transaction in Hamilton this week was for 250 Fruitland Rd. in Stoney Creek. This 19.64-acre piece of land sold for $23.562 million (approximately $1.2 million/acre). This is below market value for residential land. However, the parcel appears to be zoned agricultural currently.

Nearby, developer Melrose Investments purchased 4.44 acres for $900,000 ($202,000/acre), which is great value but probably includes more work than the Fruitland Rd. deal.

The largest transaction in the area occurred in Cambridge, where Argyle Capital Partners purchased a 200,000 sq. ft industrial building for $33 million ($165/sq. ft). It’s a slightly large purchase price given the market and size of the asset, but I wouldn’t be surprised if this were fair market value given the way industrial demand and industrial market lease rates continue to grow.

In the news, Emblem launches Hamilton’s largest downtown project, the COA moves forward with a 109-unit development project on Dundurn St., and the website has been launched for the 75 James Condo development by LiUNA.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

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News Headlines

Emblem launches largest downtown Hamilton condo project
RENX, June 27, 2022

75 James Condominiums official website
2022

Minor Variance re: 330 Dundurn St. S. eight-storey residential project
City of Hamilton Committee of Adjustment

New pocket track expands West Harbour GO train service
In The Hammer, June 28, 2022

Centre[3] expands into Forge & Foster’s 29 Harriet St. in the Bayfront Studio District
The Hamilton Spectator, July 4, 2022

Feds turnover Burlington Canal piers to HOPA for pedestrian use
Global News, June 28, 2022

June 2022 Rent Report
Rentals.ca

Blackstone sees opportunities in student housing, multi-family, life sciences and more
The Hamilton Spectator, June 29, 2022

London, ON to cut parking requirements
CBC News, June 24, 2022

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Alex Manojlovich’s Weekly Market Report: Slate purchases 800 acres of Stelco land for $518 million

This week witnessed slightly below-average transaction levels.

In Hamilton, the largest transaction was for a retail plaza located across from Westdale Secondary School. The retail and office property sold to Westdale Properties for $14,850,000 ($277/sqft). It’s a decent price considering the large office exposure.

Kitchener-Waterloo witnessed two massive transactions. The largest was for 52 acres of industrial land in Cambridge. This property was purchased by Fengate Asset Management for $91,320,000 ($1,750,000/acre). It’s an absolutely massive value for industrial land. It seems there’s no limit in sight.

With a free subscription to our market updates, you can have this valuable real estate information sent to your inbox each week.

There’s also lots of Hamilton news across the board:

  • Slate has acquired 800 acres of Stelco land for $518,000,000 and plans to develop a world-class business park
  • Eastgate Mall plans for 42 storey tower and multiple residential developments
  • Lime Ridge Mall is planning two 12-storey towers
  • The first iteration of the Delta Secondary School development has been released
  • Slate looks to break ground on their Corktown development in 2023

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

Alex Manojlovich

News Headlines

Slate closes on 12m sqft of Hamilton Stelco industrial land
RENX, June 1, 2022

Slate purchases Stelco land for $518m
The Hamilton Spectator, June 1, 2022

Eastgate Mall proposes 42 storey tower, multiple residential buildings
The Public Record, June 6, 2022

Lime Ridge Mall plan two 12 storey residential towers
The Public Record, June 4, 2022

First development for east Hamilton Delta Secondary school site submitted to City
The Public Record, June 2, 2022

Downtown boomtown: ‘Hamilton is the new Brooklyn’
The Hamilton Spectator, June 1, 2022

Slate set to break ground on Corktown Condos in 2023
The Hamilton Spectator, May 31, 2022

OLT supports Ancaster townhouse development for 15 Church St
The Hamilton Spectator, June 6, 2022

Hamilton vacant homes tax
The Hamilton Spectator, June 2, 2022

May 2022 RAHB stats
MLS ®  Residential Market Activity for RAHB Areas, May 2022

Rent for 2 bedroom in Hamilton nears $2,000/month
The Hamilton Spectator, May 31, 2022

Hamilton Downtown BIA creates “memory lane” self-guided tour
The Hamilton Spectator, May 31, 2022

Montez buy Waterloo factory square office complex for $122m
RENX, June 2, 2022

London, ON Cherryhill Village sells for record $571M
RENX, May 30, 2022

Ontario home buyers flocking to Quebec
The Toronto Star, May 28, 2022

BoC raises rate to 1.5%
CBC News, June 1, 2022

DID YOU KNOW: You can have these valuable market reports delivered to your inbox each week? It’s true! All you have to do is click.

 

On Saturday, June 11 at 10 a.m., take time to celebrate and learn about the street art in downtown Hamilton through a guided tour. 

✏️ Register now!

You’ll find out the meaning behind some of Hamilton’s most beautiful street art and hear stories about the transformation of local buildings and businesses along the way.

The tour starts at One West Avenue S. It’s a Forge & Foster building adorned with the famous ‘Raise’ mural by Lester and Norman Coloma.

Your guides will lead you to locations around downtown. Bring water and wear comfy shoes. Register now before space fills up.

Admission is free but a donation to the Hamilton Community Fridge is welcomed.

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