GTA West Office & Industrial Market – Oakville
Welcome to the 70th Installment of the GTA West Commercial Newsletter! This designed to bring you local relevant information about what’s happening in the office and industrial property market.
In May 2020 there was a total of 3 transactions (1 industrial, 1 ICI Land & 1 Residential Land) in Oakville. This is a value of $9,700,000. This is up approximately 14% in dollar value compared to May 2019 where there were 4 transactions (1 Industrial and 3 ICI land) for a total value of $8,316,667.
May closings in the Municipality of Oakville are quiet. Even going back to 2018, the month of May only had 4 closings.
The population in Halton region is roughly 596,000 residents. The population in this region is forecasted to grow to 690,000 by 2026 and to 1,156,000 people by 2051. There is a growing and active labour force and there will continue to be. One expects there to be robust employment growth in most sectors, with the exceptions of primary industries, manufacturing, and some information services, such as print media. These growth factors, along with others, will come into play when property owners and tenants decide to purchase or lease a Property and where their services should be located to maximize their utility. There is much to be discussed regarding this topic.
Each week we will highlight a different city in the GTA West – Next is Burlington.
Contact me to learn more about the Oakville Market and how we can Market your Asset.
Oakville Economic Task Force
On March 26, 2020, Town Council passed an Economic Action Plan for Oakville. The plan was developed by the Economic Task Force to help address immediate concerns voiced by the Oakville business community.
Planning application information:
» Development applications received by March 18, 2020 are being processed
»Time sensitive inquires will be handled by Planning staff
» The town is now accepting planning, building and development permits electronically
Building Permit and inspection information:
» Building permit applications received by March 18, 2020 are being processed.
» Staff are implementing a modified level of building inspections.
» Development charge indexing effective April 1, 2020 will not apply to Part 9 residential building permits deemed complete by March 17th and Part 3 residential/ICI building permits deemed complete by March 3rd.
233 Robinson St
» Sale Date: June 9, 2020
» Price: $2,095,000
» Building Size: 4,800 SF
» Price Per Sq.Ft.: $436
2468 Industrial Street, Burlington
» Sale Date: June 5, 2020
» Price: $7,300,000
» Building Size: 21,600 SF
» Price Per Sq.Ft.: $338
1095 Northside Road, Burlington
» Sale Date: June 2, 2020
» Price: $5,300,000
» Building Size: 12,800 SF
» Price Per Sq.Ft.: $5,300,000