Insider Info
Commercial Market Overview
The City of Cornwall has a well-established
commercial sector, servicing a regional population in excess of 110,000.
Recent Activity
The commercial sector has seen continued positive growth for the past several years. Several new entreprises have taken over and redeveloped existing properties, and there has been a significant amount of new construction as well.
Most of the activity has centred on the service industry, with several new restaurants locating in town.
Inventory
While there is no complete and accurate inventory of commercial space in
the City, we estimate that there is approximately 2,700,000 square feet of
developed commercial (retail/office) inventory in the city. This estimate has been developed using the best information available from a variety of sources including the City
Planning and Economic Development Departments, discussions with property owners and our own files. Additional information concerning vacancy rates
for the various commercial districts in the City is available upon request.
Aquistion Costs and Average Rents
Compared to major Canadian and American cities, acquisition costs and lease
rates for both office and retail uses in Cornwall remain bargains.
The owners of commercial real estate in Cornwall's commercial sectors who continue
to maintain and upgrade their properties are rewarded with rents
in the $10.00 per square foot on a fully net to the landlord basis. Secondary
space remains readily available with rates ranging from $5.00 to $8.00 per
square foot.
Prime office space is readily available in the City central business district at a number
of locations, most notably 36 Second Street East. Fully renovated heritage
office and retail space can still be rented at the Weave Shed, a part of the
former Canada Cotton Mill Complex which was originally constructed in the early
1900's.
The table below offers a brief overview of typical current rental rates
including estimated operating costs for various property types in the
City.
| OFFICE/RETAIL LEASE RATES AND OPERATING COSTS |
|---|
| Item | Low | Avg. | High |
|---|
| Rental Rate | 6.00 | 8.00 | 14.00 |
| Realty Tax | 2.00 | 2.00 | 3.00 |
| CAM | 3.00 | 3.50 | 4.00 |
| Total | $11.00 | $13.50 | $21.00 |
|---|
NOTES TO TABLE:
- CAM represents Common Area Maintenance charges which include (yard
maintenance, snow removal, water and sewer rates, heat, air conditioning,
lighting, structural repairs and general building maintenance.
- The above figures are based on a 5 year lease of a 3,000 to 5,000 sq.
ft. office/retail operation and includes utilities. Quality office/retail
space is readily available at overall rates between $11.00 and $13.00.
- All costs in the above tables are based on Canadian Dollars per square
foot of leased space per annum.
- Rents, Taxes and CAM vary from property to property and are provided
for information purposes only. Prospective tenants should not expect to
find any one building at either the low end rate or at the high end rate.
It's often the better quality buildings which have some of the lower
operating costs for items such as: insurance, heating, maintenance, etc..
More Information
RE/MAX can help you obtain the information necessary to make an informed location choice. Additional information on recent development patterns, traffic counts, wage rates, training programs, utility rate comparisons is only a request away.
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