- What 3190 Steeles Avenue East is in play
- Why The valuation for the Markham office building is $325/sq ft
- What next CBRE has the assignment
An office building north of Toronto is on the block for $19m.
CBRE has the assignment for 3190 Steeles Avenue East in Markham. The valuation for the 59,000 sq ft building is $325/sq ft. The seller is unknown.
Marketing is targeting owner-occupiers and investors, with approximately 35,000 sq ft of space available for an incoming user. According to marketing materials, gross rent for available units is $34.33/sq ft, with net rent at $20/sq ft. As of Q4, the average asking net rent in the Markham South office market was $16.43/sq ft, according to CBRE.
3190 Steeles Avenue East was completed in 1985. The three-storey building has one elevator and 80 parking spaces. Tenants include Geranium, Loho Clinic, Meritrust Financial and Ontario College of Traditional Chinese Medicine.
The property is zoned service employment, permitting a variety of uses including industrial, office and retail.
Near the corner of Steeles Avenue East and Victoria Park Avenue, the office building is 4 km southwest of downtown Markham. It’s 600 m from Highway 404 and within 4 km of Highway 407, Milliken GO and Pacific Mall. YRT and TTC bus routes service the site.
The office vacancy rate in Markham South was 12.9% in Q4, compared with the suburban GTA average of 24.0%. The node posted over 50,000 sq ft of positive net absorption for 2024.
Earlier this year, Davpart teed up 140 Allstate Parkway for $18.5m and sold 3760-3762 14th Avenue for $22.1m, while H&R REIT floated 88 McNabb Street for $19.3m. Those office buildings are all within 5 km of 3190 Steeles Avenue East.
