Loading...
HomeMy WebLinkAboutCAO-06-027 - 2005 Downtown Monitoring Report1 Ki TER Economic Development REPORT Report To: Finance & Corporate Services Committee Date of Meeting: May 1, 2006 Submitted By: Silvia Wright, Manager Downtown Community Development & Janette MacDonald, Technical Analyst, Business Development Prepared By: Janette MacDonald, Technical Analyst, Business Development & Sandy Curzon, Downtown Service Administrator Ward(s) Involved: 1 & 6 Date of Report: April 26, 2006 Report No.: CAO -06 -027 Subject: 2005 Downtown Monitoring Report RECOMMENDATION: That Report CAO -06 -027 and attached "2005 Downtown Monitoring Report" be received as information only. BACKGROUND: The 2005 Downtown Monitoring Report outlines and analyzes the annual progress and performance of downtown Kitchener and surrounding neighbourhoods. The report highlights progress on key projects, and provides other information regarding people activity, development activity and business activity. By evaluating the health of the downtown environment, it is possible to assess the effectiveness of the strategic direction of downtown development being undertaken by the City. REPORT: 2005 was a busy year, with progress made on several key downtown projects, and signs of increasing interest in downtown investment. Municipal efforts in 2005 were directed toward several key projects including: • Implementation of the Downtown Strategic Plan; • Management and monitoring the Economic Development Investment Fund (EDIF); • Support of activities related to the development of the University of Waterloo School of Pharmacy, and Wilfrid Laurier University Faculty of Social Work; • Completion of downtown studies including a Parking Study, and review of first year of operations of Your Kitchener Market; • Completion and approval of CulturePlan II. Other accomplishment in the downtown include the successful sales of Kaufman Lofts and Eaton Lofts, with 2005 results surpassing expectations, and the recognition of the Kaufman Lofts project with a Canadian Urban Institute Brownfield award. As well, a significant new employer — The Record — located in the Market District, bringing 300 employees to downtown. Downtown monitoring indicators for 2005 suggested an increase in people activity, growth with respect to development and improving business activity, in particular through small business. ■ 2.1 percent increase in population to 18,146 in the Downtown Study Area (Planning Communities 1, 2, 3, 4, 5, 7, and 13); ■ 5.0 percent increase in event attendance, in large part due to success of `Blues, Brews, and BBQ's'; ■ 10.2 percent decrease in attraction attendance due to leveling off in attendance at Children's Museum after high volumes experienced with novelty of new attraction; ■ construction value of permits down 6 percent from 2004 (relatively less than city -wide decrease experienced during the same time period); ■ residential permit construction values up 49.3 percent; ■ net new units up by 256 percent (89 units added); ■ overall vacancy rate for rental housing fell in the Central Zone, while rents were increasing, suggesting increased demand for housing in the downtown; ■ 6 percent increase in employment to 11,451 as well as a 4.7 increase in number of businesses to 673; ■ year -end commercial vacancy down to 12.5 percent compared to 13.7 percent at the end of 2004, and lease rates increased over 2004 in the Core. These monitoring indicators demonstrate that positive improvements are noticeable in the downtown. As well, the trends outlined in these indicators suggest that downtown Kitchener should continue to experience positive results in the coming years. FINANCIAL IMPLICATIONS: None COMMUNICATIONS: None CONCLUSION: 2006 and beyond will be busy with the many activities related to the implementation of EDIF projects, and strategic plan implementation. EDIF projects include the redevelopment of the Victoria Park entrance, the opening of the WLU Faculty of Social Work in former St. Jerome's High School, and the ground- breaking for the University of Waterloo School of Pharmacy. Other downtown projects include the development of Marche Residences, and Arrow Lofts, as well as the potential redevelopment of the Centre Block, and possible development of School of Medicine as part of Health Sciences Campus. The early successes witnessed in 2005 reinforce the benefits of the strategic direction taken in past years, and suggest the great potential in these future endeavors. Silvia Wright, Manager Janette MacDonald, Technical Analyst Downtown Community Development Business Development Sandy Curzon Downtown Service Administrator Attach: 2005 Downtown Monitoring Report 2005 Downtown Monitoring Report portrait of revitalization activities, benefits and results in Downtown Kitchener City of Kitchener Economic Development Department 200 King St W PO Box 1118 Kitchener, ON Canada N2G 4G7 Phone: 519.741.2292 Fax: 519.741.2722 Email: downtown @city.kitchener.on.ca www.city. kitchen er. on. ca www.downtownkitchener.ca For more information contact: Janette MacDonald Technical Analyst 519.741.2760 janette .macDonald @city.kitchener.on.ca Sandy Curzon Downtown Service Administrator 519.741.2310 sandy. curzon @city.kitchener. on. ca Silvia Wright Manager of Downtown & Community Development 519.741.2392 silvia .wright @city.kitchener.on.ca 711EUM Table of Contents INTRODUCTION 1 ACCOMPLISHMENTS 2 Centre District 2 Civic District 3 Market District 3 Warehouse District 4 EMERGING CLUSTERS 5 Arts and Culture 5 Education and Knowledge Creation 5 Health Sciences 6 MONITORING INDICATORS 7 Group 1. People Activity 7 Indicator 1(a) Residential Population 7 Indicator 1(b) Events 7 Indicator 1(c) Attractions 9 Indicator 1(d) Tourism Inquiries 9 Indicator 1(e) Parking 9 Group 2. Development Activity 10 Indicator 2(a) Construction Value of Building Permits 10 Indicator 2(b) Residential Permits 11 Indicator 2(c) Rental Housing Demand 11 Indicator 2(d) Financial Incentives 12 Group 3. Business & Employment Activity 13 Indicator 3(a) Number of Businesses 13 Indicator 3(b) Top Employers 13 Indicator 3(c) Top Employers By District 13 Indicator 3(d) Number of Employees 14 Indicator 3(e) Industrial Space 14 Indicator 3(f) Office Space 15 ORGANIZATIONAL UPDATE 16 Economic Development Investment Fund 16 Strategic Plan 17 Other 18 OPPORTUNITIES FOR THE FUTURE 19 CONCLUSION 20 TABLE OF APPENDICES Appendix A: Downtown Project Map Appendix B: Downtown Study Area Map By Planning Community Appendix C: Downtown Districts Appendix D: Central Zone Map for CMHC Statistics Appendix E: Core Area Map for Industry Statistics Thanks to our partners, and other contributors to this report: DISCLAIMER 711EUM The information in this report has been carefully gathered to obtain accurate information. While every effort has been made to ensure the accuracy of information, the possibility for error or omission exists. We would appreciate your assistance by notifying us of any inaccuracies. We can be contacted at 519.741.2292 or at ecodev @city.kitchener.on.ca, or by faxing 519.741.2722. 711EUM Introduction In 2005, Downtown Kitchener experienced a great deal of activity and interest in both municipal and private sector projects. This is due in part to the many commitments made in 2004, such as the approval of the Economic Development Investment Fund, and the finalization of the Downtown Strategic Plan, Volume III: Implementation Plan. While many of the decisions were made in 2004, several key projects will not reach maturity for several years, such as the redevelopment of the Centre Block or the University of Waterloo Health Sciences Campus. Therefore, it was remarkable to see so many measurable improvements in the downtown in 2005, such as new residential development activity, increased business numbers and employment, and improved event attendance. Downtown Kitchener has successfully begun the shift to a knowledge based economy. New large employers include companies like The Record (newspaper), educational institutions, and computer companies. Former industrial factories are providing opportunities for creative redevelopment into residential and commercial space, while retaining a sense of history of the rich manufacturing past in Kitchener. Downtown Kitchener is also becoming the cultural centre of Waterloo Region with art displays, multicultural festivals, and several museums. The cultural dimension to the downtown economy is facilitating people activity, and attracting young people to the urban environment. The multi- faceted approach of downtown redevelopment activities such as financial incentive programming, streetscaping, community development and cultural facilitation are contributing to the many positive changes occurring in the downtown. Introduction 711EUM Accomplishments Centre District Anchored by Kitchener City Hall, the Centre District is the largest of the downtown districts. The Centre District has historically been the primary business district in the downtown, and still accounts for nearly half of all downtown employment. The Centre District is home to an eclectic array of activities ranging from the Annual Outdoor Chess Program in Civic Square to the three day 'Blues, Brews & BBQs' event. It is also centred by the new Downtown Community Centre which opened in the summer of 2005. The community centre is part of a larger facility that includes the Waterloo Catholic District School Board's Catholic Education Centre and St. Mary's Parish Hall. The facility is located in the former St. Mary's High School, which has been empty since 2002 and was extensively renovated for the project. This project illustrates the creative reuse of downtown space to provide places for people activity. Construction began in 2005 on the conversion of the former St. Jerome's High School to the Wilfrid Laurier School of Social Work. When the campus opens in 2006, it will bring 300 faculty, staff and students to the downtown. Adjacent to City Hall is a block known as the "Centre Figure 1: Construction of the WLU Block" in which the City has significant land holdings and School of Social Work is currently engaged in strategic planning for its' future. Centre Block In 2005, the City of Kitchener moved forward with discussions surrounding the location of a new main library on the Centre Block. The Kitchener Public Library has identified the need for a new main branch to replace the aging and inadequate building located in the Civic District. In 2004, the City's Centre Block Steering Committee had commissioned a report, prepared by Royal LePage Advisors examining potential uses for the Centre Block property. The report recommended that Kitchener secure an institutional user for the property that would serve as a catalyst for additional development of the land. The library was identified as an ideal candidate to act as this catalyst project. Kitchener City Council invited the City of Waterloo to discuss the possibility of a joint central library, and it was determined in 2005 that Kitchener would need to proceed on its' own. In May of 2005 Kitchener City Council gave its approval to a new central public library in the downtown, reaffirming $32.5 million for construction. The City's contribution, part of the $110 Economic Development Investment Fund, is intended to leverage the development community to become partners in the project. The Centre Block was also identified as a location for additional parking spaces as outlined in the "Feasibility Figure 2: The Centre Block Study for the Development of Short and Long Term Parking Solutions for Downtown Kitchener' which was Accomplishments 711EUM completed in 2005. The study recommended locating 380 spaces plus additional spaces as needed to accommodate the development on the block. For more information, see Organizational Update on p. 18. As well, in late 2005, it was determined that the former Forsyth factory located on the block had deteriorated significantly and presented a risk of falling masonry. The City moved quickly to secure the site with barricades and signage to protect pedestrians. Civic District The Civic District has been the most stable of the downtown districts, anchored by cultural and institutional establishments such as the Region of Waterloo's administration building, The Centre in the Square and the Kitchener - Waterloo Art Gallery. Your Kitchener Market Your Kitchener Market offers a variety of modern shops, many with a multicultural focus as well as traditional vendors. Inside the market, visitors will find long, large aisles of butchers, bakers, produce, flowers, cheese, and prepared foods. Outside on L .``. t Eby Street and along Market Lane, patrons will find _ ,r still more fruits, vegetables and flowers. The Market Shop vendors, all specialists in their areas, reflect �r, Kitchener's cultural diversity through their products. { <. The new market is unique from Kitchener's traditional market, in that it offers both a Farmer's Market component operating on Wednesday and Saturday from May to October, as well as a retail component operating throughout the week year round. Figure 4: Shoppers at Your Kitchener After its' first year of operations, a progress report Market prepared by consultants Urban Marketing Collaborative noted that customers appreciate the cultural atmosphere and food options, the good location, community atmosphere, entertainment, quality and prices. Market shoppers are increasingly a younger and more affluent demographic. The report indicates that the Market has reached many of its first year targets, but as with any new business, there is still work to be done. http: / /www.centre- square.com Accomplishments 711EUM In September 2005, City Council directed staff to prepare a long -term, comprehensive plan for the future of Your Kitchener Market. A preliminary status report released in late 2005 provided a situational assessment of the market, including a report on the ongoing consultations between city staff and market vendors, and an interim work plan /financial plan. While Saturday markets, including the covered and outdoor street area, continue to have a huge following and the farmers' market vendor component is operating at capacity, there are issues that need to be addressed in the coming year. They include: a potential winter enclosure for covered area vendors; energy management and electrical service upgrades; solutions for the future use of the space formerly occupied by the grocery vendors; revenue levels for full -time vendors and the Market staffing complement. The interim strategy /work plan outlined in the report includes measures to be implemented in 2006 -07 including: repositioning /hiring permanent market staff; further consultation on the merit of a winter vendor enclosure for the market; expanding interim activity in the vacant space on the upper level; a five -year planning proposal and the eventual development of business cases for facility enhancements and long term tenant recruitment. Warehouse District The warehouse district is home to some of the most exciting new developments in Downtown Kitchener. In 2005, the Kaufman Lofts emerged as one of the big winners at the Canadian Urban Institute's (CUI) Brownie Awards. Kaufman Lofts is being transformed from a former downtown industrial property at the corner of King and Francis Streets into 270 residential lofts by developer Mitch Fasken. The Kaufman Lofts project was named best small /medium scale project at the awards ceremony, in a competitive category with 60 nominations from across Canada. As well, in the fall of 2005, a design brief for the University of Waterloo Health Sciences Campus was released. The campus will be located on the former Epton site, which was most recently used as a parking lot. It will feature a landmark building, pedestrian trails, a courtyard featuring public art, and an inviting and friendly streetscape. The conceptual development plan for the project depicts an urban campus development with a signature tower building located at the corner intersection, a 3 -5 storey building located along King Street and a 2 -3 storey building fronting Victoria Street and its adjoining perimeter. Construction on the $147 million facility - expected to create an influx of 1,200 staff and faculty into the city's core — will begin in 2006. Figure 5: University of Waterloo School of Pharmacy (Artists Drawing) The first phase is set to open in September 2007. The school is expected to graduate about 120 pharmacists annually and will become the home of the Centre for Family Medicine, where new family physicians will be trained, as well as an optometry clinic and the International Pharmacy Graduate Program. Accomplishments 711EUM Emerging Clusters "Cluster development" represents the marriage of community planning and economic development. A cluster is a geographic concentration of competing, complementary, or interdependent firms, institutions and associations that interact with each other and have common needs for talent, technology and infrastructure. By sharing knowledge from the research, financing and education end of the supply chain with the industry, marketing, promotion, governance and community development aspects, technology can be transformed from research through to commercialization. This flow of information is what shapes the value and uniqueness of a cluster. In 2005, staff presented preliminary findings on the emerging clusters in the City of Kitchener in the form of the Urban Investment Strategy: The Framework. These new clusters tend to have a greater urban presence, while the existing manufacturing base is predominantly located in Business Parks and along major transportation corridors. Almost 27 percent of the labour force is employed in manufacturing. However, emerging clusters including the Education and Knowledge Creation Cluster, and the Health Sciences Cluster will help rejuvenate Downtown Kitchener and strengthen the city -wide economy. Arts and Culture The past two decades in Canada have been marked by an increase in population, yet a critical decrease in Canadian federal and provincial fiscal support to arts and culture. Within the `new economy', it is no longer possible to consider municipal investment in culture as a `frill' or `add on', only to be budgeted for after traditionally defined `basic infrastructure' requirements have been fulfilled. Culture has become an essential building block of a city region's competitive advantage, and needs to be prioritized as such.2 Major developments in 2005 include Councils' approval of CulturePlan II. This is a new five -year strategy to further the cultural life of the Kitchener throughout the city. However, the implications for downtown are significant as it is poised to become the cultural centre of not only the municipality, but the region. CulturePlan II is a follow up to CulturePlan I, which was completed in 1996. That plan yielded initiatives such as the Rotunda Gallery at City Hall, the Artist -in- Residence program, Arts and Culture Advisory Committee, Public Art Working Group and public art program, as well as community grants. For more information, see Organizational Update on p.18. Education and Knowledge Creation Talent created in universities, colleges and other research facilities, and the overall contribution of higher learning to the economy, is reaching new heights. An analysis of industry clusters showed that education and knowledge creation is the second - fastest growing industry in the US, with colleges and universities leading the growth by adding 300, 000 jobs between 1990 and 1999. A main reason for the growth of education institutions is that the role of knowledge in the `new economy' has created a novel function for universities and studentS.3 Traditionally, education and knowledge creation has been an important regional economic sector, but it has remained underdeveloped within the City of Kitchener. The developing education and knowledge creation cluster has become the focus of many downtown revitalization efforts. It provides research and development assistance, highly educated and trained employees for all types of industries, as well as business and employment opportunities. Statistics Canada, 2001 Census 2 Urban Investment Strategy: The Framework, 2005. 3 Urban Investment Strategy, The Framework, 2005 Emerging Clusters 711EUM In late 2003, the City and Wilfrid Laurier University announced the move of the Faculty of Social Work to the former St. Jerome's High School located across from City Hall on Duke St W. This was made possible through a $6.5 million investment from the Economic Development Investment Fund of the City of Kitchener. The move will bring with it more than 300 students, professors and staff, who will contribute directly to the downtown economy. In 2004, the formal project approvals were made and project planning commenced. It is anticipated that once it is fully operational, the campus will generate economic spin -offs of $1.48 million annually.' In 2004, the University of Waterloo and the City announced the new School of Pharmacy on the former Epton Site in the Warehouse District. As only the second School of Pharmacy in Ontario, this new school will have significant impacts not only for Downtown Kitchener, but also for the entire province. The City of Kitchener has contributed $30 million from its $110 million Economic Development Investment Fund to the UW Downtown Kitchener School of Pharmacy. The school is expected to graduate about 120 pharmacists annually and will house the Centre for Family Medicine, as well as an optometry clinic. The Health Sciences Campus is expected to attract $6 -10 million in research dollars a year. As well, an `urbanMetrics inc' economic impact analysis of the project estimates that the project will add $31 million to the region's economy; create approximately 358 full -time equivalent jobs and some $21 million in wages and salaries . 2 In addition to these two new Downtown Kitchener university campuses, the Waterloo Catholic District School Board previously established the St. Louis Adult Education Centre offering training and development. The Catholic School Board subsequently announced the relocation of their board offices to the former St. Mary's High School bringing 150 employees to downtown. Health Sciences Health Sciences and, in particular, Biotechnology are enabling technologies, rather than a sector of a broader industry. More specifically, "biotechnology is the application of biological knowledge and techniques pertaining to molecular, cellular and genetic processes to develop products and services. The industry consists of firms established to develop this knowledge and to exploit it commercially. s3 The opportunity to bring the University of Waterloo's School of Pharmacy to Downtown Kitchener benefits not only the developing Education and Knowledge Creation cluster, but has generated interest in studying a potential new cluster: Health Sciences. The bio -based platform links the molecular biology and agricultural production strengths of the University of Guelph and the bio- informatics and bio- engineering strengths of the University of Waterloo. Further developments in 2005 include the decision of the University of Waterloo to open a satellite clinic of its' School of Optometry in the Health Sciences Campus of Downtown Kitchener. As well, this location will be home to a Family Medicine practice with a teaching component. ' Economic Impact Analysis, Adventus Research 2 Economic Impact Analysis, urbanMetrics inc. 3 Urban Investment Strategy, The Framework, 2005 Emerging Clusters 711EUM Monitoring Indicators Group 1. People Activity Indicator 1(a) Residential Population The following chart outlines revised downtown population estimates for 2002 to 2005 based on baseline Census data from 2001. While the population is increasing, the growth rate was declining until 2005. In 2005, many major redevelopment initiatives were underway resulting in significant building permit activity that will translate into population increases. Most of the surrounding neighbourhoods have relatively stable populations with almost no new residential development, however in the downtown itself, loft projects such as Eaton Lofts and Kaufman Lofts demonstrate consumer demand for urban living spaces. It is anticipated that this renewal in residential growth will continue into 2006 and beyond. The estimated average annual growth rate (City -Wide) between 2001 and 2005 was 1.13 percent (Source: FP Markets - Canadian Demographics 2005). Average annual growth rate in the Downtown Study Area was 1.18 percent for the same period although most of this growth occurred in 2002, and 2005. However, numbers from 2005 suggest that this positive trend should continue in future years. Indicator 1(a): Residential Population Neighbourhood 2001 Census Population Est. 2002 Population* Est. 2003 Population* Est. 2004 Population* Est. 2005 Population 1. Downtown 1,125 1,300 1,298 1,300 1,439 2. Civic Centre 2,005 2,021 2,017 2,019 2,019 3. King Street 1,795 1,797 1,793 1,848 1,848 4. Cedar Hill 2,480 2,538 2,577 2,564 2,564 5. Mill - Courtland 3,545 3,578 3,679 3,679 3,675 7. Victoria Park 2,720 2,718 2,720 2,722 2,718 13. Central Frederick 3,650 3,640 3,640 3,640 3,885 Total 17,320 17,592 17,724 17,771 18,146 Actual Increase Percent Increase +272 1.6% +132 0.7% +47 0.3% +375 2.1% Source: City of Kitchener Corporate Database Based on a factor including annual vacancy rate, average persons per household, and building permit data net demolitions. Indicator 1(b) Events Attendance at downtown events in 2005 increased by approximately 5 percent. This number does not include the additional rentals at the Victoria Park Pavilion which amounted to attendance of 38,500. Despite adverse weather conditions on several event dates, attendance for most events remained consistent. New downtown events included: Fire Fighter Combat Challenge, Bricklin Car Show, a revamped Cruise Night and Mela 2005. There has been a significant change in attendance of the smaller rentals. According to staff, increased parking options, additional meeting rooms and more private function space would enable the small rental business to grow. Monitoring Indicators 711EUM Indicator 1(b): Events Event Attendance 2002 2003 2004 2005 '04 -'05 Change Small Rentals 47,000 38,000 35,300 26,300 -9,000 Cruise Night 16,000 17,000 12,000 14,000 2,000 Motorcycle Show and Shine* 0 500 500 Festival of the Night 12,000 8,000 10,000 10,000 0 Festival of Trees and Light 9,000 9,500 10,000 9,000 -1,000 Christkindl Market 25,000 30,000 30,000 30,000 0 Open Ears Festival (Bi- Annual) 0 3,000 3,000 0 ArtWorks /MFA(Started 01)CAFKA 1,600 2500 3,000 5,000 2,000 Tooney Tuesday 3,600 3600 3,600 3,600 0 BBQ Cookoff 5,000 5,000 0 Global Beat* 0 0 0 Rotary Duck Race* 0 0 0 Multicultural Festival 42,000 51000 60,000 60,000 0 Tapestry less Multi Cultural Fest. 2,000 2,400 3,000 600 Kidspark 14,000 14000 18,000 18,000 0 Block Party 00 -02 /Unity Jam 03- 2,000 1000 800 500 -300 Oktoberfest Opening Ceremony 2,000 2000 2,000 2,000 0 Your Downtown Oktoberfest 2,500 3,500 1,000 Grillfest 1000 1,500 1,500 0 Victoria Day Fireworks* 18,000 0 0 Victoria Park Pavilion Rentals 39,400 38,500 -900 Christmas Fantasy 1,000 1500 2,000 2,000 0 Festival de Velo 1,500 1,500 0 Blues, Brews, BBQ - all locations 6,000 10000 30,000 45,000 15,000 Strong Man Competition* 4,000 -4,000 Schweinfest* 2,500 2500 2,500 -2,500 Taste of Waterloo County* 1,000 0 0 Word on the Street 4,000 7,000 8,000 8,000 0 German Heritage Day 1,200 1,200 0 800 800 1 Book 1 Community 500 1,200 1,200 0 Quilt Festival 1,000 1,000 1,000 0 Downtown Performances ** 1,000 1,000 -1,000 Market Grand Opening ** 1,500 -1,500 Songwriter's Festival 500 700 200 Ranger Rally ** 3,800 0 World Youth Day ** 1500 0 0 0 0 Brau & Vinzer 500 500 Mela 2005 1,000 1,000 Fire Combat Challenge 5,000 5,000 Bricklin Car Show ** 1,000 1,000 Market Programming ** 2,000 2,000 Total Attendance 209,400 211,100 288,700 303,100 14,400 Source: city or Kitcnener community Services uepartment *Discontinued * *One -time event Monitoring Indicators 711EUM Indicator 1(c) Attractions Overall attendance to 3 key cultural attractions fell in 2005, primarily due to a drop off in attendance at the Children's Museum. This levelling off in activity represents normal results, as the volume of visits initially experienced represented unusual activity levels due to the novelty of the attraction. As well, the Centre in the Square experienced a slight drop of approximately 5.75 percent, believed to be consistent with a downturn in theatre attendance experienced across North America during the same time period. Theatre & Company attendance has remained relatively stable and has contributed to downtown attendance in particular in the evenings. Indicator 1(c): Attractions 2002 2003 2004 2005 Centre in the Square 188,008 157,488 172,532 162,600 Children's Museum N/A 24,251* 68,283 51,255 Theatre & Company ** 22,916 ('02 —'03) 19,770 ('03 —`04) 19,499 (`04 —`05) 19,987 ('05 -'06) Total 210,924 201,509 260,314 233,842 *September to December * *Does not include studio classes, corporate rental space, and theatre rentals who do not use the box office. Indicator 1(d) Tourism Inquiries The decision to open Your Kitchener Store in May 2003 has proven effective in promoting not only the downtown, but Kitchener as a place for tourism. Your Kitchener Store is located across from City Hall and in 2005 handled 5,891 walk -in inquiries, up from 5,090 in 2004 (almost 16 percent). This is especially significant to downtown as it suggests a significant increase in pedestrian traffic of tourists, who represent an injection to the downtown economy. Indicator 1(d): Tourism Inquiries source: Kitchener I ourism *Excludes March & April web hits due to tracking change. Indicator 1(e) Parking Excess monthly capacity occurred primarily in the Market lot, however this lot was designed to accommodate future growth. The overall number of monthly parkers did increase over 2004, as did the waiting list for monthly parking, suggesting an increase in downtown employment and /or population requiring paid parking. The following chart is not intended to assess capacity or availability of parking in the downtown, but rather to illustrate increasing demand for parking. In 2005, a parking feasibility study was presented which analysed the parking commitments and requirements of the City, and made short and long term recommendations to meet parking needs. For more information, see Organizational Update, p. 18. Monitoring Indicators 2003 2004 2005 Walk -in 3,832 5,090 5,891 Telephone 2,967 3,920 3,280 Email 394 499 424 Total inquiries 7,193 9,509 9,595 40,135 49,003 43,851 Brochures/ Large Orders Packages Mailed 755 759 714 Website Visits n/a 5,033,239 7,101,998* source: Kitchener I ourism *Excludes March & April web hits due to tracking change. Indicator 1(e) Parking Excess monthly capacity occurred primarily in the Market lot, however this lot was designed to accommodate future growth. The overall number of monthly parkers did increase over 2004, as did the waiting list for monthly parking, suggesting an increase in downtown employment and /or population requiring paid parking. The following chart is not intended to assess capacity or availability of parking in the downtown, but rather to illustrate increasing demand for parking. In 2005, a parking feasibility study was presented which analysed the parking commitments and requirements of the City, and made short and long term recommendations to meet parking needs. For more information, see Organizational Update, p. 18. Monitoring Indicators 711EUM Indicator 1(e): Parking Lot Total Spaces Limit Monthly Parkers Monthly Parkers Monthly Waiting List Commercial 6,284,000 2,551,200 2004 2005 2004 2005 City Hall 442 400 404 401 40 66 Duke /Ontario 403 364 340 311 - 13 Market 283 240 64 114 - 18,832,900 Lot #1 82 21 21 21 - Lot #2 36 6 6 6 - Lot #3 111 79 79 75 11 76 Lot #6 44 20 20 23 1 16 Lot #7 41 20 14 25 - Lot #8 162 154 146 128 - 10 Lot #9 31 20 16 20 - 4 Lot #16 34 10 11 25 4 18 Lot #19 175 60 60 60 94 84 Lot #22 31 15 13 10 - 3 Lot #23 38 23 20 25 - Lot #27 161 16 10 12 - Total 1,9291 1,448 1,237 1,256 1501 290 Source: City of Kitchener Community Services Department, 2004 -2005 Group 2. Development Activity Indicator 2(a) Construction Value of Building Permits The total value of construction activity fell in 2005 by approximately 6 percent, however this was less than the city -wide decrease of over 8 percent. The main decrease was in commercial activity, which may reflect a normal drop -off after the unusually high level of activity experienced in 2004. In 2005, the Downtown Study Area accounted for 6.7 percent of city -wide construction values, up slightly from 6.6 percent in 2004. Construction activity downtown has remained relatively proportionate to City- wide activity, with 2003 activity at 6 percent, and 2002 at 10 percent. This is a positive sign as construction activity in the outer areas of Kitchener has been considerable. Indicator 2(a): Construction Value of Building Permits Downtown Study Area 2002 2003 2004 2005 Commercial 6,284,000 2,551,200 15,465,900 5,543,800 Industrial 642,500 40,000 106,000 1,987,000 Institutional 1,347,000 1,605,000 7,653,000 11,976,800 Multiple Use 1,550,000 10,902,500 192,000 - Residential 24,822,400 3,734,200 4,629,000 6,914,500 Total 34,6451900 18,832,900 28,045,900 26,422,100 Source: City of Kitchener Corporate Database Note: Includes alterations Monitoring Indicators 711EUM Indicator 2(a): Construction Value of Building Permits Neighbourhood Commercial Industrial Institutional Multiple Use Residential Total 1. Downtown 3,747,300 1,781,000 11,851,800 - 587,000 17,967,100 2. Civic Centre - - - - 64,000 64,000 3. King Street 995,000 - - - 7,600 1,002,600 4. Cedar Hill 109,000 - - - 50,000 159,000 5. Mill - Courtland 1,500 - - - 270,000 271,500 7. Victoria Park 350,000 26,000 93,000 - 62,500 531,500 13. Central Frederick 341,000 180,000 32,000 - 5,873,400 6,426,400 Total 1 51543,800 1,987,0001 11,976,800 1 6,914,500 1 26,422,100 source: city of Kitchener corporate Uatabase Note: Includes alterations Indicator 2(b) Residential Permits The number of units being added to the Downtown Study Area rebounded in 2005 after growth had declined steadily since 2002. As outlined in Indicator 2(a) Construction Value of Building Permits, 2002 represented a year of unusually high building activity. As well, 2004 results may have been abnormally low as developers waited on key Council decisions prior to proceeding with residential development activity. Key residential projects impacting permit activity include Kaufman Lofts and Eaton Lofts. Future development of the Arrow Lofts and Marche Residences will positively impact permit activity for the future. Indicator 2(b): Residential Permits Neighbourhood 2002 Construct. Value Net New Units* 2003 Construct. Value Net New U n its* 2004 Construct. Value Net New Units* 2005 Construct. Value Net New U n its* 1. Downtown $18,127,000 90 $121,000 -1 $92,500 1 $587,000 33 2. Civic Centre $1,610,000 8 $353,000 -2 $104,000 1 $64,000 - 3. King Street $91,700 1 $8,600 -2 $2,585,000 29 $7,600 - 4. Cedar Hill $3,099,000 30 $105,000 20 $1,327,000 -7 $50,000 - 5. Mill - Courtland $1,633,700 17 $2,640,700 52 $164,500 - $270,000 -1 7. Victoria Park $122,000 -1 $58,900 1 $130,500 1 $62,500 -1 13. Central Frederick $139,000 -5 $447,000 $225,500 $5,873,400 58 Total $24,822,400 140 $3,734,200 68 $4,629,000 25 $6,914,500 89 Source: Citv of Kitchener Corporate Database *Net demolitions. Indicator 2(c) Rental Housing Demand There were several noteworthy improvements in the rental market in Kitchener Central for 2005 (See Appendix D: Central Zone Map for CMHC Statistics). Rents increased, while the number of vacant units fell. While there were slight increases in the vacancy rate for bachelor and 1 Bedroom apartments, overall vacancy did decrease, as did the availability rate. After having the highest availability rate in the CMA in 2004, Kitchener Central fell to have the lowest in the municipality of Kitchener. The universe or number of apartments did decrease from 2004, however, new projects such as Arrow Lofts will increase the availability of rental housing in the future. The improvements in the rental housing market are consistent with the renewed residential development activities experienced in 2005, and affirm the increasing interest of residents in living in an urban environment. Monitoring Indicators 711EUM Indicator 2(c): Rental Housing Demand Kitchener Central All Units Bachelor 1 Bedroom 2 Bedroom 5 rebates 2loans 2004 2005 2004 2005 2004 2005 2004 2005 Vacant Units 167 129 5 8 49 46 104 70 Universe 3,191 2,987 127 149 1,332 1,226 1,658 1,527 Availability Rate 8.6% 6.5% 8.4% 6.2% 4.8% 6.2% 11.1% 6.6% Vacancy Rate 5.1% 4.3% 4.3% 5.5% 3.1% 3.8% 6.2% 4.6% Average Rent $712 Not Available Not Available $496 $643 $667 $776 $830 Source: GMHG Kental Market Keport 2004, 2005 Indicator 2(d) Financial Incentives The Fagade /Interior Loan Program provides financial assistance to the owners of downtown commercial properties. The assistance is in the form of a 15 percent grant and an 85 percent repayable loan over 5 years at a fixed rate of interest. In 2005, four Fagade /Interior loans were approved totalling $75,585. The cumulative value of all improvements made using the Fagade /Interior Loan Program since 1996 now stands at $5,665,281. The Downtown Financial Incentives Program also facilitates renovations by providing building owners with various rebates. They include building permits, planning related fees and tax rebates. In 2005, 4 rebates were provided totalling $40,784.27. The Incentives Program continues to play an integral role in fueling private sector support for downtown development. In 2005, the City launched the Upper Storey Renovation Program to provide opportunities for commercial property owners to convert upper floors into residential spaces, thereby increasing the downtown population. This will benefit the downtown economy through increased people activity and consumer spending. First applications will be considered in 2006, with $400,000 available in the form of loan and grant funding. The balance of the $1 million program will be available for three more years, with up to $200,000 available each year until 2009. The following table summarizes the annual activity of all Downtown Financial Incentives for the past 3 years. Indicator 2(d): Financial Incentives Source: Glty or Kitcnener rmancial Service uepanment Estimated improvements are based solely on loans issued through the downtown fagade /interior loans program Monitoring Indicators 2003 2004 2005 Total incentives and loans issued 5 rebates 2loans 3 rebates 4loans 4 rebates 4loans Total value of fagade /interior loans $90,000 $130,000 $ 75,585 Total value of fagade /interior improvements $500,000 $605,000 $171,881 Total value of downtown rebates $200,000 $21,230 $40,784 Source: Glty or Kitcnener rmancial Service uepanment Estimated improvements are based solely on loans issued through the downtown fagade /interior loans program Monitoring Indicators 711EUM Group 3. Business & Employment Activity Indicator 3(a) Number of Businesses In 2005, the number of businesses grew to 673 from 643 in 2004. This is a positive sign after experiencing a decrease between 2003 and 2004 from 697 businesses. Indicator 3(a): Number of Businesses Number of Businesses 2003 697 2004 643 2005 673 Source: City of Kitchener Downtown Business Database Indicator 3(b) Top Employers Indicator 3(b): Top Employers Downtown Employees District Manulife Financial 1,300 Centre Rogers Communications 669 Civic City Of Kitchener - City Hall 572 Centre Canada Revenue Agency 550 Civic Regional Administration Building 455 Civic Bell Canada 450 Centre Arvato Services Inc. 385 Market Nordia Inc. 370 Market The Record 300 Market Group 4 Security Services 300 Market Source: City of Kitchener Downtown Business Database Indicator 3(c) Top Employers By District Indicator 3(c): Top Employers By District Centre Employees Market Employees Manulife Financial 1300 Arvato Services Inc. 385 City Of Kitchener- City Hall 572 Nordia Inc. 370 Bell Canada 450 The Record 300 YWCA of Kitchener - Waterloo 140 Group 4 Security Services 300 St. Louis Adult Learning Centre 103 Stantec Consulting Ltd 259 Civic Employees Warehouse Employees Rogers Communications 669 Kitchener - Wilmot Hydro Inc 165 Canada Revenue Agency 550 TSH (Totten Sims Hubicki Ass.) 32 Regional Administration Building 455 Ecoplans Ltd 30 The Centre In The Square 170 Peer Group 30 Waterloo Regional Police Admin 125 The Rumpel Felt Co Ltd 30 Bldg Source: City of Kitchener Downtown Business Database "City Hall employees only Monitoring Indicators 711EUM Indicator 3(d) Number of Employees It is estimated that there were 11,451 people employed in Downtown Kitchener in 2005, up from 10,801 in 2004. The most significant new employer was The Record, which located in the Market District in early 2005, bringing 300 employees to downtown. The changes in employment also resulted from improved accuracy in estimating employment. Indicator 3(d): Number of Employees Estimated Employment by District 2004 2005 Centre 5,619 5,636 Civic 3,070 2,400 Market 1,631 2,757 Warehouse 481 681 Total 10,801 11,451 Source: City of Kitchener Downtown Business Database Indicator 3(e) Industrial Space The vacancy rate of 9.2 percent remains higher for the core area of Kitchener relative to the suburban rate of 1.3 percent. In fact, while the suburban rate fell, the core rate increased suggesting that the trend toward the movement of industry out of the core will continue. This reflects the economic changes that have occurred that render core industrial space less desirable relative to greenfield development. As a result, former industrial spaces are being converted to mixed -use or commercial uses. Therefore the vacancy rate is not necessarily of great concern as it reflects a problem that is already being addressed. Of greater concern, is the low rate of vacancy in the suburbs and the increasing need for new industrial land. Despite the variable vacancy rate experienced throughout 2005, there was an overall positive trend in price increases, likely reflecting the limited availability of industrial space across the city. Indicator 3(e): Industrial Space 2004 2005 2005 Year End Core* Suburban Core* Suburban Inventory SF 2,843,000 18,411,660 2,918,160 18,861,315 Vacancy Rate % 7.5 2.2 9.2 1.3 Net Absorption SF - - Under Construction SF - 81,190 41,412 Avg. Asking Lease Rate $SFNR 3.79 5.94 4.24 5.51 Availability Rate %2 7.5 3.9 12.7 3.5 *See Appendix E: Core Area Map for Industry Statistics next. Indicator 3(e): Industrial Space 2005 Core By Quarter 15 Quarter 2 nd Quarter 3rd Quarter 4 Quarter Inventory SF 2,843,000 2,863,855 2,863,855 2,918,160 Vacancy Rate % 6.6 8.0 6.1 9.2 Net Absorption SF Under Construction SF Avg. Asking Lease Rate $SFNR 3.69 3.39 3.81 4.24 Availability Rate %2 7.6 11.5 7.3 12.7 Source: CBRE MarketView, 2004 The change in occupied square feet from one period to the 2Available square feet divided by the Net Rentable Area. next. Monitoring Indicators 711EUM Indicator 3(f) Office Space The Core office market was relatively stable during 2005, after experiencing a recovery at the end of 2004. The vacancy rate peaked at 13.2 percent, but ended the year at 12.5 percent, lower than the year end of 13.7 percent experienced in 2004. However, the increase in rent experienced early in the year was sustained throughout the year suggesting that the value of office space downtown has appreciated. Indicator 3(f): Office Space 2004 2005 2005 Year End Core* 2 nd Quarter Suburban Core* Inventory SF Suburban Inventory SF 2,244,200 2,265,200 2,024,955 2,265,200 13.2 2,017,435 Vacancy Rate % 13.7 69,178 3.2 12.5 (13,053) 8.3 Net Absorption SF 47,007 - 28,793 (13,053) 9.42 36,180 Under Construction SF 19,000 Availability Rate %2 - - 14.8 - Avg. Asking Lease Rate $SFNR 9.46 13.74 9.88 The change in occupied square feet from one period to the next. 13.05 Availability Rate %2 15.1 Rentable Area. 9.7 12.5 9.4 *See Appendix E: Core Area Map for Industry Statistics Indicator 3(f): Office Space 2005 Core By Quarter 15 Quarter 2 nd Quarter 3rd Quarter 4 Quarter Inventory SF 2,247,200 2,265,200 2,265,200 2,265,200 Vacancy Rate % 10.6 13.2 11.9 12.5 Net Absorption SF 69,178 (43,067) 28,955 (13,053) Under Construction SF 19,000 18,000 - - Avg. Asking Lease Rate $SFNR 9.42 9.85 9.82 9.88 Availability Rate %2 12.5 13.9 14.8 12.5 Source: CBRE MarketView, 2004, 2005 The change in occupied square feet from one period to the next. 2Available square feet divided by the Net Rentable Area. Statistics courtesy of: CBRE 40 Weber St E Suite 100, Mezzanine Level Kitchener, ON N21-1 6R3 T 519 744 4900 F 519 571 9315 Monitoring Indicators 711EUM Organizational Update Economic Development Investment Fund In 2004, Kitchener City Council approved a flexible investment fund which provides $110 - million for economic development projects over the next 10 years. The fund will support Kitchener's manufacturing sector through traditional business park development, while also encouraging the further development of an education and knowledge creation sector in Downtown Kitchener. To pay for the fund, Council approved a special tax levy over the ten years of the fund. Debt will be issued in equal increments for 10 years, resulting in a maximum debt per capita of $373 or $74 net. Since EDIF was created, Council has approved investing $59.4 million — or 54 per cent of the fund. More recent successes related to the EDIF fund include: • City was able to leverage a $147 million investment by the University of Waterloo — in its Downtown Kitchener Health Sciences Campus — with a $30 million investment from EDIF. The campus is expected to generate significant economic and social benefits for the City of Kitchener and Waterloo Region, including the promise of more family physicians practicing locally. • A $1.32 million investment in creating the now sold -out Grand River West Business Park which will result in a full return on the city's investment by the end of 2006. The industrial lands sold out two years ahead of the projected schedule. Approved Expenditures ($million) Wilfrid Laurier School of Social Work $6.50 Downtown Community Centre 1.70 Downtown Streetscape Improvements 3.30 Victoria Park Master Plan 2.70 Centre Block Land Purchases 9.70 Grand River West Business Park 1.32 Downtown Residential Intensification 1.00 Parking Solutions (Sammy's Garage, Centre Block) 0.39 Centre Block Redevelopment 2.00 The Block that Rocks 0.66 Studies 0.14 University of Waterloo School of Pharmacy 30.0 Total Approved Expenditures $59.41 Allocated, But Not Approved Expenditures Employment Land Development 10.68 Central Library Project 32.50 Parking Solutions 5.11 Total Allocated Expenditures $48.29 Unallocated $2.30 TOTAL EDIF $110.00 Organizational Update 711EUM Future EDIF Expenditures Moving forward, staff will focus on three key areas which have funds allocated from EDIF, but unapproved. Specifically, staff will focus on the city's employment land development strategy, the proposal to build a new central library on Centre Block and downtown parking solutions. The manufacturing sector in Waterloo Region has sustained several losses in recent years, and remains an area of focus for the purpose of protecting and retaining existing industries; an EDIF objective. The remaining allocated funds are specific to downtown: a new public library has been proposed for the Centre Block location ($32.5 million encumbered pending private donations of sufficient funds), and downtown parking solutions. The Central Library Proposal is the subject of a citizen's forum to be scheduled for May 2006. Staff indicated that downtown parking solutions must be given a higher priority as a direct result of the more - rapid- than - expected growth which has occurred in the core over the past two years. The remaining $2.3 million in capital will be allocated on a project specific basis. To access the funds City staff will need to submit solid business cases. Strategic Plan The Downtown Strategic Plan Volume III: Implementation Plan was approved by Council October 20, 2004. Volume III presents a specific action plan to implement the goals and tactics established in Volumes I and II, with a particular focus on developing the downtown as a vibrant place where people can live, work, learn and visit. The plan focuses on: • developing distinct and unique downtown districts; • using high quality urban design and streetscapes; • enhancing the vital links already present between the downtown and its surrounding neighbourhoods; • supporting the downtown's unique culture, including arts groups, events, heritage buildings and artifacts, and tourism; • attracting new residents and identifying housing opportunities; and • recruiting business and investment which will build upon and complement existing businesses. Staff members are implementing the Downtown Strategic Plan and ensure that the strategies and actions outlined are implemented across the corporation. There are a number of cross - functional teams in place to ensure communication and support for plan objectives. Particular emphasis for 2005 were action items related to: • Action Item 4: Upper Storey Renovation Program • Action Item 2: Downtown Incentives Program Update • Action Items 23, 29: Urban Design and Streetscape • Action Item 37: Business Community /Cluster Strategies • Action Item 33: Security and Comfort Initiatives (mobilization activities, employee committees) • Action Items 4, 37, 57: Downtown Brand Development (marketing materials, brochures, web site) Organizational Update 711EUM Other Parking In 2005, Marshall Macklin Monaghan completed the "Feasibility Study for the Development of Short and Long Term Parking Solutions for Downtown Kitchener" for the City of Kitchener. The study addresses the increasing demand for parking in the downtown as a result of unexpectedly rapid growth. The short -term solution, to address the parking shortage over the next 5 years, is: to build an above ground parking structure, containing approximately 380 spaces, on the property bounded by Charles Street West, Water Street South, Francis Street South and Halls Lane, and to build an underground parking structure, containing approximately 380 spaces on the Centre Block, with these spaces to be in addition to any spaces required by the development to take place on that site. The long -term solutions, 5 to 10 year timeframe, recommended by the study are: strongly promoting and encouraging other modes of travel which could include: subsidizing transit passes, increasing parking rates, and discontinuing any parking subsidies. A further long -term solution could be consideration of additional parking structures. CulturePlan II In July 2005, City Council unanimously endorsed CulturePlan II, a new five -year strategy to further the cultural life of the City of Kitchener. The plan, which was shaped through eighteen months of extensive community consultation, champions culture as an essential asset for the city's social and economic health, rather than "subsidized recreation ". It identifies culture as a tool for the City to draw visitors, improve quality of life, revitalize the downtown, strengthen the city's identity, and help companies attract and retain workers. In addition to providing broad strategies for advancing culture in the city, the plan presents 61 recommendations that form an arts investment package called "Vision 2010 ". Recommendations specific to downtown include: • Consideration of a "Downtown Cultural Corridor" or official arts district for Kitchener • A feasibility study to determine the possible need for a multi -use Downtown Arts Centre As well, one of the key strategies identifies the role of culture in new cluster development and specifically seeks to develop new industry and attract workers and residents through support of culture and amenities, including further development of creative industries such as film- making, digital media and design. Organizational Update 711EUM Opportunities for the Future In 2006, and beyond, there are several key projects that will impact Downtown Kitchener. The successful sales of Kaufman Lofts, and Eaton Lofts will translate into significant construction projects as these units are completed. As well, the Arrow Lofts rental housing project is scheduled for development as is the f ^ Marche Lofts at Your Kitchener Market. In 2005 the Upper Storey #� Residential Incentive Program was launched, and the first applications will be considered in 2006. Redevelopment of the Victoria Park Entrance will provide a visuallyF appealing promenade linking City Hall with Victoria Park, and the historic f; " clock tower, as well as the remediation of ground material in the Gaukel St area. The Wilfrid Laurier School of Social Work is targeted to open in September 2006, and the University of Waterloo School of Pharmacy is scheduled to Figure 6: Proposed begin intake in September 2007. As well, early in 2006, the Province Arrow Lofts (Artists announced that Kitchener was selected as a location for a new satellite Drawing) medical school for McMaster University. This project may provide another addition to the University of Waterloo Health Sciences Campus. In May 2006, a large public forum will be held to provide input into redevelopment plans for the Centre Block. Specifically, Council will seek public input on the possibility of a new main branch of the Kitchener Public Library in this location. The site is also under consideration for a parking garage. 2006 and subsequent years promise to be filled with many exciting developments in the revitalization of Downtown Kitchener. Opportunities for the Future 711EUM Conclusion The results witnessed in 2005 exceeded expectations as many of the decisions and investment influencing downtown activity were made just the prior year. It was not anticipated that there would be so many measurable improvements in monitoring indicators in 2005, which suggests that the decisions were not only strategically appropriate, but reinforced citizen and investor confidence in the commitment of the City and Council to the redevelopment of downtown. With confidence in the downtown growing, it is expected that these positive trends will continue in the years to come. 2006 has already resulted in new opportunities such as the possible redevelopment of the Centre Block, and the development of a satellite McMaster Medical School as part of the University of Waterloo Health Sciences Campus. As well, staff will continue focusing on the implementation of the Downtown Strategic Plan and other cross corporate initiatives such as CulturePlan II. To learn more about the downtown, visit the City of Kitchener website at www.downtownkitchener.ca or contact staff at 519.741.2292 or downtown (c-)city.kitchener.on.ca. Conclusion Appendix A: Downtown Project Map Appendix B: Downtown Study Area Map By Planning Community 1. Downtown 2. Civic Centre 3. King East 4. Cedar Hill 5. Mill Courtland Woodside Park 7. Victoria Park 13. Central Frederick Source: City of Kitchener GIS Appendix C: Downtown Districts Source: City of Kitchener GIS Appendix D: Central Zone Map for CMHC Statistics Zone 1: Kitchener East: Highland Rd W, Mill St, Victoria Ave (north), N Dumfries boundaries (New Dundee Rd) (south), Woolwich Twp (Grand River), Cambridge, Hwy 401 (east), Trussler Rd (west) Zone 2: Kitchener Central: Victoria Ave (north), Highland Rd W, Mill St (south), Conestoga Pkwy (east), Lawrence Ave (west) Zone 3: Kitchener West: Waterloo City boundaries (north), Highland Rd W, Mill St, Victoria Ave (south), Woolwich Twp (Grand River) (east), Wilmot Line /Wilmot Twp boundaries (west) Source: CMHC Rental Market Report 2005 Appendix E: Core Area Map for Industry Statistics Source: CBRE MarketView