Acquistion Criteria
At the time of our IPO, Allied Properties REIT set out to consolidate the ownership of Class I and other office space in our Toronto target market (the areas to the east and west of the downtown core). We have since become the leading provider of Class I office space in Toronto. Within our operating sphere, we can offer the widest range of occupancy solutions, the greatest amount of ibility and the most extensive property-related services to our tenants. These competitive advantages can contribute to lower vacancy rates, higher net effective rents and lower turnover on maturity.
In addition, we have established target markets in Montréal (the areas to the north, east and south of the downtown core), Winnipeg (the Exchange District just to the north of the downtown core) and Québec City (the Saint Roch office node near the old city), Kitchener (the Warehouse District just north-west of downtown Kitchener), Calgary (the downtown core and the Beltline district), Vancouver (the downtown core, Yaletown and Gastown), Victoria (the downtown core) and Edmonton (the downtown core). Our objective in these target markets is to achieve competitive advantages comparable to the ones we have in Toronto.
We intend to continue the acquisition of Class I and other office properties in our target markets. Our Toronto target market includes approximately 13 million square feet of office inventory; our Montréal target market approximately 16 million square feet; our Winnipeg target market approximately two million square feet and our Québec City target market approximately one and one-half million square feet; our Kitchener target market approximately ninety thousand square feet; our Calgary target market approximately one million square feet; our Vancouver target market approximately two million square feet; our Victoria target market includes approximately two and one half million square feet; and our Edmonton target market includes approximately one million square feet. Collectively, our target markets include just under 40 million square feet of urban office inventory and represent some of the largest concentrations of Class I office space in Canada.
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