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Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
Colliers toronto office leasing market report 2014
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Colliers toronto office leasing market report 2014

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Colliers toronto office leasing market report 2014

Colliers toronto office leasing market report 2014

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  • 1. FALL 2013 | OFFICE toronto ontario COLLIERS INTERNATIONAL | MARKET REPORT Greater Toronto Area Overview MARKET INDICATORS 2013 Q2 * 2013 Q3 INVENTORY   NET ABSORPTION   VACANCY RATE   ASKING NET RENT   ADDITIONAL RENT   *change in comparison to previous quarter www.colliers.com/toronto * Although The Greater Toronto Area office market has shown signs of softening, the vacancy rate continues to decrease reaching record lows at 5.8 percent this quarter, compared with 6.3 percent one year ago. The Downtown vacancy rate took a much sharper decline, hitting an all-time low of 3.9 percent this quarter, compared with 5.1 percent at this time last year. With the significant amount of new development on the horizon, most tenants are trying to hit the 2016-2017 opportunistic window to renegotiate their leases or make major real estate decisions, when vacancy is expected to near the double digits. Many tenants who don’t have the luxury of renegotiating a lease in that time period are trying to secure short-term extensions now in order to take advantage of that ideal timeframe.
  • 2. MARKET REPORT | FALL 2013 | OFFICE | TORONTO Downtown GTA Markets Downtown Toronto continues to show strong demand for office space with a very slight change in the vacancy rate since last quarter. The Financial Core is following a similar trend showing a slight decline in vacancy from 4.6 percent to 4.4 percent, indicating that demand is steady for office space in this submarket. Tenants looking for space over 100,000 square feet will find 5 opportunities in buildings that are currently under construction compared to 3 opportunities that are available in built office properties. The 3 opportunities that are presently being listed for built properties are a result of Marsh Mercer and RBC pre-leasing space in new builds. Marsh Mercer is leaving 161 Bay Street and 70 University Avenue to relocate to 120 Bremner Boulevard which will be completed in the third quarter of 2014. GTA East GTA North Central East Midtown Downtown Central North LAKE ONTARIO GTA West $23.63 82,585 3.9% DOWNTOWN OFFICE STATISTICS Wgt Avg. Asking Net Rent Absorption 2013 Q3 Vacancy Rate A major factor in the growth of office demand within the Downtown core is largely due to the growth of the Financial Services sector, GTA | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F GTA Net Absorption Vacancy Rate Asking Net Rent 25 25 FORECAST 20 15 15 10 10 5 5 - (5) 3 4 1 2 3 2004 4 1 2 3 2005 (10) P. 2 | COLLIERS INTERNATIONAL 4 1 2 3 2006 4 1 2 3 2007 4 1 2 3 2008 4 1 2 3 2009 4 1 2 3 2010 4 1 2 3 2011 4 1 2 3 2012 4 1 2 3 2013 4 1 2 3 2014 0 -5 -10 Asking Net Rent ($)/Vacancy Rate (%) Net Absorption (100,000 SF) 20
  • 3. MARKET REPORT | FALL 2013 | OFFICE | TORONTO implementing the initial stages of The Big Move project, a proposal to improve traffic congestion and transit mobility as part of a 25-year, $50-billion regional plan. which has been expanding even during the Canadian economic recovery. Construction has just begun at 351 King Street East and 100 Adelaide Street West. The Globe and Mail signed on as the lead tenant to occupy 134,975 square feet of space at 351 King Street East, now called the Globe and Mail Centre. With Ernst & Young set to occupy the top 10 floors as the lead tenant for 100 Adelaide Street West, the property name has been changed to the E&Y Tower. In the coming years we can expect to see landlords of current builds focusing on repositioning older assets to compete with the challenges posed by new supply by either spending capital on retrofitting older spaces or reducing rental rates. The downtown market continues to experience strong business growth and positive absorption which has resulted in historic vacancy lows for the market. With the significant amount of new supply on the horizon, it is expected that vacancy rates will rise over the next several years. Demand has been driven by an arrival of young professionals and residents into the Downtown core, which is exhibited by heavy construction in both residential and commercial builds. With the continued movement towards the core, infrastructure is a major player in successfully accommodating this growing urban landscape. The Premier of Ontario and the Minister of Transportation have committed $11.5 billion to begin GTA DOWNTOWN | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F Downtown Net Absorption Asking Net Rent Vacancy Rate 30 12 FORECAST 25 8 20 6 15 4 10 2 5 0 -2 3 4 1 2 3 2004 4 1 2 3 2005 4 1 2 3 2006 4 1 2 3 2007 4 1 2 3 2008 4 1 2 3 2009 4 1 2 3 2010 4 1 2 3 2011 4 1 2 3 2012 4 1 2 3 2013 4 1 2 2014 3 0 Asking Net Rent ($)/Vacancy Rate (%) Net Absorption (100,000 SF) 10 -5 -4 -10 -6 -15 COLLIERS INTERNATIONAL | P. 3
  • 4. MARKET REPORT | FALL 2013 | OFFICE | TORONTO Midtown The Midtown market continues to see low vacancy rates, reaching 5.0 percent this quarter. The Yonge and Bloor Class A office submarket vacancy rate has climbed to 6.2 percent, moderately higher than the 4.0 percent reported twelve months ago. Average net rental rates have dropped in Class A office space listed at $24.58 this quarter, only a slight decrease since last quarter. build and 50 Bloor Street West, a condo and commercial build, both still awaiting rezoning approval from the City of Toronto. With the flurry of condo development happening in the Midtown market, landlords can hope to see an increased focus on the construction of new office space if demand remains strong in the coming years. Demand for residential space in Midtown continues to drive developer interest in new condo construction. One Bloor East, a mixeduse skyscraper which is currently under construction, will deliver 75 storeys of condo space as well as a proposed 100,000 square feet of retail space to the market by December 2014. There have also been proposals for two new developments in the midtown market: Casa III, a 100,000 square foot office $17.56 25,473 5.0% MIDTOWN OFFICE STATISTICS Wgt Avg. Asking Net Rent Absorption 2013 Vacancy Rate MIDTOWN | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F Midtown Net Absorption Asking Net Rent Vacancy Rate 20 FORECAST Net Absorption (100,000 SF) 3 15 2 10 1 5 0 -1 3 4 1 2 3 2004 4 1 2 3 4 2005 1 2 3 2006 4 1 2 3 2007 4 1 2 3 2008 4 1 2 3 2009 4 1 2 3 2010 4 1 2 3 2011 4 1 2 3 2012 4 1 2 3 2013 4 1 2 3 2014 0 -5 -2 -3 -15 -4 P. 4 -10 -20 | COLLIERS INTERNATIONAL Asking Net Rent ($)/Vacancy Rate (%) 4
  • 5. MARKET REPORT | FALL 2013 | OFFICE | TORONTO GTA North The GTA North market continues to experience positive absorption with just over 55,000 square feet this quarter, a significant portion of which was Toshiba’s 78,774 square foot relocation to 75 Tiverton Court in the Hwy 404/Hwy 407 submarket. Just over 60,000 square feet will be added to the total inventory of the GTA North market as 191 Creditview Road is set to be complete by the end of this year, which has been entirely pre-leased. $15.20 55,233 5.9% GTA NORTH OFFICE STATISTICS Wgt Avg. Asking Net Rent Absorption 2013 Q3 Vacancy Rate GTA NORTH | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F GTA North Net Absorption Asking Net Rent Vacancy Rate 5 FORECAST 25 20 3 15 2 10 1 5 0 3 4 1 2 3 2004 4 1 2 3 2005 4 1 2 3 2006 4 1 2 3 2007 4 1 2 3 2008 4 1 2 3 2009 4 1 2 3 2010 4 1 2 3 2011 4 1 2 3 2012 4 1 2 3 2013 4 1 2 3 0 Asking Net Rent ($)/Vacancy Rate (%) Net Absorption (100,000 SF) 4 2014 -1 -5 -2 -10 COLLIERS INTERNATIONAL | P. 5
  • 6. MARKET REPORT | FALL 2013 | OFFICE | TORONTO GTA East The GTA East market didn’t experience much activity this quarter, which is quite typical of this market. The vacancy rate continues to rise and several small suites becoming vacant contributed to the negative absorption this quarter. The GTA East market still proves to be a popular destination for those requiring an industrial component in their space. GTA EAST OFFICE STATISTICS -112,272 Absorption 2013 Q3 $12.07 Wgt Avg. Asking Net Rent The vacancy rate posted a significant rise settling at 10.6 percent this quarter, continuing to have the highest vacancy rate of all GTA markets. At just over 5.5 million square feet, the smallest changes within this market can greatly affect the overall numbers. The GTA East market offers the lowest asking net rental rates in the GTA, average at $12.07 and $26.89 net and gross (respectively). 10.6% Vacancy Rate GTA EAST | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F GTA East Net Absorption Net Asking Rent Adjusted Vacancy Rate 4 FORECAST 20 15 2 10 1 5 0 3 4 1 2 3 2004 4 1 2 3 2005 4 1 2 3 2006 4 1 2 3 2007 4 1 2 3 2008 4 1 2 3 2009 4 1 2 3 2010 4 1 2 3 2011 4 1 2 3 2012 4 1 2 3 2013 4 1 2 3 0 2014 -1 -2 -10 -3 P. 6 -5 -15 | COLLIERS INTERNATIONAL Asking Net Rent ($)/Vacancy Rate (%) Net Absorption (100,000 SF) 3
  • 7. MARKET REPORT | FALL 2013 | OFFICE | TORONTO GTA West With the recently awarded LEED-EB Gold certification, Mississauga Executive Centre has proven to be popular, with Element Fleet Management taking 48,000 square feet at 4 Robert Speck Parkway, accounting for over 70 percent of the submarket’s total absorption this quarter. The GTA West market posted a high positive absorption this quarter at 161,904 square feet, with the Mississauga City Centre and Meadowvale submarkets being the main contributors. This market continues to be the ideal location for many tenants looking to locate in the Suburban market. Recent large transactions in the area include SNC Lavalin, Royal Sun Alliance, Novartis Animal Health, Russell Metals, West 49, Price Waterhouse Coopers and several other companies looking to locate or expand their offices in this desirable location. The Burlington submarket remains especially tight with few planned developments on the horizon, but added tenant demand for the area. With no big block opportunities over 20,000 square feet, and only 1 building added to the inventory since 2010, this market will need to build some new supply if it intends on keeping up with its GTA West counterparts. There were two new developments completed this quarter in the Oakville and Meadowvale submarkets, adding over 110,000 square feet to the total inventory. There are quite a few new developments in the pipeline set to be completed in the next few quarters, roughly adding a little over 800,000 square feet to the GTA West office inventory, with about 25 percent already pre-leased. $15.39 147,676 8.2% GTA WEST OFFICE STATISTICS Wgt Avg. Asking Net Rent Absorption 2013 Q3 Vacancy Rate GTA WEST | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F GTA West Net Absorption Asking Net Rent Adjusted Vacancy Rate 8 FORECAST 20 15 4 10 2 5 0 3 4 1 2 3 2004 4 1 2 3 2005 4 1 2 3 2006 4 1 2 3 2007 4 1 2 3 2008 4 1 2 3 2009 4 1 2 3 2010 4 1 2 3 2011 4 1 2 3 4 2012 1 2 3 2013 4 1 2 3 0 2014 -2 -5 -4 -10 -6 Asking Net Rent ($)/Vacancy Rate (%) Net Absorption (100,000 SF) 6 -15 COLLIERS INTERNATIONAL | P. 7
  • 8. MARKET REPORT | FALL 2013 | OFFICE | TORONTO Central North The Central North market experienced a slight decrease in vacancy rates this quarter, posting positive absorption of 16,687 square feet compared to the negative 7,142 square feet reported in the second quarter of 2013. The North Yonge Corridor continues to be an extremely tight market with a low vacancy rate at 2.9 percent. It continues to post one of the higher average asking net rents for Class A space at $21.43 per square foot. There are currently only 2 large block opportunities in the Central North market at 501 Alliance Avenue and 20 York Mills Road. Our Services > Brokerage • Landlord Representation • Tenant Representation > Corporate Solutions > Investment Services > Project Management > Real Estate Management Services > Valuation & Advisory Services CONTACT INFORMATION Scott Addison CENTRAL NORTH OFFICE STATISTICS 4.1% Vacancy Rate 16,687 Absorption 2013 Q3 $16.64 Wgt Avg. Asking Net Rent President | Eastern Canada +1 416 620 2800 scott.addison@colliers.com John Arnoldi Central East The Central East market experienced a rise in vacancy this quarter to 7.0 percent with a quarterly negative absorption of 170,978 square feet. The increase in the negative absorption was caused mainly by ING Bank of Canada vacating their space at 111 Gordon Baker Road and moving to 3389 Steeles Avenue East. 111 Gordon Baker is currently the only option in this market for an office tenant looking for space over 100,000 square feet. Vacancy Rate -170,978 Absorption 2013 Q3 $12.19 Wgt Avg. Asking Net Rent This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2013. All rights reserved. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage. www.colliers.com/toronto Shawna Rogowski Market Intelligence Manager Toronto Region +1 416 643 3764 shawna.rogowski@colliers.com For more information on available properties, additional research reports, and our services please visit www.collierscanada.com CENTRAL EAST OFFICE STATISTICS 7.0% Executive Managing Director Toronto Region +1 416 643 3733 john.arnoldi@colliers.com +1 416 777 2200 Accelerating success.
  • 9. Office Market Dashboard | Greater Toronto Area Fourth Quarter 2013 Market Snapshot Q3 2013 Q4 2013 Trend Office Inventory 185,730,607 186,679,594  Net Absorption 44,404 301,755  Vacancy Rate 5.8% 6.0%  Availability Rate 8.7% 9.5%  Average Asking Net Rent $17.41 $18.48  Average Additional Rent $16.47 $16.54  Average Asking Gross Rent $33.88 $35.02    24 Month Trend Absorption Vacancy Rate 1000 20 15 600 6.0% 400 10 5 0 200 -5 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) $18.48 Absorption (Thousands SF) Inventory (SF) 25 800 -200 Inventory & Availability by Market Average Net Rent -15 New Developments Update Midtown 17,803,716 10% Downtown 70,291,319 38% Central North 11,259,315 6% GTA West 47,497,341 25% GTA East 5,574,625 3% GTA North 15,492,134 8% Availability (SF) Completed - 191 Creditview Road, Q4 2013 - 60,800 SF (Condor Properties) Midtown 1,280,155 7% Completed - MaRS Centre Phase 2, Q4 2013, 740,000 SF (Mars Discovery District) Downtown 5,805,043 33% Under Construction - 47% Leased - E&Y Tower, Q2 2017, 900,000 SF (Oxford) Under Construction - 31% Leased - 351 King Street East, Q2 2016, 500,000 SF (First Gulf) Central North 565,507 3% Under Construction, 82% Leased - RBC Waterpark, Q4 2014, 933,020 SF (Oxford) Under Construction, 67% Leased - Bremner Tower, Q3 2014, 732,000 SF (GWL/bcIMC) Under Construction, 70% Leased - Bay-Adelaide II, Q1 2016, 900,000 SF (Brookfield) Central East 18,761,144 10% GTA West 5,768,797 33% Under Construction - The Hullmark Centre, Q1 2014, 185,000 SF (Hullmark/Tridel) Under Construction - 100% Leased - 60 Standish Court, Q2 2015 (Orlando Corp.) Under Construction, 50% Leased - 7025 Langer Drive, Q3 2014 (GWL) Under Construction - 30% Leased - 3100 Rutherford Road GTA East 570,902 3% GTA North 1,646,605 9% Under Construction - 43% leased - 1 Prologis Boulevard, Q1 2014 (HOOPP) This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy  of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising  there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an  existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage  Central East 2,005,522 12%
  • 10. Office Market Dashboard | Downtown Fourth Quarter 2013 Market Snapshot Q3 2013 Q4 2013 Trend Office Inventory 69,551,319 70,291,319  Net Absorption 82,585 550,248  Vacancy Rate 3.9% 4.1%  Availability Rate 6.9% 8.3%  Average Asking Net Rent $23.88 $26.30  Average Additional Rent $22.58 $23.05  Average Asking Gross Rent $46.46 $49.34  MAP Absorption Vacancy Rate 1,200 Absorption (Thousands SF) 1,000 Average Net Rent 30 $26.30 25 800 20 600 15 400 10 4.1% 200 0 0 -200 -400 5 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 -600 2013 Q2 2013 Q3 2013 Q4 -5 -10 -15 Asking Net Rent ($) / Vacancy Rate (%) 24 Month Trend Inventory & Availability by Market Inventory (SF) Downtown East 4,123,136 6% Financial Core 34,725,556 49% Downtown West 13,018,864 19% New Developments Update Downtown North 14,744,415 21% Completed - MaRS Centre Phase 2, Q4 2013, 740,000 SF (Mars Discovery District) Downtown South 3,679,348 5% Under Construction - 47% Leased - E&Y Tower, Q2 2017, 900,000 SF (Oxford) Under Construction, 82% Leased - RBC Waterpark, Q4 2014, 933,020 SF (Oxford) Under Construction, 67% Leased - Bremner Tower, Q3 2014, 732,000 SF (GWL/bcIMC) Availability (SF) Under Construction, 70% Leased - Bay-Adelaide II, Q1 2016, 900,000 SF (Brookfield) Under Construction - 27% Leased - 1 York Street, Q3 2016, 941,000 SF (Menkes/HOOPP) Under Construction - 31% Leased - 351 King Street East, Q2 2016, 500,000 SF (First Gulf) Market Profile Financial Core 2,944,297 51% TTC access via subway, LRT and bus routes. Market amenities include underground PATH network connecting the Financial Core submarket, brick & beam historic conversions and a number of major developments planned for Toronto's waterfront. Downtown East 264,068 Downtown 5% North 1,033,858 18% Downtown West 1,416,152 24% This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy  of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising  there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an  existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage  Downtown South 146,668 2%
  • 11. Office Market Dashboard | Midtown Fourth Quarter 2013 Market Snapshot Q3 2013 Q4 2013 Trend Office Inventory 17,795,438 17,803,716  Net Absorption 25,473 4,623  Vacancy Rate 5.0% 5.0%  Availability Rate 5.8% 7.2%  Average Asking Net Rent $17.75 $17.96  Average Additional Rent $18.41 $17.43  Average Asking Gross Rent $36.15 $35.39  MAP 24 Month Trend Absorption Vacancy Rate Average Net Rent 25 $17.96 800 600 15 400 10 5.0% 200 0 -200 20 5 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -5 -400 -10 -600 -15 Asking Net Rent ($) / Vacancy Rate (%) 30 1,000 Absorption (Thousands SF) 1,200 Inventory & Availability by Market Inventory (SF) Yonge-Bloor 8,835,364 50% Toronto West 1,423,817 8% YongeEglinton 5,077,134 28% Yonge-St.Clair 2,467,401 14% New Developments Update Planned - Casa III, 100,000 SF (Cresford) Planned - 50 Bloor Street West, 40,000 SF for commercial use (Morguard) Availability (SF) Yonge-Bloor 441,885 35% Market Profile TTC access via subway, LRT and bus routes. Market amenities include mixed-use nodes such as the Yonge/Bloor & Yonge/St. Clair submarkets, as well as the Yonge/Eglinton submarket, identified as an urban growth centre by the Ontario government. Toronto West 106,148 8% YongeEglinton 616,733 48% This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of  the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising  there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an  existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage  Yonge-St.Clair 115,389 9%
  • 12. Office Market Dashboard | Central North Fourth Quarter 2013 Market Snapshot Q3 2013 Q4 2013 Trend Office Inventory 11,259,315 11,259,315  Net Absorption 16,687 (23,521)  Vacancy Rate 4.1% 4.3%  Availability Rate 6.8% 5.0%  Average Asking Net Rent $16.65 $17.69  Average Additional Rent $16.71 $18.50  Average Asking Gross Rent $33.36 $36.18  MAP 24 Month Trend Absorption Vacancy Rate Average Net Rent 25 800 $17.69 600 15 400 4.3% 200 10 5 0 -200 20 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -5 -400 -10 -600 -15 Asking Net Rent ($) / Vacancy Rate (%) 30 1,000 Absorption (Thousands SF) 1,200 Inventory & Availability by Market Inventory (SF) North Yonge Corridor 7,947,889 71% Yorkdale 1,839,042 16% Dufferin Finch 1,472,384 13% New Developments Update Under Construction - The Hullmark Centre, Q1 2014, 185,000 SF (Hullmark/Tridel) Pre-lease - 4050 Yonge Street, 367,000 SF (Build Toronto) Availability (SF) Yorkdale 9,985 2% Dufferin Finch 74,347 13% Market Profile TTC access via subway, LRT and bus routes. Market amenities include a major office concentration around the North York Centre, identified as an urban growth centre by the Ontario government. North Yonge Corridor 481,175 85% This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of  the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising  there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an  existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage 
  • 13. Office Market Dashboard | Central East Fourth Quarter 2013 Market Snapshot Q3 2013 Q4 2013 Trend Office Inventory 18,761,144 18,761,144  Net Absorption (170,978) (34,445)  Vacancy Rate 7.0% 7.1%  Availability Rate 10.1% 10.7%  Average Asking Net Rent $13.18 $13.60  Average Additional Rent $15.04 $14.27  Average Asking Gross Rent $28.22 $27.87  MAP 24 Month Trend Absorption Vacancy Rate Average Net Rent 25 800 20 $13.60 600 400 7.1% 200 10 5 0 -200 15 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -5 -400 -10 -600 -15 Asking Net Rent ($) / Vacancy Rate (%) 30 1,000 Absorption (Thousands SF) 1,200 Inventory & Availability by Market Inventory (SF) Toronto East 1,969,581 14% Don Mills Eglinton 5,040,885 35% Woodbine Steeles 4,992,031 35% Duncan Mill 2,354,902 16% New Developments Update Pre-lease - Steeles Technology Campus Phase 3, 280,000 SF (Crestpoint) Availability (SF) Toronto East 100,317 8% Don Mills Eglinton 266,515 21% Market Profile TTC access via subway, LRT and bus routes with GO Transit commuter rail access through the Richmond Hill line. Woodbine Steeles 544,197 43% This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of  the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising  there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an  existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage  Duncan Mill 353,867 28%
  • 14. Office Market Dashboard | GTA North Fourth Quarter 2013 Market Snapshot Q3 2013 Q4 2013 Trend Office Inventory 15,431,334 15,492,134  Net Absorption 55,233 (40,441)  Vacancy Rate 5.9% 6.6%  Availability Rate 9.6% 10.6%  Average Asking Net Rent $15.21 $15.61  Average Additional Rent $12.01 $12.20  Average Asking Gross Rent $27.23 $27.81  MAP 24 Month Trend Absorption Vacancy Rate Average Net Rent 25 800 20 $15.61 600 15 400 10 6.6% 200 5 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -5 -400 -10 -600 -15 Asking Net Rent ($) / Vacancy Rate (%) 30 1,000 Absorption (Thousands SF) 1,200 Inventory & Availability by Market Inventory (SF) Markham Town Centre 3,071,571 20% Vaughan Hwy404Hwy407 9,086,581 59% 2,822,852 18% Richmond Hill 511,130 3% New Developments Update Completed - 191 Creditview Road, Q4 2013 - 60,800 SF (Condor Properties) Under Construction - 30% Leased - 3100 Rutherford Road, Q2 2014 64,769 SF Under Construction - 7191 Yonge Street, Q1 2014 - 126,000 SF (Liberty Development Corp.) Under Construction - 9131 Keele Street, Q2 2014 - 45,194 SF (Melrose Investments) Availability (SF) Under Construction - KPMG Tower, 2016 - 300,000 SF (Calloway REIT/SmartCentres) Planned - 55 Allstate Parkway, 152,838 SF (M & R Holdings) Markham Town Centre 251,198 15% Vaughan 320,415 20% Planned - Galleria Corporate Centre, 97,718 SF (Times Group Corporation) Planned - 80 Minthorn Court, 170,000 SF (Tanurb Development Inc.) Market Profile TTC access via LRT and bus routes with GO Transit commuter rail access through the Lakeshore East and Stouffville lines. Market amenities include Scarborough Town Centre, identified as an urban growth centre Hwy404Hwy407 1,068,451 65% by the Ontario government. This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of  the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising  there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an  existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage  Richmond Hill 6,541 0%
  • 15. Office Market Dashboard | GTA East Fourth Quarter 2013 Market Snapshot Q3 2013 Q4 2013 Trend Office Inventory 5,574,625 5,574,625  Net Absorption (112,272) (6,563)  Vacancy Rate 10.6% 10.7%  Availability Rate 13.4% 10.2%  Average Asking Net Rent $12.13 $10.38  Average Additional Rent $15.31 $13.08  Average Asking Gross Rent $27.44 $23.46  MAP 24 Month Trend Absorption Vacancy Rate Average Net Rent 25 800 20 600 $10.38 400 10 10.7% 200 5 0 -200 15 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -5 -400 -10 -600 -15 Asking Net Rent ($) / Vacancy Rate (%) 30 1,000 Absorption (Thousands SF) 1,200 Inventory & Availability by Market Inventory (SF) Pickering Oshawa 1,767,559 32% Scarborough Town Centre 3,807,066 68% New Developments Update No new development updates at this time. Availability (SF) Scarborough Town Centre 403,147 71% Market Profile TTC and VIVA bus networks service the GTA North market with GO commuter rail access through Richmond Hill & Barrie lines. Market amenities include the Vaughan Corporate Centre, designated an urban growth Pickering Oshawa 167,755 29% centre by the Ontario government. This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of  the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising  there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an  existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage 
  • 16. Office Market Dashboard | GTA West Fourth Quarter 2013 Market Snapshot Q3 2013 Q4 2013 Trend Office Inventory 47,357,432 47,497,341  Net Absorption 147,676 (148,146)  Vacancy Rate 8.2% 8.4%  Availability Rate 11.5% 12.1%  Average Asking Net Rent $15.28 $14.88  Average Additional Rent $13.01 $12.50  Average Asking Gross Rent $28.29 $27.37  MAP 24 Month Trend Absorption Vacancy Rate Average Net Rent 25 800 20 $14.88 600 8.4% 400 15 10 200 5 0 0 -200 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -5 -400 -10 -600 -15 Asking Net Rent ($) / Vacancy Rate (%) 30 1,000 Absorption (Thousands SF) 1,200 Inventory & Availability by Market Inventory (SF) 8% 3% 7% 9% Airport Corporate Centre - 5,684,524 SF Airport East - 4,149,156 SF 8% 9% Airport West - 3,748,485 SF Brampton - 3,288,171 SF 10% 12% Burlington - 4,347,554 SF Cooksville - 1,507,502 SF 8% 7% 14% Hwy 401 Hurontario - 3,804,277 SF Hwy 427 Bloor-Islington - 4,643,284 SF Mississauga City Centre - 3,864,298 SF 5% Meadowvale - 6,757,166 SF Sheridan Winston - 2,606,303 SF New Developments Update Oakville - 3,096,621 SF Under Construction - 100% Leased - 7100 West Credit Ave - Q1 2014, 95,868 SF (Carttera) Under Construction - 4080 Confederation Pkwy - Q1 2014, 60,000 SF (The Daniels Corp.) Under Construction - 5015 Spectrum Way - Q3 2014, 134,000 SF (HOOPP) Under Construction - 100% Leased - 60 Standish Crt - Q2 2014, 179,000 SF (Orlando Corp) Under Construction - 52% Leased - 1006 Skyview Dr - Q3 2014, 36,339 SF (United Lands Corp.) Under Construction - 40% Leased - 1300 Cornwall Rd - Q3 2014, 29,776 SF (Melrose Investments) Availability (SF) Under Construction - 25% Leased - 209 Oak Park Blvd - Q1 2014, 80,000 SF 4% Under Construction - 43% Leased - 1 Prologis Blvd - Q2 2015, 146,863 SF (HOOPP) Airport Corporate Centre - 837,644 SF Airport East - 1,309,416 SF 5% 23% Market Profile Airport West - 246,525 SF 8% Brampton - 275,346 SF TTC, VIVA, MiWay, Oakville Transit and Burlington Transit bus networks service the GTA 3% West submarkets, and GO commuter rail access through Kitchener, Milton & Lakeshore 6% West lines. 15% 7% Market amenities include regional and international connections through Pearson Mississauga City Centre. 9% 10% 3% Cooksville - 191,663 SF Hwy 401 Hurontario - 341,385 SF Hwy 427 Bloor-Islington - 401,069 SF 7% International Airport, as well as the Ontario government designated urban growth region, Burlington - 461,964 SF Mississauga City Centre - 521,726 SF Meadowvale - 602,563 SF Sheridan Winston - 158,681 SF Oakville - 420,815 SF This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of  the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising  there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an  existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage 
  • 17. Office Submarket Dashboard | Downtown: Financial Core Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 34,725,556 34,725,556  Net Absorption 72,781 110,201  Vacancy Rate 4.4% 4.1%  Availability Rate 7.2% 8.5%  Average Asking Net Rent $27.34 $29.91  Average Additional Rent $26.40 $27.26  Average Asking Gross Rent $53.74 $57.17  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $29.91 Thousands (SF) 400 20 200 10 4.1% 0 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -200 -10 -400 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 30,000 600 $62.47 25,000 20,000 15,000 5,000 $10.00 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B 8,000 $43.48 Thousands (SF) $30.00 4,000 $20.00 2,000 $10.00 0 LEED Platinum development. The 100 Adelaide Street West tower is 47% $0.00 2012 Q1 pre-leased with expected occupancy set for Q2 2017. The Bay Adelaide Centre Phase II East Tower, a 900,000 SF development $50.00 $40.00 6,000 Oxford Properties continues construction at the E&Y Tower, a 900,000 SF $60.00 $50.00 $40.00 $30.00 $20.00 10,000 -20 New Developments Update $70.00 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C by Brookfield, is continuing construction with 70% pre-leased and Deloitte $40.19 3,000 as the lead tenant. The completion date has been set for Q1 2016. Thousands (SF) 2,500 $50.00 $40.00 2,000 $30.00 1,500 $20.00 1,000 $10.00 500 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 18. Office Submarket Dashboard | Downtown: Downtown East Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 4,123,136 4,123,136  Net Absorption 6,097 12,192  Vacancy Rate 4.7% 4.4%  Availability Rate 5.9% 6.4%  Average Asking Net Rent $18.36 $21.17  Average Additional Rent $15.43 $14.55  Average Asking Gross Rent $33.79 $35.72  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Vacancy Rate 30 $21.17 Thousands (SF) 400 20 200 4.4% 0 -200 10 0 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 600 2012 Q1 $46.88 Average Net Rent Thousands (SF) Absorption 1,600 1,400 1,200 1,000 800 600 400 200 0 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 Class B $31.38 2,500 -20 New Developments Update First Gulf continues construction at The Globe and Mail Centre located at 2,000 Thousands (SF) -400 $40.00 $30.00 1,500 $20.00 1,000 $10.00 500 0 351 King Street East. This 500,000 SF LEED Gold development has an $0.00 2012 Q1 expected completion date set for 2016. 381 Richmond Street East, a planned 370,000 SF development, is 2013 Q4 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C awaiting a lead tenant before construction begins, with anticipated 1,000 Thousands (SF) completion for 2016. $40.00 800 $30.00 600 $20.00 400 $10.00 200 $0.00 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 19. Office Submarket Dashboard | Downtown: Downtown North Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 14,004,415 14,744,415  Net Absorption (6,829) 365,155  Vacancy Rate 3.1% 5.5%  Availability Rate 4.8% 7.0%  Average Asking Net Rent $17.99 $26.49  Average Additional Rent $19.25 $20.47  Average Asking Gross Rent $37.24 $46.96  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A 600 $26.49 Thousands (SF) 400 20 200 5.5% 0 -200 30 10 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 -400 2013 Q2 2013 Q3 2013 Q4 -10 Thousands (SF) Average Net Rent Alexandria, MaRS and the Province of Ontario completed construction at $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B -20 New Developments Update $52.27 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2012 2012 Q1 Q2 Thousands (SF) Vacancy Rate Asking Net Rent ($) / Vacancy Rate (%) Absorption 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 MaRS Centre Phase II which has brought 740,000 SF of new office $38.81 $40.00 $30.00 $20.00 $10.00 $0.00 2012 Q1 inventory to the Downtown North market. $50.00 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C 3,000 $40.00 $32.83 Thousands (SF) 2,500 $30.00 2,000 1,500 $20.00 1,000 $10.00 500 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 20. Office Submarket Dashboard | Downtown: Downtown South Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 3,679,348 3,679,348  Net Absorption 12,105 16,557  Vacancy Rate 0.9% 0.4%  Availability Rate 4.1% 4.0%  Average Asking Net Rent $22.16 $22.26  Average Additional Rent $20.30 $20.34  Average Asking Gross Rent $42.46 $42.60  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $45.92 $22.26 200 20 10 0.4% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 *No rent information is available for this quarter. -400 -10 Oxford continues construction at RBC WaterPark Place. The 933,020 SF office scheduled for completion in Q3 2014 with 67% of the building currently preleased. $40.00 1,500 $30.00 1,000 $20.00 $10.00 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 *No rent information is available for this quarter. Class B tower is 82% pre-leased and is scheduled for completion in Q3 2014. GWL continues construction on Bremner Tower, the 732,000 SF office tower is $50.00 2,000 0 -20 New Developments Update $36.12 1,400 1,200 1,000 800 600 400 200 0 $20.00 $10.00 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 *No rent information is available for this quarter. Class C Queen Quay Place I & II, a Hines mixed-use waterfront development, is currently marketing 430,000 SF of office space to be completed by 2017. $20.00 250 Thousands (SF) Menkes and HOOPP, with an expected occupancy date set for Q3 2016. $40.00 $30.00 300 Construction continues at 1 York Street, a 941,000 SF office tower developed by $60.00 2,500 500 Thousands (SF) Thousands (SF) 400 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 3,000 600 200 150 $10.00 100 50 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 *No rent information is available for this quarter. This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 21. Office Submarket Dashboard | Downtown: Downtown West Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 13,018,864 13,018,864  Net Absorption (1,569) 46,143  Vacancy Rate 4.0% 3.6%  Availability Rate 9.3% 10.9%  Average Asking Net Rent $20.84 $20.30  Average Additional Rent $18.90 $18.46  Average Asking Gross Rent $39.74 $38.76  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Vacancy Rate Average Net Rent 30 $20.30 Thousands (SF) 400 200 20 10 3.6% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 600 Thousands (SF) Absorption 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 $42.67 $40.00 $30.00 $20.00 $10.00 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B 10,000 -20 New Developments Update Allied Properties continues construction at 134 Peter Street, Queen $50.00 $38.16 8,000 Thousands (SF) -400 $50.00 $40.00 6,000 $30.00 4,000 $20.00 2,000 $10.00 0 Richmond Centre West Phase I, a 299,178 SF office tower that is 18% $0.00 2012 Q1 pre-leased with expected completion set for Q1 2015. 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C Thousands (SF) 2,000 $33.53 $40.00 1,500 $30.00 1,000 $20.00 500 $10.00 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 22. Office Submarket Dashboard | Midtown: Yonge-Bloor Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 8,835,364 8,835,364  Net Absorption 3,364 3,364  Vacancy Rate 3.5% 4.5%  Availability Rate 5.0% 5.0%  Average Asking Net Rent $21.46 $21.46  Average Additional Rent $19.14 $19.14  Average Asking Gross Rent $40.60 $40.60  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $46.23 $21.46 Thousands (SF) 400 20 200 10 4.5% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 3,000 600 2,500 $40.00 2,000 $30.00 1,500 $20.00 1,000 $10.00 500 0 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 -20 Casa III, a 100,000 SF office building on Charles Street, is being 2013 Q4 $37.61 5,000 Thousands (SF) New Developments Update 2013 Q3 Class B 6,000 -400 $50.00 $30.00 4,000 3,000 $20.00 2,000 $10.00 1,000 0 developed by Cresford. $40.00 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Morguard is marketing 50 Bloor Street West, a mixed-use building that will bring 40,000 SF of office and retail space to the market. Class C Thousands (SF) 2,000 $33.72 $40.00 1,500 $30.00 1,000 $20.00 500 $10.00 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 23. Office Submarket Dashboard | Midtown: Yonge-St.Clair Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 2,467,401 2,467,401  Net Absorption (685) (685)  Vacancy Rate 3.4% 3.4%  Availability Rate 4.7% 4.7%  Average Asking Net Rent $18.95 $18.95  Average Additional Rent $20.38 $20.38  Average Asking Gross Rent $39.33 $39.33  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Vacancy Rate Average Net Rent 600 $18.95 Thousands (SF) 400 20 200 10 3.4% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) Absorption 900 800 700 600 500 400 300 200 100 0 $41.36 $40.00 $30.00 $20.00 $10.00 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B $37.78 2,000 -400 $50.00 $40.00 -20 New Developments Update No new development updates at this time. Thousands (SF) 1,500 $30.00 1,000 $20.00 500 $10.00 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C Thousands (SF) 250 $34.00 200 $40.00 $30.00 150 $20.00 100 $10.00 50 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 *No rent information is available for this quarter. This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 24. Office Submarket Dashboard | Midtown: Yonge-Eglinton Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 5,077,134 5,077,134  Net Absorption (2,565) (2,565)  Vacancy Rate 6.1% 6.1%  Availability Rate 12.1% 12.1%  Average Asking Net Rent $15.38 $15.32  Average Additional Rent $18.04 $17.17  Average Asking Gross Rent $33.42 $32.49  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $36.97 Thousands (SF) 400 20 $15.32 200 6.1% 0 -200 10 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 2,000 600 1,500 $30.00 1,000 $20.00 500 $10.00 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 No new development updates at this time. -20 2013 Q4 $33.88 2,500 Thousands (SF) New Developments Update 2013 Q3 Class B 3,000 -400 $40.00 $40.00 $30.00 2,000 1,500 $20.00 1,000 $10.00 500 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C Thousands (SF) 1,500 $29.06 $40.00 $30.00 1,000 $20.00 500 $10.00 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 25. Office Submarket Dashboard | Midtown: Toronto West Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 1,423,817 1,423,817  Net Absorption 4,509 4,509  Vacancy Rate 6.7% 6.7%  Availability Rate 7.5% 7.5%  Average Asking Net Rent $12.03 $12.03  Average Additional Rent $11.36 $11.36  Average Asking Gross Rent $23.39 $23.39  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A This submarket does not contain any Class AAA or A buildings Vacancy Rate Average Net Rent Thousands (SF) 400 20 $12.03 200 10 6.7% 0 -200 0 30 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 600 Thousands (SF) Absorption $10.00 0 0 0 0 $0.00 0 $0.00 2012 2012 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B 600 New Developments Update No new development updates at this time. -20 $40.00 500 Thousands (SF) -400 $23.53 400 300 $30.00 $20.00 200 $10.00 100 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 *No rent information is available for this quarter. Class C 1,200 $30.00 Thousands (SF) 1,000 $23.02 800 $20.00 600 400 $10.00 200 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 26. Office Submarket Dashboard | Central North: Yorkdale Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 1,839,042 1,839,042  Net Absorption 2,290 (1,872)  Vacancy Rate 1.2% 1.3%  Availability Rate 1.5% 0.5%  Average Asking Net Rent $14.60 $12.50  Average Additional Rent $17.25 $16.50  Average Asking Gross Rent $31.85 $29.00  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Average Net Rent 30 Thousands (SF) 400 20 $12.50 200 10 1.3% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 -400 New Developments Update No new development updates at this time. 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 600 Thousands (SF) Vacancy Rate 400 350 300 250 200 150 100 50 0 $10.00 $0.00 2012 2012 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 *No rent information is available for this submarket. Class B -20 Thousands (SF) Absorption 1,400 1,200 1,000 800 600 400 200 0 $40.00 $29.75 $30.00 $20.00 $10.00 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C Thousands (SF) 400 $26.00 300 $30.00 $20.00 200 $10.00 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 27. Office Submarket Dashboard | Central North: Dufferin Finch Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 1,472,384 1,472,384  Net Absorption 7,970 (659)  Vacancy Rate 14.2% 14.3%  Availability Rate 16.9% 5.0%  Average Asking Net Rent $11.90 $9.19  Average Additional Rent $11.73 $11.44  Average Asking Gross Rent $23.63 $20.63  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Average Net Rent 600 20 14.3% 200 10 $9.19 0 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 -400 New Developments Update No new development updates at this time. 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) Thousands (SF) 400 -200 This submarket does not contain any Class AAA or A buildings $10.00 0 30 Thousands (SF) Vacancy Rate 0 0 0 0 0 $0.00 2012 2012 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B -20 Thousands (SF) Absorption $24.35 1,400 1,200 1,000 800 600 400 200 0 $30.00 $20.00 $10.00 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C Thousands (SF) 500 $30.00 400 $16.32 300 200 $20.00 $10.00 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 28. Office Submarket Dashboard | Central North: North Yonge Corridor Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 7,947,889 7,947,889  Net Absorption 6,427 (20,990)  Vacancy Rate 2.9% 3.2%  Availability Rate 6.2% 6.1%  Average Asking Net Rent $20.49 $19.74  Average Additional Rent $20.20 $20.11  Average Asking Gross Rent $40.69 $39.85  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Vacancy Rate Average Net Rent $19.74 Thousands (SF) 400 20 200 10 3.2% 0 -200 7,000 30 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 600 Thousands (SF) Absorption $42.74 6,000 5,000 4,000 $40.00 $30.00 3,000 2,000 $20.00 $10.00 1,000 0 $0.00 2012 2012 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 2013 Q2 -20 Hullmark and Tridel continue construction at 4789 Yonge Street, the 2013 Q4 $34.99 2,500 Thousands (SF) New Developments Update 2013 Q3 Class B 3,000 -400 $50.00 $30.00 2,000 1,500 $20.00 1,000 $10.00 500 0 Hullmark Centre, a condominium and office tower complex. The $0.00 2012 Q1 completion date has been set for Q1 2014 which will delivery 185,000 SF $40.00 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 office space to the market. Class C Build Toronto is currently marketing for a lead tenant at 4050 Yonge for 2016. Thousands (SF) Street, a 367,000 SF office development with anticipated completion set 350 300 250 200 150 100 50 0 $32.09 $40.00 $30.00 $20.00 $10.00 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 *No rent information is available for this quarter. This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 29. Office Submarket Dashboard | Central East: Don Mills - Eglinton Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 5,040,885 5,040,885  Net Absorption 5,044 (10,471)  Vacancy Rate 3.1% 3.3%  Availability Rate 4.3% 5.3%  Average Asking Net Rent $11.64 $11.86  Average Additional Rent $14.29 $13.50  Average Asking Gross Rent $25.93 $25.36  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $29.26 Thousands (SF) 400 20 $11.86 200 10 3.3% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 1,200 600 1,000 $30.00 800 $20.00 600 400 $10.00 200 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B 4,000 -400 $24.30 Thousands (SF) No new development updates at this time. $30.00 -20 3,000 New Developments Update $40.00 $20.00 2,000 $10.00 1,000 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Thousands (SF) Class C 700 600 500 400 300 200 100 0 $30.00 $20.18 $20.00 $10.00 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 *No rent information is available for this submarket. This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 30. Office Submarket Dashboard | Central East: Duncan Mill Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 2,354,902 2,354,902  Net Absorption 15,714 (4,517)  Vacancy Rate 3.6% 3.8%  Availability Rate 13.9% 15.0%  Average Asking Net Rent $9.42 $13.95  Average Additional Rent $13.12 $13.68  Average Asking Gross Rent $22.54 $27.63  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent Thousands (SF) 400 20 $13.95 200 10 3.8% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 600 600 $30.80 500 $30.00 400 $20.00 300 200 $10.00 100 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B $27.48 2,000 -400 Thousands (SF) No new development updates at this time. $30.00 -20 1,500 New Developments Update $40.00 $20.00 1,000 $10.00 500 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C $27.10 Thousands (SF) 500 $30.00 400 $20.00 300 200 $10.00 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 31. Office Submarket Dashboard | Central East: Consumers Road Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 4,403,745 4,403,745  Net Absorption 7,041 (18,517)  Vacancy Rate 12.1% 12.6%  Availability Rate 16.7% 16.8%  Average Asking Net Rent $13.13 $13.04  Average Additional Rent $16.76 $16.30  Average Asking Gross Rent $29.89 $29.34  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $31.79 Thousands (SF) 400 20 $13.04 200 10 12.6% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 2,000 600 1,500 $30.00 1,000 $20.00 500 $10.00 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 No new development updates at this time. -20 2013 Q4 $26.50 $30.00 2,000 Thousands (SF) New Developments Update 2013 Q3 Class B 2,500 -400 $40.00 $20.00 1,500 1,000 $10.00 500 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C 600 $23.39 Thousands (SF) 500 400 $30.00 $20.00 300 200 $10.00 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 32. Office Submarket Dashboard | Central East: Woodbine Steeles Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 4,992,031 4,992,031  Net Absorption (192,548) 703  Vacancy Rate 9.8% 9.8%  Availability Rate 10.2% 10.9%  Average Asking Net Rent $13.52 $13.76  Average Additional Rent $14.35 $13.29  Average Asking Gross Rent $27.87 $27.05  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent Thousands (SF) 400 20 $13.76 200 10 9.8% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 3,500 600 $29.72 3,000 2,500 2,000 $30.00 $20.00 1,500 1,000 $10.00 500 0 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B $22.35 2,000 -400 $40.00 $30.00 -20 New Developments Update Liberty One, a 400,000 SF development on Steelcase Road is still being Thousands (SF) 1,500 $20.00 1,000 $10.00 500 0 marketed and awaiting a lead tenant before construction can begin. $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C 600 $20.01 Thousands (SF) 500 400 $30.00 $20.00 300 200 $10.00 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 33. Office Submarket Dashboard | Central East: Toronto East Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 1,969,581 1,969,581  Net Absorption (6,229) (1,643)  Vacancy Rate 2.1% 2.2%  Availability Rate 5.5% 5.1%  Average Asking Net Rent $11.27 $18.59  Average Additional Rent $17.94 $9.30  Average Asking Gross Rent $29.21 $27.89  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent Thousands (SF) 200 20 10 2.2% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 -400 New Developments Update No new development updates at this time. 2013 Q2 2013 Q3 2013 Q4 -10 $10.00 250 200 150 100 50 0 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 *No rent information is available for this submarket. Class B -20 Thousands (SF) $18.59 400 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 300 600 $29.32 1,400 1,200 1,000 800 600 400 200 0 $40.00 $30.00 $20.00 $10.00 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C $25.79 600 $30.00 Thousands (SF) 500 400 $20.00 300 200 $10.00 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 34. Office Submarket Dashboard | GTA North: Vaughan Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 2,762,052 2,822,852  Net Absorption 23,253 9,603  Vacancy Rate 5.3% 7.0%  Availability Rate 9.9% 11.4%  Average Asking Net Rent $17.46 $17.02  Average Additional Rent $12.10 $12.25  Average Asking Gross Rent $29.56 $29.28  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent Thousands (SF) 400 20 $17.02 200 10 7.0% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 1,000 600 $40.00 800 $34.19 $20.00 400 $10.00 200 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B $28.08 2,000 -400 $30.00 600 $40.00 -20 New Developments Update Condor Properties completed construction at 191 Creditview Road, adding Thousands (SF) 1,500 $30.00 1,000 $20.00 500 $10.00 0 60,800 SF of fully leased space to the market. Melrose Investments has $0.00 2012 Q1 begun construction at 9131 Keele Street. This 45,104 SF office 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 development has an expected occupancy date set for Q3 2014. Class C Construction is nearing completion at 7191 Yonge Street, a 126,000 SF REIT has begun construction on the 300,000 SF KPMG Tower with 42% of the building pre-leased to KPMG as the lead tenant. The completion date has been set for 2016. Thousands (SF) office development, with expected occupancy set for Q1 2014. Calloway 700 600 500 400 300 200 100 0 $40.00 $22.97 $30.00 $20.00 $10.00 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 35. Office Submarket Dashboard | GTA North: Richmond Hill Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 511,130 511,130  Net Absorption (1,958) 2,845  Vacancy Rate 2.5% 2.0%  Availability Rate 2.7% 1.3%  Average Asking Net Rent $13.00 $13.00  Average Additional Rent $12.67 $12.67  Average Asking Gross Rent $25.67 $25.67  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent 20 $13.00 200 10 2.0% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 400 Thousands (SF) 30 Thousands (SF) 600 600 $30.00 500 400 $20.00 300 200 $10.00 100 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 *No rent information is available for this quarter. Class B $25.67 250 New Developments Update No new development updates at this time. -20 $30.00 200 Thousands (SF) -400 2013 Q4 $20.00 150 100 $10.00 50 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C Thousands (SF) 50 $40.00 40 $30.00 30 $20.00 20 $10.00 10 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 *No rent information is available for this quarter. This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 36. Office Submarket Dashboard | GTA North: Hwy404-Hwy407 Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 9,086,581 9,086,581  Net Absorption 49,009 (11,919)  Vacancy Rate 6.2% 6.4%  Availability Rate 10.2% 11.8%  Average Asking Net Rent $15.24 $15.66  Average Additional Rent $12.22 $12.23  Average Asking Gross Rent $27.47 $27.89  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $30.76 Thousands (SF) 400 $15.66 200 6.4% 0 20 10 0 2012 Q1 -200 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 5,000 600 4,000 $30.00 3,000 $20.00 2,000 $10.00 1,000 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 -20 $27.42 575 Cochrane Drive, a 80,714 SF building by GWL Realty Advisors is in $30.00 2,500 Thousands (SF) New Developments Update 2013 Q4 Class B 3,000 -400 $40.00 2,000 $20.00 1,500 1,000 $10.00 500 0 the pre-leasing stage. $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 55 Allstate Parkway is in the pre-leasing stage with M&R awaiting a lead tenant before construction can begin on the 152,838 SF building. Class C 2,000 $30.00 $20.93 Commerce Valley Drive. Galleria Corporate Centre, a 38,662 SF development being marketed by Times Development Corporation, is awaiting a lead tenant to begin i Thousands (SF) Triovest is continuing to pre-lease a 156,000 SF, 8-storey building at 103 1,500 $20.00 1,000 $10.00 500 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 37. Office Submarket Dashboard | GTA North: Markham Town Centre Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 3,071,571 3,071,571  Net Absorption (15,071) (40,970)  Vacancy Rate 6.3% 7.6%  Availability Rate 8.7% 8.2%  Average Asking Net Rent $13.04 $13.72  Average Additional Rent $11.21 $12.00  Average Asking Gross Rent $24.25 $25.72  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent Thousands (SF) 400 20 $13.72 200 10 7.6% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 2,000 600 $30.00 $27.28 $20.00 1,000 $10.00 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q4 Class B $24.35 2,000 -400 2013 Q3 $30.00 -20 New Developments Update Offices at Uptown Markham, a 380,000 SF office development is in the Thousands (SF) 1,500 $20.00 1,000 $10.00 500 0 pre-leasing stage. $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C $18.84 Thousands (SF) 400 $20.00 300 200 $10.00 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 38. Office Submarket Dashboard | GTA East: Scarborough Town Centre Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 3,757,066 3,807,066  Net Absorption (55,393) (20,119)  Vacancy Rate 11.2% 11.6%  Availability Rate 15.3% 10.6%  Average Asking Net Rent $12.41 $9.58  Average Additional Rent $15.98 $14.51  Average Asking Gross Rent $28.39 $24.08  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Vacancy Rate Average Net Rent 30 Thousands (SF) 400 20 11.6% 200 10 $9.58 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 600 Thousands (SF) Absorption 1,600 1,400 1,200 1,000 800 600 400 200 0 $40.00 $30.00 $20.00 $10.00 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q4 Class B $24.50 2,000 -400 2013 Q3 No new development updates at this time. Thousands (SF) 1,500 New Developments Update $30.00 -20 $20.00 1,000 $10.00 500 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Thousands (SF) Class C 700 600 500 400 300 200 100 0 $30.00 $22.57 $20.00 $10.00 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 39. Office Submarket Dashboard | GTA East: Pickering Oshawa Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 1,767,559 1,767,559  Net Absorption (56,879) 13,556  Vacancy Rate 9.5% 8.7%  Availability Rate 9.8% 9.5%  Average Asking Net Rent $10.96 $10.81  Average Additional Rent $11.00 $11.05  Average Asking Gross Rent $21.96 $21.86  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $40.00 20 $10.81 200 10 8.7% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 -400 New Developments Update No new development updates at this time. 2013 Q2 2013 Q3 2013 Q4 -10 $24.15 1,000 $30.00 800 $20.00 600 400 $10.00 200 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 *No rent information is available this quarter. Class B -20 Thousands (SF) Thousands (SF) 400 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 1,200 600 $21.12 700 600 500 400 300 200 100 0 $30.00 $20.00 $10.00 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C 250 $20.00 Thousands (SF) $13.79 200 150 $10.00 100 50 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 40. Office Submarket Dashboard | GTA West: Airport Corporate Centre Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 5,684,524 5,684,524  Net Absorption (10,913) 38,816  Vacancy Rate 8.6% 8.0%  Availability Rate 11.2% 14.7%  Average Asking Net Rent $15.00 $13.47  Average Additional Rent $12.93 $12.43  Average Asking Gross Rent $27.93 $25.91  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent Thousands (SF) 400 20 $13.47 200 10 8.0% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 3,000 600 $30.99 2,500 $30.00 2,000 $20.00 1,500 1,000 $10.00 500 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 -20 Construction continues at 5875 Explorer Drive. 52,000 SF of office 2013 Q4 $24.04 $30.00 2,000 Thousands (SF) New Developments Update 2013 Q3 Class B 2,500 -400 $40.00 $20.00 1,500 1,000 $10.00 500 0 space is set to be completed in Q1 2014. $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 HOOPP continues construction at Spectrum Square Phase 1. The 134,000 SF development has a completion date set for Q3 2014. Class C $23.42 Thousands (SF) 2,000 1,500 $30.00 $20.00 1,000 $10.00 500 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 41. Office Submarket Dashboard | GTA West: Airport East Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 4,149,156 4,149,156  Net Absorption (31,017) (17,303)  Vacancy Rate 14.4% 14.8%  Availability Rate 29.2% 31.6%  Average Asking Net Rent $13.31 $13.07  Average Additional Rent $13.54 $12.90  Average Asking Gross Rent $26.86 $25.97  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent Thousands (SF) 400 20 $13.07 200 14.8% 0 -200 10 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 1,200 600 $29.31 1,000 $30.00 800 $20.00 600 400 $10.00 200 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 No new development updates at this time. -20 2013 Q4 $25.77 $30.00 2,000 Thousands (SF) New Developments Update 2013 Q3 Class B 2,500 -400 $40.00 $20.00 1,500 1,000 $10.00 500 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C 1,200 $30.00 Thousands (SF) 1,000 800 $20.00 600 $16.08 400 $10.00 200 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 42. Office Submarket Dashboard | GTA West: Airport West Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 3,748,485 3,748,485  Net Absorption (20,070) (23,519)  Vacancy Rate 3.3% 3.9%  Availability Rate 5.7% 6.6%  Average Asking Net Rent $12.70 $10.23  Average Additional Rent $12.61 $11.61  Average Asking Gross Rent $25.31 $21.84  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent Thousands (SF) 400 20 $10.23 200 10 3.9% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 3,000 600 $40.00 2,500 $24.45 2,000 $20.00 1,500 1,000 $10.00 500 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B $23.17 2,000 -400 $30.00 $30.00 -20 New Developments Update Metrus Properties continues construction at 4980 Tahoe Boulevard, a Thousands (SF) 1,500 $20.00 1,000 $10.00 500 0 202,000 SF building, with a delivery date set for 2014. $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C Thousands (SF) 400 $30.00 $15.10 300 $20.00 200 $10.00 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 43. Office Submarket Dashboard | GTA West: Brampton Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 3,288,171 3,288,171  Net Absorption (13,247) 17,958  Vacancy Rate 8.1% 7.6%  Availability Rate 8.0% 8.4%  Average Asking Net Rent $18.37 $17.91  Average Additional Rent $12.23 $11.47  Average Asking Gross Rent $30.60 $29.39  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Vacancy Rate Average Net Rent 30 $17.91 Thousands (SF) 400 7.6% 200 0 -200 20 10 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 600 Thousands (SF) Absorption $29.56 1,600 1,400 1,200 1,000 800 600 400 200 0 $30.00 $20.00 $10.00 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B $28.10 2,000 -400 $40.00 $30.00 -20 New Developments Update Lionhead Corporate Centre Phase II, located at 3495 and 8501 Thousands (SF) 1,500 $10.00 500 0 Mississauga Road, is being marketed by Kaneff with the potential to build $0.00 2012 Q1 up to 120,000 SF of office space. Levi Creek Corporate Centre is currently being pre-leased by Triovest, $20.00 1,000 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C the development is made up of two towers that will deliver 112,500 SF Thousands (SF) and 157,500 SF of office space. 140 120 100 80 60 40 20 0 $25.49 $30.00 $20.00 $10.00 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 44. Office Submarket Dashboard | GTA West: Burlington Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 4,347,554 4,347,554  Net Absorption 22,534 (45,889)  Vacancy Rate 7.0% 8.1%  Availability Rate 10.2% 10.6%  Average Asking Net Rent $16.34 $15.28  Average Additional Rent $10.50 $10.65  Average Asking Gross Rent $26.84 $25.92  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $40.00 Thousands (SF) 400 $15.28 8.1% 200 0 -200 20 10 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 2,000 600 $30.00 1,500 $29.62 1,000 $20.00 500 $10.00 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B 2,000 -400 $30.00 $23.40 -20 New Developments Update 1006 Skyview Drive, a 36,339 SF office development, is currently under Thousands (SF) 1,500 $20.00 1,000 $10.00 500 0 construction with a completion date set for Q3 2014. $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C 1,200 $16.92 Thousands (SF) 1,000 $20.00 800 600 $10.00 400 200 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 45. Office Submarket Dashboard | GTA West: Cooksville Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 1,759,602 1,507,502  Net Absorption 36,331 (35,486)  Vacancy Rate 3.1% 4.8%  Availability Rate 7.1% 12.7%  Average Asking Net Rent $13.71 $14.41  Average Additional Rent $14.20 $12.64  Average Asking Gross Rent $27.91 $27.05  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Vacancy Rate Average Net Rent 30 Thousands (SF) 400 20 $14.41 200 10 4.8% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 600 Thousands (SF) Absorption 800 700 600 500 400 300 200 100 0 $30.98 $30.00 $20.00 $10.00 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B 1,000 New Developments Update No new development updates at this time. -20 $30.00 $22.28 800 Thousands (SF) -400 $40.00 $20.00 600 400 $10.00 200 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Thousands (SF) Class C 350 300 250 200 150 100 50 0 $30.00 $21.64 $20.00 $10.00 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 *No rent information is available for this quarter. This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 46. Office Submarket Dashboard | GTA West: Hwy 401 Hurontario Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 3,804,277 3,804,277  Net Absorption 4,038 (60,893)  Vacancy Rate 4.6% 6.2%  Availability Rate 10.3% 9.0%  Average Asking Net Rent $15.08 $13.99  Average Additional Rent $12.16 $12.10  Average Asking Gross Rent $27.24 $26.09  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $27.53 400 20 Thousands (SF) $13.99 200 6.2% 0 -200 10 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 2,500 600 2,000 $20.00 1,500 1,000 $10.00 500 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B 800 -400 $26.16 -20 Construction continues at 60 Standish Court, a 360,000 SF development Thousands (SF) 600 New Developments Update 0 $0.00 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C 1,000 Thousands (SF) Q1 2014. $10.00 2012 Q1 development, with a completion date set for Q3 2014. building will deliver 47,000 SF of fully leased inventory to the market in $20.00 200 2014. Construction continues at 7080 Derrycrest Drive. This new office $30.00 400 by Orlando Corporation, with an expected completion date set for Q2 BCC Group has begun construction at 255 Longside Drive, as 65,980 SF $30.00 $30.00 $18.58 800 $20.00 600 400 $10.00 200 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 47. Office Submarket Dashboard | GTA West: Hwy 427 Bloor-Islington Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 4,643,284 4,643,284  Net Absorption (13,394) (24,325)  Vacancy Rate 10.6% 11.1%  Availability Rate 8.6% 8.6%  Average Asking Net Rent $15.00 $15.13  Average Additional Rent $17.15 $16.10  Average Asking Gross Rent $32.15 $31.23  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent Thousands (SF) 400 $15.13 200 20 10 11.1% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 2,500 600 $40.00 $36.03 2,000 $20.00 1,000 $10.00 500 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B 2,000 -400 $26.89 Thousands (SF) No new development updates at this time. $30.00 -20 1,500 New Developments Update $30.00 1,500 $20.00 1,000 $10.00 500 0 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Thousands (SF) Class C 700 600 500 400 300 200 100 0 $30.00 $19.45 $20.00 $10.00 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 48. Office Submarket Dashboard | GTA West: Mississauga City Centre Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 3,761,298 3,864,298  Net Absorption 66,434 (26,491)  Vacancy Rate 6.1% 7.1%  Availability Rate 12.9% 13.5%  Average Asking Net Rent $16.40 $16.72  Average Additional Rent $15.29 $16.17  Average Asking Gross Rent $31.68 $32.89  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent 200 7.1% 0 -200 20 10 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 -400 2013 Q3 2013 Q4 -10 Construction continues at 4080 Confederation Parkway. The 90,000 SF $40.00 $30.00 $20.00 1,500 1,000 $10.00 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B -20 New Developments Update $34.49 3,000 2,500 2,000 500 0 Thousands (SF) Thousands (SF) 400 $16.72 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 3,500 600 700 600 500 400 300 200 100 0 building has a completion date set for Q1 2014. $28.03 $40.00 $30.00 $20.00 $10.00 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 HOOPP has begun construction on two office buildings at 1 Prologis Boulevard and 85 Prologis Boulevard. The estimated completion dates Class C have been set for Q4 2014 and Q1 2015. $23.66 Thousands (SF) 250 $30.00 200 $20.00 150 100 $10.00 50 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 49. Office Submarket Dashboard | GTA West: Meadowvale Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 6,802,612 6,757,166  Net Absorption 69,081 17,951  Vacancy Rate 8.9% 8.2%  Availability Rate 10.1% 8.9%  Average Asking Net Rent $16.28 $15.06  Average Additional Rent $12.32 $12.11  Average Asking Gross Rent $28.59 $27.16  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Vacancy Rate Average Net Rent 30 Thousands (SF) 400 $15.06 200 20 10 8.2% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 600 Thousands (SF) Absorption 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 $40.00 $29.13 $30.00 $20.00 $10.00 $0.00 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class B 2,500 -400 -20 7100 West Credit Corporate Centre, a 95,868 SF Carttera development is Thousands (SF) New Developments Update $40.00 2,000 $30.00 1,500 $27.73 $20.00 1,000 $10.00 500 0 nearing completion with an expected occupancy date set for Q1 2014. $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 7025 Langer Drive, a 65,000 SF GWL Realty development, is currently under construction with 50% pre-leased and an estimated completion Class C date set for Q3 2014. 2,000 $30.00 6875 Financial Drive, a 125,790 SF building being marketed by Bentall Kennedy is awaiting an anchor tenant before construction can begin. First Gulf continues to pre-lease 2476 Argentia Road, a 125,000 SF d l i h 20% f h b ildi l l d Thousands (SF) $22.45 1,500 $20.00 1,000 $10.00 500 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 50. Office Submarket Dashboard | GTA West: Sheridan Winston Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 2,271,848 2,606,303  Net Absorption (1,795) (2,888)  Vacancy Rate 3.5% 3.2%  Availability Rate 4.9% 6.1%  Average Asking Net Rent $16.21 $17.22  Average Additional Rent $12.12 $11.75  Average Asking Gross Rent $28.33 $28.97  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $17.22 200 20 10 3.2% 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 -400 New Developments Update No new development updates at this time. 2013 Q2 2013 Q3 2013 Q4 -10 $32.51 1,000 $40.00 $30.00 800 $20.00 600 400 $10.00 200 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 *No historical rent information is available for this submarket. Class B -20 Thousands (SF) Thousands (SF) 400 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 1,200 600 1,400 1,200 1,000 800 600 400 200 0 $23.22 $30.00 $20.00 $10.00 $0.00 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C Thousands (SF) 500 $20.00 400 $12.89 300 $10.00 200 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4
  • 51. Office Submarket Dashboard | GTA West: Oakville Fourth Quarter 2013 Submarket Snapshot Q3 2013 Q4 2013 Trend Office Inventory 3,096,621 3,096,621  Net Absorption 39,694 13,923  Vacancy Rate 14.4% 14.0%  Availability Rate 15.1% 13.6%  Average Asking Net Rent $17.20 $17.14  Average Additional Rent $11.42 $10.19  Average Asking Gross Rent $28.62 $27.33  MAP Available Supply Split & Gross Rent Not Available Space Sublease Available Direct Available Gross Rent 24 Month Trend Class AAA/A Absorption Vacancy Rate Average Net Rent $40.00 Thousands (SF) 400 $17.14 20 200 14.0% 10 0 -200 0 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 -10 Asking Net Rent ($) / Vacancy Rate (%) 30 Thousands (SF) 2,000 600 $27.62 1,500 $30.00 1,000 $20.00 500 $10.00 $0.00 0 2012 2012 Q1 Q2 2012 2012 Q3 Q4 2013 Q1 2013 Q2 2013 Q3 Class B 1,500 $27.54 -20 New Developments Update 209 Oak Park Boulevard is currently under construction. The 64,000 SF Thousands (SF) -400 $40.00 $30.00 1,000 $20.00 500 $10.00 0 building is 25% pre-leased and has an estimated completion date set for $0.00 2012 Q1 Q1 2014. Melrose continues construction at 1300 Cornwall Road, a 29,776 SF 2013 Q4 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Class C office development with 40% pre-leased and a completion date set for $25.50 600 Q3 2014. $30.00 Thousands (SF) 500 400 $20.00 300 200 $10.00 100 0 $0.00 2012 2012 2012 2012 2013 Q1 Q2 Q3 Q4 Q1 2013 Q2 This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,  expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the  accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and  damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or  2013 Q3 2013 Q4

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