Canada Office and Industrial - CBRE - Q4 2019

CAN A DA
Q4 2019
QUARTERLY
STATI ST ICS
CAN A DA
T4 2019
STATISTIQUES
TRIMESTRIELLES
C A N A D A O F F I C E Q4 2019
KEY TRENDS SUPPLY & DEMAND

• Employment growth slowed in consecutive quarter to 12.2%,
4,000 16%
the fourth quarter with 37,800 down 170 bps annually. Of note
jobs lost. However, due to the were the suburban markets of
3,000 12%
SQUARE FEET (000s)

robust gains recorded in each of London, Waterloo and Montreal
the previous three quarters, total which contracted by 470 bps, 360
VACANCY
2,000 8%
employment for the full year still bps and 270 bps, respectively.
grew by a very impressive 320,300 • With the taps turned off in
new jobs. 1,000 4%
Alberta and Toronto and
• In Q4 2019, the national overall Vancouver still in the middle 0 0%
office vacancy rate contracted of their development cycles,
to 10.9%, the lowest level since 2019 saw the lowest amount Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-1,000 -4%
Q4 2014. Downtown leasing of new supply deliveries since 2016 2017 2018 2019
activity remained relatively quiet 2005. The lack of new supply
to end 2019 as mild softening further solidified Toronto  Net absorption  New supply — Vacancy
recorded in Calgary and Waterloo and Vancouver’s standings
Region offset gains in Toronto as the tightest downtown
and Ottawa. Annually, the markets in North America, OVERALL VACANCY RATES
national downtown vacancy rate with vacancy rates of 2.2% 24.7%
contracted by 50 basis points and 2.3%. These downtown
19.5%
(bps). cores account for 68.2% of the CANADA 10.9% 15.5% 16.9%
national construction pipeline,
• In 2019, suburban markets saw 9.9% 10.7%
with several notable projects 10.3%
the greatest improvements. 6.3% 6.7%
scheduled for delivery in 2020. 3.7%
The national suburban vacancy
Vancouver Ottawa Toronto Winnipeg Waterloo Montreal Halifax London Edmonton Calgary
rate compressed for the sixth Region
STATISTICS DOWNTOWN SUBURBAN TOTAL

Q3 2019 Q4 2019 Q/Qr Q3 2019 Q4 2019 Q/Qr Q3 2019 Q4 2019 Q/Qr
Net Rentable Area 258,169,324 257,691,114 q 0.2% 212,965,572 213,239,992 p 0.1% 471,134,896 470,931,106 tu 0.0%
Overall Vacancy Rate 9.8% 9.8% tu - 12.6% 12.2% q 40 bps 11.0% 10.9% q 10 bps
Direct Space 21,003,471 21,019,089 p 0.1% 23,593,783 22,574,647 q 4.3% 44,597,254 43,593,736 q 2.3%
Sublet Space 4,209,587 4,358,813 p 3.5% 3,235,124 3,408,398 p 5.4% 7,444,711 7,767,211 p 4.3%
Sublet % of Vacant Space 16.7% 17.2% p 50 bps 12.1% 13.1% p 100 bps 14.3% 15.1% p 80 bps
Class A Vacancy Rate 8.4% 8.4% tu - 12.3% 11.8% q 50 bps 10.0% 9.8% q 20 bps
Average Class A Net Rent (psf) $22.05 $22.08 p $0.03 $17.68 $17.62 q $0.06 $19.71 $19.74 p $0.03
Current Quarter Absorption 133,858 -56,664 q 190,522 958,532 977,996 p 19,464 1,092,390 921,332 q 171,058
Year to Date Absorption 2,013,758 1,957,094 2,926,729 3,904,725 4,940,487 5,861,819
Current Quarter New Supply 0 96,427 p 96,427 68,000 159,211 p 91,211 68,000 255,638 p 187,638
Year to Date New Supply 859,264 955,691 373,825 533,036 1,233,089 1,488,727
Under Construction 14,816,490 14,164,688 q 651,802 3,772,399 4,210,836 p 438,437 18,588,889 18,375,524 q 213,365
Canada: OFFICE | Industrial CLIQUEZ ICI POUR VOIR LA VERSION FRANÇAISE
Vancouver Calgary Edmonton Winnipeg London Waterloo Toronto Ottawa Montreal Halifax All Stats
C A N A D A I N D U S T R I A L Q4 2019

• Despite recording a 19th absolute and percentage terms. 16,000 8%
consecutive quarter of positive The national average rental rate 14,000 7%

net absorption, deliveries of new has increased year-over-year by
SQUARE FEET (000s)

supply outpaced absorption in Q4 $0.95, or 12.3%, to a new all-time 12,000 6%
2019 and the national industrial record high $8.69 per sq. ft.
AVAILABILITY
10,000 5%
availability rate increased by 10 • To help alleviate the record-low 8,000 4%
bps to 3.0%. availability rates present across
• Canada’s industrial market is Canada’s industrial markets, 6,000 3%
forecasted to maintain strong there was 9.2 million sq. ft. of 4,000 2%
fundamentals for the foreseeable new supply introduced this
2,000 1%
future. In order to meet consumer quarter. Although this is among
expectations, ecommerce, 3PL the highest quarterly new supply 0 0%
and retail firms are continuing to figures ever, it will do little Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-2,000 -1%
rapidly expand their supply chain to alleviate market tightness 2016 2017 2018 2019
networks. Further, with labour as 68.9% of this product was  Net absorption  New supply — Availability
accessibility and transportation delivered in Toronto.
costs playing larger roles in the • At present, there is 25.0 million
site selection decision making OVERALL AVAILABILITY RATES
sq. ft. in Canada’s industrial 8.2%
8.8%
process, tenants are increasingly pipeline, which is well above the
having to pay a premium to lease 6.7%
5-year historical average of 17.0
sites that meet their needs. million sq. ft. CANADA 3.0%
3.6%
• These trends have culminated 2.4% 2.7% 2.8% 3.0%
1.9%
in the largest annual rental 1.4%
rate increase on record, in both Toronto Waterloo Vancouver Montreal Ottawa London Winnipeg Halifax Edmonton Calgary
Region
STATISTICS Q3 2019 Q4 2019 Q/Qr AVERAGE NET RENT VS. SALE PRICE
Net Rentable Area 1,831,463,963 1,841,142,678 p 0.5% $10 $160
AVG. SALE PRICE (PSF)

Overall Availability Rate 2.9% 3.0% p 10 bps
AVG. NET RENT (PSF)
$9 $150
Current Quarter Absorption 8,467,767 7,125,262 q 1,342,506
$8 $140
Year to Date Absorption 18,470,594 25,595,856
Current Quarter New Supply 5,680,588 9,214,553 p 3,533,965 $7 $130
Year to Date New Supply 13,418,003 22,632,556 $6 $120

Under Construction 28,025,690 25,005,347 q 3,020,343
$5 $110
Average Net Rent (psf) $8.63 $8.69 p $0.06 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$4 $100
Average Avg. TMI (psf) $4.27 $4.16 q $0.11
2016 2017 2018 2019
Average Sale Prices (psf) $155.31 $157.59 p $2.28
— Avg. Net Rent — Avg. Sale Price
Canada: Office | INDUSTRIAL CLIQUEZ ICI POUR VOIR LA VERSION FRANÇAISE
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V A N C O U V E R O F F I C E Q4 2019

• Following three consecutive years • Demand for downtown 1,200 12%
of vacancy rate compression, Vancouver office space remained
nearly a million sq. ft. of positive strong, compressing the vacancy 900 9%
SQUARE FEET (000s)

net absorption was recorded rate by 150 bps to 2.3% year-
with almost no deliveries of new over-year. Led by occupiers
VACANCY
600 6%
supply, which resulted in the seeking high quality space, the
metro Vancouver office vacancy majority of leasing activity this
rate settling at an all-time low of year was seen in Class A and 300 3%
3.7%. AAA properties. Net rental rates

increased by 20.9% annually to 0 0%
• While relief is expected from
$44.98 per sq. ft. for downtown
the 5.5 million sq. ft. of new
Class A space. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
office space currently under -300 -3%
construction, significant pre- • Driven by the Broadway 2016 2017 2018 2019
leasing activity has already been Corridor, Burnaby and North  Net absorption  New supply — Vacancy
seen in most developments. Shore submarkets, Vancouver’s
Further, net new requirements suburban office market AVERAGE CLASS A NET RENT
from U.S. tech firms have recorded 570,836 sq. ft. of $ 32
accounted for a majority of this positive net absorption in 2019. $ 30
leasing activity, signaling that Approximately 1.6 million sq. ft. $ 28
this development cycle will see is currently under construction $ 26
$PSF
limited levels of space coming across Vancouver’s suburban $ 24
$ 22
back to the market following its markets, 54.5% of which is
$ 20
completion. located along the Broadway
$ 18
Corridor. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 16
2016 2017 2018 2019
— Vancouver — National
Net Rentable Area 23,835,545 23,851,972 p 0.1% 23,931,768 23,931,768 tu - 47,767,313 47,783,740 tu 0.0%
Overall Vacancy Rate 2.4% 2.3% q 10 bps 5.2% 5.2% tu - 3.8% 3.7% q 10 bps
Direct Space 482,966 448,696 q 7.1% 934,171 967,167 p 3.5% 1,417,137 1,415,863 q 0.1%
Sublet Space 90,743 88,350 q 2.6% 302,481 274,174 q 9.4% 393,224 362,524 q 7.8%
Sublet % of Vacant Space 15.8% 16.5% p 70 bps 24.5% 22.1% q 240 bps 21.7% 20.4% q 130 bps
Class A Vacancy Rate 2.3% 2.2% q 10 bps 5.9% 5.6% q 30 bps 4.2% 4.0% q 20 bps
Average Class A Net Rent (psf) $44.49 $44.98 p $0.49 $24.58 $23.89 q $0.69 $30.22 $29.43 q $0.79
Current Quarter Absorption 36,248 53,090 p 16,842 159,174 -4,689 q 163,863 195,422 48,401 q 147,021
Year to Date Absorption 325,516 378,606 575,525 570,836 901,041 949,442
Current Quarter New Supply 0 16,427 p 16,427 0 0 tu - 0 16,427 p 16,427
Year to Date New Supply 0 16,427 46,629 46,629 46,629 63,056
Under Construction 3,959,190 3,926,132 q 33,058 1,412,960 1,554,599 p 141,639 5,372,150 5,480,731 p 108,581
Vancouver: OFFICE | Industrial
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V A N C O U V E R I N D U S T R I A L Q4 2019

• Continued strength within ft., or 62.1%, the largest absolute 2,500 5%
Vancouver’s industrial market increase of any Canadian market
has led to 10 consecutive years over this period. 2,000 4%
SQUARE FEET (000s)

of positive annual absorption, • In 2019, annual new supply
culminating in 4.4 million sq. ft.
AVAILABILITY
completions of 4.8 million 1,500 3%
absorbed in 2019. Over the course sq. ft. set a 10-year record.
of this decade, a total of 34.3 However, despite this record 1,000 2%
million sq. ft. was absorbed in new supply, occupier demand
comparison to 28.0 million sq. ft. for distribution and logistics 500 1%
of new supply. space remains elevated and the
0 0%
• For the third consecutive Metro Vancouver availability
year, Metro Vancouver has rate remained relatively stable Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-500 -1%
experienced net rental growth at a very tight 2.4%. Across the
2016 2017 2018 2019
exceeding 10.0%, increasing projects completed in the year,
by 10.9% annually to $13.15 79.7% of the space has been pre-
 Net absorption  New supply — Availability
per sq. ft. This annual increase committed prior to delivery.
was primarily driven by the AVERAGE NET RENT
• Vancouver’s low-availability
Richmond, Abbotsford and Surrey environment is expected to $14
submarkets which recorded continue for the foreseeable
$13
rental growth of 24.6%, 22.5% future as over half of the 4.1
$12
$11
and 13.3%, respectively. Over the million sq. ft. slated for delivery
$PSF
$10
last decade, rents in Vancouver in 2020 has already been leased. $9
have appreciated by $5.04 per sq. $8
$7
$6
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$5
2016 2017 2018 2019
— Vancouver — National
STATISTICS Q3 2019 Q4 2019 Q/Qr
Net Rentable Area 196,687,274 197,465,610 p 0.4% AVAILABILITY RATE
Overall Availability Rate 2.5% 2.4% q 10 bps 8%
Current Quarter Absorption 1,161,418 867,510 q 293,908
6%
Current Quarter New Supply 1,950,930 778,336 q 1,172,594
4%
Year to Date New Supply 4,040,216 4,818,552
Under Construction 5,224,590 5,552,262 p 327,672 2%
Average Net Rent (psf) $12.94 $13.15 p $0.21
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Average Avg. TMI (psf) $4.58 $4.44 q $0.14 0%
2016 2017 2018 2019
Average Sale Prices (psf) $375.00 $380.00 p $5.00 — Vancouver — National
Vancouver: Office | INDUSTRIAL
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C A L G A R Y O F F I C E Q4 2019

• Following a recovery in 2018, • With 44,670 sq. ft. of positive net 2,000 40%
Calgary’s overall office market absorption this year, Calgary’s
was quiet in 2019 with only suburban vacancy rate closed 1,500 30%
SQUARE FEET (000s)

25,158 sq. ft. of positive net the year at 20.5%, slightly below
the market’s five-year average 1,000 20%
absorption recorded. Annually,
VACANCY
Calgary’s overall vacancy rate of 20.9%. The downtown core’s
500 10%
increased 40 bps to 24.7%, 120 elevated vacancy continues to
bps above the market’s five-year negatively impact the Beltline,
0 0%
average of 23.5%. which remains Calgary’s most
vacant suburban submarket at
• Led by Husky, Repsol and Nexen, -500 -10%
26.9%.
the oil industry experienced
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
further consolidation and • Although a high-vacancy market -1,000 -20%
downsizing this quarter resulting is expected to continue into 2020, 2016 2017 2018 2019
in the addition of new sublease the office market will remain  Net absorption  New supply — Vacancy
space in the downtown core. active for the foreseeable future
However, this was partially offset as tenants look to upgrade or AVERAGE CLASS A NET RENT
by the relocation of suburban improve their real estate position. $ 23
tenants into the core to access $ 22

urban Class AA space, which $ 21
limited absorption to a negative $ 20
$PSF
261,291 sq. ft. in Q4 2019. Overall, $ 19
the downtown office market $ 18
recorded 19,512 sq. ft. of negative
$ 17
net absorption this year. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 16
2016 2017 2018 2019
— Calgary — National
Net Rentable Area 42,399,765 42,399,765 tu - 25,752,294 25,752,294 tu - 68,152,059 68,152,059 tu -
Overall Vacancy Rate 26.6% 27.2% p 60 bps 20.6% 20.5% q 10 bps 24.3% 24.7% p 40 bps
Direct Space 8,601,584 8,513,966 q 1.0% 4,195,927 4,149,502 q 1.1% 12,797,511 12,663,468 q 1.0%
Sublet Space 2,673,678 3,022,587 p 13.0% 1,101,799 1,128,486 p 2.4% 3,775,477 4,151,073 p 9.9%
Class A Vacancy Rate 20.5% 21.2% p 70 bps 18.0% 18.2% p 20 bps 19.7% 20.2% p 50 bps
Average Class A Net Rent (psf) $17.24 $17.11 q $0.13 $19.43 $19.54 p $0.11 $17.95 $17.95 tu -
Current Quarter Absorption -192,548 -261,291 q 68,743 229,745 19,738 q 210,007 37,197 -241,553 q 278,750
Year to Date Absorption 241,779 -19,512 24,932 44,670 266,711 25,158
Current Quarter New Supply 0 0 tu - 0 0 tu - 0 0 tu -
Year to Date New Supply 430,000 430,000 0 0 430,000 430,000
Under Construction 0 0 tu - 152,415 179,495 p 27,080 152,415 179,495 p 27,080
Calgary: OFFICE | Industrial
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C A L G A R Y I N D U S T R I A L Q4 2019

• Calgary’s industrial market • Since reaching a decade low of 2,500 15%
recorded an impressive 746,808 $7.02 per sq. ft. in 2017, Calgary’s
sq. ft. of positive net absorption net rental rates have increased 2,000 12%
SQUARE FEET (000s)

in Q4 2019. This marks the 12th for eight consecutive quarters
consecutive quarter of positive to $7.91 per sq. ft. This stands
AVAILABILITY
1,500 9%
absorption for the market, and only 5.8% below the high seen
over this period the market’s prior to the oil crisis. Recently, 1,000 6%
availability rate has compressed this uptick has been driven by
100 bps down from its oil crisis newer industrial spaces, which 500 3%
high of 9.8%. command a slight premium
compared to existing product. 0 0%
• W
hile the market’s availability
rate is up year-over-year from • In November, Summit Industrial Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-500 -3%
8.2% in 2018 to 8.8% in 2019, Income REIT announced that
2016 2017 2018 2019
this is only because development the company is acquiring 37 light
activity has recommenced, and industrial properties throughout
new supply completions of 3.2 Alberta that total over 3.3 million
million sq. ft. outpaced the sq. ft. With 14 of these properties AVERAGE NET RENT
2.0 million sq. ft. of absorbed located in Calgary, Summit’s $9
by tenants. As at year-end, acquisition signals the continued
only 499,828 sq. ft. remains in confidence in industrial assets as $8
Calgary’s industrial pipeline. a strong investment.
$PSF
$7
$6
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$5
2016 2017 2018 2019
— Calgary — National
Overall Availability Rate 8.7% 8.8% p 10 bps 12%
Current Quarter Absorption 133,386 746,808 p 613,422 10%

8%
Current Quarter New Supply 597,106 886,833 p 289,727
6%
4%
Under Construction 1,165,011 499,828 q 665,183
2%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019
Average Sale Prices (psf) $165.00 $165.00 tu - — Calgary — National
Calgary: Office | INDUSTRIAL
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E D M O N T O N O F F I C E Q4 2019

• The Edmonton office market • Edmonton’s downtown office 800 24%
finished the year strong in the towers are upgrading amenity
600 18%
fourth quarter and experienced space in order to retain tenants
SQUARE FEET (000s)

138,559 sq. ft. of positive and prevent flight-to-quality 400 12%
absorption as vacancy dipped movements. Improvements
VACANCY
50 bps to 19.5%. Driven by the include reimagining lobby spaces 200 6%
Southside and South Henday to provide attractive and useable
0 0%
submarkets, which recorded year- spaces for tenants.
to-date absorptions of 152,935 sq. • Edmonton witnessed a 25.7% -200 -6%
ft, and 136,947 sq. ft., respectively, increase in tech talent over the
the suburban market took the -400 -12%
past five years. High demand in
spotlight in 2019 with year-to- Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
the technology sector is helping -600 -18%
date absorption totaling 198,161 tackle high office vacancy 2016 2017 2018 2019
sq. ft. rates. The largest tech deal in  Net absorption  New supply — Vacancy
• 117,149 sq. ft. of new supply Edmonton in 2019 was Jobber,
was added to the Edmonton taking 37,000 sq. ft in 103 Street AVERAGE CLASS A NET RENT
office market in 2019 with Centre. $ 24
the completion of the Forbes $ 23

Building in Q2. New supply in
$ 22
2019 was significantly lower than
$PSF
$ 21
the previous year which saw the
650,527 sq. ft. Stantec Tower $ 20
come to market, Edmonton’s $ 19
newest AA office tower. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 18
2016 2017 2018 2019
— Edmonton — National
Net Rentable Area 16,197,331 16,197,331 tu - 10,258,005 10,012,499 q 2.4% 26,455,336 26,209,830 q 0.9%
Overall Vacancy Rate 20.2% 20.1% q 10 bps 19.6% 18.6% q 100 bps 20.0% 19.5% q 50 bps
Direct Space 2,805,130 2,938,306 p 4.7% 1,971,999 1,794,422 q 9.0% 4,777,129 4,732,728 q 0.9%
Sublet Space 467,299 324,071 q 30.7% 40,984 63,818 p 55.7% 508,283 387,889 q 23.7%
Sublet % of Vacant Space 14.3% 9.9% q 440 bps 2.0% 3.4% p 140 bps 9.6% 7.6% q 200 bps
Average Class A Net Rent (psf) $22.31 $21.86 q $0.45 $19.27 $18.49 q $0.78 $21.40 $20.99 q $0.41
Current Quarter Absorption -146,972 10,052 p 157,024 -27,416 128,507 p 155,923 -174,388 138,559 p 312,947
Year to Date Absorption -307,499 -297,447 69,654 198,161 -237,845 -99,286
Current Quarter New Supply 0 0 tu - 0 33,400 p 33,400 0 33,400 p 33,400
Year to Date New Supply 0 0 83,749 117,149 83,749 117,149
Under Construction 36,360 31,689 q 4,671 175,471 142,071 q 33,400 211,831 173,760 q 38,071
Edmonton: OFFICE | Industrial
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E D M O N T O N I N D U S T R I A L Q4 2019

• The Edmonton industrial market • Strong construction activity 1,200 12%
recorded its strongest year will continue into 2020 with
since 2014 with a year-to-date 2.9 million sq. ft. of product 900 9%
SQUARE FEET (000s)

absorption of 1.3 million sq. ft. underway. Amazon’s 1.0 million
600 6%
in 2019. Market activity was led sq. ft. distribution centre in
AVAILABILITY
by the Northwest submarket Border Business Park is the largest 300 3%
which saw year-to-date absorption building under construction in
reach 397,948 sq. ft., followed by the Edmonton area. 0 0%
Acheson with 357,926 sq. ft. • Over 75.0% of development -300 -3%
• With the completion of MTE activity is taking place outside
Logistix’s 500,000 sq. ft. build- of Edmonton’s city limits due to -600 -6%
to-suit in the Northwest in Q2, a reduction on property taxes, Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
nearly 1.9 million sq. ft. of new saving nearly $2.00 per sq. ft. -900 -9%
2016 2017 2018 2019
industrial product was added to However, and despite these tax
the market in 2019. Build-to-suit cuts, tenants are choosing to be
product represented 66.0% of the located inside the city. Notable
new supply added to Edmonton’s projects include Panattoni’s AVERAGE NET RENT
industrial market throughout build-to-suit building in Apex $12
2019. Business Park in the Northwest. $11
$10
$PSF
$9
$8
$7
$6
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$5
2016 2017 2018 2019
— Edmonton — National
Current Quarter Absorption 738,846 296,932 q 441,914 10%

8%
Current Quarter New Supply 513,889 559,020 p 45,131
6%
4%
Under Construction 2,856,209 2,911,453 p 55,244
2%
Average Net Rent (psf) $10.32 $10.03 q $0.29
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019
Average Sale Prices (psf) $138.52 $138.58 p $0.06 — Edmonton — National
Edmonton: Office | INDUSTRIAL
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W I N N I P E G O F F I C E Q4 2019

• Winnipeg’s Downtown Class the Downtown Class C market in 400 16%
A vacancy rate continued its 2020 as SkipTheDishes migrates
descent in Q4 contracting 70 bps its offices from the Exchange 300 12%
SQUARE FEET (000s)

to 10.9%. This was a particularly District to the burgeoning SHED.
200 8%
positive quarter for this area • Amazon has planted their flag
VACANCY
which has been recovering after in Winnipeg with Amazon Web 100 4%
skyrocketing to 12.5% vacancy Service acquiring ThinkBox
in Q3 2018 upon the completion Software, a Winnipeg-based 0 0%
of True North Square. Positive company founded in 2010. Their
absorption in the SHED, as well as new 13,000 sq. ft. premises will be -100 -4%
the towers at Portage and Main, in the Johnston Terminal owned
provide clear indication that the Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
by Artis REIT located at The -200 -8%
two areas can co-exist and offer Forks. The Forks, now a prime 2016 2017 2018 2019
complementary alternatives to Winnipeg tourist area, is the  Net absorption  New supply — Vacancy
the most discerning office users. centre of Winnipeg’s deep rooted
• The Downtown Class B market cultural and commercial history AVERAGE CLASS A NET RENT
finished the year on a high note history where the Assiniboine $ 23
with a rare quarter of positive River connects with the Red River.
absorption, meanwhile the $ 21
Downtown Class C market
$PSF
$ 19
contracted as a result of 26,351
sq. ft. of negative absorption.
$ 17
Further gaps are anticipated in
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 15
2016 2017 2018 2019
— Winnipeg — National

Direct Space 1,093,509 1,072,638 q 1.9% 259,709 206,360 q 20.5% 1,353,218 1,278,998 q 5.5%
Sublet Space 64,703 64,703 tu - 23,086 10,767 q 53.4% 87,789 75,470 q 14.0%
Sublet % of Vacant Space 5.6% 5.7% p 10 bps 8.2% 5.0% q 320 bps 6.1% 5.6% q 50 bps
Class A Vacancy Rate 11.6% 10.9% q 70 bps N/A N/A tu - 11.6% 10.9% q 70 bps
Average Class A Net Rent (psf) $22.38 $22.71 p $0.33 N/A N/A tu - $22.38 $22.71 p $0.33
Current Quarter Absorption -7,522 20,543 p 28,065 1,033 65,668 p 64,635 -6,489 86,211 p 92,700
Year to Date Absorption -1,442 19,101 101,097 166,765 99,655 185,866
Under Construction 0 0 tu - 0 0 tu - 0 0 tu -
Winnipeg: OFFICE | Industrial
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W I N N I P E G I N D U S T R I A L Q4 2019

• In the two-year period from year- • Winnipeg’s industrial absorption 800 8%
end 2017 to 2019, Winnipeg’s totaled negative 195,274 sq.
industrial availability remained ft. in 2019. However, some of 600 6%
SQUARE FEET (000s)

unchanged at 3.6%. However, the this negative growth may be
400 4%
vacancy rate over the same period attributable to a lack of much
AVAILABILITY
increased from 3.0% to 3.4%. needed modern supply. 200 2%
While the vacancy rate has been • Serta Simmons Bedding recently
on the rise for owners, users have announced the closure of a
0 0%
not enjoyed a greater availability 46,000 sq. ft. manufacturing -200 -2%
of leasing options in a market facility in a building constructed
with limited modern supply. in 1967. After a lengthy review of -400 -4%
• Quadreal and Canada West expanding their operations into Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

-600 -6%
Limited are expected to deliver a modern manufacturing facility,
2016 2017 2018 2019
new leasable inventory in the company will instead vacate
2020 at Northwest Business the market.
Park and Brookside Industrial
Park. Combined, these new AVERAGE NET RENT
developments could add 200,000 $9
sq. ft. of new construction over
the next 12 months. $8
$PSF
$7
$6
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$5
2016 2017 2018 2019
— Winnipeg — National
Overall Availability Rate 3.6% 3.6% tu - 8%
Current Quarter Absorption 41,938 111,567 p 69,629

6%
Year to Date Absorption -306,841 -195,274
Current Quarter New Supply 0 50,000 p 50,000
4%
Year to Date New Supply 28,200 78,200
Under Construction 50,000 0 q 50,000 2%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019
Average Sale Prices (psf) $96.07 $96.84 p $0.77 — Winnipeg — National
Winnipeg: Office | INDUSTRIAL
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L O N D O N O F F I C E Q4 2019

• The London office market market high of 90,908 sq. ft. of 300 30%
experienced a significant positive net absorption in 2019.
200 20%
decline in vacancy this quarter, Fanshaw College drove leasing
SQUARE FEET (000s)

compressing by 120 bps to 16.9%. activity in the suburban market 100 10%
Both the core and suburban this quarter, fully occupying
VACANCY
markets exhibited strong market 37,785 sq. ft. at 1060-1064 0 0%
fundamentals in Q4 2019, as their Wellington Road.
-100 -10%
vacancy rates decreased by 80 bps • Heading into new year, London’s
and 210 bps respectively. vacancy rate is expected to -200 -20%
• Following a strong end to 2019, compress further as previously -300 -30%

London’s downtown market owner-occupied buildings
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
recorded its first positive year- will join the city’s competitive -400 -40%
end absorption total since 2015. inventory in 2020. With these 2016 2017 2018 2019
As a result of this activity, there spaces focused in the suburban  Net absorption  New supply — Vacancy
remains only a few large-blocks market, we are expecting that
of available space in Class A there will be net new absorption AVERAGE CLASS A NET RENT
product. from companies growing out of $ 24
these owner-occupied properties $ 22
• Attracted by the abundance of
into leased premises. $ 20
free parking and transportation
accessibility, the suburban $ 18
$PSF
market recorded a year-end $ 16
$ 14
$ 12
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 10
2016 2017 2018 2019
— London — National

Direct Space 780,808 745,470 q 4.5% 202,122 171,333 q 15.2% 982,930 916,803 q 6.7%
Sublet Space 82,073 82,073 tu - 14,668 14,668 tu - 96,741 96,741 tu -
Class A Vacancy Rate 13.9% 13.6% q 30 bps N/A N/A tu - 13.9% 13.6% q 30 bps
Average Class A Net Rent (psf) $14.89 $13.98 q $0.91 N/A N/A tu - $14.89 $13.98 q $0.91
Current Quarter Absorption -799 35,338 p 36,137 31,215 30,789 q 426 30,416 66,127 p 35,711
Year to Date Absorption -25,594 9,744 60,119 90,908 34,525 100,652
Current Quarter New Supply 0 0 tu - 26,000 0 q 26,000 26,000 0 q 26,000
Under Construction 0 0 tu - 145,441 117,652 q 27,789 145,441 117,652 q 27,789
London: OFFICE | Industrial
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L O N D O N I N D U S T R I A L Q4 2019

• Strong market fundamentals • Following the completion of 750 12%
led London’s industrial market 132,327 sq. ft. this quarter,
to record 350,575 sq. ft. of 878,921 sq. ft. of warehouse
500 8%
SQUARE FEET (000s)

positive net absorption this space in London remains under
quarter, compressing the construction. Due to a lack
AVAILABILITY
availability rate by 50 bps to of available supply, users are 250 4%
3.0%. As a result of continued being forced to consider new
demand for warehousing space, construction to fulfill their 0 0%
there is a current shortage of warehouse needs.
available quality product in the • With a lack of existing product -250 -4%
marketplace. in newer buildings currently
• With a limited number of available, Dancor’s new 23,358 sq. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-500 -8%
large-scale industrial buildings ft. construction project at 2240
2016 2017 2018 2019
currently on the market, the Huron Street is a good example
average net rental rate and sale of purpose-built industrial
price have increased by 1.5% and developments that will help fulfill
6.4%, respectively, since Q1 2019. tenant needs in the small-bay AVERAGE NET RENT
Following suit to Canada’s major product category. $9
markets, landlords and property
$8
owners in London are expected to
drive sale prices and lease rates $7
$PSF
for the foreseeable future. $6
$5
$4
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$3
2016 2017 2018 2019
— London — National
Current Quarter Absorption 60,110 350,575 p 290,465 10%
Year to Date Absorption 622,172 972,747 8%
6%
Year to Date New Supply 0 132,327
4%
Under Construction 906,116 878,921 q 27,195
2%
Average Net Rent (psf) $5.19 $5.02 q $0.17
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019
Average Sale Prices (psf) $73.94 $75.32 p $1.38 — London — National
London: Office | INDUSTRIAL
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W AT E R L O O R E G I O N O F F I C E Q4 2019

• Midwestern Ontario recorded • Waterloo Region can expect new 900 30%
104,138 sq. ft. of negative net supply in 2020 with 210,000 sq. ft. 750 25%
absorption in Q4 2019 which due for delivery by Spring. Strong
SQUARE FEET (000s)

resulted in a 90 bps climb in interest has been noted at 345 600 20%
vacancy to 10.3%. Supported by King Street West in Kitchener’s 450 15%
VACANCY
strong leasing momentum in Innovation District, which is
300 10%
early 2019, overall annual leasing currently 40.0% pre-leased.
activity remained positive with • In order to keep up with demand, 150 5%
238,818 sq. ft. of net absorption. the construction pipeline has 0 0%
• The overall net rental rate largely expanded to include over half a
-150 -5%
held steady and increased slightly million sq. ft. of office product.
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
by 0.3% to $13.53 per sq. ft. At In total, there is 481,000 sq. ft. -300 -10%
the submarket level, Waterloo anticipated to come online in 2016 2017 2018 2019
and Guelph continue to boast the 2020, including projects currently  Net absorption  New supply — Vacancy
highest net rental rates, sitting under construction.
well above the market average at AVERAGE CLASS A NET RENT
$14.72 per sq. ft. and $14.73 per $ 24
sq. ft., respectively. Alternatively, $ 22

rental rates in the Region’s $ 20
largest office market, Kitchener, $ 18
$PSF
decreased quarter-over-quarter $ 16
to $12.95 per sq. ft. as vacancy $ 14
increased to 13.8%.
$ 12
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 10
2016 2017 2018 2019
— Waterloo Region — National
Net Rentable Area 5,381,114 4,762,489 q 11.5% 10,850,668 10,981,386 p 1.2% 16,231,782 15,743,875 q 3.0%
Overall Vacancy Rate 8.7% 12.4% p 370 bps 9.8% 9.5% q 30 bps 9.4% 10.3% p 90 bps
Direct Space 454,312 577,008 p 27.0% 933,220 891,339 q 4.5% 1,387,532 1,468,347 p 5.8%
Sublet Space 13,257 12,009 q 9.4% 131,526 147,284 p 12.0% 144,783 159,293 p 10.0%
Sublet % of Vacant Space 2.8% 2.0% q 80 bps 12.4% 14.2% p 180 bps 9.4% 9.8% p 40 bps
Class A Vacancy Rate 0.9% 1.2% p 30 bps 8.9% 8.2% q 70 bps 6.7% 6.8% p 10 bps
Average Class A Net Rent (psf) $15.00 $15.00 tu - $15.33 $14.27 q $1.06 $15.31 $14.31 q $1.00
Current Quarter Absorption 53,988 -109,367 q 163,355 -164,253 5,229 p 169,482 -110,265 -104,138 p 6,127
Year to Date New Supply 0 0 0 0 0 0
Under Construction 116,000 110,000 q 6,000 100,000 100,000 tu - 216,000 210,000 q 6,000
Waterloo Region: OFFICE | Industrial
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W AT E R L O O R E G I O N I N D U S T R I A L Q4 2019

• Midwestern Ontario’s industrial 1.1 million sq. ft. All upcoming 1,600 8%
market continued its strong industrial space will be delivered
performance throughout 2019 as in either Cambridge, Branford or 1,200 6%
SQUARE FEET (000s)

availability decreased 30 bps year- Guelph, and is slated to enter the
800 4%
over-year to 1.9%. market in 2020.
AVAILABILITY
• Despite an active quarter, the • Since Q4 2018, average net rental 400 2%
market recorded 184,962 sq. ft. of rates have increased by 14.9% to
0 0%
negative net absorption. This is a record high of $6.69 per sq. ft.
partly due to the addition of some On a submarket level, Cambridge -400 -2%
larger spaces to the market and and Brantford experienced the
the completion of two new builds largest quarterly rental rate -800 -4%
in Brantford and Cambridge growth, increasing by 14.4% and Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-1,200 -6%
which brought 95,000 sq. ft. of 4.0%, respectively, to $7.53 per sq.
2016 2017 2018 2019
new supply to the market. ft. and $5.68 per sq. ft.
• With several projects breaking
ground this quarter, active
AVERAGE NET RENT
construction projects doubled to
$9
$8
$7
$PSF
$6
$5
$4
$3
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$2
2016 2017 2018 2019
— Waterloo Region — National
Current Quarter Absorption -12,464 -184,962 q 172,498

6%
Year to Date Absorption 1,141,758 956,796
4%
Year to Date New Supply 521,807 616,807
Under Construction 521,919 1,066,039 p 544,120 2%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019
Average Sale Prices (psf) $128.01 $129.01 p $1.00 — Waterloo Region — National
Waterloo Region: Office | INDUSTRIAL
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T O R O N T O O F F I C E Q4 2019

• The Greater Toronto Area added 787,606 sq. ft. of positive 3,000 12%
25,400 net new jobs year-over-year absorption this year, which is
since November 2018, according below the five-year average of 1.7 2,000 8%
SQUARE FEET (000s)

to Statistics Canada. As a result, million sq. ft. This decrease is
the unemployment rate decreased the result of Toronto’s downtown
1,000 4%
VACANCY
30 bps annually to 5.8%. vacancy reaching its practical
floor and limited deliveries of
• Record market fundamentals 0 0%
new office supply.
present in the Downtown Core
have led the market’s vacancy • Down from its recent high of
-1,000 -4%
rate to compress by 10 bps to an 15.2% in Q3 2015, the suburban
all-time low 2.0%. Since 2018, office vacancy rate has since
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
the market’s vacancy rate has decreased by 340 bps to reach -2,000 -8%
contracted 70 bps and the net 11.8% this quarter. Posting a 2016 2017 2018 2019
rental rate increased by 6.0%. decade-high 1.1 million sq. ft.  Net absorption  New supply — Vacancy
Inclusive of the Midtown market, of annual net absorption this
Toronto’s overall downtown year, 2019 marked the fourth AVERAGE CLASS A NET RENT
vacancy rate is the lowest in North consecutive year of positive net $ 22
America at a record low 2.2% absorption for the suburbs.

$ 21
• Led by leasing activity from
tenants in the coworking and
$PSF
$ 20
FIRE industries, Toronto’s overall
downtown office market recorded $ 19
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 18
2016 2017 2018 2019
— Toronto — National
STATISTICS DOWNTOWN* SUBURBAN TOTAL

Net Rentable Area 87,639,159 87,717,459 p 0.1% 76,451,674 76,577,485 p 0.2% 164,090,833 164,294,944 p 0.1%
Direct Space 1,453,121 1,431,630 q 1.5% 8,214,724 7,965,464 q 3.0% 9,667,845 9,397,094 q 2.8%
Sublet Space 524,484 483,991 q 7.7% 941,182 1,100,158 p 16.9% 1,465,666 1,584,149 p 8.1%
Sublet % of Vacant Space 26.5% 25.3% q 120 bps 10.3% 12.1% p 180 bps 13.2% 14.4% p 120 bps
Average Class A Net Rent (psf) $34.77 $35.30 p $0.53 $17.65 $17.63 q $0.02 $21.04 $20.69 q $0.35
Current Quarter Absorption 268,340 141,984 q 126,356 558,703 216,095 q 342,608 827,043 358,079 q 468,964
Year to Date Absorption 645,622 787,606 930,180 1,146,275 1,575,802 1,933,881
Current Quarter New Supply 0 80,000 p 80,000 0 125,811 p 125,811 0 205,811 p 205,811
Year to Date New Supply 255,565 335,565 43,189 169,000 298,754 504,565
Under Construction 9,197,893 8,602,820 q 595,073 772,903 763,406 q 9,497 9,970,796 9,366,226 q 604,570
*Downtown is reflective of Central submarkets, inclusive of Midtown.
Toronto: OFFICE | Industrial
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T O R O N T O I N D U S T R I A L Q4 2019

• Following a 20 bps annual • Toronto registered a 10-year 7,000 7%
decrease this year to 1.4%, record 9.1 million sq. ft. of new
Toronto’s industrial availability supply in 2019, which is nearly 6,000 6%
SQUARE FEET (000s)

rate has compressed for the double the average annual 5,000 5%
10th consecutive year. Over the completions of 4.8 million sq. ft.
AVAILABILITY
4,000 4%
course of the decade, the market’s seen over 2016 to 2018. Led by
availability rate has decreased 630 a healthy construction pipeline, 3,000 3%
bps, emerging as North America’s with additional projects expected
2,000 2%
tightest industrial market. In 2019 to break ground in the new year,
Toronto’s average net rental rate 14.1 million sq. ft. of new supply 1,000 1%
increased by a Canadian market is forecasted for delivery in 2020.
0 0%
high 20.6% to $8.62 per sq. ft. • With development historically Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-1,000 -1%
• 4.5 million sq. ft. of absorption focused in tertiary submarkets,
2016 2017 2018 2019
was recorded in Q4 2019, there has been a recent increase
marking 19 consecutive quarters in infill projects to satisfy
of positive net absorption. occupier demand. Sparking
Continued activity from food and a resurgence in the Toronto AVERAGE NET RENT
beverage, retail and 3PL firms Central construction pipeline, $9
led Toronto’s industrial market this uptick is expected to grow for $8
to record 10.7 million sq. ft. of the foreseeable future as planned
$7
annual absorption in 2019, in speculative projects proceed to
$PSF
line with the market’s three-year site plan approval. $6
average. $5
$4
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$3
2016 2017 2018 2019
— Toronto — National
Current Quarter Absorption 3,082,741 4,473,302 p 1,390,561

6%
Current Quarter New Supply 621,667 6,350,396 p 5,728,729
4%
Under Construction 15,390,384 12,440,658 q 2,949,726 2%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2016 2017 2018 2019
Average Sale Prices (psf) $221.37 $224.14 p $2.77 — Toronto — National
Toronto: Office | INDUSTRIAL
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O T TA W A O F F I C E Q4 2019

• Ottawa’s office market closed • The CBD node saw four 600 12%
2019 with a 70 bps drop in consecutive quarters of
vacancy to 6.3%. This downward decreasing vacancy in 2019 and 400 8%
SQUARE FEET (000s)

trend is expected to continue into recorded a 100 bps drop to 5.9%
2020 and will be supported by year-over-year. In accordance with
VACANCY
200 4%
Ottawa’s thriving technology and market conditions, rental rates
government industries. have increased 9.8% year-over-
year to $20.03 per sq. ft. in Q4 0 0%
• With the exception of the East, all
2019. With tenants opting for
submarkets in the Ottawa office
new leases and renewals in the -200 -4%
market saw a decrease in Class A
downtown, this trend is expected
and overall vacancy this quarter.
to continue throughout 2020. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Class A vacancy in the East -400 -8%
remained stable at 11.6%, while 2016 2017 2018 2019
the overall vacancy increased  Net absorption  New supply — Vacancy
slightly by 30 bps to 9.7%. The
rise in vacancy in the East is AVERAGE CLASS A NET RENT
attributed to a continued interest $ 22
in the corridor between the CBD $ 21
and Kanata submarkets, pulling
$ 20
perspective tenants further away
$PSF
from the core. $ 19
$ 18
$ 17
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 16
2016 2017 2018 2019
— Ottawa — National
STATISTICS DOWNTOWN* SUBURBAN TOTAL
Direct Space 1,245,099 1,167,350 q 6.2% 1,509,411 1,319,657 q 12.6% 2,754,510 2,487,007 q 9.7%
Sublet Space 83,965 55,072 q 34.4% 54,285 64,057 p 18.0% 138,250 119,129 q 13.8%
Sublet % of Vacant Space 6.3% 4.5% q 180 bps 3.5% 4.6% p 110 bps 4.8% 4.6% q 20 bps
Average Class A Net Rent (psf) $23.97 $24.05 p $0.08 $15.27 $15.67 p $0.40 $18.11 $18.95 p $0.84
Current Quarter Absorption 59,357 106,642 p 47,285 -12,820 179,982 p 192,802 46,537 286,624 p 240,087
Year to Date New Supply 0 0 0 0 0 0
Under Construction 230,242 230,242 tu - 0 100,000 p 100,000 230,242 330,242 p 100,000
*Downtown is reflective of Central submarkets, inclusive of CBD and surrounding region.
Ottawa: OFFICE | Industrial
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O T TA W A I N D U S T R I A L Q4 2019

• Ottawa’s industrial availability ahead include the fully-leased 1,200 12%
rate increased slightly by 50 bps 3020 Hawthorne Road and
to 2.8% at year-end. Primarily 899 Ages Drive, which when 1,000 10%
SQUARE FEET (000s)

driven to an influx of sublet space completed will total 47,680 sq. ft. 800 8%
to the market, subleasing trends
AVAILABILITY
• Net rental rates have climbed 600 6%
will be closely watched in 2020 by 4.9% year-over-year to $10.60
to understand if this rise is in per sq. ft., a new market high 400 4%
response an overly tight market, for Ottawa. Strong market 200 2%
a reaction to rising rental rates, fundamentals and a landlord
or both. favoured marketplace are 0 0%
• The Ottawa industrial market expected to continue this upward -200 -2%
added 1,070,910 sq. ft. of new trend into 2020. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-400 -4%
supply to inventory in 2019, • Overall, industrial rental rates 2016 2017 2018 2019
the largest annual increase on
record. Deliveries are expected to
have increased by 22.9% since  Net absorption  New supply — Availability
2015, cementing Ottawa as the
continue into 2020 with 70,380 market with the second highest
sq. ft. currently in the pipeline. AVERAGE NET RENT
industrial rental rates in Canada.
Notable projects for the year $12
$11
$10
$PSF
$9
$8
$7
$6
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$5
2016 2017 2018 2019
— Ottawa — National
Net Rentable Area 31,262,492 31,262,492 tu - AVAILABILITY RATE
Current Quarter Absorption 1,058,858 -127,188 q 1,186,046
Year to Date Absorption 1,142,901 1,015,713 6%
Current Quarter New Supply 1,070,910 0 q 1,070,910

4%
Under Construction 69,680 70,380 p 700 2%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
0%
Average Avg. TMI (psf) $7.21 $6.43 q $0.78
2016 2017 2018 2019
Average Sale Prices (psf) $175.78 $175.78 tu - — Ottawa — National
Ottawa: Office | INDUSTRIAL
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M O N T R E A L O F F I C E Q4 2019

• While 2018 may have been a • One of numerous infrastructure 1,200 20%
quiet year, 2019 was anything but. projects presently underway,
900 15%
Strong leasing activity throughout the construction of Montreal’s
SQUARE FEET (000s)

the year led the overall office Réseau express métropolitain is 600 10%
market to record 1.7 million sq. forcing the temporary closure
VACANCY
ft. of positive net absorption of the Deux-Montagnes train 300 5%
resulting in the market’s vacancy line, cutting off access to the
0 0%
rate compressing by 220 bps to North Shore of Montreal. As a
10.7%. result, this is expected to lead to -300 -5%
a short-term increase in demand
• Due to the introduction of -600 -10%
for suburban office space,
new shadow space to the
especially in Laval as employers Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
market this quarter, Montreal’s -900 -15%
look to creative solutions to 2016 2017 2018 2019
downtown vacancy rate
accommodate their employees.
increased by a marginal 10 bps  Net absorption  New supply — Vacancy
over the quarter to 7.6%. These • Strong demand for large office
locations combined with a spaces is being driven by AVERAGE CLASS A NET RENT
several substantial additional growth in the city’s technology, $ 22
blocks of space are anticipated artificial intelligence and gaming $ 21

to become available in 2020. industries. Coupled with a large
Occupiers looking for larger office number of 10,000 to 15,000 sq. $ 20
$PSF
configurations will have a greater ft. transactions set to close in
$ 19
number of options when entering the near term, Montreal’s office
the marketplace. market is only expected to further $ 18
tighten. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 17
2016 2017 2018 2019
— Montreal — National

Net Rentable Area 44,423,036 44,468,724 p 0.1% 30,489,601 30,752,998 p 0.9% 74,912,637 75,221,722 p 0.4%
Overall Vacancy Rate 7.5% 7.6% p 10 bps 16.2% 15.3% q 90 bps 11.0% 10.7% q 30 bps
Direct Space 3,120,125 3,159,431 p 1.3% 4,371,886 4,150,428 q 5.1% 7,492,011 7,309,859 q 2.4%
Sublet Space 197,994 214,566 p 8.4% 563,842 546,546 q 3.1% 761,836 761,112 q 0.1%
Average Class A Net Rent (psf) $23.99 $24.57 p $0.58 $15.10 $14.86 q $0.24 $19.09 $19.23 p $0.14
Current Quarter Absorption 56,034 -55,878 q 111,912 155,927 292,207 p 136,280 211,961 236,329 p 24,368
Year to Date Absorption 919,697 863,819 549,083 841,290 1,468,780 1,705,109
Year to Date New Supply 173,699 173,699 0 0 173,699 173,699
Under Construction 1,156,805 1,143,805 q 13,000 1,013,209 1,253,613 p 240,404 2,170,014 2,397,418 p 227,404
CLIQUEZ ICI POUR VOIR LA VERSION FRANÇAISE Montreal: OFFICE | Industrial
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M O N T R E A L I N D U S T R I A L Q4 2019

• According to the Conference • In response to Montreal’s 4,000 12%
Board of Canada, Montreal’s record-low 2.7% availability
economy is forecasted to post rate, Q4 2019 saw the delivery 3,000 9%
SQUARE FEET (000s)

real GDP growth of 3.0% in 2019. of 363,000 sq. ft. across four
This is the highest rate amongst industrial projects off the Island
AVAILABILITY
2,000 6%
all Canadian metropolitan areas. of Montreal. In all, Montreal saw
A primary factor driving this is 1.5 million sq. ft. of new supply 1,000 3%
the city’s transportation and delivered in 2019, the highest
warehousing sector which, led annual figure since 2015. 0 0%
by a rise in ecommerce sales, is • H
ighlighted by the ongoing
forecasted to expand by 3.8% this development of Sobeys’ -1,000 -3%
year. automated Ocado fulfillment Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
• Healthy demand to purchase centre in Pointe-Claire, there -2,000 -6%
2016 2017 2018 2019
industrial assets has led is currently 1.5 million sq. ft.
Montreal’s average asking under construction in Montreal.
sale price to climb for eight The number of developments is
consecutive quarters, closing out only expected to increase for the AVERAGE NET RENT
the year at a record $111.24 per foreseeable future, as evidenced $9
sq. ft. Since 2018, average sale by Amazon’s recently announced
$8
prices and net rental rates have plans to build their first Quebec
increased by 25.8% and 11.5%, fulfillment centre in Montreal. $7
$PSF
respectively.
$6
$5
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$4
2016 2017 2018 2019
— Montreal — National
Current Quarter Absorption 2,089,664 620,679 q 1,468,985

8%
6%
Current Quarter New Supply 808,000 362,641 q 445,359
Year to Date New Supply 1,183,000 1,545,641 4%
Under Construction 1,779,781 1,523,806 q 255,975

2%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
0%
Average Avg. TMI (psf) $3.42 $3.48 p $0.06
2016 2017 2018 2019
Average Sale Prices (psf) $99.40 $111.24 p $11.84 — Montreal — National
CLIQUEZ ICI POUR VOIR LA VERSION FRANÇAISE Montreal: Office | INDUSTRIAL

Canada Vancouver Calgary Edmonton Winnipeg London Waterloo Toronto Ottawa Halifax All Stats
H A L I F A X O F F I C E Q4 2019

• The Halifax office market capped dropped 90 bps to 18.6% year- 400 20%
off a strong year as the vacancy over-year. As a result, the market
rate decreased by 40 bps to has seen significant appreciation 300 15%
SQUARE FEET (000s)

15.5%. Collectively, the office in overall net rental rates which
market recorded an annual have increased by $0.39 per sq. ft. 200 10%
VACANCY
total of 89,323 sq. ft. of positive since Q4 2018 to $15.85 per sq. ft.
100 5%
net absorption, marking three • Construction on the Queen’s
consecutive years of positive Marque continued this quarter 0 0%
leasing activity in Halifax. with the mixed-use development
• The suburban office market set to introduce 120,000 sq. ft. of -100 -5%
led activity in the quarter and office space into the market in
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
recorded 44,470 sq. ft. of the total Q2 2020. 85.0% of the waterfront -200 -10%
market’s absorption. As a result, project has been pre-leased, 2016 2017 2018 2019
the suburban vacancy decreased with notable tenants including  Net absorption  New supply — Vacancy
60 bps over the quarter to 13.3%. Stewart McKelvey and Deloitte,
respectively pre-leasing 82,000 sq. AVERAGE CLASS A NET RENT
• The downtown office market has $ 22
ft and 24,000 sq. ft.
performed well on an annual
$ 21
basis as the vacancy rate has
$ 20
$PSF
$ 19
$ 18
$ 17
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$ 16
2016 2017 2018 2019
— Halifax — National
Direct Space 966,817 964,594 q 0.2% 1,000,614 958,975 q 4.2% 1,967,431 1,923,569 q 2.2%
Sublet Space 11,391 11,391 tu - 61,271 58,440 q 4.6% 72,662 69,831 q 3.9%
Sublet % of Vacant Space 1.2% 1.2% tu - 5.8% 5.7% q 10 bps 3.6% 3.5% q 10 bps
Average Class A Net Rent (psf) $19.10 $19.16 p $0.06 $15.83 $15.93 p $0.10 $17.73 $17.84 p $0.11
Current Quarter Absorption 7,732 2,223 q 5,509 27,224 44,470 p 17,246 34,956 46,693 p 11,737
Year to Date Absorption 43,392 45,615 -762 43,708 42,630 89,323
Current Quarter New Supply 0 0 tu - 42,000 0 q 42,000 42,000 0 q 42,000
Under Construction 120,000 120,000 tu - 0 0 tu - 120,000 120,000 tu -
Halifax: OFFICE | Industrial

Canada Vancouver Calgary Edmonton Winnipeg London Waterloo Toronto Ottawa Montreal All Stats
H A L I F A X I N D U S T R I A L Q4 2019

• The Halifax industrial market • Net asking rents reached a new 300 15%
experienced a slowdown in high in 2019 and increased by
Q4 2019 with 29,961 sq. ft. of 1.3% year-over-year to $8.16 per 200 10%
SQUARE FEET (000s)

negative net absorption. This sq. ft. in Q4 2019. Continued
marked the first quarter of market pressure from a sub 7.0%
AVAILABILITY
100 5%
negative absorption in Halifax availability rate are expected to
since Q4 2016, however activity keep rates elevated in the year 0 0%
remained positive for the year ahead.
which totaled to 237,741 sq. ft. of • The Halifax market introduced -100 -5%
net absorption in 2019. 217,086 sq. ft. of new supply in
-200 -10%
• The Dartmouth submarket 2019, a six-year high which totals
experienced 19,873 sq. ft. of more than the previous two years Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-300 -15%
negative net absorption in Q4 combined. 62,000 sq. ft. remains
2016 2017 2018 2019
2019. Despite the negative under construction at Wilkinson
absorption this quarter, Avenue in Dartmouth.
Dartmouth remains the hub
for industrial activity in Halifax AVERAGE NET RENT
and recorded 219,185 sq. ft. $9
of positive net absorption
throughout 2019. $8
$PSF
$7
$6
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
$5
2016 2017 2018 2019
— Halifax — National
Net Rentable Area 12,745,162 12,745,162 tu - AVAILABILITY RATE
Current Quarter Absorption 113,270 -29,961 q 143,231 12%
Year to Date Absorption 267,702 237,741 10%
Current Quarter New Supply 118,086 0 q 118,086 8%
Year to Date New Supply 217,086 217,086 6%
Under Construction 62,000 62,000 tu - 4%
Average Net Rent (psf) $8.18 $8.16 q $0.02 2%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Average Avg. TMI (psf) $5.16 $5.16 tu - 0%
2016 2017 2018 2019
Average Sale Prices (psf) $80.00 $80.00 tu - — Halifax — National
Halifax: Office | INDUSTRIAL
Canada Vancouver Calgary Edmonton Winnipeg London Waterloo Toronto Ottawa Montreal All Stats
Q U A R T E R LY S TAT I S T I C S
OFFICE Q4 2019
DOWNTOWN VANCOUVER CALGARY EDMONTON WINNIPEG LONDON WATERLOO TORONTO OTTAWA MONTREAL HALIFAX NATIONAL
Net Rentable Area 23,851,972 42,399,765 16,197,331 9,846,818 4,502,629 4,762,489 87,717,459 18,706,965 44,468,724 5,236,962 257,691,114
Overall Vacancy Rate 2.3% 27.2% 20.1% 11.6% 18.4% 12.4% 2.2% 6.5% 7.6% 18.6% 9.8%
Direct Space 448,696 8,513,966 2,938,306 1,072,638 745,470 577,008 1,431,630 1,167,350 3,159,431 964,594 21,019,089
Sublet Space 88,350 3,022,587 324,071 64,703 82,073 12,009 483,991 55,072 214,566 11,391 4,358,813
Sublet % of Vacant Space 16.5% 26.2% 9.9% 5.7% 9.9% 2.0% 25.3% 4.5% 6.4% 1.2% 17.2%
Class A Vacancy Rate 2.2% 21.2% 19.0% 10.9% 13.6% 1.2% 2.0% 4.1% 6.6% 24.0% 8.4%
Average Class A Net Rent (psf) $44.98 $17.11 $21.86 $22.71 $13.98 $15.00 $35.30 $24.05 $24.57 $19.16 $22.08
Current Quarter Absorption 53,090 -261,291 10,052 20,543 35,338 -109,367 141,984 106,642 -55,878 2,223 -56,664
Current Quarter New Supply 16,427 0 0 0 0 0 80,000 0 0 0 96,427
Under Construction 3,926,132 0 31,689 0 0 110,000 8,602,820 230,242 1,143,805 120,000 14,164,688
SUBURBAN
Direct Space 967,167 4,149,502 1,794,422 206,360 171,333 891,339 7,965,464 1,319,657 4,150,428 958,975 22,574,647
Sublet Space 274,174 1,128,486 63,818 10,767 14,668 147,284 1,100,158 64,057 546,546 58,440 3,408,398
Class A Vacancy Rate 5.6% 18.2% 15.5% N/A N/A 8.2% 12.1% 5.0% 15.2% 21.5% 11.8%
Average Class A Net Rent (psf) $23.89 $19.54 $18.49 N/A N/A $14.27 $17.63 $15.67 $14.86 $15.93 $17.62
Current Quarter Absorption -4,689 19,738 128,507 65,668 30,789 5,229 216,095 179,982 292,207 44,470 977,996
Current Quarter New Supply 0 0 33,400 0 0 0 125,811 0 0 0 159,211
Under Construction 1,554,599 179,495 142,071 0 117,652 100,000 763,406 100,000 1,253,613 0 4,210,836
TOTAL
Direct Space 1,415,863 12,663,468 4,732,728 1,278,998 916,803 1,468,347 9,397,094 2,487,007 7,309,859 1,923,569 43,593,736
Sublet Space 362,524 4,151,073 387,889 75,470 96,741 159,293 1,584,149 119,129 761,112 69,831 7,767,211
Current Quarter Absorption 48,401 -241,553 138,559 86,211 66,127 -104,138 358,079 286,624 236,329 46,693 921,332
Current Quarter New Supply 16,427 0 33,400 0 0 0 205,811 0 0 0 255,638
Under Construction 5,480,731 179,495 173,760 0 117,652 210,000 9,366,226 330,242 2,397,418 120,000 18,375,524
IND U S T R I A L Q 4 2 0 1 9
Net Rentable Area 197,465,610 138,353,159 139,564,209 77,080,040 39,328,545 115,282,600 787,379,865 31,262,492 302,680,996 12,745,162 1,841,142,678
Overall Availability Rate 2.4% 8.8% 8.2% 3.6% 3.0% 1.9% 1.4% 2.8% 2.7% 6.7% 3.0%
Current Quarter Absorption 867,510 746,808 296,932 111,567 350,575 -184,962 4,473,302 -127,188 620,679 -29,961 7,125,262
Current Quarter New Supply 778,336 886,833 559,020 50,000 132,327 95,000 6,350,396 0 362,641 0 9,214,553
Under Construction 5,552,262 499,828 2,911,453 0 878,921 1,066,039 12,440,658 70,380 1,523,806 62,000 25,005,347
Average Net Rent (psf) $13.15 $7.91 $10.03 $8.06 $5.02 $6.69 $8.62 $10.60 $6.59 $8.16 $8.69
Average Avg. TMI (psf) $4.44 $4.60 $4.56 $4.06 $2.95 $2.97 $3.75 $6.43 $3.48 $5.16 $4.16
Average Sale Prices (psf) $380.00 $165.00 $138.58 $96.84 $75.32 $129.01 $224.14 $175.78 $111.24 $80.00 $157.59
CLIQUEZ ICI POUR VOIR LA VERSION FRANÇAISE All Stats

Canada Vancouver Calgary Edmonton Winnipeg London Waterloo Toronto Ottawa Montreal Halifax
OFFICE PREVIOUS QUARTER: Q3 2019

Direct Space 482,966 8,601,584 2,805,130 1,093,509 780,808 454,312 1,453,121 1,245,099 3,120,125 966,817 21,003,471
Sublet Space 90,743 2,673,678 467,299 64,703 82,073 13,257 524,484 83,965 197,994 11,391 4,209,587
Current Quarter Absorption 36,248 -192,548 -146,972 -7,522 -799 53,988 268,340 59,357 56,034 7,732 133,858
Current Quarter New Supply 0 0 0 0 0 0 0 0 0 0 0
Under Construction 3,959,190 0 36,360 0 0 116,000 9,197,893 230,242 1,156,805 120,000 14,816,490
SUBURBAN
Direct Space 934,171 4,195,927 1,971,999 259,709 202,122 933,220 8,214,724 1,509,411 4,371,886 1,000,614 23,593,783
Sublet Space 302,481 1,101,799 40,984 23,086 14,668 131,526 941,182 54,285 563,842 61,271 3,235,124
Current Quarter Absorption 159,174 229,745 -27,416 1,033 31,215 -164,253 558,703 -12,820 155,927 27,224 958,532
Current Quarter New Supply 0 0 0 0 26,000 0 0 0 0 42,000 68,000
Under Construction 1,412,960 152,415 175,471 0 145,441 100,000 772,903 0 1,013,209 0 3,772,399
TOTAL
Direct Space 1,417,137 12,797,511 4,777,129 1,353,218 982,930 1,387,532 9,667,845 2,754,510 7,492,011 1,967,431 44,597,254
Sublet Space 393,224 3,775,477 508,283 87,789 96,741 144,783 1,465,666 138,250 761,836 72,662 7,444,711
Current Quarter Absorption 195,422 37,197 -174,388 -6,489 30,416 -110,265 827,043 46,537 211,961 34,956 1,092,390
Current Quarter New Supply 0 0 0 0 26,000 0 0 0 0 42,000 68,000
Under Construction 5,372,150 152,415 211,831 0 145,441 216,000 9,970,796 230,242 2,170,014 120,000 18,588,889
IND U S T R I A L P R E V I O U S Q U A R T E R : Q 3 2 0 1 9
Current Quarter Absorption 1,161,418 133,386 738,846 41,938 60,110 -12,464 3,082,741 1,058,858 2,089,664 113,270 8,467,767
Current Quarter New Supply 1,950,930 597,106 513,889 0 0 0 621,667 1,070,910 808,000 118,086 5,680,588
Under Construction 5,224,590 1,165,011 2,856,209 50,000 906,116 521,919 15,390,384 69,680 1,779,781 62,000 28,025,690

OFFICE PREVIOUS YEAR: Q4 2018

Direct Space 806,661 7,880,712 2,359,334 1,106,038 802,877 554,691 1,889,351 1,320,258 3,875,704 1,003,939 21,599,565
Sublet Space 92,564 3,206,329 585,596 50,732 150,191 16,395 478,311 69,365 326,960 17,661 4,994,104
Current Quarter Absorption 163,484 -59,919 106,826 -99,220 19,356 -62,195 349,901 7,622 53,135 -10,853 468,137
Current Quarter New Supply 0 0 650,527 0 0 0 69,000 0 43,300 0 762,827
Under Construction 2,860,515 430,000 36,360 0 0 116,000 7,907,276 230,242 954,510 120,000 12,654,903
SUBURBAN
Direct Space 1,399,062 4,421,956 1,825,170 273,396 233,798 1,388,922 8,922,145 1,847,754 4,735,243 955,348 26,002,794
Sublet Space 366,486 900,702 202,199 28,788 17,111 47,052 1,120,752 51,503 749,568 13,225 3,497,386
Current Quarter Absorption -44,322 447,457 -88,159 79,538 67,347 471,790 416,057 322,765 194,344 65,705 1,932,522
Current Quarter New Supply 52,804 0 24,688 0 90,000 126,107 0 0 157,743 0 451,342
Under Construction 614,386 157,915 145,186 81,708 158,331 0 744,366 0 810,260 92,550 2,804,702
TOTAL
Direct Space 2,205,723 12,302,668 4,184,504 1,379,434 1,036,675 1,943,613 10,811,496 3,168,012 8,610,947 1,959,287 47,602,359
Sublet Space 459,050 4,107,031 787,795 79,520 167,302 63,447 1,599,063 120,868 1,076,528 30,886 8,491,490
Current Quarter Absorption 119,162 387,538 18,667 -19,682 86,703 409,595 765,958 330,387 247,479 54,852 2,400,659
Current Quarter New Supply 52,804 0 675,215 0 90,000 126,107 69,000 0 201,043 0 1,214,169
Under Construction 3,474,901 587,915 181,546 81,708 158,331 116,000 8,651,642 230,242 1,764,770 212,550 15,459,605
IND U S T R I A L P R E V I O U S Y E A R : Q 4 2 0 1 8
Current Quarter Absorption 908,784 455,941 -29,161 -81,884 380,780 702,562 588,734 233,595 3,343,567 149,494 6,652,412
Current Quarter New Supply 946,489 2,166,482 330,520 60,000 188,750 0 931,508 40,547 552,000 96,000 5,312,296
Under Construction 5,006,866 2,262,807 1,530,599 78,200 242,968 566,807 6,527,028 1,023,238 1,025,000 156,577 18,420,090

C A N A D A - B U R E A U X T4 2019
P R I N C I PA L E S T E N D A N C E S OFFRE ET DEMANDE
• La croissance de l’emploi a ralenti trimestre consécutif à 12,2 %, soit 4 000 16 %
au quatrième trimestre avec la perte une chute de 170 pb sur l’année. La
MILLIERS DE PIEDS CARRÉS

de 37 800 postes. Toutefois, les banlieue de London, Waterloo et
3 000 12 %
robustes gains des trois trimestres Montréal a notamment dégringolé
INOCCUPATION
précédents ont porté la croissance de de 470 pb, 360 pb et 270 pb,
l’emploi sur l’ensemble de l’année respectivement. 2 000 8%
à un volume impressionnant de • Étant donné que les réservoirs
320 300 nouveaux postes. sont clos en Alberta et que 1 000 4%
• Au T4 2019, le taux d’inoccupation Toronto et Vancouver en sont
des bureaux au pays s’est comprimé encore au milieu de leur cycle 0 0%
à 10,9 %, soit le niveau le plus bas d’aménagement, l’année 2019
depuis le T4 2014. Dans les centres a reçu le plus faible volume de T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4
-1 000 -4 %
urbains, l’activité de location fut nouveaux biens immobiliers depuis 2016 2017 2018 2019
plutôt tranquille à la fin de 2019 2005. Or, cette offre léthargique
puisque le léger ralentissement n’a fait que consolider davantage  Absorption nette  Nouveau stock — Inoccupation
enregistré à Calgary et dans la région le positionnement du centre-ville
de Waterloo a contrebalancé les de Toronto et Vancouver à titre de
gains à Toronto et à Ottawa. Sur marchés de bureaux les plus tendus TAUX D’INOCCUPATION GLOBAL
l’année, le taux d’inoccupation dans en Amérique du Nord, où les taux
24,7 %
les centres urbains au pays a reculé d’inoccupation n’atteignent que
de 50 points de base (pb). 2,2 % et 2,3 % respectivement. 19,5 %
16,9 %
Ensemble, ces marchés participent CANADA 10,9 % 15,5 %
• En 2019, ce sont les marchés
à 68,2 % des chantiers au pays; on 10,7 %
en banlieue qui ont enregistré 9,9 % 10,3 %
y attend d’ailleurs la livraison de 6,7 %
les meilleurs gains. Le taux 3,7 %
6,3 %
plusieurs nouveaux immeubles
d’inoccupation dans les banlieues du
d’envergure en 2020. Vancouver Ottawa Toronto Winnipeg Région de Montréal Halifax London Edmonton Calgary
pays s’est comprimé pour un sixième Waterloo
STATISTIQUES CENTRE-VILLE BANLIEUE TOTAL

T3 2019 T4 2019 3Mr T3 2019 T4 2019 3Mr T3 2019 T4 2019 3Mr
Superficie locative nette 258 169 324 257 691 114 q 0,2 % 212 965 572 213 239 992 p 0,1 % 471 134 896 470 931 106 tu 0,0 %
Taux d’inoccupation global 9,8 % 9,8 % tu - 12,6 % 12,2 % q 40 pb 11,0 % 10,9 % q 10 pb
Espace direct 21 003 471 21 019 089 p 0,1 % 23 593 783 22 574 647 q 4,3 % 44 597 254 43 593 736 q 2,3 %
Espace de sous-location 4 209 587 4 358 813 p 3,5 % 3 235 124 3 408 398 p 5,4 % 7 444 711 7 767 211 p 4,3 %
Part de l’espace vacant en sous-location 16,7 % 17,2 % p 50 pb 12,1 % 13,1 % p 100 pb 14,3 % 15,1 % p 80 pb
Taux d’inoccupation - catégorie A 8,4 % 8,4 % tu - 12,3 % 11,8 % q 50 pb 10,0 % 9,8 % q 20 pb
Loyer net moyen - catégorie A ($/pi2) 22,05 $ 22,08 $ p 0,03 $ 17,68 $ 17,62 $ q 0,06 $ 19,71 $ 19,74 $ p 0,03 $
Absorption ce trimestre 133 858 -56 664 q 190 522 958 532 977 996 p 19 464 1 092 390 921 332 q 171 058
Absorption – cumul annuel 2 013 758 1 957 094 2 926 729 3 904 725 4 940 487 5 861 819
Nouveau stock ce trimestre 0 96 427 p 96 427 68 000 159 211 p 91 211 68 000 255 638 p 187 638
Nouveau stock – cumul annuel 859 264 955 691 373 825 533 036 1 233 089 1 488 727
En chantier 14 816 490 14 164 688 q 651 802 3 772 399 4 210 836 p 438 437 18 588 889 18 375 524 q 213 365
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Vancouver* Calgary* Edmonton* Winnipeg* London* Waterloo* Toronto* Ottawa* Montréal Halifax* statistiques
C A N A D A - I N D U S T R I E L T4 2019
• Bien qu’il s’agisse du 19e trimestre • Ces tendances ont donc engendré 16 000 8%
d’absorption nette positive, la la hausse annuelle du loyer la plus
14 000 7%

superficie des nouvelles installations importante de l’histoire, tant en
livrées a surpassé la superficie terme absolu qu’en pourcentage. 12 000 6%
absorbée au T4 2019, ce qui a En effet, le loyer moyen au pays a
DISPONIBILITÉ
10 000 5%
gonflé le taux de disponibilité des augmenté de 0,95 $ sur douze mois
installations industrielles au pays de (+ 12,3 %) pour atteindre un sommet 8 000 4%
10 pb à 3,0 %. inégalé de 8,69 $ le pi².
6 000 3%
• On prévoit que les robustes • Afin de pallier les taux de
4 000 2%
indicateurs de base du marché disponibilité des marchés industriels
industriel au pays se maintiendront à des creux records à l’échelle 2 000 1%
dans un avenir prévisible. Soucieuses du pays, de nouvelles superficies
0 0%
de répondre aux attentes des totalisant 9,2 millions pi² ont été
T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4
consommateurs, les entreprises de livrées ce trimestre. Si le volume de -2 000 -1 %
commerce électronique, de 3PL et biens livrés est parmi les plus élevés 2016 2017 2018 2019
de détail poursuivent l’expansion de mémoire d’homme, peu serviront  Absorption nette  Nouveau stock — Disponibilité
rapide de leur chaîne logistique. à soulager la tension sur le marché
Par ailleurs, puisque l’accessibilité puisque 68,9 % du nouvel inventaire
TAUX DE DISPONIBILITÉ GLOBAL
de la main-d’œuvre et les coûts de se trouve à Toronto.
8,8 %
transport pèsent de plus en plus 8,2 %
• À l’heure actuelle, les commandes
lourd sur le processus de sélection 6,7 %
d’installations industrielles en carnet
d’un site, les locataires contraints de
atteignent 25,0 millions pi² CANADA 3,0 %
payer une prime sur la location d’une
au pays, ce qui est bien au-dessus de 2,8 % 3,0 %
3,6 %
installation qui répond à ces besoins 2,4 % 2,7 %
la moyenne sur cinq ans de 1,4 % 1,9 %
se font plus nombreux.
17,0 millions pi².
Toronto Région de Vancouver Montréal Ottawa London Winnipeg Halifax Edmonton Calgary
Waterloo
STATISTIQUES T3 2019 T4 2019 3Mr LOYER NET ET PRIX DE VENTE MOYENS

Superficie locative nette 1 831 463 963 1 841 142 678 p 0,5 %
PRIX DE VENTE MOYEN (PI2)

10 $ 160 $
LOYER NET MOYEN (PI2)
Taux de disponibilité global 2,9 % 3,0 % p 10 pb

9$ 150 $
Absorption ce trimestre 8 467 767 7 125 262 q 1 342 506
8$ 140 $
Absorption – cumul annuel 18 470 594 25 595 856
Nouveau stock ce trimestre 5 680 588 9 214 553 p 3 533 965 7$ 130 $
Nouveau stock – cumul annuel 13 418 003 22 632 556 6$ 120 $

En chantier 28 025 690 25 005 347 q 3 020 343
5$ 110 $
Loyer net moyen ($/pi2) 8,63 $ 8,69 $ p 0,06 $ T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4
4$ 100 $
Frais d’exploitation moyens ($/pi2) 4,27 $ 4,16 $ q 0,11 $
2016 2017 2018 2019
Prix de vente moyen ($/pi2) 155,31 $ 157,59 $ p 2,28 $ — Loyer net moyen — Prix de vente moyen
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Toutes les
Vancouver* Calgary* Edmonton* Winnipeg* London* Waterloo* Toronto* Ottawa* Montréal Halifax* statistiques
M O N T R É A L - B U R E A U X T4 2019
• Si 2018 fut une année tranquille, de la ligne Deux-Montagnes, 1 200 20%
2019 en fut tout le contraire. En coupant ainsi un réseau de

effet, une forte activité de location transport vers la Rive-Nord de 900 15%
tout au long de l’année a résulté en Montréal. Par conséquent, on
600 10%
INOCCUPATION
une absorption nette positive de prévoit une augmentation de la
1,7 million pi² sur le marché des demande à court terme pour des 300 5%
bureaux, ce qui a comprimé le taux bureaux en banlieue, notamment à
d’inoccupation de 220 pb à 10,7 %. Laval, puisque les employeurs sont 0 0%
à l’affût de solutions créatives pour
• Étant donné la présence d’espaces -300 -5%
accommoder leurs employés.
fantômes sur le marché, le taux
d’inoccupation des bureaux au • La croissance des secteurs des -600 -10%
centre-ville de Montréal a crû d’un technologies, de l’intelligence T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4
léger 10 pb à 7,6 % ce trimestre. artificielle et du jeu génère une -900 -15%
2016 2017 2018 2019
Ces espaces et de nombreux autres forte demande pour des bureaux de
d’envergure sont attendus sur le grande superficie. À cela s’ajoute  Absorption nette  Nouveau stock — Inoccupation
marché en 2020. Les occupants en la conclusion à court terme de
quête de vastes locaux pour des nombreuses transactions sur des LOYER NET MOYEN - CATÉGORIE A
configurations plus complexes locaux de 10 000 pi² à 15 000 pi². On 22 $
auront donc plus de choix à leur peut donc prévoir que le marché
21 $
LE PIED CARRÉ
portée. des bureaux se tendra davantage à
Montréal. 20 $
• L’aménagement du Réseau express
métropolitain, l’un des nombreux 19 $
projets d’infrastructure en cours,
nécessite la fermeture temporaire 18 $
T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4
17 $
2016 2017 2018 2019
— Montréal — Canada
STATISTIQUES CENTRE-VILLE BANLIEUE TOTAL
T3 2019 T4 2019 3Mr T3 2019 T4 2019 3Mr T3 2019 T4 2019 3Mr
Superficie locative nette 44 423 036 44 468 724 p 0,1 % 30 489 601 30 752 998 p 0,9 % 74 912 637 75 221 722 p 0,4 %
Taux d’inoccupation global 7,5 % 7,6 % p 10 pb 16,2 % 15,3 % q 90 pb 11,0 % 10,7 % q 30 pb
Espace direct 3 120 125 3 159 431 p 1,3 % 4 371 886 4 150 428 q 5,1 % 7 492 011 7 309 859 q 2,4 %
Espace de sous-location 197 994 214,566 p 8,4 % 563 842 546 546 q 3,1 % 761 836 761 112 q 0,1 %
Part de l’espace vacant en sous-location 6,0 % 6,4% p 40 pb 11,4 % 11,6 % p 20 pb 9,2 % 9,4 % p 20 pb
Taux d’inoccupation - catégorie A 7,0 % 6,6 % q 40 pb 16,1 % 15,2 % q 90 pb 10,5 % 9,9 % q 60 pb
Loyer net moyen - catégorie A ($/pi2) 23,99 $ 24,57 $ p 0,58 $ 15,10 $ 14,86 $ q 0,24 $ 19,09 $ 19,23 $ p 0,14 $
Absorption ce trimestre 56 034 -55 878 q 111 912 155 927 292 207 p 136 280 211 961 236 329 p 24 368
Absorption – cumul annuel 919 697 863 819 549 083 841 290 1 468 780 1 705 109
Nouveau stock ce trimestre 0 0 tu - 0 0 tu - 0 0 tu -
Nouveau stock – cumul annuel 173 699 173 699 0 0 173 699 173 699
En chantier 1 156 805 1 143 805 q 13 000 1 013 209 1 253 613 p 240 404 2 170 014 2 397 418 p 227 404
*en anglais seulement CLICK HERE FOR ENGLISH VERSION Montréal : BUREAUX | Industriel
Toutes les
Canada Vancouver* Calgary* Edmonton* Winnipeg* London* Waterloo* Toronto* Ottawa* Halifax* statistiques
M O N T R É A L - I N D U S T R I E L T4 2019
• Selon le Conference Board du • En réponse au taux de disponibilité 4 000 12 %
Canada, l’économie montréalaise des installations industrielles à

devrait enregistrer une croissance Montréal à un creux record de 2,7 %, 3 000 9%
du PIB réel de 3,0 % en 2019. le T4 2019 a accueilli 363 000 pi² de
DISPONIBILITÉ
Il s’agit de la croissance la plus nouvelles superficies industrielles 2 000 6%
forte parmi toutes les régions issues de quatre projets en
métropolitaines au pays. On périphérie de l’Île. Au total,
1 000 3%
l’attribue principalement à la 1,5 million pi² ont été livrés à
hausse du commerce électronique, Montréal en 2019, un volume
0 0%
qui alimente en retour le secteur du inégalé depuis 2015.
transport et de l’entreposage de la
• Comme en témoigne -1 000 -3 %
ville, dont la croissance est estimée
l’aménagement en cours du centre
à 3,8 % cette année. T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4
de distribution automatisé de -2 000 -6 %
• La saine demande visant Sobey’s à Pointe-Claire intégrant 2016 2017 2018 2019
l’acquisition de biens immobiliers des robots d’Ocado, les chantiers  Absorption nette  Nouveau stock — Disponibilité
industriels a fait gonfler les prix s’animent sur 1,5 million pi² à
de vente demandés pendant huit Montréal. On prévoit d’ailleurs que
trimestres consécutifs. À la fin de les aménagements se multiplieront LOYER NET MOYEN
l’année, le prix atteint un record dans un avenir prévisible, entre 9$
de 111,24 $ le pi². Or, depuis 2018, autres grâce à l’annonce récente
LE PIED CARRÉ
8$
le prix moyen demandé et le loyer d’Amazon d’installer son premier
net ont crû de 25,8 % et 11,5 %, centre de distribution de la province 7$
respectivement. à Montréal.
6$
5$
T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4
4$
2016 2017 2018 2019
— Montréal — Canada
STATISTIQUES T3 2019 T4 2019 3Mr
Superficie locative nette 301 861 472 302 680 996 p 0,3 % TAUX DE DISPONIBILITÉ
Taux de disponibilité global 2,8 % 2,7 % q 10 pb 10 %
Absorption ce trimestre 2 089 664 620 679 q 1 468 985

8%
Absorption – cumul annuel 3 570 203 4 190 882
6%
Nouveau stock ce trimestre 808 000 362 641 q 445 359
Nouveau stock – cumul annuel 1 183 000 1 545 641 4%
En chantier 1 779 781 1 523 806 q 255 975
2%
Loyer net moyen ($/pi2) 6,21 $ 6,59 $ p 0,38 $
T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4
Frais d’exploitation moyens ($/pi2) 3,42 $ 3,48 $ p 0,06 $ 0%
2016 2017 2018 2019
Prix de vente moyen ($/pi2) 99,40 $ 111,24 $ p 11,84 $ — Montréal — Canada
*en anglais seulement CLICK HERE FOR ENGLISH VERSION Montréal : Bureaux | INDUSTRIEL
Toutes les
Canada Vancouver* Calgary* Edmonton* Winnipeg* London* Waterloo* Toronto* Ottawa* Halifax* statistiques
S TAT I S T I Q U E S T R I M E S T R I E L L E S
BUREAUX T4 2019
CENTRE-VILLE VANCOUVER CALGARY EDMONTON WINNIPEG LONDON WATERLOO TORONTO OTTAWA MONTRÉAL HALIFAX CANADA
Superficie locative nette 23 851 972 42 399 765 16 197 331 9 846 818 4 502 629 4 762 489 87 717 459 18 706 965 44 468 724 5 236 962 257 691 114
Taux d’inoccupation global 2,3 % 27,2 % 20,1 % 11,6 % 18,4 % 12,4 % 2,2 % 6,5 % 7,6 % 18,6 % 9,8 %
Espace direct 448 696 8 513 966 2 938 306 1 072 638 745 470 577 008 1 431 630 1 167 350 3 159 431 964 594 21 019 089
Espace de sous-location 88 350 3 022 587 324 071 64 703 82 073 12 009 483 991 55 072 214 566 11 391 4 358 813
Part de l’espace vacant en sous-location 16,5 % 26,2 % 9,9 % 5,7 % 9,9 % 2,0 % 25,3 % 4,5 % 6,4 % 1,2 % 17,2 %
Taux d’inoccupation - catégorie A 2,2 % 21,2 % 19,0 % 10,9 % 13,6 % 1,2 % 2,0 % 4,1 % 6,6 % 24,0 % 8,4 %
Loyer net moyen - catégorie A ($/pi2) 44,98 $ 17,11 $ 21,86 $ 22,71 $ 13,98 $ 15,00 $ 35,30 $ 24,05 $ 24,57 $ 19,16 $ 22,08 $
Absorption ce trimestre 53 090 -261 291 10 052 20 543 35 338 -109 367 141 984 106 642 -55 878 2 223 -56 664
Nouveau stock ce trimestre 16 427 0 0 0 0 0 80 000 0 0 0 96 427
En chantier 3 926 132 0 31 689 0 0 110 000 8 602 820 230 242 1 143 805 120 000 14 164 688
BANLIEUE
Espace direct 967 167 4 149 502 1 794 422 206 360 171 333 891 339 7 965 464 1 319 657 4 150 428 958 975 22 574 647
Espace de sous-location 274 174 1 128 486 63 818 10 767 14 668 147 284 1 100 158 64 057 546 546 58 440 3 408 398
Taux d’inoccupation - catégorie A 5,6 % 18,2 % 15,5 % N/A N/A 8,2 % 12,1 % 5,0 % 15,2 % 21,5 % 11,8 %
Loyer net moyen - catégorie A ($/pi2) 23,89 $ 19,54 $ 18,49 $ N/A N/A 14,27 $ 17,63 $ 15,67 $ 14,86 $ 15,93 $ 17,62 $
Absorption ce trimestre -4 689 19 738 128 507 65 668 30 789 5 229 216 095 179 982 292 207 44 470 977 996
En chantier 1 554 599 179 495 142 071 0 117 652 100 000 763 406 100 000 1 253 613 0 4 210 836
TOTAL
Espace direct 1 415 863 12 663 468 4 732 728 1 278 998 916 803 1 468 347 9 397 094 2 487 007 7 309 859 1 923 569 43 593 736
Absorption ce trimestre 48 401 -241 553 138 559 86 211 66 127 -104 138 358 079 286 624 236 329 46 693 921 332
Nouveau stock ce trimestre 16 427 0 33 400 0 0 0 205 811 0 0 0 255 638
En chantier 5 480 731 179 495 173 760 0 117 652 210 000 9 366 226 330 242 2 397 418 120 000 18 375 524
IND U S T R I E L T4 2 0 1 9
Superficie locative nette 197 465 610 138 353 159 139 564 209 77 080 040 39 328 545 115 282 600 787 379 865 31 262 492 302 680 996 12 745 162 1 841 142 678
Taux de disponibilité global 2,4 % 8,8 % 8,2 % 3,6 % 3,0 % 1,9 % 1,4 % 2,8 % 2,7 % 6,7 % 3,0 %
Absorption ce trimestre 867 510 746 808 296 932 111 567 350 575 -184 962 4 473 302 -127 188 620 679 -29 961 7 125 262
Nouveau stock ce trimestre 778 336 886 833 559 020 50 000 132 327 95 000 6 350 396 0 362 641 0 9 214 553
En chantier 5 552 262 499 828 2 911 453 0 878 921 1 066 039 12 440 658 70 380 1 523 806 62 000 25 005 347
Loyer net moyen ($/pi2) 13,15 $ 7,91 $ 10,03 $ 8,06 $ 5,02 $ 6,69 $ 8,62 $ 10,60 $ 6,59 $ 8,16 $ 8,69 $
Frais d’exploitation moyens ($/pi2) 4,44 $ 4,60 $ 4,56 $ 4,06 $ 2,95 $ 2,97 $ 3,75 $ 6,43 $ 3,48 $ 5,16 $ 4,16 $
Prix de vente moyen ($/pi2) 380,00 $ 165,00 $ 138,58 $ 96,84 $ 75,32 $ 129,01 $ 224,14 $ 175,78 $ 111,24 $ 80,00 $ 157,59 $
*en anglais seulement CLICK HERE FOR ENGLISH VERSION Toutes les
statistiques
Canada Vancouver* Calgary* Edmonton* Winnipeg* London* Waterloo* Toronto* Ottawa* Montréal Halifax*
BUREAUX TRIMESTRE PRÉCÉDENT : T3 2019

Espace direct 482 966 8 601 584 2 805 130 1 093 509 780 808 454 312 1 453 121 1 245 099 3 120 125 966 817 21 003 471
Absorption ce trimestre 36 248 -192 548 -146 972 -7 522 -799 53 988 268 340 59 357 56 034 7 732 133 858
Nouveau stock ce trimestre 0 0 0 0 0 0 0 0 0 0 0
En chantier 3 959 190 0 36 360 0 0 116 000 9 197 893 230 242 1 156 805 120 000 14 816 490
BANLIEUE
Espace direct 934 171 4 195 927 1 971 999 259 709 202 122 933 220 8 214 724 1 509 411 4 371 886 1 000 614 23 593 783
Loyer net moyen - catégorie A ($/pi2) 24,58 $ 19,43 $ 19,27 $ N/A N/A 15,33 $ 17,65 $ 15,27 $ 15,10 $ 15,83 $ 17,68 $
Absorption ce trimestre 159 174 229 745 -27 416 1 033 31 215 -164 253 558 703 -12 820 155 927 27 224 958 532
En chantier 1 412 960 152 415 175 471 0 145 441 100 000 772 903 0 1 013 209 0 3 772 399
TOTAL
Espace direct 1 417 137 12 797 511 4 777 129 1 353 218 982 930 1 387 532 9 667 845 2 754 510 7 492 011 1 967 431 44 597 254
Absorption ce trimestre 195 422 37 197 -174 388 -6 489 30 416 -110 265 827 043 46 537 211 961 34 956 1 092 390
En chantier 5 372 150 152 415 211 831 0 145 441 216 000 9 970 796 230 242 2 170 014 120 000 18 588 889
IND U S T R I E L T R I M E S T R E P R É C É D E N T : T 3 2 0 1 9
Absorption ce trimestre 1 161 418 133 386 738 846 41 938 60 110 -12 464 3 082 741 1 058 858 2 089 664 113 270 8 467 767
Nouveau stock ce trimestre 1 950 930 597 106 513 889 0 0 0 621 667 1 070 910 808 000 118 086 5 680 588
En chantier 5 224 590 1 165 011 2 856 209 50 000 906 116 521 919 15 390 384 69 680 1 779 781 62 000 28 025 690
Loyer net moyen ($/pi2) $12,94 7,85 $ 10,32 $ 7,99 $ 5,19 $ 6,58 $ 8,57 $ 10,59 $ 6,21 $ 8,18 $ 8,63 $
Frais d’exploitation moyens ($/pi2) $4,58 4,70 $ 4,66 $ 4,11 $ 3,63 $ 3,16 $ 3,94 $ 7,21 $ 3,42 $ 5,16 $ 4,27 $
Prix de vente moyen ($/pi2) $375,00 165,00 $ 138,52 $ 96,07 $ 73,94 $ 128,01 $ 221,37 $ 175,78 $ 99,40 $ 80,00 $ 155,31 $
statistiques
BUREAUX ANNÉE PRÉCÉDENTE : T4 2018

Espace direct 806 661 7 880 712 2 359 334 1 106 038 802 877 554 691 1 889 351 1 320 258 3 875 704 1 003 939 21 599 565
Loyer net moyen - catégorie A ($/pi2) $37,20 $16,78 20,55 $ 22,34 $ 14, 62 $ 15,87 $ 35,37 $ 23,81 $ 22,76 $ 19,25 $ 21, 87 $
Absorption ce trimestre 163 484 -59 919 106 826 -99 220 19 356 -62 195 349 901 7 622 53 135 -10 853 468 137
Nouveau stock ce trimestre 0 0 650 527 0 0 0 69 000 0 43 300 0 762 827
En chantier 2 860 515 430 000 36 360 0 0 116 000 7 907 276 230 242 954 510 120 000 12 654 903
BANLIEUE
Espace direct 1 399 062 4 421 956 1 825 170 273 396 233 798 1 388 922 8 922 145 1 847 754 4 735 243 955 348 26 002 794
Loyer net moyen - catégorie A ($/pi2) $23,87 $19,31 19,64 $ N/A N/A 16,04 $ 17,56 $ 16,03 $ 14,82 $ 15,85 $ 17,75 $
Absorption ce trimestre -44 322 447 457 -88 159 79 538 67 347 471 790 416 057 322 765 194 344 65 705 1 932 522
Nouveau stock ce trimestre 52 804 0 24 688 0 90 000 126 107 0 0 157 743 0 451 342
En chantier 614 386 157 915 145 186 81 708 158 331 0 744 366 0 810 260 92 550 2 804 702
TOTAL
Espace direct 2 205 723 12 302 668 4 184 504 1 379 434 1 036 675 1 943 613 10 811 496 3 168 012 8 610 947 1 959 287 47 602 359
Espace de sous-location 459 050 4 107 031 787 795 79 520 167 302 63 447 1 599 063 120 868 1 076 528 30 886 8 491 490
Loyer net moyen - catégorie A ($/pi2) 27,94 $ 17,80 $ 20,25 $ 22,34 $ 14, 62 $ 16,02 $ 20,88 $ 18,14 $ 18,45 $ 17,93 $ 19, 50 $
Absorption ce trimestre 119 162 387 538 18 667 -19 682 86 703 409 595 765 958 330 387 247 479 54 852 2 400 659
Nouveau stock ce trimestre 52 804 0 675 215 0 90 000 126 107 69 000 0 201 043 0 1 214 169
En chantier 3 474 901 587 915 181 546 81 708 158 331 116 000 8 651 642 230 242 1 764 770 212 550 15 459 605
IND U S T R I E L A N N É E P R É C É D E N T E : T 4 2 0 1 8
Absorption ce trimestre 908 784 455 941 -29 161 -81 884 380 780 702 562 588 734 233 595 3 343 567 149 494 6 652 412
Nouveau stock ce trimestre 946 489 2 166 482 330 520 60 000 188 750 0 931 508 40 547 552 000 96 000 5 312 296
En chantier 5 006 866 2 262 807 1 530 599 78 200 242 968 566 807 6 527 028 1 023 238 1 025 000 156 577 18 420 090
Loyer net moyen ($/pi2) 11,86 $ 7,54 $ 9,52 $ 7,96 $ 5,14 $ 5,82 $ 7,15 $ 10,10 $ 5,91 $ 8,05 $ 7,74 $
Frais d’exploitation moyens ($/pi2) 4,35 $ 4,45 $ 4,58 $ 4,08 $ 4,23 $ 2,58 $ 3,64 $ 5,76 $ 3,46 $ 5,10 $ 4,03 $
Prix de vente moyen ($/pi2) 350,00 $ 165,00 $ 138,53 $ 93,94 $ 73,60 $ 85,40 $ 194,04 $ 175,78 $ 88,41 $ 80,00 $ 144,47 $
statistiques
CAN A DA Q4 2019 CAN A DA T4 2019
QUARTERLY STATI S TICS STATISTIQUES TRIMESTRIELLES
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CAN A DA

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

STATISTICS DOWNTOWN SUBURBAN TOTAL

Canada: OFFICE | Industrial CLIQUEZ ICI POUR VOIR LA VERSION FRANÇAISE

KEY TRENDS SUPPLY & DEMAND

consecutive quarter of positive The national average rental rate 14,000 7%

SQUARE FEET (000s)

AVG. SALE PRICE (PSF)

Year to Date New Supply 13,418,003 22,632,556 $6 $120

Canada: Office | INDUSTRIAL CLIQUEZ ICI POUR VOIR LA VERSION FRANÇAISE

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

3.7%. AAA properties. Net rental rates

accounted for a majority of this positive net absorption in 2019. $ 30

leasing activity, signaling that Approximately 1.6 million sq. ft. $ 28

this development cycle will see is currently under construction $ 26

Vancouver: OFFICE | Industrial

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

Vancouver: Office | INDUSTRIAL

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

tenants into the core to access $ 22

Calgary: OFFICE | Industrial

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

Current Quarter Absorption 133,386 746,808 p 613,422 10%

Calgary: Office | INDUSTRIAL

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

the completion of the Forbes $ 23

Edmonton: OFFICE | Industrial

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

Current Quarter Absorption 738,846 296,932 q 441,914 10%

Edmonton: Office | INDUSTRIAL

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

Downtown Class C market

STATISTICS DOWNTOWN SUBURBAN TOTAL

Winnipeg: OFFICE | Industrial

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

• Quadreal and Canada West expanding their operations into Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Current Quarter Absorption 41,938 111,567 p 69,629

Winnipeg: Office | INDUSTRIAL

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

• Following a strong end to 2019, compress further as previously -300 -30%

STATISTICS DOWNTOWN SUBURBAN TOTAL

London: OFFICE | Industrial

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

London: Office | INDUSTRIAL

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)

vacancy to 10.3%. Supported by King Street West in Kitchener’s 450 15%

sq. ft., respectively. Alternatively, $ 22

Waterloo Region: OFFICE | Industrial

KEY TRENDS SUPPLY & DEMAND

SQUARE FEET (000s)