colliers toronto office leasing market report 2014

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MARKET INDICATORS

2013 Q2* 2013 Q3*

INVENTORY

NET ABSORPTION

VACANCY RATE

ASKING NET RENT

ADDITIONAL RENT

FALL 2013 | OFFICE

Greater Toronto Area Overview 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.

toronto ontario

COLLIERS INTERNATIONAL | MARKET REPORT

*change in comparison to previous quarter

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.

A major factor in the growth of office demand within the Downtown core is largely due to the growth of the Financial Services sector,

Downtown

GTA | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F

GTA Markets

GTA East

GTA North

GTA West

Central East

DowntownMidtown

Central North

LAKE ONTARIO

DOWNTOWN OFFICE STATISTICS

3.9% 82,585 $23.63Vacancy Rate Absorption 2013 Q3 Wgt Avg. Asking

Net Rent

-10

-5

0

5

10

15

20

25

(10)

(5)

-

5

10

15

20

25

3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3

Ask

ing

Net

Ren

t ($)

/Vac

ancy

Rat

e (%

)

Net

Abs

orpt

ion

(100

,000

SF)

GTANet Absorption Vacancy Rate Asking Net Rent

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

FORECAST

MARKET REPORT | FALL 2013 | OFFICE | TORONTO

P. 2 | COLLIERS INTERNATIONAL


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.

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

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.

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.

GTA DOWNTOWN | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F

-15

-10

-5

0

5

10

15

20

25

30

-6

-4

-2

0

2

4

6

8

10

12

3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3

Ask

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Ren

t ($

)/Va

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te (

%)

Net

Abs

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ion

(100

,000

SF)

DowntownNet Absorption Asking Net Rent Vacancy Rate

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

FORECAST

COLLIERS INTERNATIONAL | P. 3


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.

Demand for residential space in Midtown continues to drive developer interest in new condo construction. One Bloor East, a mixed-use 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

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.

MIDTOWN | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F

MIDTOWN OFFICE STATISTICS

5.0% 25,473 $17.56Vacancy Rate Absorption 2013 Wgt Avg. Asking

Net Rent

-20

-15

-10

-5

0

5

10

15

20

-4

-3

-2

-1

0

1

2

3

4

3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3

Ask

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Rat

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)

Net

Abs

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(100

,000

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MidtownNet Absorption Asking Net Rent Vacancy Rate

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

FORECAST




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.

GTA North

GTA NORTH | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F

GTA NORTH OFFICE STATISTICS


Net Rent

-10

-5

0

5

10

15

20

25

-2

-1

0

1

2

3

4

5

3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3

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Ren

t ($

)/Va

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te (

%)

Net

Abs

orpt

ion

(100

,000

SF)

GTA NorthNet Absorption Asking Net Rent Vacancy Rate

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

FORECAST



GTA EastThe 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.

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).

GTA EAST | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F

GTA EAST OFFICE STATISTICS

10.6%

-112,272

$12.07

Vacancy Rate

Absorption 2013 Q3

Wgt Avg. Asking Net Rent

-15

-10

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0

5

10

15

20

-3

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1

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4

3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3

Ask

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Net

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(100

,000

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GTA EastNet Absorption Net Asking Rent Adjusted Vacancy Rate

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

FORECAST




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.

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.

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.

GTA West

GTA WEST | HISTORICAL PERFORMANCE & FORECAST | Q3 2003 - Q3 2014F

GTA WEST OFFICE STATISTICS


Net Rent

-15

-10

-5

0

5

10

15

20

-6

-4

-2

0

2

4

6

8

3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3

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)/Va

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%)

Net

Abs

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(100

,000

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GTA WestNet Absorption Asking Net Rent Adjusted Vacancy Rate

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

FORECAST

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.



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CONTACT INFORMATION

Scott Addison President | Eastern Canada +1 416 620 2800 [email protected]

John Arnoldi Executive Managing Director Toronto Region +1 416 643 3733 [email protected]

Shawna Rogowski Market Intelligence Manager Toronto Region +1 416 643 3764 [email protected]

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.

Our ServicesCentral North

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.

Central East

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.

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CENTRAL NORTH OFFICE STATISTICS

4.1%Vacancy Rate

16,687Absorption 2013 Q3

$16.64Wgt Avg. Asking Net Rent

CENTRAL EAST OFFICE STATISTICS

7.0%Vacancy Rate

-170,978Absorption 2013 Q3

$12.19Wgt Avg. Asking Net Rent


+1 416 777 2200

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

Inventory & Availability by Market

Inventory (SF)

New Developments Update Availability (SF)

Completed - 191 Creditview Road, Q4 2013 - 60,800 SF (Condor Properties)

Completed - MaRS Centre Phase 2, Q4 2013, 740,000 SF (Mars Discovery District)

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)

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)

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

Under Construction - 43% leased - 1 Prologis Boulevard, Q1 2014 (HOOPP)

Office Market Dashboard | Greater Toronto Area

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

Downtown70,291,319

38%

Midtown17,803,716

10%

Central North11,259,315

6%

Central East18,761,144

10%

GTA North15,492,134

8%

GTA East5,574,625

3%

GTA West47,497,341

25%

6.0%

$18.48

-15

-10

-5

0

5

10

15

20

25

-200

0

200

400

600

800

1000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

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$) /

Vac

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Rat

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Abso

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SF)

Absorption Vacancy Rate Average Net Rent

Downtown5,805,043

33%

Midtown1,280,155

7%

Central North

565,5073%

Central East2,005,522

12%

GTA North1,646,605

9%

GTA East570,902

3%

GTA West5,768,797

33%

Fourth Quarter 2013

Market Snapshot Q3 2013 Q4 2013 Trend


Net Absorption 82,585 550,248 MAP






24 Month Trend


Inventory (SF)

Completed - MaRS Centre Phase 2, Q4 2013, 740,000 SF (Mars Discovery District)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 ProfileTTC access via subway, LRT and bus routes.

Market amenities include underground PATH network connecting the Financial Coresubmarket, brick & beam historic conversions and a number of major developmentsplanned for Toronto's waterfront.

New Developments Update

Office Market Dashboard | Downtown

$26.30

4.1%

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5

10

15

20

25

30

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0

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400

600

800

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Financial Core34,725,556

49%

Downtown East

4,123,1366%

Downtown North

14,744,41521% Downtown

South3,679,348

5%

Downtown West

13,018,86419%

Financial Core2,944,297

51%

Downtown East

264,0685% Downtown

North1,033,858

18%

Downtown South

146,6682%

Downtown West

1,416,15224%


Fourth Quarter 2013









24 Month Trend


Inventory (SF)

Planned - Casa III, 100,000 SF (Cresford)Planned - 50 Bloor Street West, 40,000 SF for commercial use (Morguard) Availability (SF)

Market Profile


TTC access via subway, LRT and bus routes.

Market amenities include mixed-use nodes such as the Yonge/Bloor & Yonge/St. Clairsubmarkets, as well as the Yonge/Eglinton submarket, identified as an urban growthcentre by the Ontario government.

Office Market Dashboard |


Midtown

$17.96

5.0%

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0

5

10

15

20

25

30

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Yonge-Bloor8,835,364

50%

Yonge-St.Clair2,467,401

14%

Yonge-Eglinton

5,077,13428%

Toronto West1,423,817

8%

Yonge-Bloor441,885

35%Yonge-St.Clair

115,3899%

Yonge-Eglinton616,733

48%

Toronto West106,148

8%

Fourth Quarter 2013



Net Absorption 16,687 (23,521) MAP






24 Month Trend


Inventory (SF)

Under Construction - The Hullmark Centre, Q1 2014, 185,000 SF (Hullmark/Tridel)Pre-lease - 4050 Yonge Street, 367,000 SF (Build Toronto) Availability (SF)

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.



Central North

$17.69

4.3%

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Yorkdale1,839,042

16%

Dufferin Finch1,472,384

13%

North Yonge Corridor

7,947,88971%

Yorkdale9,9852%

Dufferin Finch74,347

13%

North Yonge Corridor481,175

85%

Fourth Quarter 2013



Net Absorption (170,978) (34,445) MAP






24 Month Trend


Inventory (SF)

Pre-lease - Steeles Technology Campus Phase 3, 280,000 SF (Crestpoint) Availability (SF)

Market Profile


TTC access via subway, LRT and bus routes with GO Transit commuter rail accessthrough the Richmond Hill line.



Central East

$13.60

7.1%

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Don Mills -Eglinton

5,040,88535%

Duncan Mill2,354,902

16%Woodbine Steeles

4,992,03135%

Toronto East1,969,581

14%

Don Mills -Eglinton266,515

21% Duncan Mill353,867

28%

Woodbine Steeles544,197

43%

Toronto East100,317

8%

Fourth Quarter 2013









24 Month Trend


Inventory (SF)

Completed - 191 Creditview Road, Q4 2013 - 60,800 SF (Condor Properties)Under Construction - 30% Leased - 3100 Rutherford Road, Q2 2014 64,769 SFUnder 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)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 theLakeshore East and Stouffville lines.

Market amenities include Scarborough Town Centre, identified as an urban growth centreby the Ontario government.



GTA North

$15.61

6.6%

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-5

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15

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25

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Vaughan2,822,852

18%

Richmond Hill511,130

3%

Hwy404-Hwy4079,086,581

59%

Markham Town Centre

3,071,57120%

Vaughan320,415

20%

Richmond Hill6,5410%

Hwy404-Hwy4071,068,451

65%

Markham Town Centre

251,19815%

Fourth Quarter 2013









24 Month Trend


Inventory (SF)

No new development updates at this time. Availability (SF)

Market Profile


TTC and VIVA bus networks service the GTA North market with GO commuter rail accessthrough Richmond Hill & Barrie lines.

Market amenities include the Vaughan Corporate Centre, designated an urban growthcentre by the Ontario government.



GTA East

$10.38

10.7%

-15

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-5

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25

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Scarborough Town Centre

3,807,06668%Pickering

Oshawa1,767,559

32%

Scarborough Town Centre

403,14771%

Pickering Oshawa167,755

29%

Fourth Quarter 2013









24 Month Trend


Inventory (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

Under Construction - 43% Leased - 1 Prologis Blvd - Q2 2015, 146,863 SF (HOOPP)

Market Profile


TTC, VIVA, MiWay, Oakville Transit and Burlington Transit bus networks service the GTAWest submarkets, and GO commuter rail access through Kitchener, Milton & LakeshoreWest lines.

Market amenities include regional and international connections through PearsonInternational Airport, as well as the Ontario government designated urban growth region,Mississauga City Centre.



GTA West

$14.88

8.4%

-15

-10

-5

0

5

10

15

20

25

30

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12%

9%

8%7% 9%

3%

8%

10%

8%

14%

5%

7%

Airport Corporate Centre - 5,684,524 SF

Airport East - 4,149,156 SF

Airport West - 3,748,485 SF

Brampton - 3,288,171 SFBurlington - 4,347,554 SF

Cooksville - 1,507,502 SF

Hwy 401 Hurontario - 3,804,277 SF

Hwy 427 Bloor-Islington - 4,643,284 SF

Mississauga City Centre - 3,864,298 SF

Meadowvale - 6,757,166 SFSheridan Winston - 2,606,303 SF

Oakville - 3,096,621 SF

15%

23%

4%

5%

8%3%

6%

7%

9%10%

3%

7%

Airport Corporate Centre - 837,644 SF

Airport East - 1,309,416 SF

Airport West - 246,525 SF

Brampton - 275,346 SF

Burlington - 461,964 SF

Cooksville - 191,663 SF

Hwy 401 Hurontario - 341,385 SF

Hwy 427 Bloor-Islington - 401,069 SF

Mississauga City Centre - 521,726 SF

Meadowvale - 602,563 SF

Sheridan Winston - 158,681 SF

Oakville - 420,815 SF

Fourth Quarter 2013Submarket Snapshot

Q3 2013 Q4 2013 Trend








Available Supply Split & Gross Rent

24 Month TrendClass AAA/A

Class B


Oxford Properties continues construction at the E&Y Tower, a 900,000 SFLEED Platinum development. The 100 Adelaide Street West tower is 47%pre-leased with expected occupancy set for Q2 2017.

The Bay Adelaide Centre Phase II East Tower, a 900,000 SF developmentby Brookfield, is continuing construction with 70% pre-leased and Deloitteas the lead tenant. The completion date has been set for Q1 2016.

Class C

Office Submarket Dashboard |

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

$62.47

$0.00$10.00$20.00$30.00$40.00$50.00$60.00$70.00

0

5,000

10,000

15,000

20,000

25,000

30,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Not Available Space Direct AvailableSublease Available Gross Rent

$43.48

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

0

2,000

4,000

6,000

8,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$40.19

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

0

500

1,000

1,500

2,000

2,500

3,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Downtown: Financial Core

$29.91

4.1%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B


First Gulf continues construction at The Globe and Mail Centre located at

351 King Street East. This 500,000 SF LEED Gold development has an

expected completion date set for 2016.

381 Richmond Street East, a planned 370,000 SF development, is

awaiting a lead tenant before construction begins, with anticipated

completion for 2016.

Class C



$46.88

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

0200400600800

1,0001,2001,4001,600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$31.38

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$0.00$0.00

$10.00

$20.00

$30.00

$40.00

0

200

400

600

800

1,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Downtown: Downtown East

$21.17

4.4%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend


Net Absorption (6,829) 365,155 MAP








Class B


Alexandria, MaRS and the Province of Ontario completed construction at

MaRS Centre Phase II which has brought 740,000 SF of new office

inventory to the Downtown North market.

Class C



$52.27

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

01,0002,0003,0004,0005,0006,0007,0008,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$38.81

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

01,0002,0003,0004,0005,0006,0007,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$32.83

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2,500

3,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Downtown: Downtown North

$26.49

5.5%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B

New Developments UpdateOxford continues construction at RBC WaterPark Place. The 933,020 SF office 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 scheduled for completion in Q3 2014 with 67% of the building currently pre-leased.

Construction continues at 1 York Street, a 941,000 SF office tower developed by Menkes and HOOPP, with an expected occupancy date set for Q3 2016.

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.

Class C



$45.92

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

0

500

1,000

1,500

2,000

2,500

3,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$36.12

$0.00

$10.00

$20.00

$30.00

$40.00

0200400600800

1,0001,2001,400

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$0.00

$10.00

$20.00

0

50

100

150

200

250

300

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Downtown: Downtown South

$22.26

0.4%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)


*No rent information is available for this quarter.





Q3 2013 Q4 2013 Trend










Class B


Allied Properties continues construction at 134 Peter Street, Queen

Richmond Centre West Phase I, a 299,178 SF office tower that is 18%

pre-leased with expected completion set for Q1 2015.

Class C



$42.67

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

0500

1,0001,5002,0002,5003,0003,5004,0004,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$38.16

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

0

2,000

4,000

6,000

8,000

10,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$33.53

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Downtown: Downtown West

$20.30

3.6%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B


Casa III, a 100,000 SF office building on Charles Street, is being

developed by Cresford.

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



$46.23

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

0

500

1,000

1,500

2,000

2,500

3,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$37.61

$0.00

$10.00

$20.00

$30.00

$40.00

0

1,000

2,000

3,000

4,000

5,000

6,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$33.72

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Midtown: Yonge-Bloor

$21.46

4.5%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend


Net Absorption (685) (685) MAP








Class B


No new development updates at this time.

Class C



$41.36

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

0100200300400500600700800900

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$37.78

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$34.00

$0.00

$10.00

$20.00

$30.00

$40.00

0

50

100

150

200

250

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Midtown: Yonge-St.Clair

$18.95

3.4%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)




Q3 2013 Q4 2013 Trend










Class B



Class C



$36.97

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$33.88

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2,500

3,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$29.06

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Midtown: Yonge-Eglinton

$15.32

6.1%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B



Class C



$0.00$0.00

$10.00

0

0

0

0

0

0

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


This submarket does not contain any Class AAA or A buildings

$23.53

$0.00

$10.00

$20.00

$30.00

$40.00

0

100

200

300

400

500

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$23.02

$0.00

$10.00

$20.00

$30.00

0

200

400

600

800

1,000

1,200

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Midtown: Toronto West

$12.03

6.7%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)




Q3 2013 Q4 2013 Trend










Class B



Class C



$0.00

$10.00

050

100150200250300350400

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$29.75

$0.00

$10.00

$20.00

$30.00

$40.00

0200400600800

1,0001,2001,400

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$26.00

$0.00

$10.00

$20.00

$30.00

0

100

200

300

400

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Central North: Yorkdale

$12.50

1.3%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)


*No rent information is available for this submarket.


Q3 2013 Q4 2013 Trend


Net Absorption 7,970 (659) MAP








Class B



Class C



$0.00

$10.00

0

0

0

0

0

0

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$24.35

$0.00

$10.00

$20.00

$30.00

0200400600800

1,0001,2001,400

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$16.32

$0.00

$10.00

$20.00

$30.00

0

100

200

300

400

500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Central North: Dufferin Finch

$9.19

14.3%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)

Absorption Vacancy Rate Average Net RentThis submarket does not contain any Class AAA or A buildings


Q3 2013 Q4 2013 Trend










Class B


Hullmark and Tridel continue construction at 4789 Yonge Street, the

Hullmark Centre, a condominium and office tower complex. The

completion date has been set for Q1 2014 which will delivery 185,000 SF

office space to the market.

Build Toronto is currently marketing for a lead tenant at 4050 Yonge

Street, a 367,000 SF office development with anticipated completion set

for 2016.

Class C



$42.74

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

01,0002,0003,0004,0005,0006,0007,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$34.99

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2,500

3,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$32.09

$0.00

$10.00

$20.00

$30.00

$40.00

050

100150200250300350

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Central North: North Yonge Corridor

$19.74

3.2%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)




Q3 2013 Q4 2013 Trend










Class B



Class C



$29.26

$0.00

$10.00

$20.00

$30.00

$40.00

0

200

400

600

800

1,000

1,200

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$24.30

$0.00

$10.00

$20.00

$30.00

0

1,000

2,000

3,000

4,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$20.18

$0.00

$10.00

$20.00

$30.00

0100200300400500600700

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Central East: Don Mills - Eglinton

$11.86

3.3%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)




Q3 2013 Q4 2013 Trend










Class B



Class C



$30.80

$0.00

$10.00

$20.00

$30.00

$40.00

0

100

200

300

400

500

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$27.48

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$27.10

$0.00

$10.00

$20.00

$30.00

0

100

200

300

400

500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Central East: Duncan Mill

$13.95

3.8%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B



Class C



$31.79

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$26.50

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$23.39

$0.00

$10.00

$20.00

$30.00

0

100

200

300

400

500

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Central East: Consumers Road

$13.04

12.6%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend


Net Absorption (192,548) 703 MAP








Class B


Liberty One, a 400,000 SF development on Steelcase Road is still being

marketed and awaiting a lead tenant before construction can begin.

Class C



$29.72

$0.00

$10.00

$20.00

$30.00

$40.00

0500

1,0001,5002,0002,5003,0003,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$22.35

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$20.01

$0.00

$10.00

$20.00

$30.00

0

100

200

300

400

500

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Central East: Woodbine Steeles

$13.76

9.8%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B



Class C



$0.00

$10.00

0

50

100

150

200

250

300

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$29.32

$0.00

$10.00

$20.00

$30.00

$40.00

0200400600800

1,0001,2001,400

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$25.79

$0.00

$10.00

$20.00

$30.00

0

100

200

300

400

500

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

Central East: Toronto East

$18.59

2.2%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)




Q3 2013 Q4 2013 Trend










Class B


Condor Properties completed construction at 191 Creditview Road, adding

60,800 SF of fully leased space to the market. Melrose Investments has

begun construction at 9131 Keele Street. This 45,104 SF office

development has an expected occupancy date set for Q3 2014.

Construction is nearing completion at 7191 Yonge Street, a 126,000 SF

office development, with expected occupancy set for Q1 2014. Calloway

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.

Class C



$34.19

$0.00

$10.00

$20.00

$30.00

$40.00

0

200

400

600

800

1,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$28.08

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$22.97

$0.00

$10.00

$20.00

$30.00

$40.00

0100200300400500600700

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA North: Vaughan

$17.02

7.0%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend

Office Inventory 511,130 511,130









Class B



Class C



$0.00

$10.00

$20.00

$30.00

0

100

200

300

400

500

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$25.67

$0.00

$10.00

$20.00

$30.00

0

50

100

150

200

250

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$0.00

$10.00

$20.00

$30.00

$40.00

0

10

20

30

40

50

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA North: Richmond Hill

$13.00

2.0%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)





Q3 2013 Q4 2013 Trend










Class B


575 Cochrane Drive, a 80,714 SF building by GWL Realty Advisors is in

the pre-leasing stage.

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.

Triovest is continuing to pre-lease a 156,000 SF, 8-storey building at 103

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

Class C



$30.76

$0.00

$10.00

$20.00

$30.00

$40.00

0

1,000

2,000

3,000

4,000

5,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$27.42

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2,500

3,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$20.93

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA North: Hwy404-Hwy407

$15.66

6.4%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B


Offices at Uptown Markham, a 380,000 SF office development is in the

pre-leasing stage.

Class C



$27.28

$0.00

$10.00

$20.00

$30.00

0

1,000

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$24.35

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$18.84

$0.00

$10.00

$20.00

0

100

200

300

400

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA North: Markham Town Centre

$13.72

7.6%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B



Class C



$0.00

$10.00

$20.00

$30.00

$40.00

0200400600800

1,0001,2001,4001,600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$24.50

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$22.57

$0.00

$10.00

$20.00

$30.00

0100200300400500600700

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA East: Scarborough Town Centre

$9.58

11.6%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B



Class C



$24.15

$0.00

$10.00

$20.00

$30.00

$40.00

0

200

400

600

800

1,000

1,200

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$21.12

$0.00

$10.00

$20.00

$30.00

0100200300400500600700

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$13.79

$0.00

$10.00

$20.00

0

50

100

150

200

250

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA East: Pickering Oshawa

$10.81

8.7%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)


*No rent information is available this quarter.


Q3 2013 Q4 2013 Trend










Class B


Construction continues at 5875 Explorer Drive. 52,000 SF of office

space is set to be completed in Q1 2014.

HOOPP continues construction at Spectrum Square Phase 1. The

134,000 SF development has a completion date set for Q3 2014. Class C



$30.99

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2,500

3,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$24.04

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$23.42

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Airport Corporate Centre

$13.47

8.0%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B



Class C



$29.31

$0.00

$10.00

$20.00

$30.00

$40.00

0

200

400

600

800

1,000

1,200

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$25.77

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$16.08

$0.00

$10.00

$20.00

$30.00

0

200

400

600

800

1,000

1,200

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Airport East

$13.07

14.8%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B


Metrus Properties continues construction at 4980 Tahoe Boulevard, a

202,000 SF building, with a delivery date set for 2014.

Class C



$24.45

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2,500

3,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$23.17

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$15.10

$0.00

$10.00

$20.00

$30.00

0

100

200

300

400

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Airport West

$10.23

3.9%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B


Lionhead Corporate Centre Phase II, located at 3495 and 8501

Mississauga Road, is being marketed by Kaneff with the potential to build

up to 120,000 SF of office space.

Levi Creek Corporate Centre is currently being pre-leased by Triovest,

the development is made up of two towers that will deliver 112,500 SF

and 157,500 SF of office space.

Class C



$29.56

$0.00

$10.00

$20.00

$30.00

$40.00

0200400600800

1,0001,2001,4001,600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$28.10

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$25.49

$0.00

$10.00

$20.00

$30.00

020406080

100120140

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Brampton

$17.91

7.6%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B


1006 Skyview Drive, a 36,339 SF office development, is currently under

construction with a completion date set for Q3 2014.

Class C



$29.62

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$23.40

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$16.92

$0.00

$10.00

$20.00

0

200

400

600

800

1,000

1,200

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Burlington

$15.28

8.1%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B



Class C



$30.98

$0.00

$10.00

$20.00

$30.00

$40.00

0100200300400500600700800

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$22.28

$0.00

$10.00

$20.00

$30.00

0

200

400

600

800

1,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$21.64

$0.00

$10.00

$20.00

$30.00

050

100150200250300350

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Cooksville

$14.41

4.8%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)




Q3 2013 Q4 2013 Trend










Class B


Construction continues at 60 Standish Court, a 360,000 SF development

by Orlando Corporation, with an expected completion date set for Q2

2014.

BCC Group has begun construction at 255 Longside Drive, as 65,980 SF

development, with a completion date set for Q3 2014.

Construction continues at 7080 Derrycrest Drive. This new office

building will deliver 47,000 SF of fully leased inventory to the market in

Q1 2014.

Class C



$27.53

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$26.16

$0.00

$10.00

$20.00

$30.00

0

200

400

600

800

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$18.58

$0.00

$10.00

$20.00

$30.00

0

200

400

600

800

1,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Hwy 401 Hurontario

$13.99

6.2%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B



Class C



$36.03

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$26.89

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$19.45

$0.00

$10.00

$20.00

$30.00

0100200300400500600700

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Hwy 427 Bloor-Islington

$15.13

11.1%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B


Construction continues at 4080 Confederation Parkway. The 90,000 SF

building has a completion date set for Q1 2014.

HOOPP has begun construction on two office buildings at 1 Prologis

Boulevard and 85 Prologis Boulevard. The estimated completion dates

have been set for Q4 2014 and Q1 2015.Class C



$34.49

$0.00

$10.00

$20.00

$30.00

$40.00

0500

1,0001,5002,0002,5003,0003,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$28.03

$0.00

$10.00

$20.00

$30.00

$40.00

0100200300400500600700

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$23.66

$0.00

$10.00

$20.00

$30.00

0

50

100

150

200

250

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Mississauga City Centre

$16.72

7.1%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B


7100 West Credit Corporate Centre, a 95,868 SF Carttera development is

nearing completion with an expected occupancy date set for Q1 2014.

7025 Langer Drive, a 65,000 SF GWL Realty development, is currently

under construction with 50% pre-leased and an estimated completion

date set for Q3 2014.

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

Class C



$29.13

$0.00

$10.00

$20.00

$30.00

$40.00

0500

1,0001,5002,0002,5003,0003,5004,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$27.73

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$22.45

$0.00

$10.00

$20.00

$30.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Meadowvale

$15.06

8.2%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)



Q3 2013 Q4 2013 Trend










Class B



Class C



$32.51

$0.00

$10.00

$20.00

$30.00

$40.00

0

200

400

600

800

1,000

1,200

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$23.22

$0.00

$10.00

$20.00

$30.00

0200400600800

1,0001,2001,400

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$12.89

$0.00

$10.00

$20.00

0

100

200

300

400

500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Sheridan Winston

$17.22

3.2%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)


*No historical rent information is available for this submarket.


Q3 2013 Q4 2013 Trend










Class B


209 Oak Park Boulevard is currently under construction. The 64,000 SF

building is 25% pre-leased and has an estimated completion date set for

Q1 2014.

Melrose continues construction at 1300 Cornwall Road, a 29,776 SF

office development with 40% pre-leased and a completion date set for

Q3 2014.

Class C



$27.62

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2,000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)


$27.54

$0.00

$10.00

$20.00

$30.00

$40.00

0

500

1,000

1,500

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

$25.50

$0.00

$10.00

$20.00

$30.00

0

100

200

300

400

500

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Thou

sand

s (S

F)

GTA West: Oakville

$17.14

14.0%

-20

-10

0

10

20

30

-400

-200

0

200

400

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

Aski

ng N

et R

ent (

$) /

Vac

ancy

Rat

e (%

)

Thou

sand

s (S

F)
