Colliers toronto office leasing market report 2014

FALL 2013 | OFFICE

toronto ontario

COLLIERS INTERNATIONAL | MARKET REPORT

Greater Toronto Area Overview

MARKET INDICATORS
2013 Q2

*

2013 Q3

INVENTORY





NET ABSORPTION





VACANCY RATE





ASKING NET RENT





ADDITIONAL RENT





*change in comparison to previous quarter

www.colliers.com/toronto

*

Although The Greater Toronto Area office market has shown signs of softening, the
vacancy rate continues to decrease reaching record lows at 5.8 percent this quarter,
compared with 6.3 percent one year ago. The Downtown vacancy rate took a much
sharper decline, hitting an all-time low of 3.9 percent this quarter, compared with 5.1
percent at this time last year.
With the significant amount of new development on the horizon, most tenants are
trying to hit the 2016-2017 opportunistic window to renegotiate their leases or make
major real estate decisions, when vacancy is expected to near the double digits.
Many tenants who don’t have the luxury of renegotiating a lease in that time period
are trying to secure short-term extensions now in order to take advantage of that
ideal timeframe.

MARKET REPORT | FALL 2013 | OFFICE | TORONTO

Downtown

GTA Markets

Downtown Toronto continues to show strong
demand for office space with a very slight
change in the vacancy rate since last quarter.
The Financial Core is following a similar trend
showing a slight decline in vacancy from 4.6
percent to 4.4 percent, indicating that demand
is steady for office space in this submarket.
Tenants looking for space over 100,000 square
feet will find 5 opportunities in buildings that
are currently under construction compared
to 3 opportunities that are available in built
office properties. The 3 opportunities that are
presently being listed for built properties are a
result of Marsh Mercer and RBC pre-leasing
space in new builds. Marsh Mercer is leaving
161 Bay Street and 70 University Avenue to
relocate to 120 Bremner Boulevard which will
be completed in the third quarter of 2014.

GTA East
GTA North
Central East
Midtown
Downtown
Central North

LAKE ONTARIO

GTA West

$23.63

82,585

3.9%

DOWNTOWN
OFFICE
STATISTICS

Wgt Avg. Asking
Net Rent

Absorption 2013 Q3

Vacancy Rate

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

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

GTA

Net Absorption

Vacancy Rate

Asking Net Rent

25

25

FORECAST
20

15

15

10

10

5

5

-

(5)

3

4

1

2

3

2004

4

1

2

3

2005

(10)

P. 2

| COLLIERS INTERNATIONAL

4

1

2

3

2006

4

1

2

3

2007

4

1

2

3

2008

4

1

2

3

2009

4

1

2

3

2010

4

1

2

3

2011

4

1

2

3

2012

4

1

2

3

2013

4

1

2

3

2014

0

-5

-10

Asking Net Rent ($)/Vacancy Rate (%)

Net Absorption (100,000 SF)

20


implementing the initial stages of The Big
Move project, a proposal to improve traffic
congestion and transit mobility as part of a
25-year, $50-billion regional plan.

which has been expanding even during the
Canadian economic recovery.
Construction has just begun at 351 King
Street East and 100 Adelaide Street West.
The Globe and Mail signed on as the lead
tenant to occupy 134,975 square feet of space
at 351 King Street East, now called the Globe
and Mail Centre. With Ernst & Young set to
occupy the top 10 floors as the lead tenant for
100 Adelaide Street West, the property name
has been changed to the E&Y Tower.

In the coming years we can expect to see
landlords of current builds focusing on
repositioning older assets to compete with
the challenges posed by new supply by either
spending capital on retrofitting older spaces
or reducing rental rates. The downtown
market continues to experience strong
business growth and positive absorption
which has resulted in historic vacancy lows
for the market. With the significant amount of
new supply on the horizon, it is expected that
vacancy rates will rise over the next several
years.

Demand has been driven by an arrival of
young professionals and residents into
the Downtown core, which is exhibited
by heavy construction in both residential
and commercial builds. With the continued
movement towards the core, infrastructure is
a major player in successfully accommodating
this growing urban landscape. The Premier
of Ontario and the Minister of Transportation
have committed $11.5 billion to begin

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

Downtown
Net Absorption

Asking Net Rent

Vacancy Rate
30

12

FORECAST
25

8

20

6

15

4

10

2

5

0
-2

3

4

1

2

3

2004

4

1

2

3

2005

4

1

2

3

2006

4

1

2

3

2007

4

1

2

3

2008

4

1

2

3

2009

4

1

2

3

2010

4

1

2

3

2011

4

1

2

3

2012

4

1

2

3

2013

4

1

2

2014

3

0



10

-5

-4

-10

-6

-15

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.

build and 50 Bloor Street West, a condo and
commercial build, both still awaiting rezoning
approval from the City of Toronto.
With the flurry of condo development
happening in the Midtown market, landlords
can hope to see an increased focus on the
construction of new office space if demand
remains strong in the coming years.

Demand for residential space in Midtown
continues to drive developer interest in new
condo construction. One Bloor East, a mixeduse skyscraper which is currently under
construction, will deliver 75 storeys of condo
space as well as a proposed 100,000 square
feet of retail space to the market by December
2014. There have also been proposals for
two new developments in the midtown
market: Casa III, a 100,000 square foot office

$17.56

25,473

5.0%

MIDTOWN
OFFICE
STATISTICS

Wgt Avg. Asking
Net Rent

Absorption 2013

Vacancy Rate

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

Midtown

Net Absorption

Asking Net Rent

Vacancy Rate
20

FORECAST


3

15

2

10

1

5

0
-1

3

4

1

2

3

2004

4

1

2

3

4

2005

1

2

3

2006

4

1

2

3

2007

4

1

2

3

2008

4

1

2

3

2009

4

1

2

3

2010

4

1

2

3

2011

4

1

2

3

2012

4

1

2

3

2013

4

1

2

3

2014

0
-5

-2
-3

-15

-4

P. 4

-10

-20



4


GTA North
The GTA North market continues to
experience positive absorption with just
over 55,000 square feet this quarter, a
significant portion of which was Toshiba’s
78,774 square foot relocation to 75
Tiverton Court in the Hwy 404/Hwy 407
submarket.
Just over 60,000 square feet will be added
to the total inventory of the GTA North
market as 191 Creditview Road is set to be
complete by the end of this year, which has
been entirely pre-leased.

$15.20

55,233

5.9%

GTA NORTH
OFFICE
STATISTICS

Wgt Avg. Asking
Net Rent

Absorption 2013 Q3

Vacancy Rate

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

GTA North

Net Absorption

Asking Net Rent

Vacancy Rate

5

FORECAST

25

20

3

15

2

10

1

5

0

3

4

1

2

3

2004

4

1

2

3

2005

4

1

2

3

2006

4

1

2

3

2007

4

1

2

3

2008

4

1

2

3

2009

4

1

2

3

2010

4

1

2

3

2011

4

1

2

3

2012

4

1

2

3

2013

4

1

2

3

0



4

2014

-1

-5

-2

-10


P. 5


GTA East
The GTA East market didn’t experience
much activity this quarter, which is quite
typical of this market. The vacancy rate
continues to rise and several small suites
becoming vacant contributed to the
negative absorption this quarter. The GTA
East market still proves to be a popular
destination for those requiring an industrial
component in their space.

GTA EAST
OFFICE
STATISTICS

-112,272

Absorption 2013 Q3

$12.07

Wgt Avg. Asking
Net Rent

The vacancy rate posted a significant
rise settling at 10.6 percent this quarter,
continuing to have the highest vacancy rate
of all GTA markets. At just over 5.5 million
square feet, the smallest changes within
this market can greatly affect the overall
numbers. The GTA East market offers the
lowest asking net rental rates in the GTA,
average at $12.07 and $26.89 net and gross
(respectively).

10.6%

Vacancy Rate

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

GTA East

Net Absorption

Net Asking Rent

Adjusted Vacancy Rate

4

FORECAST

20

15

2

10

1

5

0

3

4

1

2

3

2004

4

1

2

3

2005

4

1

2

3

2006

4

1

2

3

2007

4

1

2

3

2008

4

1

2

3

2009

4

1

2

3

2010

4

1

2

3

2011

4

1

2

3

2012

4

1

2

3

2013

4

1

2

3

0

2014

-1

-2

-10

-3

P. 6

-5

-15




3


GTA West
With the recently awarded LEED-EB Gold
certification, Mississauga Executive Centre
has proven to be popular, with Element Fleet
Management taking 48,000 square feet at 4
Robert Speck Parkway, accounting for over
70 percent of the submarket’s total absorption
this quarter.

The GTA West market posted a high positive
absorption this quarter at 161,904 square
feet, with the Mississauga City Centre and
Meadowvale submarkets being the main
contributors.
This market continues to be the ideal location
for many tenants looking to locate in the
Suburban market. Recent large transactions
in the area include SNC Lavalin, Royal Sun
Alliance, Novartis Animal Health, Russell
Metals, West 49, Price Waterhouse Coopers
and several other companies looking to
locate or expand their offices in this desirable
location.

The Burlington submarket remains especially
tight with few planned developments on the
horizon, but added tenant demand for the
area. With no big block opportunities over
20,000 square feet, and only 1 building
added to the inventory since 2010, this
market will need to build some new supply
if it intends on keeping up with its GTA West
counterparts.

There were two new developments completed
this quarter in the Oakville and Meadowvale
submarkets, adding over 110,000 square feet
to the total inventory. There are quite a few
new developments in the pipeline set to be
completed in the next few quarters, roughly
adding a little over 800,000 square feet to
the GTA West office inventory, with about 25
percent already pre-leased.

$15.39

147,676

8.2%

GTA WEST
OFFICE
STATISTICS

Wgt Avg. Asking
Net Rent

Absorption 2013 Q3

Vacancy Rate

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

GTA West

Net Absorption

Asking Net Rent

Adjusted Vacancy Rate

8

FORECAST

20

15

4

10

2

5

0

3

4

1

2

3

2004

4

1

2

3

2005

4

1

2

3

2006

4

1

2

3

2007

4

1

2

3

2008

4

1

2

3

2009

4

1

2

3

2010

4

1

2

3

2011

4

1

2

3

4

2012

1

2

3

2013

4

1

2

3

0

2014

-2

-5

-4

-10

-6



6

-15


P. 7


Central North
The Central North market experienced a slight decrease in
vacancy rates this quarter, posting positive absorption of
16,687 square feet compared to the negative 7,142 square feet
reported in the second quarter of 2013.
The North Yonge Corridor continues to be an extremely tight
market with a low vacancy rate at 2.9 percent. It continues
to post one of the higher average asking net rents for Class
A space at $21.43 per square foot. There are currently only
2 large block opportunities in the Central North market at 501
Alliance Avenue and 20 York Mills Road.

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CONTACT INFORMATION

Scott Addison

CENTRAL NORTH OFFICE STATISTICS

4.1%

Vacancy Rate

16,687

Absorption 2013 Q3

$16.64

Wgt Avg. Asking
Net Rent

President | Eastern Canada
+1 416 620 2800
scott.addison@colliers.com

John Arnoldi

Central East
The Central East market experienced a rise in vacancy this
quarter to 7.0 percent with a quarterly negative absorption of
170,978 square feet. The increase in the negative absorption
was caused mainly by ING Bank of Canada vacating their
space at 111 Gordon Baker Road and moving to 3389 Steeles
Avenue East. 111 Gordon Baker is currently the only option
in this market for an office tenant looking for space over
100,000 square feet.

Vacancy Rate

-170,978

Absorption 2013 Q3

$12.19

Wgt Avg. Asking
Net Rent

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees,
representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content,
accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International
excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and
damages arising there from. Colliers International is a worldwide affiliation of independently owned and operated companies. This publication is the
copyrighted property of Colliers International and /or its licensor(s). © 2013. All rights reserved. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.

www.colliers.com/toronto

Shawna Rogowski
Market Intelligence Manager
Toronto Region
+1 416 643 3764
shawna.rogowski@colliers.com

For more information on available
properties, additional research
reports, and our services please visit
www.collierscanada.com

CENTRAL EAST OFFICE STATISTICS

7.0%

Executive Managing Director
Toronto Region
+1 416 643 3733
john.arnoldi@colliers.com

+1 416 777 2200

Accelerating success.

Office Market Dashboard | Greater Toronto Area
Fourth Quarter 2013
Market Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

185,730,607

186,679,594



Net Absorption

44,404

301,755



Vacancy Rate

5.8%

6.0%



Availability Rate

8.7%

9.5%



Average Asking Net Rent

$17.41

$18.48



Average Additional Rent

$16.47

$16.54



Average Asking Gross Rent

$33.88

$35.02



24 Month Trend
Absorption

Vacancy Rate

1000

20
15

600
6.0%
400

10
5
0

200

-5
0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10

Asking Net Rent ($) / Vacancy Rate (%)

$18.48

Absorption (Thousands SF)

Inventory (SF)

25

800

-200

Inventory & Availability by Market

Average Net Rent

-15

New Developments Update

Midtown
17,803,716
10%

Downtown
70,291,319
38%

Central North
11,259,315
6%

GTA West
47,497,341
25%

GTA East
5,574,625
3%

GTA North
15,492,134
8%

Availability (SF)

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

Midtown
1,280,155
7%

Completed - MaRS Centre Phase 2, Q4 2013, 740,000 SF (Mars Discovery District)
Downtown
5,805,043
33%

Under Construction - 47% Leased - E&Y Tower, Q2 2017, 900,000 SF (Oxford)
Under Construction - 31% Leased - 351 King Street East, Q2 2016, 500,000 SF (First Gulf)

Central
North
565,507
3%

Under Construction, 82% Leased - RBC Waterpark, Q4 2014, 933,020 SF (Oxford)
Under Construction, 67% Leased - Bremner Tower, Q3 2014, 732,000 SF (GWL/bcIMC)
Under Construction, 70% Leased - Bay-Adelaide II, Q1 2016, 900,000 SF (Brookfield)

Central East
18,761,144
10%

GTA West
5,768,797
33%

Under Construction - The Hullmark Centre, Q1 2014, 185,000 SF (Hullmark/Tridel)
Under Construction - 100% Leased - 60 Standish Court, Q2 2015 (Orlando Corp.)
Under Construction, 50% Leased - 7025 Langer Drive, Q3 2014 (GWL)
Under Construction - 30% Leased - 3100 Rutherford Road

GTA East
570,902
3%

GTA North
1,646,605
9%

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

This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind,
expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy
of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising
there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or induce breach of an
existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage

Central East
2,005,522
12%

Office Market Dashboard | Downtown

Fourth Quarter 2013
Market Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

69,551,319

70,291,319



Net Absorption

82,585

550,248



Vacancy Rate

3.9%

4.1%



Availability Rate

6.9%

8.3%




$23.88

$26.30




$22.58

$23.05




$46.46

$49.34



MAP

Absorption

Vacancy Rate

1,200

1,000

Average Net Rent
30
$26.30
25

800

20

600

15

400

10
4.1%

200

0

0
-200
-400

5

2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

-600

2013
Q2

2013
Q3

2013
Q4

-5
-10
-15


24 Month Trend
Inventory (SF)
Downtown
East
4,123,136
6%

Financial Core
34,725,556
49%

Downtown
West
13,018,864
19%


Downtown
North
14,744,415
21%

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

Downtown
South
3,679,348
5%

Under Construction - 47% Leased - E&Y Tower, Q2 2017, 900,000 SF (Oxford)
Under Construction, 82% Leased - RBC Waterpark, Q4 2014, 933,020 SF (Oxford)
Under Construction, 67% Leased - Bremner Tower, Q3 2014, 732,000 SF (GWL/bcIMC)

Availability (SF)

Under Construction, 70% Leased - Bay-Adelaide II, Q1 2016, 900,000 SF (Brookfield)
Under Construction - 27% Leased - 1 York Street, Q3 2016, 941,000 SF (Menkes/HOOPP)
Under Construction - 31% Leased - 351 King Street East, Q2 2016, 500,000 SF (First Gulf)

Market Profile

Financial Core
2,944,297
51%

TTC access via subway, LRT and bus routes.
Market amenities include underground PATH network connecting the Financial Core
submarket, brick & beam historic conversions and a number of major developments
planned for Toronto's waterfront.

Downtown
East
264,068
Downtown
5%
North
1,033,858
18%

Downtown
West
1,416,152
24%

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

Downtown
South
146,668
2%

Office Market Dashboard | Midtown

Fourth Quarter 2013
Market Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

17,795,438

17,803,716



Net Absorption

25,473

4,623



Vacancy Rate

5.0%

5.0%



Availability Rate

5.8%

7.2%




$17.75

$17.96




$18.41

$17.43




$36.15

$35.39



MAP

24 Month Trend
Absorption

Vacancy Rate

Average Net Rent

25
$17.96

800
600

15

400

10
5.0%

200
0
-200

20

5
0

2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-5

-400

-10

-600

-15


30

1,000

1,200

Inventory (SF)

Yonge-Bloor
8,835,364
50%

Toronto West
1,423,817
8%
YongeEglinton
5,077,134
28%

Yonge-St.Clair
2,467,401
14%

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

Availability (SF)

Yonge-Bloor
441,885
35%

Market Profile
Market amenities include mixed-use nodes such as the Yonge/Bloor & Yonge/St. Clair
submarkets, as well as the Yonge/Eglinton submarket, identified as an urban growth
centre by the Ontario government.

Toronto West
106,148
8%
YongeEglinton
616,733
48%

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

Yonge-St.Clair
115,389
9%

Office Market Dashboard | Central North

Fourth Quarter 2013
Market Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

11,259,315

11,259,315



Net Absorption

16,687

(23,521)



Vacancy Rate

4.1%

4.3%



Availability Rate

6.8%

5.0%




$16.65

$17.69




$16.71

$18.50




$33.36

$36.18



MAP

24 Month Trend
Absorption

Vacancy Rate

Average Net Rent

25

800

$17.69

600

15

400

4.3%

200

10
5

0
-200

20

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-5

-400

-10

-600

-15


30

1,000

1,200

Inventory (SF)

North Yonge
Corridor
7,947,889
71%

Yorkdale
1,839,042
16%
Dufferin Finch
1,472,384
13%

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

Availability (SF)
Yorkdale
9,985
2%
Dufferin Finch
74,347
13%

Market Profile
Market amenities include a major office concentration around the North York Centre,
identified as an urban growth centre by the Ontario government.

North Yonge
Corridor
481,175
85%


Office Market Dashboard | Central East

Fourth Quarter 2013
Market Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

18,761,144

18,761,144



Net Absorption

(170,978)

(34,445)



Vacancy Rate

7.0%

7.1%



Availability Rate

10.1%

10.7%




$13.18

$13.60




$15.04

$14.27




$28.22

$27.87



MAP

24 Month Trend
Absorption

Vacancy Rate

Average Net Rent

25

800

20
$13.60

600
400

7.1%

200

10
5

0
-200

15

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-5

-400

-10

-600

-15


30

1,000

1,200

Inventory (SF)

Toronto East
1,969,581
14%

Don Mills Eglinton
5,040,885
35%

Woodbine
Steeles
4,992,031
35%

Duncan Mill
2,354,902
16%

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

Availability (SF)

Toronto East
100,317
8%

Don Mills Eglinton
266,515
21%

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

Woodbine
Steeles
544,197
43%


Duncan Mill
353,867
28%

Office Market Dashboard | GTA North

Fourth Quarter 2013
Market Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

15,431,334

15,492,134



Net Absorption

55,233

(40,441)



Vacancy Rate

5.9%

6.6%



Availability Rate

9.6%

10.6%




$15.21

$15.61




$12.01

$12.20




$27.23

$27.81



MAP

24 Month Trend
Absorption

Vacancy Rate

Average Net Rent

25

800

20
$15.61

600

15

400

10

6.6%

200

5

0
-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-5

-400

-10

-600

-15


30

1,000

1,200

Inventory (SF)
Markham
Town Centre
3,071,571
20%
Vaughan

Hwy404Hwy407
9,086,581
59%

2,822,852
18%

Richmond Hill
511,130
3%

Completed - 191 Creditview Road, Q4 2013 - 60,800 SF (Condor Properties)
Under Construction - 30% Leased - 3100 Rutherford Road, Q2 2014 64,769 SF
Under Construction - 7191 Yonge Street, Q1 2014 - 126,000 SF (Liberty Development Corp.)
Under Construction - 9131 Keele Street, Q2 2014 - 45,194 SF (Melrose Investments)

Availability (SF)

Under Construction - KPMG Tower, 2016 - 300,000 SF (Calloway REIT/SmartCentres)
Planned - 55 Allstate Parkway, 152,838 SF (M & R Holdings)

Markham
Town Centre
251,198
15%
Vaughan
320,415
20%

Planned - Galleria Corporate Centre, 97,718 SF (Times Group Corporation)
Planned - 80 Minthorn Court, 170,000 SF (Tanurb Development Inc.)

Market Profile
TTC access via LRT and bus routes with GO Transit commuter rail access through the
Lakeshore East and Stouffville lines.
Market amenities include Scarborough Town Centre, identified as an urban growth centre

Hwy404Hwy407
1,068,451
65%

by the Ontario government.


Richmond Hill
6,541
0%

Office Market Dashboard | GTA East

Fourth Quarter 2013
Market Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

5,574,625

5,574,625



Net Absorption

(112,272)

(6,563)



Vacancy Rate

10.6%

10.7%



Availability Rate

13.4%

10.2%




$12.13

$10.38




$15.31

$13.08




$27.44

$23.46



MAP

24 Month Trend
Absorption

Vacancy Rate

Average Net Rent

25

800

20

600

$10.38

400

10
10.7%

200

5

0
-200

15

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-5

-400

-10

-600

-15


30

1,000

1,200

Inventory (SF)

Pickering
Oshawa
1,767,559
32%

Scarborough
Town Centre
3,807,066
68%

No new development updates at this time.

Availability (SF)

Scarborough
Town Centre
403,147
71%

Market Profile
TTC and VIVA bus networks service the GTA North market with GO commuter rail access
through Richmond Hill & Barrie lines.
Market amenities include the Vaughan Corporate Centre, designated an urban growth

Pickering
Oshawa
167,755
29%

centre by the Ontario government.


Office Market Dashboard | GTA West

Fourth Quarter 2013
Market Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

47,357,432

47,497,341



Net Absorption

147,676

(148,146)



Vacancy Rate

8.2%

8.4%



Availability Rate

11.5%

12.1%




$15.28

$14.88




$13.01

$12.50




$28.29

$27.37



MAP

24 Month Trend
Absorption

Vacancy Rate

Average Net Rent

25

800

20
$14.88

600

8.4%

400

15
10

200

5

0

0

-200

2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-5

-400

-10

-600

-15


30

1,000

1,200

Inventory (SF)

8%

3%

7% 9%

Airport Corporate Centre - 5,684,524 SF
Airport East - 4,149,156 SF

8%

9%

Airport West - 3,748,485 SF
Brampton - 3,288,171 SF

10%

12%

Burlington - 4,347,554 SF
Cooksville - 1,507,502 SF

8%

7%
14%

Hwy 401 Hurontario - 3,804,277 SF
Hwy 427 Bloor-Islington - 4,643,284 SF
Mississauga City Centre - 3,864,298 SF

5%

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


Oakville - 3,096,621 SF

Under Construction - 100% Leased - 7100 West Credit Ave - Q1 2014, 95,868 SF (Carttera)
Under Construction - 4080 Confederation Pkwy - Q1 2014, 60,000 SF (The Daniels Corp.)
Under Construction - 5015 Spectrum Way - Q3 2014, 134,000 SF (HOOPP)
Under Construction - 100% Leased - 60 Standish Crt - Q2 2014, 179,000 SF (Orlando Corp)
Under Construction - 52% Leased - 1006 Skyview Dr - Q3 2014, 36,339 SF (United Lands Corp.)
Under Construction - 40% Leased - 1300 Cornwall Rd - Q3 2014, 29,776 SF (Melrose Investments)

Availability (SF)

Under Construction - 25% Leased - 209 Oak Park Blvd - Q1 2014, 80,000 SF

4%

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

Airport Corporate Centre - 837,644 SF
Airport East - 1,309,416 SF

5%

23%

Market Profile

Airport West - 246,525 SF

8%

Brampton - 275,346 SF

TTC, VIVA, MiWay, Oakville Transit and Burlington Transit bus networks service the GTA

3%

West submarkets, and GO commuter rail access through Kitchener, Milton & Lakeshore

6%

West lines.

15%

7%
Market amenities include regional and international connections through Pearson
Mississauga City Centre.

9%
10%

3%

Cooksville - 191,663 SF
Hwy 401 Hurontario - 341,385 SF
Hwy 427 Bloor-Islington - 401,069 SF

7%

International Airport, as well as the Ontario government designated urban growth region,

Burlington - 461,964 SF

Mississauga City Centre - 521,726 SF
Meadowvale - 602,563 SF
Sheridan Winston - 158,681 SF
Oakville - 420,815 SF


Office Submarket Dashboard | Downtown: Financial Core

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

34,725,556

34,725,556



Net Absorption

72,781

110,201



Vacancy Rate

4.4%

4.1%



Availability Rate

7.2%

8.5%




$27.34

$29.91




$26.40

$27.26




$53.74

$57.17



MAP

Available Supply Split & Gross Rent
Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

$29.91

Thousands (SF)

400

20

200

10

4.1%
0

0

2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-200

-10

-400


30

Thousands (SF)

30,000

600

$62.47

25,000
20,000
15,000

5,000

$10.00
$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B
8,000

$43.48

Thousands (SF)

$30.00
4,000
$20.00
2,000

$10.00

0

LEED Platinum development. The 100 Adelaide Street West tower is 47%

$0.00
2012
Q1

pre-leased with expected occupancy set for Q2 2017.
The Bay Adelaide Centre Phase II East Tower, a 900,000 SF development

$50.00
$40.00

6,000

Oxford Properties continues construction at the E&Y Tower, a 900,000 SF

$60.00
$50.00
$40.00
$30.00
$20.00

10,000

-20


$70.00

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C

by Brookfield, is continuing construction with 70% pre-leased and Deloitte
$40.19

3,000

as the lead tenant. The completion date has been set for Q1 2016.
Thousands (SF)

2,500

$50.00
$40.00

2,000

$30.00

1,500
$20.00

1,000

$10.00

500
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2

expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the
accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and
damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2014. All rights reserved. This communication is not intended to cause or

2013
Q3

2013
Q4

Office Submarket Dashboard | Downtown: Downtown East

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

4,123,136

4,123,136



Net Absorption

6,097

12,192



Vacancy Rate

4.7%

4.4%



Availability Rate

5.9%

6.4%




$18.36

$21.17




$15.43

$14.55




$33.79

$35.72



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Vacancy Rate

30
$21.17

Thousands (SF)

400

20

200

4.4%

0

-200

10

0
2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


600

2012
Q1

$46.88

Average Net Rent
Thousands (SF)

Absorption

1,600
1,400
1,200
1,000
800
600
400
200
0

$50.00
$40.00
$30.00
$20.00
$10.00
$0.00
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

Class B
$31.38

2,500

-20

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

2,000

Thousands (SF)

-400

$40.00
$30.00

1,500
$20.00
1,000
$10.00

500
0

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

$0.00
2012
Q1

expected completion date set for 2016.
381 Richmond Street East, a planned 370,000 SF development, is

2013
Q4

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C

awaiting a lead tenant before construction begins, with anticipated

1,000

Thousands (SF)

completion for 2016.

$40.00

800

$30.00

600
$20.00
400
$10.00

200

$0.00

0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Downtown: Downtown North

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

14,004,415

14,744,415



Net Absorption

(6,829)

365,155



Vacancy Rate

3.1%

5.5%



Availability Rate

4.8%

7.0%




$17.99

$26.49




$19.25

$20.47




$37.24

$46.96



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
600

$26.49

Thousands (SF)

400

20

200

5.5%

0

-200

30

10

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

-400

2013
Q2

2013
Q3

2013
Q4

-10

Thousands (SF)

Average Net Rent

Alexandria, MaRS and the Province of Ontario completed construction at

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

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B

-20


$52.27

8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2012 2012
Q1
Q2

Thousands (SF)

Vacancy Rate


Absorption

7,000
6,000
5,000
4,000
3,000
2,000
1,000
0

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

$38.81

$40.00
$30.00
$20.00
$10.00
$0.00
2012
Q1

inventory to the Downtown North market.

$50.00

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C
3,000

$40.00

$32.83

Thousands (SF)

2,500

$30.00

2,000
1,500

$20.00

1,000

$10.00

500
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Downtown: Downtown South

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

3,679,348

3,679,348



Net Absorption

12,105

16,557



Vacancy Rate

0.9%

0.4%



Availability Rate

4.1%

4.0%




$22.16

$22.26




$20.30

$20.34




$42.46

$42.60



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

$45.92

$22.26

200

20

10
0.4%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

*No rent information is available for this quarter.
-400

-10

Oxford continues construction at RBC WaterPark Place. The 933,020 SF office

scheduled for completion in Q3 2014 with 67% of the building currently preleased.

$40.00

1,500

$30.00

1,000

$20.00
$10.00
$0.00
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4


Class B

tower is 82% pre-leased and is scheduled for completion in Q3 2014.
GWL continues construction on Bremner Tower, the 732,000 SF office tower is

$50.00

2,000

0

-20


$36.12

1,400
1,200
1,000
800
600
400
200
0

$20.00
$10.00
$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4


Class C

Queen Quay Place I & II, a Hines mixed-use waterfront development, is
currently marketing 430,000 SF of office space to be completed by 2017.

$20.00

250

Thousands (SF)

Menkes and HOOPP, with an expected occupancy date set for Q3 2016.

$40.00
$30.00

300

Construction continues at 1 York Street, a 941,000 SF office tower developed by

$60.00

2,500

500

Thousands (SF)

Thousands (SF)

400


30

Thousands (SF)

3,000

600

200
150

$10.00

100
50
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2



2013
Q3

2013
Q4

Office Submarket Dashboard | Downtown: Downtown West

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

13,018,864

13,018,864



Net Absorption

(1,569)

46,143



Vacancy Rate

4.0%

3.6%



Availability Rate

9.3%

10.9%




$20.84

$20.30




$18.90

$18.46




$39.74

$38.76



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Vacancy Rate

Average Net Rent
30
$20.30

Thousands (SF)

400

200

20

10
3.6%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


600

Thousands (SF)

Absorption

4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

$42.67

$40.00
$30.00
$20.00
$10.00
$0.00
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B
10,000

-20

Allied Properties continues construction at 134 Peter Street, Queen

$50.00

$38.16

8,000

Thousands (SF)

-400

$50.00

$40.00

6,000

$30.00

4,000

$20.00

2,000

$10.00

0

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

$0.00
2012
Q1

pre-leased with expected completion set for Q1 2015.

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C

Thousands (SF)

2,000

$33.53

$40.00

1,500

$30.00

1,000

$20.00

500

$10.00

0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Midtown: Yonge-Bloor

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

8,835,364

8,835,364



Net Absorption

3,364

3,364



Vacancy Rate

3.5%

4.5%



Availability Rate

5.0%

5.0%




$21.46

$21.46




$19.14

$19.14




$40.60

$40.60



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent
$46.23

$21.46
Thousands (SF)

400

20

200

10
4.5%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

3,000

600

2,500

$40.00

2,000

$30.00

1,500
$20.00

1,000

$10.00

500
0

$0.00
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

-20

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

2013
Q4

$37.61

5,000

Thousands (SF)


2013
Q3

Class B
6,000

-400

$50.00

$30.00

4,000
3,000

$20.00

2,000

$10.00

1,000
0

developed by Cresford.

$40.00

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Morguard is marketing 50 Bloor Street West, a mixed-use building that
will bring 40,000 SF of office and retail space to the market.

Class C

Thousands (SF)

2,000

$33.72

$40.00

1,500

$30.00

1,000

$20.00

500

$10.00

0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Midtown: Yonge-St.Clair

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

2,467,401

2,467,401



Net Absorption

(685)

(685)



Vacancy Rate

3.4%

3.4%



Availability Rate

4.7%

4.7%




$18.95

$18.95




$20.38

$20.38




$39.33

$39.33



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Vacancy Rate

Average Net Rent

600
$18.95
Thousands (SF)

400

20

200

10
3.4%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

Absorption

900
800
700
600
500
400
300
200
100
0

$41.36

$40.00
$30.00
$20.00
$10.00
$0.00
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B
$37.78

2,000

-400

$50.00

$40.00

-20


Thousands (SF)

1,500

$30.00

1,000

$20.00

500

$10.00

0

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C

Thousands (SF)

250

$34.00

200

$40.00
$30.00

150
$20.00
100
$10.00

50
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2



2013
Q3

2013
Q4

Office Submarket Dashboard | Midtown: Yonge-Eglinton

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

5,077,134

5,077,134



Net Absorption

(2,565)

(2,565)



Vacancy Rate

6.1%

6.1%



Availability Rate

12.1%

12.1%




$15.38

$15.32




$18.04

$17.17




$33.42

$32.49



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

$36.97

Thousands (SF)

400

20
$15.32

200

6.1%

0

-200

10

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

2,000

600

1,500

$30.00

1,000

$20.00

500

$10.00
$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2


-20

2013
Q4

$33.88

2,500

Thousands (SF)


2013
Q3

Class B
3,000

-400

$40.00

$40.00
$30.00

2,000
1,500

$20.00

1,000

$10.00

500
0

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C

Thousands (SF)

1,500

$29.06

$40.00
$30.00

1,000

$20.00
500

$10.00

0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Midtown: Toronto West

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

1,423,817

1,423,817



Net Absorption

4,509

4,509



Vacancy Rate

6.7%

6.7%



Availability Rate

7.5%

7.5%




$12.03

$12.03




$11.36

$11.36




$23.39

$23.39



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
This submarket does not contain any Class AAA or A buildings
Vacancy Rate

Average Net Rent

Thousands (SF)

400

20
$12.03

200

10
6.7%

0

-200

0

30

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


600

Thousands (SF)

Absorption

$10.00

0
0
0
0

$0.00

0

$0.00
2012 2012 2012 2012
Q1
Q2
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B
600


-20

$40.00

500

Thousands (SF)

-400

$23.53

400
300

$30.00
$20.00

200

$10.00

100
0

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4


Class C
1,200

$30.00

Thousands (SF)

1,000

$23.02

800

$20.00

600
400

$10.00

200
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Central North: Yorkdale

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

1,839,042

1,839,042



Net Absorption

2,290

(1,872)



Vacancy Rate

1.2%

1.3%



Availability Rate

1.5%

0.5%




$14.60

$12.50




$17.25

$16.50




$31.85

$29.00



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Average Net Rent
30

Thousands (SF)

400

20
$12.50

200

10
1.3%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

-400


2013
Q2

2013
Q3

2013
Q4

-10


600

Thousands (SF)

Vacancy Rate

400
350
300
250
200
150
100
50
0

$10.00

$0.00
2012 2012 2012 2012
Q1
Q2
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

*No rent information is available for this submarket.

Class B

-20
Thousands (SF)

Absorption

1,400
1,200
1,000
800
600
400
200
0

$40.00

$29.75
$30.00
$20.00
$10.00
$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C

Thousands (SF)

400

$26.00

300

$30.00
$20.00

200
$10.00

100
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Central North: Dufferin Finch

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

1,472,384

1,472,384



Net Absorption

7,970

(659)



Vacancy Rate

14.2%

14.3%



Availability Rate

16.9%

5.0%




$11.90

$9.19




$11.73

$11.44




$23.63

$20.63



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Average Net Rent

600

20
14.3%

200

10
$9.19

0

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

-400


2013
Q2

2013
Q3

2013
Q4

-10


Thousands (SF)

400

-200

This submarket does not contain any Class AAA or A buildings $10.00
0

30

Thousands (SF)

Vacancy Rate

0
0
0
0
0

$0.00
2012 2012 2012 2012
Q1
Q2
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B

-20
Thousands (SF)

Absorption

$24.35

1,400
1,200
1,000
800
600
400
200
0

$30.00

$20.00

$10.00

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C

Thousands (SF)

500

$30.00

400

$16.32

300
200

$20.00
$10.00

100
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Central North: North Yonge Corridor

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

7,947,889

7,947,889



Net Absorption

6,427

(20,990)



Vacancy Rate

2.9%

3.2%



Availability Rate

6.2%

6.1%




$20.49

$19.74




$20.20

$20.11




$40.69

$39.85



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Vacancy Rate

Average Net Rent

$19.74
Thousands (SF)

400

20

200

10
3.2%

0

-200

7,000

30

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


600

Thousands (SF)

Absorption

$42.74

6,000
5,000
4,000

$40.00
$30.00

3,000
2,000

$20.00
$10.00

1,000
0

$0.00
2012 2012 2012 2012
Q1
Q2
Q3
Q4

2013
Q1

2013
Q2

-20

Hullmark and Tridel continue construction at 4789 Yonge Street, the

2013
Q4

$34.99

2,500

Thousands (SF)


2013
Q3

Class B
3,000

-400

$50.00

$30.00

2,000
1,500

$20.00

1,000

$10.00

500
0

Hullmark Centre, a condominium and office tower complex. The

$0.00
2012
Q1

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

$40.00

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

office space to the market.
Class C
Build Toronto is currently marketing for a lead tenant at 4050 Yonge
for 2016.

Thousands (SF)

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

350
300
250
200
150
100
50
0

$32.09

$40.00
$30.00
$20.00
$10.00
$0.00

2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2



2013
Q3

2013
Q4

Office Submarket Dashboard | Central East: Don Mills - Eglinton

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

5,040,885

5,040,885



Net Absorption

5,044

(10,471)



Vacancy Rate

3.1%

3.3%



Availability Rate

4.3%

5.3%




$11.64

$11.86




$14.29

$13.50




$25.93

$25.36



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

$29.26

Thousands (SF)

400

20
$11.86

200

10
3.3%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

1,200

600

1,000

$30.00

800

$20.00

600
400

$10.00

200

$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B
4,000

-400

$24.30

Thousands (SF)


$30.00

-20
3,000


$40.00

$20.00

2,000
$10.00

1,000
0

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Thousands (SF)

Class C
700
600
500
400
300
200
100
0

$30.00

$20.18
$20.00
$10.00
$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2



2013
Q3

2013
Q4

Office Submarket Dashboard | Central East: Duncan Mill

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

2,354,902

2,354,902



Net Absorption

15,714

(4,517)



Vacancy Rate

3.6%

3.8%



Availability Rate

13.9%

15.0%




$9.42

$13.95




$13.12

$13.68




$22.54

$27.63



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

Thousands (SF)

400

20
$13.95

200

10
3.8%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

600

600

$30.80

500

$30.00

400

$20.00

300
200

$10.00

100

$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B
$27.48

2,000

-400

Thousands (SF)


$30.00

-20
1,500


$40.00

$20.00

1,000
$10.00

500
0

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C
$27.10

Thousands (SF)

500

$30.00

400
$20.00

300
200

$10.00

100
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Central East: Consumers Road

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

4,403,745

4,403,745



Net Absorption

7,041

(18,517)



Vacancy Rate

12.1%

12.6%



Availability Rate

16.7%

16.8%




$13.13

$13.04




$16.76

$16.30




$29.89

$29.34



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

$31.79

Thousands (SF)

400

20
$13.04

200

10
12.6%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

2,000

600

1,500

$30.00

1,000

$20.00

500

$10.00
$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2


-20

2013
Q4

$26.50

$30.00

2,000

Thousands (SF)


2013
Q3

Class B
2,500

-400

$40.00

$20.00

1,500
1,000

$10.00

500
0

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C
600

$23.39

Thousands (SF)

500
400

$30.00
$20.00

300
200

$10.00

100
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Central East: Woodbine Steeles

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

4,992,031

4,992,031



Net Absorption

(192,548)

703



Vacancy Rate

9.8%

9.8%



Availability Rate

10.2%

10.9%




$13.52

$13.76




$14.35

$13.29




$27.87

$27.05



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

Thousands (SF)

400

20
$13.76

200

10
9.8%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

3,500

600

$29.72

3,000
2,500
2,000

$30.00
$20.00

1,500
1,000

$10.00

500
0

$0.00
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B
$22.35

2,000

-400

$40.00

$30.00

-20

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

Thousands (SF)

1,500

$20.00

1,000
$10.00

500
0

marketed and awaiting a lead tenant before construction can begin.

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C
600

$20.01

Thousands (SF)

500
400

$30.00
$20.00

300
200

$10.00

100
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | Central East: Toronto East

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

1,969,581

1,969,581



Net Absorption

(6,229)

(1,643)



Vacancy Rate

2.1%

2.2%



Availability Rate

5.5%

5.1%




$11.27

$18.59




$17.94

$9.30




$29.21

$27.89



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

Thousands (SF)

200

20

10
2.2%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

-400


2013
Q2

2013
Q3

2013
Q4

-10

$10.00

250
200
150
100
50
0

$0.00
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4


Class B

-20
Thousands (SF)

$18.59

400


30

Thousands (SF)

300

600

$29.32

1,400
1,200
1,000
800
600
400
200
0

$40.00
$30.00
$20.00
$10.00
$0.00

2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C
$25.79

600

$30.00

Thousands (SF)

500
400

$20.00

300
200

$10.00

100
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | GTA North: Vaughan

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

2,762,052

2,822,852



Net Absorption

23,253

9,603



Vacancy Rate

5.3%

7.0%



Availability Rate

9.9%

11.4%




$17.46

$17.02




$12.10

$12.25




$29.56

$29.28



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

Thousands (SF)

400

20
$17.02

200

10
7.0%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

1,000

600

$40.00

800

$34.19

$20.00
400
$10.00

200

$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B
$28.08

2,000

-400

$30.00

600

$40.00

-20

Condor Properties completed construction at 191 Creditview Road, adding

Thousands (SF)

1,500

$30.00

1,000

$20.00

500

$10.00

0

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

$0.00
2012
Q1

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

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

development has an expected occupancy date set for Q3 2014.
Class C
Construction is nearing completion at 7191 Yonge Street, a 126,000 SF
REIT has begun construction on the 300,000 SF KPMG Tower with 42%
of the building pre-leased to KPMG as the lead tenant. The completion
date has been set for 2016.

Thousands (SF)

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

700
600
500
400
300
200
100
0

$40.00

$22.97
$30.00
$20.00
$10.00
$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | GTA North: Richmond Hill

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

511,130

511,130



Net Absorption

(1,958)

2,845



Vacancy Rate

2.5%

2.0%



Availability Rate

2.7%

1.3%




$13.00

$13.00




$12.67

$12.67




$25.67

$25.67



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

20
$13.00

200

10
2.0%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


400
Thousands (SF)

30

Thousands (SF)

600

600

$30.00

500
400

$20.00

300
200

$10.00

100
$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3


Class B
$25.67

250


-20

$30.00

200

Thousands (SF)

-400

2013
Q4

$20.00

150
100

$10.00

50
0

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C

Thousands (SF)

50

$40.00

40

$30.00

30
$20.00
20
$10.00

10
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2



2013
Q3

2013
Q4

Office Submarket Dashboard | GTA North: Hwy404-Hwy407

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

9,086,581

9,086,581



Net Absorption

49,009

(11,919)



Vacancy Rate

6.2%

6.4%



Availability Rate

10.2%

11.8%




$15.24

$15.66




$12.22

$12.23




$27.47

$27.89



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

$30.76

Thousands (SF)

400

$15.66

200

6.4%

0

20

10

0
2012
Q1

-200

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

5,000

600

4,000

$30.00

3,000
$20.00
2,000
$10.00

1,000

$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

-20

$27.42

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

$30.00

2,500

Thousands (SF)


2013
Q4

Class B
3,000

-400

$40.00

2,000

$20.00

1,500
1,000

$10.00

500
0

the pre-leasing stage.

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

55 Allstate Parkway is in the pre-leasing stage with M&R awaiting a lead
tenant before construction can begin on the 152,838 SF building.

Class C
2,000

$30.00

$20.93

Commerce Valley Drive.
Galleria Corporate Centre, a 38,662 SF development being marketed by
Times Development Corporation, is awaiting a lead tenant to begin
i

Thousands (SF)

Triovest is continuing to pre-lease a 156,000 SF, 8-storey building at 103
1,500

$20.00

1,000
$10.00

500
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | GTA North: Markham Town Centre

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

3,071,571

3,071,571



Net Absorption

(15,071)

(40,970)



Vacancy Rate

6.3%

7.6%



Availability Rate

8.7%

8.2%




$13.04

$13.72




$11.21

$12.00




$24.25

$25.72



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

Thousands (SF)

400

20
$13.72

200

10
7.6%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

2,000

600

$30.00

$27.28
$20.00
1,000
$10.00

$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q4

Class B
$24.35

2,000

-400

2013
Q3

$30.00

-20

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

Thousands (SF)

1,500

$20.00

1,000
$10.00

500
0

pre-leasing stage.

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C
$18.84

Thousands (SF)

400

$20.00

300
200

$10.00

100
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | GTA East: Scarborough Town Centre

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

3,757,066

3,807,066



Net Absorption

(55,393)

(20,119)



Vacancy Rate

11.2%

11.6%



Availability Rate

15.3%

10.6%




$12.41

$9.58




$15.98

$14.51




$28.39

$24.08



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Vacancy Rate

Average Net Rent
30

Thousands (SF)

400

20
11.6%

200

10
$9.58

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


600

Thousands (SF)

Absorption

1,600
1,400
1,200
1,000
800
600
400
200
0

$40.00
$30.00
$20.00
$10.00
$0.00
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q4

Class B
$24.50

2,000

-400

2013
Q3


Thousands (SF)

1,500


$30.00

-20
$20.00

1,000
$10.00

500
0

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Thousands (SF)

Class C
700
600
500
400
300
200
100
0

$30.00

$22.57
$20.00
$10.00
$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | GTA East: Pickering Oshawa

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

1,767,559

1,767,559



Net Absorption

(56,879)

13,556



Vacancy Rate

9.5%

8.7%



Availability Rate

9.8%

9.5%




$10.96

$10.81




$11.00

$11.05




$21.96

$21.86



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent
$40.00

20
$10.81

200

10
8.7%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

-400


2013
Q2

2013
Q3

2013
Q4

-10

$24.15

1,000

$30.00

800

$20.00

600
400

$10.00

200

$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

*No rent information is available this quarter.

Class B

-20
Thousands (SF)

Thousands (SF)

400


30

Thousands (SF)

1,200

600

$21.12

700
600
500
400
300
200
100
0

$30.00

$20.00

$10.00

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C
250

$20.00

Thousands (SF)

$13.79
200
150
$10.00
100
50
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | GTA West: Airport Corporate Centre

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

5,684,524

5,684,524



Net Absorption

(10,913)

38,816



Vacancy Rate

8.6%

8.0%



Availability Rate

11.2%

14.7%




$15.00

$13.47




$12.93

$12.43




$27.93

$25.91



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

Thousands (SF)

400

20
$13.47

200

10
8.0%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

3,000

600

$30.99

2,500

$30.00

2,000

$20.00

1,500
1,000

$10.00

500

$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

-20

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

2013
Q4

$24.04

$30.00

2,000

Thousands (SF)


2013
Q3

Class B
2,500

-400

$40.00

$20.00

1,500
1,000

$10.00

500
0

space is set to be completed in Q1 2014.

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

HOOPP continues construction at Spectrum Square Phase 1. The
134,000 SF development has a completion date set for Q3 2014.

Class C
$23.42

Thousands (SF)

2,000
1,500

$30.00
$20.00

1,000
$10.00

500
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | GTA West: Airport East

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

4,149,156

4,149,156



Net Absorption

(31,017)

(17,303)



Vacancy Rate

14.4%

14.8%



Availability Rate

29.2%

31.6%




$13.31

$13.07




$13.54

$12.90




$26.86

$25.97



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

Thousands (SF)

400

20
$13.07

200

14.8%

0

-200

10

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

1,200

600

$29.31

1,000

$30.00

800

$20.00

600
400

$10.00

200

$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2


-20

2013
Q4

$25.77

$30.00

2,000

Thousands (SF)


2013
Q3

Class B
2,500

-400

$40.00

$20.00

1,500
1,000

$10.00

500
0

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C
1,200

$30.00

Thousands (SF)

1,000
800

$20.00

600

$16.08

400

$10.00

200
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Office Submarket Dashboard | GTA West: Airport West

Fourth Quarter 2013
Submarket Snapshot
Q3 2013

Q4 2013

Trend

Office Inventory

3,748,485

3,748,485



Net Absorption

(20,070)

(23,519)



Vacancy Rate

3.3%

3.9%



Availability Rate

5.7%

6.6%




$12.70

$10.23




$12.61

$11.61




$25.31

$21.84



MAP

Not Available Space
Sublease Available

Direct Available
Gross Rent

24 Month Trend
Class AAA/A
Absorption

Vacancy Rate

Average Net Rent

Thousands (SF)

400

20
$10.23

200

10
3.9%

0

-200

0
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

-10


30

Thousands (SF)

3,000

600

$40.00

2,500

$24.45

2,000

$20.00

1,500
1,000

$10.00

500

$0.00

0
2012 2012
Q1
Q2

2012 2012
Q3
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class B
$23.17

2,000

-400

$30.00

$30.00

-20

Metrus Properties continues construction at 4980 Tahoe Boulevard, a

Thousands (SF)

1,500

$20.00

1,000
$10.00

500
0

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

$0.00
2012
Q1

2012
Q2

2012
Q3

2012
Q4

2013
Q1

2013
Q2

2013
Q3

2013
Q4

Class C

Thousands (SF)

400

$30.00

$15.10

300

$20.00

200
$10.00

100
0

$0.00
2012 2012 2012 2012 2013
Q1
Q2
Q3
Q4
Q1

2013
Q2


2013
Q3

2013
Q4

Colliers toronto office leasing market report 2014

Colliers toronto office leasing market report 2014

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