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National Office and Industrial Trends Third Quarter 2012

Vancouver

Calgary

Edmonton

Winnipeg

London

Waterloo
Region

Toronto

Ottawa

Montreal

Halifax

National

West

East

21,888,729

38,542,008

14,745,911

8,347,556

4,360,942

4,906,839

81,001,564

18,172,585

42,881,203

4,660,151

239,507,488

83,524,204

155,983,284

3.4%

5.3%

8.3%

8.7%

15.5%

7.1%

5.3%

6.3%

6.4%

10.4%

6.0%

5.7%

6.2%

Direct Space

643,551

1,254,556

1,119,957

639,682

661,420

323,854

3,425,047

880,180

2,349,494

396,799

11,694,540

3,657,746

8,036,794

Sublet Space

100,078

797,900

99,741

86,589

15,675

26,496

847,635

268,986

384,881

89,043

2,717,024

1,084,308

1,632,716

13.5%

38.9%

8.2%

11.9%

2.3%

7.6%

19.8%

23.4%

14.1%

18.3%

18.9%

22.9%

16.9%

1.7%

1.8%

7.8%

3.3%

9.6%

7.5%

4.8%

5.3%

6.0%

11.2%

4.7%

Office
Downtown
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space


Class A Vacancy Rate
Avg. Class A Net Rent

$39.99

$21.98

$16.06

$13.69

$25.42

$26.66

$20.88

$18.14

$23.99

$29.53

$22.38

3Q 2012 Absorption

39,142

-117,868

135,279

-47,810

34,174

228,684

-55,507

-120,294

169,290

-30,041

235,049

8,743

226,306

YTD 2012 Absorption

8,958

1,930,087

246,715

-55,203

31,457

281,000

-189,946

-32,793

15,101

-22,353

2,213,023

2,130,557

82,466

129,916

129,916

129,916

3Q 2012 New Construction Completions


YTD 2012 New Construction Completions

$35.68

$13.06

13,500

1,900,000

129,916

2,043,416

1,913,500

129,916

1,111,224

1,661,000

247,000

55,000

191,859

3,786,000

1,005,834

304,000

225,503

8,587,420

3,074,224

5,513,196

20,961,171

20,804,207

8,555,905

2,583,175

1,080,854

9,729,797

68,591,011

20,221,681

24,893,269

6,437,180

183,858,250

52,904,458

130,953,792

11.8%

10.2%

11.1%

14.7%

11.5%

10.3%

12.0%

8.8%

12.1%

8.2%

11.2%

11.2%

11.2%

Direct Space

2,279,383

1,802,920

885,071

374,425

123,905

967,056

6,717,255

1,336,138

2,593,787

502,023

17,581,963

5,341,799

12,240,164

Sublet Space

191,748

320,221

60,531

6,200

295

31,564

1,525,009

453,087

416,611

23,410

3,028,676

578,700

2,449,976

7.8%

15.1%

6.4%

1.6%

0.2%

3.2%

18.5%

25.3%

13.8%

4.5%

14.7%

9.8%

16.7%

12.1%

7.5%

7.7%

N/A

N/A

8.4%

11.7%

7.6%

13.1%

7.0%

10.5%

Under Construction
Suburban
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space


Class A Vacancy Rate
Avg. Class A Net Rent

$20.81

$24.44

N/A

N/A

$15.31

$17.59

$21.82

$15.86

3Q 2012 Absorption

218,561

381,754

834

11,383

-5,237

-164,226

-196,871

-5,457

-59,336

49,949

231,354

612,532

-381,178

YTD 2012 Absorption

599,862

$19.06

$16.75

$13.97

$14.60

$16.64

341,990

404,058

225,193

117,217

2,005

-178,072

102,917

314,037

108,106

250,869

1,688,320

1,088,458

3Q 2012 New Construction Completions


p

26,600

306,151

292,605

36,000

67,323

728,679

332,751

395,928

YTD 2012 New Construction Completions

199,600

676,755

30,000

71,385

14,623

665,500

36,000

166,965

325,500

2,186,328

977,740

1,208,588

2,155,251

1,915,485

303,884

237,846

27,054

67,360

1,025,233

1,550,112

340,000

209,400

7,831,625

4,612,466

3,219,159

42,849,900

59,346,215

23,301,816

10,930,731

5,441,796

14,636,636

149,592,575

38,394,266

67,774,472

11,097,331

423,365,738

136,428,662

286,937,076

7.5%

7.0%

9.3%

10.1%

14.7%

9.2%

8.4%

7.7%

8.5%

9.1%

8.3%

7.8%

8.5%

Direct Space

2,922,934

3,057,476

2,005,028

1,014,107

785,325

1,290,910

10,142,302

2,216,318

4,943,281

898,822

29,276,503

8,999,545

20,276,958

Sublet Space

Under Construction
Total
Net Rentable Area
Overall Vacancy Rate

291,826

1,118,121

160,272

92,789

15,970

58,060

2,372,644

722,073

801,492

112,453

5,745,700

1,663,008

4,082,692

Sublet % of Vacant Space

9.1%

26.8%

7.4%

8.4%

2.0%

4.3%

19.0%

24.6%

14.0%

11.1%

16.4%

15.6%

16.8%

Class A Vacancy Rate

7.4%

3.6%

7.8%

3.3%

9.6%

8.0%

7.6%

6.5%

8.3%

9.3%

7.0%

Avg. Class A Net Rent

$22.34

$29.31

$21.45

$16.06

$14.75

$20.17

$18.01

$17.85

$20.27

$23.80

$18.63

3Q 2012 Absorption

257,703

263,886

136,113

-36,427

28,937

64,458

-252,378

-125,751

109,954

19,908

466,403

621,275

-154,872

YTD 2012 Absorption

682,328

$13.06

$17.54

350,948

2,334,145

471,908

62,014

33,462

102,928

-87,029

281,244

123,207

228,516

3,901,343

3,219,015

3Q 2012 New Construction Completions

26,600

306,151

129,916

292,605

36,000

67,323

858,595

332,751

525,844

YTD 2012 New Construction Completions

213,100

2,576,755

30,000

71,385

144,539

665,500

36,000

166,965

325,500

4,229,744

2,891,240

1,338,504

3,266,475

3,576,485

550,884

292,846

27,054

259,219

4,811,233

2,555,946

644,000

434,903

16,419,045

7,686,690

8,732,355

174,189,108

120,445,946

99,897,262

76,484,148

38,715,319

112,125,049

740,592,107

28,981,505

298,238,102

11,102,715

1,700,771,261

6.9%

4.8%

4.3%

3.3%

13.7%

7.0%

5.6%

6.7%

8.3%

6.6%

6.3%

5.2%

6.7%

3Q 2012 Absorption

1,020,687

2,253,057

1,010,440

177,732

423,215

523,887

-967,737

-51,412

-362,406

32,623

4,060,086

4,461,916

-401,830

YTD 2012 Absorption

2,438,955

3,510,355

1,725,279

332,337

306,702

1,007,350

-360,233

-186,020

1,914,702

22,646

10,712,073

8,006,926

2,705,147

310,825

2,398,970

774,699

40,000

90,698

11,267

836,197

25,000

10,000

4,497,656

3,524,494

973,162

YTD 2012 New Construction Completions

1,252,274

3,621,450

2,165,477

100,240

210,069

386,197

1,916,157

648,029

119,555

10,419,448

7,139,441

3,280,007

Under Construction

5,227,661

8,686,931

Under Construction
Industrial
Net Rentable Area
Overall Availability Rate

3Q 2012 New Construction Completions

471,016,464 1,229,754,797

2,053,724

977,052

1,694,885

502,000

478,391

6,691,428

148,000

1,108,312

260,800

13,914,592

Avg. Net Rent

$7.71

$8.06

$9.28

$6.49

$3.83

$4.16

$4.64

$8.29

$4.97

$7.40

$5.49

$7.94

Avg. TMI

$3.31

$3.95

$3.56

$3.60

$2.58

$2.77

$3.27

$4.82

$2.99

$4.56

$3.23

$3.53

$3.14

$179.00

$150.00

$142.42

$64.75

$20.03

$45.19

$85.34

$122.53

$54.24

$70.00

$93.35

$145.27

$72.82

Avg. Sale Prices

Source: CBRE Limited

$4.75

National Office and Industrial Trends Second Quarter 2012

Vancouver

Calgary

Edmonton

Winnipeg

London

Waterloo
Region

Toronto

Ottawa

Montreal

Halifax

National

West

East

21,888,729

38,542,008

14,745,911

8,248,380

4,384,314

4,674,530

81,102,923

18,142,480

42,895,453

4,660,151

239,284,879

83,425,028

155,859,851

3.6%

5.0%

9.2%

8.2%

15.5%

9.6%

5.2%

5.7%

6.8%

9.8%

6.1%

5.7%

6.3%

Direct Space

670,647

1,663,276

1,231,855

591,046

663,866

410,214

3,474,975

780,590

2,479,203

402,751

12,368,423

4,156,824

8,211,599

Sublet Space

112,124

271,312

123,122

83,278

15,675

38,904

766,708

248,282

424,462

53,050

2,136,917

589,836

1,547,081

14.3%

14.0%

9.1%

12.3%

2.3%

8.7%

18.1%

24.1%

14.6%

11.6%

14.7%

12.4%

15.9%

1.4%

1.5%

7.8%

4.3%

9.0%

7.8%

4.7%

5.1%

6.5%

10.0%

4.7%

Office
Downtown
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space


Class A Vacancy Rate
Avg. Class A Net Rent

$35.39

$38.87

$16.00

$13.04

$13.40

$25.28

$27.06

$20.95

$24.17

$30.73

$22.21

2Q 2012 Absorption

-24,558

399,436

45,965

-41,373

-13,746

-7,991

-12,564

115,863

190,194

34,176

685,402

379,470

305,932

YTD 2012 Absorption

$24.27

$18.14

-30,184

2,047,955

111,436

-7,393

-2,717

52,316

-134,439

87,501

-154,189

7,688

1,977,974

2,121,814

-143,840

2Q 2012 New Construction Completions

13,500

13,500

13,500

YTD 2012 New Construction Completions

13,500

1,900,000

1,913,500

1,913,500

1,111,224

1,661,000

247,000

55,000

265,854

3,839,000

995,834

304,000

225,503

8,704,415

3,074,224

5,630,191

20,934,571

20,509,361

8,555,905

2,432,502

1,080,854

9,500,829

68,451,919

20,201,832

24,769,078

6,437,180

182,874,031

52,432,339

130,441,692

12.7%

10.7%

11.1%

15.3%

11.0%

8.8%

11.4%

8.7%

11.5%

8.9%

11.0%

11.8%

10.7%

Direct Space

2,442,668

1,930,693

886,663

367,615

118,668

776,785

6,397,518

1,373,934

2,325,373

558,561

17,178,478

5,627,639

11,550,839

Sublet Space

220,424

268,051

59,773

3,800

295

57,609

1,378,428

373,834

519,011

16,821

2,898,046

552,048

2,345,998

8.3%

12.2%

6.3%

1.0%

0.2%

6.9%

17.7%

21.4%

18.2%

2.9%

14.4%

8.9%

16.9%

12.0%

7.8%

8.8%

N/A

N/A

9.7%

10.8%

7.3%

12.7%

11.1%

10.2%

Under Construction
Suburban
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space


Class A Vacancy Rate
Avg. Class A Net Rent

$20.93

$24.03

N/A

N/A

$15.79

$13.83

$13.88

$16.44

$17.45

$21.75

$15.51

2Q 2012 Absorption

-170,806

-37,774

98,935

27,756

-844

18,365

88,548

207,751

309,093

113,371

654,395

-81,889

736,284

YTD 2012 Absorption

123,429

22,304

224,359

105,834

7,242

-13,846

299,788

319,494

167,442

200,920

1,456,966

475,926

981,040

370,604

14,623

372,895

99,642

195,500

1,053,264

370,604

682,660

173,000

370,604

30,000

71,385

14,623

372,895

99,642

325,500

1,457,649

644,989

812,660

1,110,543

1,333,850

344,204

175,000

77,465

67,360

1,294,081

1,355,712

454,000

103,400

6,315,615

2,963,597

3,352,018

42,823,300

59,051,369

23,301,816

10,680,882

5,465,168

14,175,359

149,554,842

38,344,312

67,664,531

11,097,331

422,158,910

135,857,367

286,301,543

8.0%

7.0%

9.9%

9.8%

14.6%

9.1%

8.0%

7.2%

8.5%

9.3%

8.2%

8.0%

8.3%

Direct Space

3,113,315

3,593,969

2,118,518

958,661

782,534

1,186,999

9,872,493

2,154,524

4,804,576

961,312

29,546,901

9,784,463

19,762,438

Sublet Space

2Q 2012 New Construction Completions


p
YTD 2012 New Construction Completions
Under Construction

$19.08

$16.34

Total
Net Rentable Area
Overall Vacancy Rate

332,548

539,363

182,895

87,078

15,970

96,513

2,145,136

622,116

943,473

69,871

5,034,963

1,141,884

3,893,079

Sublet % of Vacant Space

9.7%

13.0%

7.9%

8.3%

2.0%

7.5%

17.8%

22.4%

16.4%

6.8%

14.6%

10.5%

16.5%

Class A Vacancy Rate

7.2%

3.5%

7.9%

4.3%

9.0%

9.0%

7.2%

6.3%

8.5%

10.5%

6.8%

Avg. Class A Net Rent

$22.03

$28.46

$23.21

$16.00

$13.04

$15.12

$20.15

$18.00

$17.89

$17.25

$20.29

$24.06

$18.64

2Q 2012 Absorption

-195,364

361,662

144,900

-13,617

-14,590

10,374

75,984

323,614

499,287

147,547

1,339,797

297,581

1,042,216

YTD 2012 Absorption

93,245

2,070,259

335,795

98,441

4,525

38,470

165,349

406,995

13,253

208,608

3,434,940

2,597,740

837,200

2Q 2012 New Construction Completions

13,500

370,604

14,623

372,895

99,642

195,500

1,066,764

384,104

682,660

YTD 2012 New Construction Completions

186,500

2,270,604

30,000

71,385

14,623

372,895

99,642

325,500

3,371,149

2,558,489

812,660

2,221,767

2,994,850

591,204

230,000

77,465

333,214

5,133,081

2,351,546

758,000

328,903

15,020,030

6,037,821

8,982,209

173,872,283

118,046,976

99,122,563

76,444,148

39,720,293

112,113,782

739,755,910

28,981,505

297,544,504

11,092,715

1,696,694,679

7.3%

4.8%

4.5%

3.5%

14.3%

7.5%

5.3%

6.6%

8.2%

6.8%

6.3%

5.5%

6.6%

654,646

975,598

170,438

32,400

-233,754

318,307

-259,608

70,368

1,185,828

5,239

2,919,462

1,833,082

1,086,380
3,106,977

Under Construction
Industrial
Net Rentable Area
Overall Availability Rate
2Q 2012 Absorption
YTD 2012 Absorption

467,485,970 1,229,208,709

1,418,268

1,257,298

714,839

154,605

-116,513

483,463

607,504

-134,608

2,277,108

-9,977

6,651,987

3,545,010

2Q 2012 New Construction Completions

709,489

916,706

456,455

48,987

206,176

194,342

623,029

18,000

3,173,184

2,082,650

1,090,534

YTD 2012 New Construction Completions

941,449

1,222,480

1,390,778

60,240

119,371

374,930

1,079,960

623,029

109,555

5,921,792

3,614,947

2,306,845

6,969,991

6,069,764

Under Construction

1,987,693

2,297,714

2,469,584

215,000

542,227

11,551

4,509,506

122,500

673,980

210,000

13,039,755

Avg. Net Rent

$7.80

$8.12

$9.67

$6.38

$3.86

$4.02

$4.68

$8.57

$4.88

$7.41

$5.53

$8.05

Avg. TMI

$3.53

$3.95

$3.66

$3.27

$2.54

$2.40

$3.22

$3.98

$2.97

$4.55

$3.18

$3.62

$3.04

$179.00

$150.00

$143.10

$60.25

$70.02

$49.10

$83.63

$109.20

$54.34

$70.00

$96.86

$144.65

$73.43

Avg. Sale Prices

Source: CBRE Limited

$4.73

National Office and Industrial Trends Third Quarter 2011

Vancouver

Calgary

Edmonton

Winnipeg

London

Waterloo
R i

Toronto

Ottawa

Montreal

Halifax

National

West

East

21,930,879

36,742,958

14,151,779

8,248,360

4,394,017

4,748,033

80,102,059

17,621,480

43,126,466

4,535,751

235,601,782

81,073,976

154,527,806

4.1%

7.0%

7.9%

8.0%

15.6%

11.2%

5.5%

5.0%

6.8%

9.7%

6.4%

6.5%

6.4%

Direct Space

791,397

1,983,903

1,010,962

583,709

641,138

455,623

3,405,530

804,378

2,698,898

308,900

12,684,438

4,369,971

8,314,467

Sublet Space

109,604

569,787

112,663

74,986

46,022

77,021

968,829

74,712

241,485

131,065

2,406,174

867,040

1,539,134

12.2%

22.3%

10.0%

11.4%

6.7%

14.5%

22.1%

8.5%

8.2%

29.8%

15.9%

16.6%

15.6%

2.9%

4.5%

7.4%

7.0%

11.1%

8.6%

4.7%

4.6%

6.0%

11.5%

5.3%

Office
Downtown
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space


Class A Vacancy Rate
Avg. Class A Net Rent

$30.42

$30.63

$26.29

$21.71

3Q 2011 Absorption

103,212

638,540

61,840

40,867

-1,982

-114,596

141,264

13,859

287,509

-3,411

1,167,102

844,459

322,643

YTD 2011 Absorption

$20.57

$15.88

$12.73

$13.42

$23.97

$26.17

$21.46

$18.14

$23.20

288,359

2,223,903

141,997

-25,043

-32,909

-174,477

592,714

-68,142

463,604

9,991

3,419,997

2,629,216

790,781

3Q 2011 New Construction Completions

57,784

57,784

57,784

YTD 2011 New Construction Completions

57,784

57,784

57,784

Under Construction

68,000

1,900,000

872,000

265,854

641,000

535,000

230,000

110,000

4,621,854

2,840,000

1,781,854

20,808,393

20,191,941

8,480,680

2,361,117

1,040,446

9,591,753

67,786,285

20,201,832

24,553,101

6,095,685

181,111,233

51,842,131

129,269,102

13.5%

9.9%

13.1%

15.1%

9.2%

8.6%

10.5%

10.3%

11.7%

6.8%

10.9%

12.1%

10.4%

Direct Space

2,466,246

1,758,776

1,029,732

351,875

95,633

807,063

5,843,773

1,584,440

2,617,678

413,070

16,968,286

5,606,629

11,361,657

Sublet Space

Suburban
Net Rentable Area
Overall Vacancy Rate

344,818

246,370

79,212

4,563

21,433

1,288,461

495,257

266,541

2,746,655

674,963

2,071,692

Sublet % of Vacant Space

12.3%

12.3%

7.1%

1.3%

0.0%

2.6%

18.1%

23.8%

9.2%

0.0%

13.9%

10.7%

15.4%

Class A Vacancy Rate

14.1%

7.1%

13.8%

N/A

N/A

7.5%

10.5%

10.1%

12.8%

6.2%

10.7%

Avg. Class A Net Rent

$19.72

$19.62

N/A

N/A

$12.72

$16.16

$16.85

$19.21

$15.42

3Q 2011 Absorption

-27,640

265,332

27,498

19,774

-21,467

43,833

388,232

67,003

-66,254

39,982

736,293

284,964

451,329

YTD 2011 Absorption

277,939

861,606

193,287

-113,611

-13,073

-100,678

881,847

-300,963

238,013

133,434

2,057,801

1,219,221

838,580

124,549

126,000

250,549

124,549

126,000

YTD 2011 New Construction Completions

187,500

124,549

75,516

266,468

187,181

36,000

877,214

387,565

489,649

Under Construction

123,292

740,430

115,320

42,608

9,752

1,137,236

252,750

236,000

291,500

2,948,888

1,021,650

1,927,238

42,739,272

56,934,899

22,632,459

10,609,477

5,434,463

14,339,786

147,888,344

37,823,312

67,679,567

10,631,436

416,713,015

132,916,107

283,796,908

8.7%

8.0%

9.9%

9.6%

14.4%

9.5%

7.8%

7.8%

8.6%

8.0%

8.4%

8.7%

8.2%

Direct Space

3,257,643

3,742,679

2,040,694

935,584

736,771

1,262,686

9,249,303

2,388,818

5,316,576

721,970

29,652,724

9,976,600

19,676,124

Sublet Space

454,422

816,157

191,875

79,549

46,022

98,454

2,257,290

569,969

508,026

131,065

5,152,829

1,542,003

3,610,826

12.2%

17.9%

8.6%

7.8%

5.9%

7.2%

19.6%

19.3%

8.7%

15.4%

14.8%

13.4%

15.5%

9.0%

5.4%

8.5%

7.0%

11.1%

7.9%

7.1%

7.6%

8.1%

9.0%

7.4%

3Q 2011 New Construction Completions


p

$17.29

$15.63

$14.35

$16.13

Total
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space


Class A Vacancy Rate
Avg. Class A Net Rent

$12.73

$12.95

$19.09

$19.58

$21.65

$18.12

3Q 2011 Absorption

$21.04
75,572

903,872

$24.74

$19.59
89,338

$15.88
60,641

-23,449

-70,763

529,496

$19.05
80,862

221,255

$18.10

$17.22
36,571

1,903,395

1,129,423

773,972

YTD 2011 Absorption

1,629,361

566,298

3,085,509

335,284

-138,654

-45,982

-275,155

1,474,561

-369,105

701,617

143,425

5,477,798

3,848,437

3Q 2011 New Construction Completions

57,784

124,549

126,000

308,333

182,333

126,000

YTD 2011 New Construction Completions

245,284

124,549

75,516

266,468

187,181

36,000

934,998

445,349

489,649

Under Construction

191,292

2,640,430

987,320

42,608

275,606

1,778,236

787,750

466,000

401,500

7,570,742

3,861,650

3,709,092

172,657,828

115,934,209

97,296,985

76,291,908

34,975,451

111,318,392

738,675,950

28,981,505

290,850,083

10,981,321

1,677,963,632

7.4%

4.3%

4.5%

3.6%

16.4%

7.3%

5.5%

5.4%

8.6%

6.1%

6.4%

5.4%

6.7%

3Q 2011 Absorption

-336,341

659,605

593,085

164,435

-364,142

592,938

2,859,206

373,031

800,400

-60,290

5,281,927

1,080,784

4,201,143

YTD 2011 Absorption

7,990,671

Industrial
Net Rentable Area
Overall Availability Rate

462,180,930 1,215,782,702

1,804,028

1,301,366

1,921,857

455,642

-723,265

695,949

6,207,110

154,875

1,713,637

-57,635

13,473,564

5,482,893

3Q 2011 New Construction Completions

318,495

480,465

330,600

110,000

86,950

34,853

99,855

86,752

13,750

1,561,720

1,239,560

322,160

YTD 2011 New Construction Completions

932,201

623,297

330,600

260,000

194,901

34,853

705,634

86,752

442,000

103,064

3,713,302

2,146,098

1,567,204

4,931,781

3,146,168

Under Construction

1,960,201

1,207,418

1,511,922

252,240

197,530

370,305

1,388,686

1,088,125

101,522

8,077,949

Avg. Net Rent

$7.59

$8.06

$8.90

$6.28

$4.11

$3.79

$4.59

$7.79

$4.97

$7.34

$5.40

$7.77

Avg. TMI

$3.16

$3.74

$3.23

$3.23

$2.42

$2.36

$3.16

$5.12

$2.90

$4.55

$3.07

$3.30

$3.00

$170.00

$150.00

$143.66

$59.10

$38.94

$61.53

$81.47

$80.00

$55.12

$60.00

$89.98

$141.13

$71.89

Avg. Sale Prices

Source: CBRE Limited

$4.68

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