National Office and Industrial Trends Second Quarter 2011

Vancouver

Calgary

Edmonton

Winnipeg

London

Waterloo
Region

Toronto

Ottawa

Montreal

Halifax

National

West

East

21,873,095

36,742,958

14,151,779

8,248,360

4,394,017

4,660,821

78,563,059

20,483,658

43,078,966

4,535,751

236,732,464

81,016,192

155,716,272

4.3%

8.7%

8.4%

8.5%

15.6%

8.6%

5.9%

4.4%

7.5%

9.6%

6.9%

7.4%

6.6%

Direct Space

825,611

2,503,304

968,358

607,808

639,156

325,714

3,728,258

734,762

2,881,632

320,433

13,535,036

4,905,081

8,629,955

Sublet Space

120,818

688,926

217,107

91,754

46,022

75,191

901,895

158,187

346,260

116,121

2,762,281

1,118,605

1,643,676

12.8%

21.6%

18.3%

13.1%

6.7%

18.8%

19.5%

17.7%

10.7%

26.6%

16.9%

18.6%

16.0%

2.5%

5.7%

7.7%

7.2%

11.1%

8.4%

5.4%

5.0%

6.2%

10.4%

5.8%

Office
Downtown
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space

$30.38

$13.40

$25.13

$26.57

$20.83

$26.81

$22.19

7,612

1,022,432

$30.54

$20.98
64,424

-69,906

$15.88

$12.48
5,012

4,204

267,589

126,562

153,308

$18.43
11,269

1,592,506

$23.85

1,024,562

567,944

185,147

1,585,363

80,157

-65,910

-30,927

-59,881

451,450

-82,001

176,095

13,402

2,252,895

1,784,757

468,138

2Q 2011 New Construction Completions

YTD 2011 New Construction Completions

70,000

1,900,000

872,000

185,854

1,039,000

535,000

295,000

110,000

5,006,854

2,842,000

2,164,854

20,808,393

20,076,406

8,468,372

2,361,117

1,040,446

9,263,388

67,880,116

25,345,872

24,553,101

6,095,685

185,892,896

51,714,288

134,178,608

13.4%

10.6%

13.4%

15.9%

7.1%

6.7%

10.9%

8.7%

11.5%

7.4%

10.8%

12.4%

10.1%

Direct Space

2,581,563

1,839,464

1,036,478

279,720

74,166

609,925

5,834,779

1,574,703

2,604,400

438,112

16,873,310

5,737,225

11,136,085

Sublet Space

201,861

297,741

99,964

96,492

10,948

1,585,447

635,964

213,565

14,940

3,156,922

696,058

2,460,864

7.3%

13.9%

8.8%

25.6%

0.0%

1.8%

21.4%

28.8%

7.6%

3.3%

15.8%

10.8%

18.1%

16.1%

8.2%

14.0%

N/A

N/A

6.3%

11.8%

8.5%

12.4%

8.1%

11.2%

Under Construction
Suburban
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space

$19.92

$18.93

$17.13

N/A

N/A

$13.43

$16.74

$15.72

$14.69

$19.05

$15.91

2Q 2011 Absorption

280,522

474,921

107,484

-46,958

5,666

-39,480

445,584

-163,645

292,187

40,800

1,397,081

815,969

581,112

YTD 2011 Absorption

305,579

596,274

165,789

-133,385

8,394

-144,511

602,249

-431,933

304,267

93,452

1,366,175

934,257

431,918

75,516

112,181

26,000

213,697

75,516

138,181

YTD 2011 New Construction Completions

187,500

75,516

140,468

187,181

36,000

626,665

263,016

363,649

Under Construction

101,705

463,876

70,000

42,608

113,752

1,247,460

172,750

176,000

136,000

2,524,151

678,189

1,845,962

42,681,488

56,819,364

22,620,151

10,609,477

5,434,463

13,924,209

146,443,175

45,829,530

67,632,067

10,631,436

422,625,360

132,730,480

289,894,880

8.7%

9.4%

10.3%

10.1%

14.0%

7.3%

8.2%

6.8%

8.9%

8.4%

8.6%

9.4%

8.2%

Direct Space

3,407,174

4,342,768

2,004,836

887,528

713,322

935,639

9,563,037

2,309,465

5,486,032

758,545

30,408,346

10,642,306

19,766,040

Sublet Space

322,679

986,667

317,071

188,246

46,022

86,139

2,487,342

794,151

559,825

131,061

5,919,203

1,814,663

4,104,540

8.7%

18.5%

13.7%

17.5%

6.1%

8.4%

20.6%

25.6%

9.3%

14.7%

16.3%

14.6%

17.2%

10.0%

6.6%

8.8%

7.2%

11.1%

7.0%

8.1%

7.1%

8.1%

9.4%

8.0%

2Q 2011 New Construction Completions

$16.13

$17.17

Total
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space

$20.91

$19.75

$15.88

$13.42

$20.13

$19.25

$17.92

$20.06

$21.95

$18.71

2Q 2011 Absorption

288,134

1,497,353

171,908

-116,864

10,678

-35,276

713,173

-37,083

445,495

52,069

2,989,587

1,840,531

1,149,056

YTD 2011 Absorption

490,726

2,181,637

245,946

-199,295

-22,533

-204,392

1,053,699

-513,934

480,362

106,854

3,619,070

2,719,014

900,056

75,516

112,181

26,000

213,697

75,516

138,181

YTD 2011 New Construction Completions

187,500

75,516

140,468

187,181

36,000

626,665

263,016

363,649

Under Construction

171,705

2,363,876

942,000

42,608

299,606

2,286,460

707,750

471,000

246,000

7,531,005

3,520,189

4,010,816

172,339,333

115,790,243

96,966,385

76,181,908

34,738,121

112,012,587

738,485,707

28,894,753

342,989,278

10,967,571

1,729,365,886

7.0%

4.4%

4.8%

3.7%

15.2%

7.7%

6.1%

6.2%

10.0%

5.4%

7.0%

5.3%

7.6%

828,420

28,654

321,437

-36,864

-327,691

-603,300

2,007,056

96,741

3,687,904

-46,528

5,955,829

1,141,647

4,814,182
4,319,162

2Q 2011 New Construction Completions

$25.03

$12.48

$17.29

Industrial
Net Rentable Area
Overall Availability Rate
2Q 2011 Absorption
YTD 2011 Absorption

461,277,869 1,268,088,017

2,140,369

634,037

1,328,772

291,207

-353,713

103,011

3,257,516

-163,928

1,473,621

2,655

8,713,547

4,394,385

2Q 2011 New Construction Completions

455,481

57,000

140,000

22,455

242,822

148,257

81,314

1,147,329

652,481

494,848

YTD 2011 New Construction Completions

613,706

135,108

150,000

107,961

515,391

849,832

89,314

2,461,312

898,814

1,562,498

4,437,817

3,073,067

Under Construction

2,099,536

606,742

1,369,299

362,240

208,668

246,030

963,465

109,252

1,440,380

105,272

7,510,884

Avg. Net Rent

$7.52

$7.91

$8.94

$6.41

$4.21

$3.89

$4.69

$6.70

$5.03

$7.32

$5.38

$7.74

Avg. TMI

$3.28

$3.10

$3.16

$3.19

$2.49

$2.35

$3.18

$4.08

$2.88

$4.55

$3.03

$3.21

$2.99

$170.98

$158.00

$143.89

$57.00

$20.32

$65.06

$78.99

$80.00

$53.44

$70.00

$89.77

$143.20

$69.19

Avg. Sale Prices

Source: CB Richard Ellis

$4.77

National Office and Industrial Trends First Quarter 2011

Vancouver

Calgary

Edmonton

Winnipeg

London

Waterloo
Region

Toronto

Ottawa

Montreal

Halifax

National

West

East

21,873,095

36,742,958

14,151,779

8,248,360

4,394,017

4,736,220

78,707,717

20,483,658

43,146,966

4,535,751

237,020,521

81,016,192

156,004,329

4.4%

11.5%

8.8%

7.6%

15.7%

8.6%

6.3%

5.0%

8.0%

9.9%

7.6%

8.7%

7.0%

Direct Space

804,557

3,293,306

1,020,930

559,212

644,168

322,155

3,837,660

799,591

3,141,567

312,470

14,735,616

5,678,005

9,057,611

Sublet Space

149,484

921,356

228,959

70,444

46,022

82,954

1,115,824

219,920

307,633

135,353

3,277,949

1,370,243

1,907,706

15.7%

21.9%

18.3%

11.2%

6.7%

20.5%

22.5%

21.6%

8.9%

30.2%

18.2%

19.4%

17.4%

2.8%

8.6%

8.4%

7.2%

10.9%

6.8%

5.8%

5.4%

6.5%

11.0%

6.5%

Office
Downtown
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space

$31.17

$29.61

$12.55

$13.18

$24.08

$26.42

$23.89

$26.98

$21.76

1Q 2011 Absorption

177,535

562,931

15,733

3,996

-35,939

-64,085

183,861

-208,563

22,787

2,133

660,389

760,195

-99,806

YTD 2011 Absorption

$21.33

$15.75

$20.85

$18.43

177,535

562,931

15,733

3,996

-35,939

-64,085

183,861

-208,563

22,787

2,133

660,389

760,195

-99,806

1Q 2011 New Construction Completions

YTD 2011 New Construction Completions

141,583

1,700,000

872,000

185,854

841,000

535,000

65,500

110,000

4,450,937

2,713,583

1,737,354

20,654,699

20,076,406

8,380,856

2,293,617

1,040,446

9,205,365

69,103,846

25,345,872

24,581,051

6,069,685

186,751,843

51,405,578

135,346,265

14.8%

13.0%

13.9%

14.4%

7.7%

6.3%

11.5%

8.1%

12.6%

7.7%

11.4%

14.0%

10.5%

Direct Space

2,799,726

2,124,377

1,071,760

232,762

76,122

563,910

6,360,791

1,518,177

2,886,315

442,912

18,076,852

6,228,625

11,848,227

Sublet Space

264,220

487,749

96,650

96,492

3,710

17,483

1,559,107

528,845

203,956

24,940

3,283,152

945,111

2,338,041

8.6%

18.7%

8.3%

29.3%

4.6%

3.0%

19.7%

25.8%

6.6%

5.3%

15.4%

13.2%

16.5%

17.5%

12.1%

14.3%

N/A

N/A

8.4%

12.0%

8.7%

14.7%

8.0%

12.3%

Under Construction
Suburban
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space

$20.45

N/A

N/A

$15.02

$16.58

$16.09

25,057

121,353

$20.53

$16.79
58,305

-86,427

2,728

-105,031

156,665

-268,288

$14.57
12,080

$16.13
52,652

$17.48

$19.82

$15.93

-30,906

118,288

-149,194

25,057

121,353

58,305

-86,427

2,728

-105,031

156,665

-268,288

12,080

52,652

-30,906

118,288

-149,194

1Q 2011 New Construction Completions

187,500

140,468

75,000

10,000

412,968

187,500

225,468

YTD 2011 New Construction Completions

187,500

140,468

75,000

10,000

412,968

187,500

225,468

Under Construction

101,705

463,876

205,189

42,608

113,752

792,885

172,750

522,417

152,000

2,567,182

813,378

1,753,804

42,527,794

56,819,364

22,532,635

10,541,977

5,434,463

13,941,585

147,811,563

45,829,530

67,728,017

10,605,436

423,772,364

132,421,770

291,350,594

9.4%

12.0%

10.7%

9.1%

14.2%

7.1%

8.7%

6.7%

9.7%

8.6%

9.3%

10.7%

8.6%

Direct Space

3,604,283

5,417,683

2,092,690

791,974

720,290

886,065

10,198,451

2,317,768

6,027,882

755,382

32,812,468

11,906,630

20,905,838

Sublet Space

Total
Net Rentable Area
Overall Vacancy Rate

413,704

1,409,105

325,609

166,936

49,732

100,437

2,674,931

748,765

511,589

160,293

6,561,101

2,315,354

4,245,747

Sublet % of Vacant Space

10.3%

20.6%

13.5%

17.4%

6.5%

10.2%

20.8%

24.4%

7.8%

17.5%

16.7%

16.3%

16.9%

Class A Vacancy Rate

10.8%

9.8%

9.4%

7.2%

10.9%

7.9%

8.4%

7.4%

9.0%

9.6%

8.9%

Avg. Class A Net Rent

$21.40

$25.56

$15.75

$12.55

$14.63

$19.34

$19.29

$20.20

$22.67

$18.35

1Q 2011 Absorption

202,592

684,284

74,038

-82,431

-33,211

-169,116

340,526

-476,851

34,867

54,785

629,483

878,483

-249,000

YTD 2011 Absorption

202,592

684,284

74,038

-82,431

-33,211

-169,116

340,526

-476,851

34,867

54,785

629,483

878,483

-249,000

1Q 2011 New Construction Completions

187,500

140,468

75,000

10,000

412,968

187,500

225,468

YTD 2011 New Construction Completions

187,500

140,468

75,000

10,000

412,968

187,500

225,468

Under Construction

243,288

2,163,876

1,077,189

42,608

299,606

1,633,885

707,750

587,917

262,000

7,018,119

3,526,961

3,491,158

171,883,852

115,733,243

96,966,385

76,041,908

34,712,966

112,012,587

738,388,630

28,894,753

342,841,020

10,886,257

1,728,361,601

7.2%

4.4%

5.1%

3.4%

14.2%

7.2%

6.4%

6.5%

11.2%

4.3%

7.3%

5.5%

8.0%

1Q 2011 Absorption

1,311,949

605,383

1,007,335

328,071

-26,022

706,311

1,250,460

-260,669

-2,214,283

49,183

2,757,718

3,252,738

-495,020

YTD 2011 Absorption

1,311,949

605,383

1,007,335

328,071

-26,022

706,311

1,250,460

-260,669

-2,214,283

49,183

2,757,718

3,252,738

-495,020

158,225

78,108

10,000

85,506

272,569

701,575

8,000

1,313,983

246,333

1,067,650

$19.96

$17.68

$17.28

Industrial
Net Rentable Area
Overall Availability Rate

1Q 2011 New Construction Completions

460,625,388 1,267,736,213

158,225

78,108

10,000

85,506

272,569

701,575

8,000

1,313,983

246,333

1,067,650

1,885,103

575,226

1,208,100

462,240

212,252

146,030

508,949

109,252

869,688

81,314

6,058,154

4,130,669

1,927,485

Avg. Net Rent

$7.53

$7.84

$8.72

$6.45

$4.22

$4.03

$4.59

$8.38

$5.09

$7.25

$5.38

$7.71

Avg. TMI

$3.37

$3.00

$3.10

$3.30

$2.49

$2.37

$3.18

$4.52

$2.83

$4.54

$3.03

$3.23

$2.98

$178.00

$191.33

$125.17

$57.00

$38.54

$43.63

$78.68

$80.00

$57.10

$65.00

$91.44

$150.25

$68.56

Under Construction

Avg. Sale Prices

Source: CB Richard Ellis

$4.80

National Office and Industrial Trends Second Quarter 2010

Vancouver

Calgary

Edmonton

Winnipeg

London

Waterloo
Region

Toronto

Ottawa

Montreal

Halifax

National

West

East

21,846,567

36,742,958

14,149,623

7,158,818

4,388,731

4,495,320

78,328,864

20,464,206

42,350,516

4,535,751

234,461,354

79,897,966

154,563,388

5.6%

15.7%

8.6%

7.3%

15.1%

5.6%

7.1%

3.6%

9.1%

9.5%

8.6%

10.9%

7.4%

Direct Space

1,008,502

3,912,681

1,061,811

426,889

613,430

194,297

4,513,165

516,882

3,486,151

297,286

16,031,094

6,409,883

9,621,211

Sublet Space

209,378

1,842,162

160,361

93,382

48,335

56,671

1,031,199

217,888

383,100

132,277

4,174,753

2,305,283

1,869,470

17.2%

32.0%

13.1%

17.9%

7.3%

22.6%

18.6%

29.7%

9.9%

30.8%

20.7%

26.5%

16.3%

4.4%

13.9%

8.2%

5.7%

11.7%

6.3%

7.0%

3.4%

7.8%

10.1%

8.0%

Office
Downtown
Net Rentable Area
Overall Vacancy Rate

Sublet % of Vacant Space

$34.30

2Q 2010 Absorption

48,816

YTD 2010 Absorption

$28.10

$22.84

$11.63

$24.35

$20.74

$18.64

$24.29

$27.37

$21.92

383,217

-24,921

$15.56
36,607

$13.36
12,377

46,144

384,278

$24.63
21,622

-43,365

-42,557

822,218

443,719

378,499
209,761

50,825

818,340

-105,343

50,516

-943

31,613

393,848

19,912

-172,583

-62,086

1,024,099

814,338

2Q 2010 New Construction Completions

1,040,000

223,020

1,263,020

1,040,000

223,020

YTD 2010 New Construction Completions

1,040,000

223,020

1,263,020

1,040,000

223,020

127,111

1,700,000

872,000

20,000

320,900

1,291,000

535,000

250,000

110,000

5,226,011

2,719,111

2,506,900

19,719,532

20,076,406

8,203,818

2,293,617

1,044,257

9,047,331

69,260,203

25,281,272

24,009,180

5,996,935

184,932,551

50,293,373

134,639,178

15.1%

15.7%

13.8%

10.4%

9.1%

5.0%

12.5%

6.7%

13.8%

8.6%

12.0%

14.9%

11.0%

Direct Space

2,666,898

2,343,405

970,407

146,712

91,228

371,336

6,805,559

1,281,882

3,044,581

475,093

18,197,101

6,127,422

12,069,679

Sublet Space

Under Construction
Suburban
Net Rentable Area
Overall Vacancy Rate

306,618

803,314

158,339

92,692

3,710

83,309

1,878,265

423,987

256,937

42,121

4,049,292

1,360,963

2,688,329

Sublet % of Vacant Space

10.3%

25.5%

14.0%

38.7%

3.9%

18.3%

21.6%

24.9%

7.8%

8.1%

18.2%

18.2%

18.2%

Class A Vacancy Rate

18.7%

14.2%

15.1%

N/A

N/A

6.3%

13.4%

7.3%

12.7%

10.4%

12.7%

Avg. Class A Net Rent

N/A

N/A

$13.41

$14.21

$16.07

$17.45

$20.05

$15.72

2Q 2010 Absorption

$20.80
-5,721

126,504

$19.62

$19.04
36,408

11,556

3,480

171,359

$16.75
44,274

$14.34
-9,821

-85,996

114,122

406,165

168,747

237,418

YTD 2010 Absorption

609,013

-23,396

195,162

-91,460

-43,725

-12,871

139,750

152,646

198,968

-132,200

262,720

645,594

36,581

2Q 2010 New Construction Completions

75,000

11,098

306,086

30,000

422,184

75,000

347,184

YTD 2010 New Construction Completions

370,018

188,606

20,000

11,098

836,586

30,000

1,456,308

578,624

877,684

Under Construction

582,500

261,574

262,257

159,552

267,498

452,187

1,985,568

1,106,331

879,237

41,566,099

56,819,364

22,353,441

9,452,435

5,432,988

13,542,651

147,589,067

45,745,478

66,359,696

10,532,686

419,393,905

130,191,339

289,202,566

10.1%

15.7%

10.5%

8.0%

13.9%

5.2%

9.6%

5.3%

10.8%

9.0%

10.1%

12.4%

9.1%

Direct Space

3,675,400

6,256,086

2,032,218

573,601

704,658

565,633

11,318,724

1,798,764

6,530,732

772,379

34,228,195

12,537,305

21,690,890

Sublet Space

Total
Net Rentable Area
Overall Vacancy Rate

515,996

2,645,476

318,700

186,074

52,045

139,980

2,909,464

641,875

640,037

174,398

8,224,045

3,666,246

4,557,799

Sublet % of Vacant Space

12.3%

29.7%

13.6%

24.5%

6.9%

19.8%

20.4%

26.3%

8.9%

18.4%

19.4%

22.6%

17.4%

Class A Vacancy Rate

11.9%

14.0%

9.3%

5.7%

11.7%

6.3%

9.8%

5.7%

9.3%

10.2%

9.9%

Avg. Class A Net Rent

$13.01

$20.00

$20.71

$23.38

$18.67

2Q 2010 Absorption

$22.90
43,095

509,721

$24.86

$21.87
11,487

$15.56
48,163

$13.36
15,857

217,503

428,552

$16.56
11,801

-129,361

$18.18

$17.19
71,565

1,228,383

612,466

615,917

YTD 2010 Absorption

27,429

1,013,502

-196,803

6,791

-13,814

171,363

546,494

218,880

-304,783

200,634

1,669,693

850,919

818,774

2Q 2010 New Construction Completions

75,000

1,040,000

11,098

529,106

30,000

1,685,204

1,115,000

570,204

YTD 2010 New Construction Completions

370,018

1,228,606

20,000

11,098

1,059,606

30,000

2,719,328

1,618,624

1,100,704

Under Construction

709,611

1,961,574

1,134,257

20,000

480,452

1,558,498

535,000

702,187

110,000

7,211,579

3,825,442

3,386,137

170,824,319

115,386,571

96,847,585

75,975,408

34,525,222

112,233,209

737,617,959

28,871,893

341,327,928

10,808,220

1,724,418,314

8.1%

5.4%

6.8%

4.1%

12.9%

7.9%

7.5%

5.9%

10.0%

5.3%

7.8%

6.5%

8.3%

2Q 2010 Absorption

481,289

734,179

-143,147

92,167

182,611

966,848

1,847,029

-47,310

929,257

-70,203

4,972,720

1,164,488

3,808,232

YTD 2010 Absorption

638,822

1,280,938

-232,096

624,319

287,108

1,513,938

1,480,678

-22,937

1,727,216

32,479

7,330,465

2,311,983

5,018,482

2Q 2010 New Construction Completions

848,006

322,713

337,459

295,569

89,881

1,893,628

1,170,719

722,909

YTD 2010 New Construction Completions

1,367,013

432,713

84,000

337,459

971,799

122,500

774,247

21,000

4,110,731

1,883,726

2,227,005

Under Construction

3,421,175

1,711,067

Industrial
Net Rentable Area
Overall Availability Rate

459,033,883 1,265,384,431

2,748,595

267,200

161,880

243,500

42,315

446,836

748,175

130,775

231,652

111,314

5,132,242

Avg. Net Rent

$7.74

$7.45

$8.52

$6.08

$4.07

$4.05

$4.82

$7.59

$5.00

$7.17

$5.47

$7.68

Avg. TMI

$3.18

$3.85

$3.26

$3.36

$2.76

$2.39

$3.04

$4.42

$2.91

$4.34

$3.05

$3.36

$2.96

$169.00

$160.00

$125.75

$54.63

$25.62

$49.30

$76.40

$98.54

$56.31

$60.00

$87.55

$138.68

$67.56

Avg. Sale Prices

Source: CB Richard Ellis

$4.84