Metro Vancouver Office Market

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Research & Forecast Report METRO VANCOUVER OFFICE MARKET

Second Quarter 2018

Rendering of City Centre 3, Surrey Health & Technology District.

Table of Contents

Metro Vancouver Market Overview...... 1 Market Summaries Vancouver - Downtown...... 2 Vancouver - Broadway Corridor...... 3 Vancouver - Periphery...... 4 Burnaby...... 5 Langley...... 6 New Westminster...... 7 North Shore...... 8 Richmond...... 9 Surrey...... 10 Glossary...... 11 Forecast Assumptions...... 12

Research & Forecast Report | Second Quarter 2018 | Metro Vancouver/Office | Colliers International Metro Vancouver Market Overview Summary Statistics 2018 Q1 2018 Q2 Trend

Market Overview New Supply* 0 302,000 Absorption was positive for the fifth straight quarter, even Net Absorption 375,320 59,532 with the addition of 302,000 square feet of new supply to the market. The overall vacancy rate for Metro Vancouver Vacancy Rate 5.4% 5.4% remained stable at 5.4%, led primarily by increased vacancy in Richmond, Surrey, and New Westminster. Average Asking Net Rent** $26.91 $25.29 Availability rates tightened, however, dropping from 5.3% in Q1 to 4.6% in Q2. Average Additional Rent $16.01 $15.15 *There are 856 office buildings surveyed in Metro Vancouver. ** Average Asking Net Rent is calculated using a weighted average. A significant amount of new product is being built, with over 2.8 million square feet of new office supply under construction across Metro Vancouver. The downtown Tenant Demand core alone has 1.7 million square feet of office product There are approximately 108 tenants currently in underway, with the balance evenly distributed between the Greater Vancouver Area with minimum office midtown and the suburban markets. requirements of 5,000 square feet. Technology tenants account for 33.5% of demand, followed by Education at Investment Market 12.7% and Professional Services at 8.9%. Downtown Crestpoint Real Estate, a Toronto-based investment firm, Vancouver has 46.7% of tenant interest, followed by purchased a portfolio of 12 office and industrial buildings Metro Vancouver at 19.4% and the Broadway Corridor at in Vancouver and Burnaby early in Q2, for a total of 15.3%. almost one million square feet of real estate. The office portfolio includes the Mountain Equipment Co-Op head June 2018 - 2,436,500 SF office in False Creek Flats, two buildings in the Canada 4.8% 2.1% Way Business Park in Burnaby, and the two office strata Technology 7.0% Education buildings at Imperial Square, also in Burnaby. Professional Services 7.4% 33.5% Financial Services Architectural/Engineering 7.6% The sale of the Guildford Corporate Centre in Surrey was Real Estate the largest office building transaction in Q2 at $51 million. Consumer Goods Healthcare 7.7% The building is located at the intersection of 104th Avenue Manufacturing Other* and 152nd Street, at the end of the planned Surrey- 8.3% 12.7% Newton-Guildford LRT line. 9.0% *Other includes Legal Services, Government, Energy & Natural Resources, Non-Profit, Construction, and Architecture/Engineering.

Historical Performance and Forecast

12.0% 1,200,000

1,000,000

10.0% 800,000

600,000 8.0% 400,000

200,000 6.0% -

(200,000) 4.0% (400,000)

2.0% (600,000) (800,000)

0.0% (1,000,000) 2017 Q1 2019 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2014 Q3 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2014 Q2

Net Absorption (SF) New Supply (SF) Vacancy Rate (%)

1 Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International

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1A k 99 Par Dr Vancouver - Downtown ley n r ta n D S S goo ta La nl ey N P ar k Absorption was positive in the downtown core, led byDr a Lost Lagoon number of smaller tenants averaging 3,500 square feet. Devonian Coal Harbour Harbour Park W. Georgia St

Vacancy rates dropped from 4.6% in Q1 to 4.1% in Q2. Alberni St Lagoon Dr

Park Ln Haro St Beach Ave Chilco St Harbour Pendrell St Green Park W. Commissioner St Gilford St Comox St Bidwell St Pender St Trends Denman St Pendrell St W. Georgia St Canada Pl Alberni St Canada Place >> Availability in AAA class existing stock at the end of Q2 was Nicola St Melville St 1 Bidwell St English Bay Cardero St Broughton St 99 F Waterfront Beach Ave Beach Jervis St Hastings St E. Commissioner under 5,000 SF. ECordova St Nelson St Barclay St Bute St Burrard Pender St 1A Bidwell St Haro St Dunsmuir St Pendrell St Thurlow St Water St >> 402 Dunsmuir Street, 400 West Georgia Street, 320 Cardero St Comox St D W. Georgia St Powell St

Columbia St Nicola St C St Abbott Burrard St Seymour St

Granville CarrallSt Robson St Granville Street, and 601 West Hastings Street are now under Davie St Broughton St B Burnaby St construction. City Centre Homer St Howe St Pender St Harwood St St. H Bute St Paul’s Granville St Richards St Stadium/ Keefer St Smithe St Quebec St DunsmuirChinatown Viad >> The drop in the weighted average asking rent in Q2 is due to the Sunset Hornby St Cambie St Beach Beach Ave Hamilton St Thurlow St 3 Nelson St PacicA Blvd Burrard St Rogers Expo Blvd low availability of AAA and A class space, which are averaging Davie St Helmcken St Beatty St Arena Blvd Georgia Viad BC Place Drake St $40 and $36 per square foot respectively. Mainland St Stadium Hornby St Expo

Vanier Hamilton St Park May & Lorne Brown Park Seymour St >> The vacant lot at 1240 Howe Street has sold for $4.5M. The lot Burrard Bridge Pacic Blvd Richards St Yaletown/ Roundhouse Science Homer St World has DD zoning, with a maximum density of 5.0 FSR. Pacic Blvd Point Grey Rd Kitsalano Beach Cambie Bridge St Quebec George Wainborn David Lam Granville Granville Bridge Park Park

TrafalgarSt Island

Balsam St Balsam Maple St Johnston Street False Creek

Yew St Olympic Village

2018 Q1 2018 Q2 Trend 99 Summary Statistics 1 Ave 1 Ave 1 Ave

Stephens St Stephens Cartwright Street LarchSt Vine St 2 Ave 2 Ave

Cypress St 2 Ave Old Bridge Street New Supply* 0 0 3 Ave 3 Ave 1 Ave 3 Ave Notable Lease Notable Sale New Supply Net Absorption 200,122 182,166

Vacancy Rate 4.6% 4.1% Notable Lease Transactions

APPROXIMATE TENANT NAME - ADDRESS TYPE Average Asking Net Rent*** $33.33 $24.67 SIZE (SF) Gowling WLG Renewal/ 1. 43,414 Average Additional Rent $19.36 $14.87 550 Burrard Expansion

*There are 226 office buildings surveyed in the Downtown region. **Average Asking Net Rent is calculated using a weighted average

Historical Performance and Forecast

10.0% 1,200,000 9.0% 1,000,000 8.0% Notable Sale Transactions 7.0% 800,000 6.0% APPROXIMATE 600,000 PURCHASER - ADDRESS PRICE SIZE (AC) 5.0% 400,000 4.0% 2. Mojority Investment Corporation $4,500,000 0.069 acres 3.0% 200,000 1240 Howe Street 2.0% - 1.0% 0.0% (200,000) 2017 Q1 2019 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2014 Q3 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2014 Q2

Net Absorption (SF) New Supply (SF) Vacancy Rate (%)

Upcoming New Supply TOTAL OFFICE ESTIMATED ADDRESS CLASS FLOORS DEVELOPER STATUS AREA (SF) COMPLETION A. Burrard Place - 1290 Burrard Street A 13 150,000 Jim Pattison Developments/ Reliance Properties 2020 U/C B. 400 West Georgia Street AAA 24 356,054 Westbank / Allied 2020 U/C C. 753 Seymour Street AAA 34 380,000 GWL 2021 U/C D. 402 Dunsmuir Street AAA 7 147,000 Oxford Properties Group 2022 U/C E. 601 Hastings Street West AAA 25 227,000 PCI 2022 U/C F. 320 Granville Street AAA 30 355,000 BOSA 2021 U/C

Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International 2 Buntzen Lake Capilano Lake

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p d b s h a mar Rd n t n Capilano Ave e I u e C ra 99 Upper So v B te Edgemont Blvd VancouverS Lake Queens Ave Le ve ls Delbrook BC RAIL Mathers Ave d Pitt Lake Highway R E 29th St ur Inglewood Ave o 21st St 11th St 11th m y Fulton Ave 1 Hyannis Dr e

S e v Lynn Valley Rd t

15th St

A E Riverside Dr M Taylor Wy Taylor

m l r Ma l A r e in n e F Rd Dr a y

Mountain Hwy Larson Rd i a West d B l 15th St n l I e

ge Lonsdale Ave

99 Ave Chestereld d d w Harrison Lake i W 13th St Ave St Georges R Vancouver d

r t e

B e North B Berkley Rd Berkley

Welch St Mountain Hwy o BC RAIL e W W 3rd St E Sunnyside Rd Sunnyside E Grand Blvd E Grand t o Mt Seymour Pitt Lake a K l Pkwy Harbourside Dr e l E i G s ith Harbourside Pl p Rd L s la Vancouver East Rd n 1 n o a E 3rd St i de Rd Cove Deep L Brooksbank Ave ollarton Rd D Dollarton Hwy Main St d E Esplanade Ir l o OW Riverside Dr Port Moody Vancouver - Broadway Corridor 99 n Rd

W Harrison Lake il r

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565 Great Northern Way has completed, bringing 160,000 r Vancouver s Dr a M Panoram

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99 H

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Burrard Inlet B et C.P.R. boosting the vacancy rate to 4.3% in Q2. However, the H e

English Bay r ig i h McGill St d w

Downtown ay g Eton St

Burrard Waterfront 7A M DenmanDavie St St e o La n Wy Pinetree u d t building is already approximately 90% leased, with n s PacicVancouver St Dundas St d S t o Lafarge Lake - Douglas a w y Victoria Dr ne D Granville C.P.R. i Johnson St s i r English Bay n r n Ma Vancouver s Downtown E Hastings Street e e W City Centre Burrard Waterfront 7A B Samsung, Finning, Spaces, and Blackbird Interactive n

N D Stadium/Chinatown l Vancouver Simon Fraser v h

r Lafarge Lake - Douglas Inletd Centre Port Moody Lincoln g Granville Woodland Pipeline Rd Coast Meridian Rd Vancouver Parker St University Coquitlam Central u Stave Lake announced as tenants. City Centre 2 Venables St Curtis St St. Johns St a Yaletown/ Stadium/Chinatown h Inlet Centre Richardson Rd Poin Roundhouse 1 Port MoodyPort Moody Coquitlam Lincoln S Stave Lake t G Main St 3 Coquitlam Central rey Rd Cornwall St Yaletown/B G Central Cedar Dr Roundhouse a Port Moody Coquitlam

Clark Dr g University of W 4th Ave Olympic Village Main St l Central

Wesbrook Mall G Ave Gilmore Trends r 1st Ave Willingdon Ave ar Prairie Ave

Olympic Village Holdom St Olympic Village D Ave Gerald University of e VCC/Clark Sperling St di McNeil Rd at North VCC/Clark W BritishBritish Columbia Columbia ern Brentwood y

Dr Commercial Brentwood Wy GilmoreGilmore W 10th Ave W Broadway A TownTown Centre Centre 1

Renfrew St Renfrew HoldomHoldom Clarke Rd 4 >> The City of Vancouver approved an interim rezoning policy called C Commercial Broadway/Broadway/ Broadway Commercial PortPort Coquitlam Coquitlam 4 City Hall Broadway Burquitlam Como Lake Ave Burquitlam Port t City Hall ERenfrew Broadway Rupert h S W 12th Ave Sperling/ Lougheed Highway Coquitlam Port t E 12th Ave Renfrew Rupert the Development Contribution Expectation (DCE), intended to BurnabySperling/ Lake W 16th Ave Lake City Way Coquitlam Maple

t Grandview Hwy Burnaby Lake Production Way/ y Burns Rd University S Maple

Kingsway Ave

Lake City Way W Ridge

reduce land speculation along the Broadway Corridor. The DCE

Canada Wy n

Kingsway r S King ProductionLougheed Way/ i 7

e W Edward Town Centre a

University t Nanaimo n i Ridge M Vancouver n rates range from $330 to $425 per square foot and would fund r Lougheed Highway a u r King Edward Ave King Lougheed a o i 29th Ave Sprott St Linton St 7 n Nanaimo St

Edward St Rupert M Town Centre Rd Gatensbury e Winston St Coquitlam amenities for future growth, although developers are concerned D Macdonald St Nanaimo Austin Ave r e Rd Springs Hot son Vancouver Rd Harris 7 Joyce u Arbutus St 1 l d 7 9

B Rd Neaves Oakridge/41st Ave 29th Ave R that this will increase the cost of homes in the area. St Crown St Dunbar T

Blenheim St Harri Deer Lake Pkwy ra r n Coquitlam St e W 33rd Ave E 33rd Ave Burnaby s Braid Fern Cr v C i Pitt Patterson a

n R 7

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Langara/ Joyce a t 132nd Ave 7

t H 1 i Meadows

49th Ave Metrotown ig 7 9 hw P Oakridge/41st Ave ay Sapperton Brunette Ave W 41st Ave Grange St Pitt E 41st Ave Royal Meadows BurnabyOak Braid ShaughnessyDOUGLAS North Rd W Boulevard C.P.R. United Blvd 128th Ave 128th Ave Harrison Bay Earles St River ISLAND PITT MEADOWSPitt Patterson Hartley Rd 7

AIRPORT Rd Cameron W 49th Ave Langara/ Edmonds Fraser Maple 7 Marine Dr 6th St Mary Hill Bypass Meadows 49th Ave 49th Ave E Metrotown Hartley Ave 17 Meadows 2018 Q1 2018 Q2 Trend Port Lougheed Hwy Summary Statistics St Fraser Knight St Canada Wy Haney Main St St Tyne Sapperton 124th Ave Victoria Dr MITCHELL P Pitt d Imperial St Columbia o R

ISLAND r St 203rd 248th St Oak St Meadows Granville Street Scott Rd Rd Spratt Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St t r 227th St 224th St VANCOUVER 216th St New St Laity C.N.R. e M 232nd St W 57th Ave Rd Boundary Oak INTERNATIONAL 22nd St 10th Ave Westminster t HOG

Cambie St Kingswa s

New Supply* Templeton y a C.P.R. Harrison Bay 264th St 0 160,000 t e ISLAND n AIRPORT Sea Island River Gateway Dewdney Trunk Rd Dewdney Trunk Rd v S 8th Ave n PITT MEADOWS l Centre BARNSTON y Limbert Rd YVR C.N.R. Rumble St B Hammond Rd Bridgeport S Airport t 91A ISLAND 6th Ave r AIRPORT WINDERMERE ISLAND S o

Notable Lease Notable Sale Nelson Ave New li Supply id

Kerr St Edmonds Columbia St t Marine Dr SE Marine Dr l Fraser 116th Ave Maple r g FAIRFIELD SEA 99 E in Surrey H a Mar e Dr e Meadows d Net Absorption W 70th Ave Knight St Bridge Central 17 r R a ISLAND (6,549) (5,112) i ISLAND N Kent Ave S Fraser Perimeter Rd ve Port n t i Royal Oak Ave Royal R e Aberdeen P y O Fraser Wy Haney Gilley Ave a B f tu y e p

112th Ave 207th St G g Kent Ave S Marine Wy l King George id O ardson Queens Ave Columbia lo as e r a w W s k Twigg Pl e y Bridge 112th Ave o B t Scott Rd Notable Lease Transactions S Vacancy Rate 1.5% 4.3% r VANCOUVER S e Bridge Rd g ANNACIS v g Lansdowne t New 110th Ave C.N.R. Albion Ferry 112th A 112th Ave 9 i n a i B INTERNATIONAL 22nd St ISLAND Westminster 99A Templeton a rid Grosvenor Rd L APPROXIMATE 91 d

River C.N.R. g AIRPORT TENANT NAME -r ADDRESS TYPE Gateway 108th Ave MCMILLAN R Sea Island u e Rd 108th Ave Centre th Wy SIZE (SF) ISLAND e YVR BrighouseAr Vulcan C.N.R. Byrne Rd k Average Asking Net Rent** a $28.43 $26.12 Wy Bridgeport L Airport onachie 91A Grant McC e S Bridgeport Rd Hatzic Scott Rd CRESCENT v Fraser Wy 240th St Fraser River a 1A t WeWork - 104th Ave 104th Ave ISLAND Lake t r 99 Surrey VIA RAIL S a 1. Headlease 43,180 North Central 7 er Farms Rd Farms iv i 2015 Main Street R Rd Average Additional Rent $17.69 $15.19 t 1 ll K e O Aberdeen Cambie Rd Wilson St e b 256th St y Bridge Golden Ears 102nd Ave Mission ys p Richmond C.N.R. 208th St t m f W C.N.R. 100th Ave 100th Ave o Dale Rd a r C.N.R. n C

*There are 106 office buildings surveyed in the Broadway Corridor region. G ke King George 100th Ave e a Q A Russ B TILBURY 100th Ave 272nd St v e Vulcan Wy e **Average Asking Net Rent is calculated using a weighted average u Fraser Highway C.N.R.

7 d o ISLAND e W 1 280th St r e Rd R Alderbridge Wy i y Richmond Annacis Highway n l 156th St g 148th St 160th St Fraser River e s 96th Ave s 7 h s Castleman Rd 9

Lansdowne Albion Ferry r i bo 96th Ave o C.P.R. t No 1 r n e a o 96th Ave Richards Ave A R

d River Rd u 99A C d River Rd g r pe 91 De o a n

h l

w Rd Young 192nd St C.N.R. t H l d Farms Rd Rd McGrath Surrey i B S n Westminster Hwy 92nd Ave r e G

i d e deg 92nd Ave y v Lougheed Highway r E Brighouse A Mission T Yal a r e Historical Performance and Forecast n 91 10 City u Rd A SOUTHERN Wellington Ave e w n d l k y ve e Rd Chapman Rd 120th St 128th St 132nd St Ferndale Ave George Massey Cli x a Granville Ave 17 RAILWAY Hatzic 9.0% 600,000 Notable Sale Transactions Tunnel D y F 88th Ave 88th Ave H erw W r Fraser River 1A No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay Nelson Rd t s SOUTHERN RAILWAY 88th Ave MATSQUI Lake 1st Ave 8.0% Blundell Rd e r VIA RAIL Hawkins Pickle Rd B.N.R. ISLAND 500,000 APPROXIMATE B 7 PURCHASER - ADDRESS PRICE Delta y C.N.R. 1 Wolfe Rd Blundell Rd Rd 216th St Topham r W Glover Rd 7.0% SIZE (SF) i l 84th Ave d 84th Ave e 1 Johnson Rd 400,000 g rd Telegraph Tr Dewdney Trunk Rd 6.0% 99 e o Mission St Cedar N Rd lliwack Mtn Rd Rd Ford Richmond C.N.R. 11 Nicomen Island Trunk Chi Francis Rd C.N.R. 22nd Ave Chilliwack Central Rd No. 1 Rd No. 4 Rd 300,000 No. 3 Rd No. 5 Rd No. 6 Rd C.N.R. Annacis King George Highway N 5.0% R 1100 Grant Street - B.C. RAIL Pacic Highway South Fraser Perimeter Road Perimeter South Fraser Harvie Rd LANGLEY Gilbert Rd i 80th Ave i Eagle Rd c 2. $15,900,000 19,230 St v o Railway Ave Railway Huston Rd 80th Ave AIRPORT e m Brown Rd Brown Wesgroup Properties e Rd Annis 4.0% 200,000 r n I 280th St s C.N.R. l R and T Garden City Rd City Garden run 80th Ave 7 Tyler d k Rd 1

3.0% Williams Rd H H T 14th Ave S o e Duke Rd t 10 p i 80th Ave o 100,000 g 76th Ave S co 76th Ave l ut Fraser River h e e h Fraser - Delta Thruway Fraser t Wy 7 t k

2.0% w g C.P.R. a 208th St 216th St 192nd St WESTHAM ISLAND 200th St R Trans Canada Hwy

a r 15 L

17A SOUTHERN RAILWAY St Hurd d y a Prairie Central Rd 112th St - 1077 Great Northern Way - (portfolio Rd Scott

Vantage e 1.0% 76th St 80th St p 168th St 176th St 184th St 3. Steveston Hwy 112,343 h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

River Rd 72nd Ave Newton Rd T t Crestpoint Real Estate sale) Progress Wy 72nd Ave 240th St r 0.0% (100,000) Surrey S Luckakuck Wy 72nd Ave V Wren St Wren 72nd Ave e 17 72nd Ave 1st Ave Industrial Wy d

Mud Bay Mission d 72nd St McTavish Rd Newton Rd C

BOUNDARY BAY e

Moncton St Gibson Rd No. 2 Rd r HWY 10 Rd Prest Rd Banford Shell Rd City h 2017 Q1 2019 Q1 2015 Q1 2018 Q1 2016 Q1 91 2017 Q3 2017 Q4 2017 Q2 2015 Q3 2018 Q3

2016 Q3 10 2014 Q3 64th Ave 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2014 Q2

AIRPORT 68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

C.P.R. d w Abbotsford ac R

Net Absorption (SF) New Supply (SF) Vacancy Rate (%) George Massey Trans Canada Highway k i

17 Langley RAILWAY W Yale Rd Cultus v

e Tunnel r

Kitson Pkwy Lake Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a Upper Sum Mou 62B St 62B Glover Rd nta

64th Ave n B.N.R. Page Rd i

99 R

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d 60th Ave 1A Rd Chadsey S Sumas Rd Bailey Rd Logan Ave Upcoming New Supply 148th St 58th Ave 99 TOTAL OFFICE ESTIMATED 140th St Fore Rd 60th Ave ADDRESS CLASS FLOORS DEVELOPER STATUS 56th Ave 11 Watson Rd Promontory Rd AREA (SF) COMPLETION 56th Ave 13 W Douglas Cr 1 d B.C. RAIL 208th St 56th Ave

South Fraser Perimeter Road Perimeter South Fraser Harris Rd R LANGLEY White Rock A. Broadway and Oak - 988 West Broadway A 8 78,500 BlueSky Properties Q3 2018 r U/C Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Hopedale Rd iv Rd Sumas Prairie R 53rd Ave 11 Keith Wilson Rd Station Rd Colebrook Rd ABBOTSFORD B. The Lightworks Building - 22 East 5th Avenue A 5 48,600 PC Urban Q3 2018 U/C 160th St INTERNATIONAL Robertson Rd Robertson ook Rd Westham Island Rd olebr AIRPORT C 304th St 296th St 10 Ladner Trunk Road St 288th Sinclair Rd 203rd St 203rd C. The Independent @ Main - 221 East 10th Avenue A 2 18,000 Rize Q3 2018 U/C 48th Ave Fraser Highway d G Gladwin Rd R B.N.R. ra Riverside Rd Bell Rd in de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h BC FERRIES 17A 48th Ave No. 3 Rd der il D. 34 | W7 - 34 West 7th Avenue A 4 48,000 Chard Development Q4 2018 U/C Dawson Rd Ved liw TERMINAL a TSAWWASSEN r Old Yale Rd ck D L CANADA CANADA CANADA a r Rd ke u U.S.A. U.S.A. Straiton U.S.A. R h Clayburn Rd 44 Ave d

t Yarrow Central Rd r

328th St A 64th St 17 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Pacic Highway

34B Ave t n North Parallel Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International C.P.R. 3 Abbotsford R South Parallel

d Langley d R Cultus

d - Bellingham HighwayAldergrove Deltaport Wy 32nd Ave Rd Boundary R 32nd Ave rn t ybu Lake

53rd St 53rd la d n 32nd Ave C R Atkinson Rd ce Su Old No. 5 Rd res m tn C as M 28th Ave S F W s

27B Ave w t erg a a 160th St Rd Clearbrook 168th St 184th St us m ie 28th Ave 28th Ave on y u v W S y 99 y er a South Fraser Way w B o 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy Mt. Lehman Rd 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 192nd St 1 16th Ave Rd Dixon 232nd St 208th St 240th St

216th St 200th St St 200th 224th St 248th St 256th St 272nd St White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

a McCallum Rd r Powerhouse Rd Powerhouse Cole Rd Rd McDermott Marion Rd Whatcom Rd Whatcom y 264th St B ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave

Causeway Rd Roberts Point B.N.R. 8th Ave d BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. Buntzen Lake Capilano Lake

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p d b s Vancouver - Periphery a d mar R n th n Ave e I u e C ra 99 Upper So v B te Edgemont Blvd VancouverS Queens Ave Le ve ls Delbrook BC RAIL Mathers Ave d Pitt Lake Highway R E 29th St ur Inglewood Ave o 21st St 11th St 11th m Vancouver Periphery has the highest full floor availability Hyannis Dr y Fulton Ave 1 e

S e v Lynn Valley Rd t

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Rd Dr y

Mountain Hwy rate in Vancouver, with 8 listings over 10,000 square feet. Larson Rd a B 15th St ll e

ge Lonsdale Ave d Ave Chestereld d w Harrison Lake i W 13th St Ave St Georges R d

r t e

B e North B Berkley Rd Berkley

Welch St Mountain Hwy o e W W 3rd St E Sunnyside Rd Sunnyside E Grand Blvd E Grand t o Mt Seymour a K l Pkwy Harbourside Dr e l It is one of the few submarkets with a balanced rental E i i G s th Harbourside Pl p Rd L s la Vancouver East Rd n n o a E 3rd St i de Rd Cove Deep L Brooksbank Ave ollarton Rd D Dollarton Hwy Main St d E Esplanade Ir l market at 8.8%. o OW Riverside Dr Port Moody 99 n Rd

W il r

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English Bay r ig i h McGill St d w

Downtown ay g Eton St

Burrard Waterfront 7A M DenmanDavie St St e o La n Wy Pinetree u ds t PacicVancouver St Dundas St n d S t o Lafarge Lake - Douglas a w y Victoria Dr ne D Granville i Johnson St s i r n r n Ma Vancouver s >> Phase three of the Cambie Corridor Plan was approved by City E Hastings Street e e W City Centre B

N D Stadium/Chinatown l

Simon Fraser v h r

Inletd Centre Port Moody Lincoln g Woodland Pipeline Rd Coast Meridian Rd Parker St University Coquitlam Central u Stave Lake Venables St Curtis St a Yaletown/ St. Johns St h Richardson Rd Council in May, allowing more than 1,700 single-family homes o Roundhouse Coquitlam S P in Port Moody t G Main St re Cornwall St G Central Cedar Dr y Rd a

Clark Dr g University of W 4th Ave Olympic Village l

Wesbrook Mall G Ave Gilmore r 1st Ave Willingdon Ave ar Prairie Ave Holdom St 2 Ave Gerald e Sperling St d McNeil Rd at North VCC/Clark i W British Columbia ern Brentwood y

to be redeveloped into higher-density housing. The goal is to Dr Commercial Wy Gilmore W 10th Ave W Broadway Town Centre 1

Renfrew St Renfrew Holdom Clarke Rd 4 Broadway/ Broadway Commercial Como Lake Ave Port Coquitlam 4 City Hall E Broadway Burquitlam th W 12th Ave Lougheed Highway Port St E 12th Ave Renfrew Rupert add 32,000 homes, with 25% designated for social housing and W 16th Ave Sperling/ Coquitlam

t Grandview Hwy Burnaby Lake y Burns Rd S Maple

Kingsway Ave

Lake City Way W

Canada Wy n

Kingsway r S Production Way/ i

e W a

University t n i Ridge M n

r Lougheed Highway

secured rentals. a u r King Edward Ave King Lougheed a o i Sprott St Linton St 7 n Nanaimo St

Edward St Rupert M Town Centre Rd Gatensbury e Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l d

B Rd Neaves 29th Ave R Crown St Crown St Dunbar T

Blenheim St Harrison Hot Springs Rd Springs Hot Harrison Deer Lake Pkwy ra r St e W 33rd Ave E 33rd Ave ns Coquitlam Fern Cr >> With the planned residential construction for Cambie Corridor, v

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave the city is hoping to create a work-live hub outside the city W 41st Ave E 41st Ave Grange St Burnaby Braid Shaughnessy North Rd W Boulevard United Blvd 128th Ave 128th Ave Earles St Pitt Patterson Hartley Rd 7 Cameron Rd Cameron W 49th Ave Langara/ ss 7 centre by adding space for 9,200 more jobs at the Oakridge 49th Ave 6th St Mary Hill Bypa Meadows 49th Ave E Metrotown Hartley Ave Lougheed Hwy

Fraser St Fraser Knight St Canada Wy

Main St St Tyne Sapperton 124th Ave Victoria Dr P Pitt d Imperial St o R

r St 203rd 248th St Oak St Meadows Granville Street Spratt Rd Spratt

Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St t r 227th St 224th St 216th St St Laity e

M 232nd St W 57th Ave Rd Boundary Oak 10th Ave t

Municipal Town Centre. Cambie St Kingswa s y a C.P.R. Harrison Bay 264th St

t n e River Dewdney Trunk Rd Dewdney Trunk Rd v S 8th Ave n PITT MEADOWS l

y Limbert Rd

Rumble St B Hammond Rd S t r AIRPORT o 6th Ave 1 Nelson Ave i li d Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr e Meadows d Knight St Bridge 17 R a W 70th Ave N Kent Ave S Fraser Perimeter Rd iver Port n Royal Oak Ave Royal R e P Fraser Wy Haney y Gilley Ave at B e u yp Kent Ave S l 112th Ave 207th St dgO Marine Wy ardson Queens Ave Columbia lo as ri a w W s k Twigg Pl e y Bridge 112th Ave B t Scott Rd S VANCOUVER S e Bridge Rd g v t New 110th Ave C.N.R. 112th A 112th Ave n INTERNATIONAL i B 22nd St Westminster Templeton a rid Grosvenor Rd L River d

AIRPORT r g Gateway R 2018 Q1 2018 Q2 Trend Sea Island e 108th Ave 108th Ave Summary Statistics hu y Rd e Centre t W Ar Vulcan Byrne Rd k YVR C.N.R. a Wy Bridgeport L Airport onachie 91A Grant McC e S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave 104th Ave t r 99 North Surrey S a Central er Farms Rd Farms iv i R Rd t ll K e O Aberdeen Cambie Rd Wilson St e b 256th St Golden Ears Bridge Golden Ears y New Supply* 0 0 y 102nd Ave s p 208th St t m f W 100th Ave 100th Ave o Dale Rd a r n C

G ke King George 100th Ave e a Q A Russ B 100th Ave 272nd St v e Vulcan Wy e u Fraser Highway

o e W d 280th St r e Rd R Alderbridge Wy i y Richmond Annacis Highway n l 156th St g 148th St 160th St e Notable Lease Notable Sale s s s 9 96th Ave h Castleman Rd Lansdowne New Supply Albion Ferry r i bo 96th Ave o t No 1 r n e a o 96th Ave Richards Ave A R

d River Rd u 99A C d River Rd g r pe 91 De o a n

h l

w Rd Young 192nd St C.N.R. t H l d Farms Rd Rd McGrath

i Net Absorption Westminster Hwy B S n 92nd Ave

74,622 (6,644) r e G

i d e deg 92nd Ave y Lougheed Highway r E Brighouse Av T Yal a r e R n A u Wellington Ave d e w n d l k y ve e Rd Chapman Rd 120th St 128th St 132nd St Ferndale Ave Cli x a Granville Ave Hatzic D y F 88th Ave 88th Ave H erw W r Fraser River 1A No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay Nelson Rd t s 88th Ave Lake 1st Ave Blundell Rd e r VIA RAIL Hawkins Pickle Rd

B y 7 Wolfe Rd Blundell Rd Rd 216th St Topham Glover Rd Vacancy Rate r W 84th Ave Notable Lease Transactions i 8.0% 8.8% l d 84th Ave e 1 Johnson Rd g rd Telegraph Tr Dewdney Trunk Rd e o Mission St Cedar N Rd lliwack Mtn Rd Rd Ford Richmond C.N.R. Nicomen Island Trunk Chi Francis Rd C.N.R. 22nd Ave Chilliwack Central Rd No. 1 Rd No. 4 Rd No. 3 Rd No. 5 Rd No. 6 Rd C.N.R. Annacis King George Highway N R Pacic Highway Harvie Rd

Gilbert Rd APPROXIMATE i 80th Ave i Eagle Rd c St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown TENANT NAME - ADDRESS TYPE e Rd Annis r n I

280th St s C.N.R. l R and T Garden City Rd City Garden run SIZE (SF) 80th Ave 7 Tyler d k Rd 1

Williams Rd H H T 14th Ave S o e Duke Rd t Average Asking Net Rent** p i 80th Ave o g 76th Ave S

$24.06 $22.94 c 76th Ave l u o t Fraser River h e e h Fraser - Delta Thruway Fraser t Wy 7 t k

w g C.P.R. a 208th St 216th St 192nd St 200th St R Trans Canada Hwy

a r L Hurd St Hurd d y a Prairie Central Rd 112th St Scott Rd Scott

Vantage e 76th St 80th St p 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

River Rd 72nd Ave Newton Rd T t Progress Wy 72nd Ave 240th St r Vancouver Board of Education - Surrey S Luckakuck Wy 72nd Ave V Wren St Wren 1. Extension 3,632 72nd Ave 72nd Ave 1st Ave Industrial Wy e d

Mission d

72nd St McTavish Rd Newton Rd C e

665 MonctonWest St Kent Avenue North Gibson Rd No. 2 Rd r HWY 10 Rd Prest Rd Banford Shell Rd 91 64th Ave 10 City h

Average Additional Rent 68th Ave SOUTHERN i

$18.96 $16.74 R l George Massey Tunnel BYPASS li

d w ac R

George Massey Trans Canada Highway k i

17 RAILWAY W Yale Rd v

e Tunnel r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a *There are 61 office buildings surveyed in the Vancouver Periphery region. Upper Sum Mou 62B St 62B Glover Rd nta

64th Ave n

B.N.R. Page Rd i

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d

**Average Asking Net Rent is calculated using a weighted average Rd Chadsey 60th Ave S Sumas Rd Bailey Rd Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave 56th Ave Promontory Rd 56th Ave 11 Watson Rd W Douglas Cr d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Hopedale Rd iv Rd Sumas Prairie R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 160th St

Robertson Rd Robertson ok R Westham Island Rd olebro d C 304th St 296th St Historical Performance and Forecast 10 Ladner Trunk Road St 288th Sinclair Rd 203rd St 203rd 48th Ave Fraser Highway d G Gladwin Rd R ra Riverside Rd Bell Rd in de Cr Townshipline Rd unta C 17A SOUTHERN RAILWAY 15 48th Ave r Mo h 48th Ave No. 3 Rd dde ill Notable Sale Transactions Dawson Rd Ve iw 20.0% 60,000 a r Old Yale Rd ck D L a r Rd ke u Straiton R h Clayburn Rd 44 Ave d

18.0% t Yarrow Central Rd r

APPROXIMATE 328th St A 64th St 17 40th Ave 40th Ave 40th Ave 50,000 PURCHASER - ADDRESS PRICE 40th Ave 40th Ave 16.0% Mud Bay Downes Rd S SIZE BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Pacic Highway 14.0% 34B Ave t n North Parallel C.P.R. 40,000 Abbotsford R South Parallel

d Langley d There were no significant sale transactions this quarter in the R Cultus 12.0%

d - BellinghamAldergrove Highway Deltaport Wy 32nd Ave Rd Boundary R 32nd Ave rn t ybu Lake

53rd St 53rd la d n 32nd Ave C R Atkinson Rd ce Su Old No. 5 Rd 10.0% 30,000 Vancouver Periphery submarket. res m tn C as M 28th Ave S F W s

27B Ave w t erg a a 160th St Rd Clearbrook 168th St 184th St us m ie 28th Ave 28th Ave on y u 8.0% v W S y 99 y er a South Fraser Way w B o 20,000 1A L 52nd St 56th St 6.0% 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy

4.0% Mt. Lehman Rd

10,000 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave 20th Ave Marshall Rd Hwy Interprovincial 2.0% 13 192nd St 1 16th Ave Rd Dixon 232nd St

208th St 240th St

216th St 200th St St 200th 224th St 248th St 256th St 272nd St 0.0% - White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

McCallum Rd 2017 Q1 2019 Q1

2018 Q1 a 2017 Q3 2017 Q4 2017 Q2 2018 Q3 2018 Q4 2018 Q2 r Whatcom Rd Whatcom Cole Rd Rd McDermott Marion Rd Rd Powerhouse y 264th St B ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave

Causeway Rd Roberts Point B.N.R. 8th Ave Net Absorption (SF) New Supply (SF) Vacancy Rate (%) d BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A.

Upcoming New Supply TOTAL OFFICE ESTIMATED ADDRESS CLASS FLOORS DEVELOPER STATUS AREA (SF) COMPLETION

There is no upcoming new supply in the Vancouver Periphery submarket.

Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International 4 Buntzen Lake Capilano Lake

r m D r d

h R A g u no n o r a a

r l i i West D o

p d b s a mar Rd n th n Ave e I u e C ra 99 Upper So v B te Edgemont Blvd VancouverS Queens Ave Le ve ls Delbrook BC RAIL Mathers Ave d Pitt Lake Highway R E 29th St ur Inglewood Ave o 21st St Burnaby St 11th m y Fulton Ave 1 Hyannis Dr e

S e v Lynn Valley Rd t

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Rd Dr y

Mountain Hwy Larson Rd a B

Absorption was positive in Burnaby, led by Arista 15th St ll e

ge Lonsdale Ave d Ave Chestereld d w Harrison Lake i W 13th St Ave St Georges R d

r t e

B e North B Berkley Rd Berkley

Welch St Mountain Hwy o e W W 3rd St E Sunnyside Rd Sunnyside E Grand Blvd E Grand t o Mt Seymour a K l Pkwy Harbourside Dr e l E i G s ith Networks at 9100 Glenlyon Parkway. Vacancy remained L Harbourside Pl p Rd s la Vancouver East Rd n n o a E 3rd St i de Rd Cove Deep L Brooksbank Ave ollarton Rd D Dollarton Hwy Main St d E Esplanade Ir l o OW Riverside Dr Port Moody stable at 6.9%, and Burnaby has the highest availability of n 99 Rd

W il r

o p

r Burrard Inlet k A

r s Dr a full floor spaces for lease, primarily at Metrotower 2 and M Panoram

m H

o Ioco Rd e r r

i it

a B

a a

l r

n g

B et C.P.R. H e

English Bay r ig i h McGill St d w

Downtown ay 3777 Kingsway. g Eton St

N D Stadium/Chinatown l

Simon Fraser v h r

Inletd Centre Port Moody Lincoln g Woodland Pipeline Rd Coast Meridian Rd Parker St University Coquitlam Central u Stave Lake Venables St Curtis St a Yaletown/ St. Johns St h Richardson Rd Poin Roundhouse Port Moody Coquitlam S t G Main St re Cornwall St G Central Cedar Dr y Rd a

Clark Dr g University of W 4th Ave Olympic Village l

Wesbrook Mall G Ave Gilmore r 1st Ave B Willingdon Ave 3 ar Prairie Ave Holdom St Gerald Ave Gerald

Sperling St d e at Nort VCC/Clark i McNeil Rd Trends British Columbia he Brentwood W rn y Wy Dr Commercial Gilmore 2 W 10th Ave W Broadway Town Centre 1

t Grandview Hwy Burnaby Lake y Burns Rd >> Two major sales were recorded in Q2 at Burnaby’s transit- S Maple

Kingsway Ave

Lake City Way W

Canada Wy n

Kingsway r S Production Way/ i

e W a

University t n i Ridge M n

r Lougheed Highway

a u r King Edward Ave King Lougheed a o i Sprott St Linton St 7 n Nanaimo St

oriented business parks: Crestpoint’s portfolio purchase of 4585 M

Edward St Rupert M Town Centre Rd Gatensbury e Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l d

B Rd Neaves 29th Ave R Crown St Crown St Dunbar T

Blenheim St Harrison Hot Springs Rd Springs Hot Harrison 1 Deer Lake Pkwy ra r and 4595 Canada Way and Pacific Reach Properties’ purchase St e W 33rd Ave E 33rd Ave ns Coquitlam Fern Cr v

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

C Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave of 4170 and 4185 Still Creek Drive. W 41st Ave E 41st Ave Grange St Burnaby Braid Shaughnessy North Rd W Boulevard United Blvd 128th Ave 128th Ave Earles St Pitt Patterson A Hartley Rd 7 W 49th Ave Langara/ 4 7 Rd Cameron 6th St Mary Hill Bypass Meadows 49th Ave 49th Ave E Metrotown Hartley Ave Lougheed Hwy

Fraser St Fraser Knight St Canada Wy

Main St St Tyne Sapperton 124th Ave Victoria Dr P Pitt d Imperial St o R

r St 203rd 248th St Oak St Meadows Granville Street Spratt Rd Spratt

Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St t r 227th St 224th St 216th St St Laity e

M 232nd St W 57th Ave Rd Boundary Oak 10th Ave t

Cambie St Kingswa s y a C.P.R. Harrison Bay 264th St

t n e River Dewdney Trunk Rd Dewdney Trunk Rd v S 8th Ave n PITT MEADOWS l

y Limbert Rd

Rumble St B Hammond Rd S t r AIRPORT o 6th Ave li Nelson Ave id Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr e Meadows d Knight St Bridge 17 R a W 70th Ave N Kent Ave S Fraser Perimeter Rd iver Port n Royal Oak Ave Royal R e P Fraser Wy Haney y Gilley Ave at B e u yp Kent Ave S l 112th Ave 207th St dgO Marine Wy ardson Queens Ave Columbia lo as ri a w W s k Twigg Pl e y Bridge 112th Ave B t Scott Rd S VANCOUVER S e Bridge Rd g v t New 110th Ave C.N.R. 112th A 112th Ave n INTERNATIONAL i B 22nd St Westminster Templeton a rid Grosvenor Rd L River d g AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd k YVR C.N.R. a Wy Bridgeport L Airport onachie 91A Grant McC e S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave 104th Ave t r 99 Surrey S 2018a Q1 2018 Q2 Trend North Summary Statistics Central er Farms Rd Farms iv i R Rd t ll K e O Aberdeen Cambie Rd Wilson St e b 256th St y Bridge Golden Ears 102nd Ave ys p

208th St t m f W 100th Ave 100th Ave o Dale Rd a r n C

G ke King George 100th Ave e a Q A Russ B 100th Ave 272nd St v e Vulcan Wy e u Fraser Highway

o e W d 280th St r e Rd R Alderbridge Wy i y Richmond Annacis Highway n l 156th St New Supply* 148th St 160th St e g 0 0 s s s 9 96th Ave h Castleman Rd

Lansdowne Albion Ferry r i bo 96th Ave o t No 1 r n e a o 96th Ave Richards Ave A R

d River Rd u 99A C d River Rd g r pe 91 De o a n

h l

w Rd Young 192nd St C.N.R. t H l d Farms Rd Rd McGrath

i B S n Westminster Hwy 92nd Ave r e G

i d e deg 92nd Ave y Lougheed Highway r E Brighouse Av T Yal a r e R n A u Wellington Ave d e w n d l k y ve e Rd Chapman Rd 120th St 128th St 132nd St Ferndale Ave Notable Lease Cli Notablex Sale New Supply a Granville Ave Hatzic Net Absorption D y F 88th Ave 88th Ave H 14,039 41,595 erw W r Fraser River 1A No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay Nelson Rd t s 88th Ave Lake 1st Ave Blundell Rd e r VIA RAIL Hawkins Pickle Rd

B y 7 Wolfe Rd Blundell Rd Rd 216th St Topham r W Glover Rd i l 84th Ave d 84th Ave e 1 Johnson Rd g rd Telegraph Tr Dewdney Trunk Rd e o Mission St Cedar N Rd lliwack Mtn Rd Rd Ford Richmond C.N.R. Nicomen Island Trunk Chi Francis Rd C.N.R. 22nd Ave Chilliwack Central Rd No. 1 Rd No. 4 Rd No. 3 Rd No. 5 Rd No. 6 Rd C.N.R. Annacis King George Highway N R Vacancy Rate Pacic Highway Harvie Rd Gilbert Rd i 6.9% 6.9% 80th Ave i Eagle Rd c St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown e Rd Annis r n I

280th St s C.N.R. l R and T Garden City Rd City Garden run

80th Ave 7 Tyler d k Rd 1 Notable Lease Transactions T

Williams Rd H H 14th Ave S o e Duke Rd t i 80th Ave o p g 76th Ave S co 76th Ave l ut Fraser River h e e h Fraser - Delta Thruway Fraser t Wy 7 t k

w g C.P.R. a 208th St 216th St 192nd St 200th St R Trans Canada Hwy

a r L Hurd St Hurd d y a Prairie Central Rd 112th St Scott Rd Scott

Vantage e 76th St 80th St APPROXIMATE p 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

River Rd 72nd Ave Newton Rd T t Average Asking Net Rent** $22.25 $19.29 TENANTProgress WyNAME - ADDRESS TYPE 72nd Ave 240th St r Surrey S Luckakuck Wy SIZE (SF) 72nd Ave V Wren St Wren 72nd Ave 72nd Ave 1st Ave Industrial Wy e d

Mission d

72nd St McTavish Rd Newton Rd C e

Moncton St Gibson Rd No. 2 Rd r HWY 10 Rd Prest Rd Banford Shell Rd 91 64th Ave 10 City h

68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

George Massey Trans Canada Highway k i

17 RAILWAY W Yale Rd v

e Tunnel ICBC - r

Kitson Pkwy Average Additional Rent Dyke Rd 64th Ave R $14.87 $13.38 1. Sublease 43,207 Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a Upper Sum Mou 62B St 62B Glover Rd nta 3777 Kingsway 64th Ave i n

B.N.R. Page Rd

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d 60th Ave Rd Chadsey S Sumas Rd Bailey Rd Logan Ave 58th Ave 148th St 99 *There are 130 office buildings surveyed in the Burnaby region. 140th St Fore Rd 60th Ave 56th Ave Promontory Rd 56th Ave 11 Watson Rd W Douglas Cr **Average Asking Net Rent is calculated using a weighted average d B.C. RAIL 208th St 56th Ave

South Fraser Perimeter Road Perimeter South Fraser Harris Rd R Reel One Pictures - LANGLEY

r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Hopedale Rd v 2. Headlease 9,162 Rd Sumas Prairie i R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd

3920 Norland Avenue 160th St

Robertson Rd Robertson ok R Westham Island Rd olebro d C 304th St 296th St 10 Ladner Trunk Road St 288th Sinclair Rd 203rd St 203rd 48th Ave Fraser Highway d G Gladwin Rd R ra Riverside Rd Bell Rd in de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h 17A 48th Ave No. 3 Rd der il Dawson Rd Ved liw a r Old Yale Rd ck D L a r Rd ke Historical Performance and Forecast u Straiton R h Clayburn Rd 44 Ave d

t Yarrow Central Rd r

328th St A 64th St 17 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as 14.0% 1,200,000 AIRPORT M Pacic Highway

34B Ave t n North Parallel C.P.R.

Abbotsford R South Parallel

d Langley d Notable Sale Transactions R Cultus

d - BellinghamAldergrove Highway 12.0% 1,000,000Deltaport Wy 32nd Ave Rd Boundary R 32nd Ave rn t ybu Lake 53rd St 53rd n Cla d e 32nd Ave R Atkinson Rd No. 5 Rd c Su Old n Cres ma t APPROXIMATE s M 28th Ave S F W as

27B Ave PURCHASER - ADDRESS PRICE w t erg a 160th St Rd Clearbrook 168th St 184th St us m 10.0% 800,000 ie 28th Ave 28th Ave on y u v W S SIZEy (SF) 99 y er a South Fraser Way w B o 1A L 52nd St 56th St 188th St Old Yale 8.0% 600,000 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy Crestpoint Real Estate - Mt. Lehman Rd 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 6.0% 400,000 20th Ave 13 3. 4585 Canada Way $24,000,000 98,802 192nd St 1 16th Ave Rd Dixon 232nd St 208th St 240th St

216th St 200th St St 200th 224th St 248th St 256th St 272nd St White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd 4.0% 200,000 North Blu Rd 16th Ave 16th Ave 4595 Canada Way Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL 2.0% - n 320th St d AIRPORT

a McCallum Rd r Whatcom Rd Whatcom Cole Rd Rd McDermott Marion Rd Rd Powerhouse y 264th St B ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave 0.0% (200,000) R Causeway Rd Roberts Point B.N.R. 8th Ave d Pacific Reach Properties - BC FERRIES 176th St

TERMINAL 4. 4170 Still Creek Drive (Undisclosed) 125,479 172nd St 176th St 1st Ave TSAWWASSEN 2017 Q1 2019 Q1 2015 Q1 2018 Q1 2016 Q1 CANADA CANADA CANADA

2017 Q3 Boundary Rd 2017 Q4 2017 Q2 2015 Q3 2018 Q3 2016 Q3 0 Ave Boundary Rd 2014 Q3 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2014 Q2 4185 Still Creek Drive 0 Ave Boundary Rd U.S.A. U.S.A. U.S.A. Net Absorption (SF) New Supply (SF) Vacancy Rate (%)

Upcoming New Supply TOTAL OFFICE ESTIMATED ADDRESS CLASS FLOORS DEVELOPER STATUS AREA (SF) COMPLETION A. Kings Crossing - 7350 Edmonds Street A 8 70,000 Cressey Development Q4 2018 U/C

B. Discovery Place, Phase III - 3555 Gilmore Way A 3 47,000 Kingswood Capital TBD Pre-Leasing

Beedie Living & C. Station Square, Phase 2 - 6060 Silver Avenue A 3 52,000 Q3 2018 U/C Anthem Properties

5 Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International Buntzen Lake Capilano Lake

r m D r d

h R A g u no n o r a a

r l i i West D o

p d b s a mar Rd n th n Ave e I u e C ra 99 Upper So v B te Edgemont Blvd VancouverS Queens Ave Le ve ls Delbrook BC RAIL Mathers Ave d Pitt Lake Highway R E 29th St ur Inglewood Ave o 21st St 11th St 11th m y Fulton Ave 1 Hyannis Dr e

S e v Lynn Valley Rd t

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Rd Dr y

Mountain Hwy Larson Rd a B 15th St ll e

ge Lonsdale Ave d Ave Chestereld d w Harrison Lake i W 13th St Ave St Georges R d

r t e

B e North B Berkley Rd Berkley

Welch St Mountain Hwy o e W W 3rd St E Sunnyside Rd Sunnyside E Grand Blvd E Grand t o Mt Seymour a K l Pkwy Harbourside Dr e l E i G s ith Harbourside Pl p Rd L s la Vancouver East Rd n n o a E 3rd St i de Rd Cove Deep L Brooksbank Ave ollarton Rd D Dollarton Hwy Main St d E Esplanade Ir l o OW Riverside Dr Port Moody 99 n Rd

W il r

o p

r Burrard Inlet k A

r s Dr a M Panoram

m H

o Ioco Rd e r r

i it

a B

a a

l r

n g

B et C.P.R. H e

English Bay r ig i h McGill St d w

Downtown ay g Eton St

N D Stadium/Chinatown l

Simon Fraser v h r

Inletd Centre Port Moody Lincoln g Woodland Pipeline Rd Coast Meridian Rd Parker St University Coquitlam Central u Stave Lake Venables St Curtis St a Yaletown/ St. Johns St h Richardson Rd Poin Roundhouse Port Moody Coquitlam S t G Main St re Cornwall St G Central Cedar Dr y Rd a

Clark Dr g University of W 4th Ave Olympic Village l

Wesbrook Mall G Ave Gilmore r 1st Ave Willingdon Ave ar Prairie Ave Holdom St Gerald Ave Gerald e Sperling St d McNeil Rd at North VCC/Clark i W British Columbia ern Brentwood y Wy Dr Commercial Gilmore W 10th Ave W Broadway Town Centre 1

t Grandview Hwy Burnaby Lake y Burns Rd S Maple

Kingsway Ave

Lake City Way W

Canada Wy n

Kingsway r S Production Way/ i

e W a

University t n i Ridge M n

r Lougheed Highway

a u r King Edward Ave King Lougheed a o i Sprott St Linton St 7 n Nanaimo St

Edward St Rupert M Town Centre Rd Gatensbury e Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l d

B Rd Neaves 29th Ave R Crown St Crown St Dunbar T

Blenheim St Harrison Hot Springs Rd Springs Hot Harrison Deer Lake Pkwy ra r St e W 33rd Ave E 33rd Ave ns Coquitlam Fern Cr v

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave W 41st Ave E 41st Ave Grange St Burnaby Braid Shaughnessy North Rd W Boulevard United Blvd 128th Ave 128th Ave Earles St Pitt Langley Patterson Hartley Rd 7 W 49th Ave Langara/ 7 Rd Cameron 6th St Mary Hill Bypass Meadows 49th Ave 49th Ave E Metrotown Hartley Ave Lougheed Hwy

Fraser St Fraser Knight St Canada Wy

Main St St Tyne Sapperton 124th Ave Victoria Dr P Pitt d Imperial St o R

r St 203rd 248th St Oak St Meadows Granville Street Spratt Rd Spratt

Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St t r 227th St 224th St 216th St St Laity e

M 232nd St W 57th Ave Rd Boundary Oak 10th Ave t

Cambie St Kingswa s y a C.P.R. Harrison Bay 264th St

t n e River Dewdney Trunk Rd Dewdney Trunk Rd v S 8th Ave n PITT MEADOWS l

y Limbert Rd

Rumble St B Hammond Rd S PCI Group broke ground ont their development at 200th r AIRPORT o 6th Ave li Nelson Ave id Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr e Meadows d Knight St Bridge 17 R a W 70th Ave N Kent Ave S Fraser Perimeter Rd iver Port n Royal Oak Ave Royal R e P Fraser Wy Haney y Gilley Ave at B e u yp Kent Ave S l 112th Ave 207th St dgO Marine Wy ardson Queens Ave Columbia lo as ri a w W s k Twigg Pl e y Bridge 112th Ave B t Scott Rd S VANCOUVER S e Bridge Rd Street and 88thg Avenue in late June. The building will v t New 110th Ave C.N.R. 112th A 112th Ave n INTERNATIONAL i B 22nd St Westminster Templeton a rid Grosvenor Rd L River d g AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd k YVR C.N.R. a Wy Bridgeport L Airport onachie 91A Grant McC e S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave t r feature 107,000 square feet of office space and 23,000 104th Ave 99 North Surrey S a Central er Farms Rd Farms iv i R Rd t ll K e O Aberdeen Cambie Rd Wilson St e b 256th St y Bridge Golden Ears 102nd Ave ys p

208th St t m f W 100th Ave 100th Ave o Dale Rd a r n C

G ke King George 100th Ave e a Q A Russ B 100th Ave 272nd St v e Vulcan Wy e u Fraser Highway

o e W d 280th St

square feet of retail space. First West Credit Union has R r e Rd Alderbridge Wy i y Richmond Annacis Highway n l 156th St g 148th St 160th St e s 96th Ave s h s Castleman Rd 9 Lansdowne b C o Albion Ferry t r i o 96th Ave No 1 r n e a o 96th Ave Richards Ave A R

d River Rd u 99A C d River Rd g r pe 91 De o a n

h l

w Rd Young 192nd St C.N.R. t H l d Farms Rd Rd McGrath

i B S n Westminster Hwy 92nd Ave r e G

i d e deg 92nd Ave y Lougheed Highway r E Brighouse Av T Yal a r e R n A u Wellington Ave d pre-leased 60,000 square feet of officee space, and the A w n d l k y ve e Rd Chapman Rd 120th St 128th St 132nd St Ferndale Ave Cli x a Granville Ave Hatzic D y F 88th Ave 88th Ave H erw W r Fraser River 1A No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay Nelson Rd t s 88th Ave Lake 1st Ave Blundell Rd e r VIA RAIL Hawkins Pickle Rd

B y 7 Wolfe Rd Blundell Rd B Rd 216th St Topham r W Glover Rd i l 84th Ave d 84th Ave e 1 Johnson Rd building is expected to complete in late 2020.g rd Dewdney Trunk Rd Telegraph Tr e o Mission St Cedar N Rd lliwack Mtn Rd Rd Ford Richmond C.N.R. Nicomen Island Trunk Chi Francis Rd C.N.R. 22nd Ave Chilliwack Central Rd No. 1 Rd No. 4 Rd No. 3 Rd No. 5 Rd No. 6 Rd C.N.R. Annacis King George Highway N R Pacic Highway Harvie Rd

Gilbert Rd i 80th Ave i Eagle Rd c St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown e Rd Annis r n I

280th St s C.N.R. l R and T Garden City Rd City Garden run 80th Ave 7 Tyler d k Rd 1

Williams Rd H H T 14th Ave S o e Duke Rd t i 80th Ave o p g 76th Ave S co 76th Ave l ut Fraser River h e e h Fraser - Delta Thruway Fraser t Wy 7 t k

w g C.P.R. a 208th St 216th St 192nd St 200th St R Trans Canada Hwy

a r L Hurd St Hurd d y a Prairie Central Rd 112th St Scott Rd Scott

Vantage e 76th St 80th St p 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

River Rd 72nd Ave Newton Rd T t Progress Wy 72nd Ave 240th St r Surrey S Luckakuck Wy 72nd Ave V Wren St Wren 72nd Ave 72nd Ave 1st Ave Industrial Wy e d

Mission d

72nd St McTavish Rd Newton Rd C e

Moncton St Gibson Rd No. 2 Rd r HWY 10 Rd Prest Rd Banford Shell Rd 91 64th Ave 10 City h

68th Ave SOUTHERN i

1 R l Trends George Massey Tunnel li BYPASS

d w ac R

George Massey Trans Canada Highway k i

17 RAILWAY W Yale Rd v

e Tunnel r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a Upper Sum Mou 62B St 62B Glover Rd nta

64th Ave n

B.N.R. Page Rd i

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d >> Spire Professional Centre, a 50,000 square foot strata office Rd Chadsey 60th Ave S Sumas Rd Bailey Rd Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave 56th Ave Promontory Rd 56th Ave 11 Watson Rd W Douglas Cr d B.C. RAIL 208th St 56th Ave building at 8029 199th Street, is Road Perimeter South Fraser due to complete in mid-July Harris Rd LANGLEY R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Hopedale Rd iv Rd Sumas Prairie R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 160th St

Robertson Rd Robertson ok R Westham Island Rd olebro d C 304th St 2 296th St and is 100% sold. 10 Ladner Trunk Road St 288th Sinclair Rd 203rd St 203rd 48th Ave Fraser Highway d G Gladwin Rd R ra Riverside Rd Bell Rd in de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h 17A 48th Ave No. 3 Rd der il Dawson Rd Ved liw a r Old Yale Rd ck D L a r Rd ke u Straiton R h Clayburn Rd 44 Ave d

t Yarrow Central Rd r

328th St A 64th St 17 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Pacic Highway

34B Ave t n North Parallel C.P.R.

Abbotsford R South Parallel

d Langley d R Cultus

d - BellinghamAldergrove Highway Deltaport Wy 32nd Ave Rd Boundary R 32nd Ave rn t ybu Lake

53rd St 53rd la d n 32nd Ave C R Atkinson Rd ce Su Old No. 5 Rd res m tn C as M 28th Ave S F W s

Ross Rd Ross Trans Canada Hwy Mt. Lehman Rd 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 192nd St 1 16th Ave Rd Dixon 232nd St

208th St 240th St

216th St 200th St St 200th 224th St 248th St 256th St 272nd St White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd Summary Statistics* 2018 Q1 2018 Q2 Trend North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

a McCallum Rd r Whatcom Rd Whatcom Cole Rd Rd McDermott Marion Rd Powerhouse Rd Powerhouse y 264th St B ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave

Causeway Rd Roberts Point B.N.R. 8th Ave New Supply* d 0 0 BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. Net Absorption 9,695 (1,057) Notable Lease Notable Sale New Supply

Vacancy Rate 4.9% 5.0% Notable Lease Transactions

APPROXIMATE Average Asking Net Rent** $17.36 $15.93 TENANT NAME - ADDRESS TYPE SIZE (SF)

Average Additional Rent $9.37 $9.67 Undisclosed Tenant - 1. Headlease 5,542 20353 60th Avenue

*There are 35 office buildings surveyed in the Langley region. **Average Asking Net Rent is calculated using a weighted average

Historical Performance and Forecast Notable Sale Transactions APPROXIMATE PURCHASER - ADDRESS PRICE 18.0% 120,000 SIZE (SF) 16.0% 100,000

14.0% 80,000 12.0% 22190 Holdings Ltd - 60,000 2. $1,400,000 10,028 10.0% 22190 48th Avenue 40,000 8.0% 20,000 6.0% 4.0% - 2.0% (20,000) 0.0% (40,000) 2017 Q1 2019 Q1 2018 Q1 2017 Q3 2017 Q4 2017 Q2 2018 Q3 2016 Q3 2019 Q2 2018 Q4 2016 Q4 2018 Q2 2016 Q2

Net Absorption (SF) New Supply (SF) Vacancy Rate (%)

Upcoming New Supply TOTAL OFFICE ESTIMATED ADDRESS CLASS FLOORS DEVELOPER STATUS AREA (SF) COMPLETION Gateway Professional Campus - A. A 3 24,000 Wesgroup TBD Pre-leasing 84th Ave & 200th Street Spire Professional Centre - B. A 3 51,785 Spire Development Q3 2018 U/C 8029 199th Street First West Credit Union - C. A 6 107,000 PCI Group Q4 2020 U/C 200th Street & 88th Avenue

Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International 6 Buntzen Lake Capilano Lake

r m D r d

h R A g u no n o r a a

r l i i West D o

S e v Lynn Valley Rd t

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Rd Dr y

Mountain Hwy Larson Rd a B 15th St ll e

ge Lonsdale Ave d Ave Chestereld d w Harrison Lake i W 13th St Ave St Georges R d

r t e

B e North B Berkley Rd Berkley

W il r

o p

r Burrard Inlet k A

r s Dr a M Panoram

m H

o Ioco Rd e r r

i it

a B

a a

l r

n g

B et C.P.R. H e

English Bay r ig i h McGill St d w

Downtown ay g Eton St

N D Stadium/Chinatown l

Simon Fraser v h r

Inletd Centre Port Moody Lincoln g Woodland Pipeline Rd Coast Meridian Rd Parker St University Coquitlam Central u Stave Lake Venables St Curtis St a Yaletown/ St. Johns St h Richardson Rd Poin Roundhouse Port Moody Coquitlam S t G Main St re Cornwall St G Central Cedar Dr y Rd a

Clark Dr g University of W 4th Ave Olympic Village l

Wesbrook Mall G Ave Gilmore r 1st Ave Willingdon Ave ar Prairie Ave Holdom St Gerald Ave Gerald e Sperling St d McNeil Rd at North VCC/Clark i W British Columbia ern Brentwood y

New Westminster Dr Commercial Wy Gilmore W 10th Ave W Broadway Town Centre 1

Renfrew St Renfrew Holdom Clarke Rd 4 Broadway/ Broadway Commercial Como Lake Ave Port Coquitlam 4 City Hall E Broadway Burquitlam th W 12th Ave Lougheed Highway Port St Absorption was negative Ein 12th Q2, Ave primarily Renfrewdue to anRupert W 16th Ave Sperling/ Coquitlam

t Grandview Hwy Burnaby Lake y Burns Rd S Maple

Kingsway Ave

Lake City Way W

increase of 13,000 square feet of B class vacancy at RoyalCanada Wy n

Kingsway r S Production Way/ i

e W a

University t n i Ridge M n

r Lougheed Highway a u r King Edward Ave King Lougheed a o i City Centre. The vacancy rate rose from 10.7% in Q1 to Sprott St Linton St 7 n Nanaimo St

Edward St Rupert M Town Centre Rd Gatensbury e Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l d

11.3% in Q2. B Rd Neaves 29th Ave R Crown St Crown St Dunbar T

Blenheim St Harrison Hot Springs Rd Springs Hot Harrison Deer Lake Pkwy ra r St e W 33rd Ave E 33rd Ave ns Coquitlam Fern Cr v

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave TrendsW 41st Ave E 41st Ave Grange St Burnaby Braid Shaughnessy North Rd W Boulevard United Blvd 128th Ave 128th Ave Earles St Pitt Patterson Hartley Rd 7 >> ThereW 49th Ave are sevenLangara/ full floor vacancies in New Westminster, 7 Rd Cameron 6th St Mary Hill Bypass Meadows 49th Ave 49th Ave E Metrotown Hartley Ave Lougheed Hwy

Fraser St Fraser Knight St Canada Wy

Main St St Tyne Sapperton 124th Ave

including three full floors at WestminsterVictoria Dr Centre South totaling P Pitt d Imperial St o R

r St 203rd 248th St Oak St Meadows Granville Street Spratt Rd Spratt

Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St t r 227th St 224th St 216th St St Laity e

M 232nd St W 57th Ave Rd Boundary Oak approximately 41,000 square feet. 10th Ave t

Cambie St Kingswa s y a C.P.R. Harrison Bay 264th St

t n e River Dewdney Trunk Rd Dewdney Trunk Rd v S 8th Ave n PITT MEADOWS l 2 y Limbert Rd

Rumble St B Hammond Rd S t r AIRPORT o 6th Ave li Nelson Ave id Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr e Meadows d Knight St Bridge 17 R a W 70th Ave N Kent Ave S Fraser Perimeter Rd iver Port n Royal Oak Ave Royal R e P Fraser Wy Haney y Gilley Ave at B e u yp Kent Ave S 1 l 112th Ave 207th St dgO Marine Wy ardson Queens Ave Columbia lo as ri a w W s k Twigg Pl e y Bridge 112th Ave B t Scott Rd S VANCOUVER S e Bridge Rd g v t New 110th Ave C.N.R. 112th A 112th Ave n INTERNATIONAL i B 22nd St Westminster Templeton a rid Grosvenor Rd L River d g AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd k YVR C.N.R. a Wy Bridgeport L Airport onachie 91A Grant McC e S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave 104th Ave t r 99 North Surrey S a Central er Farms Rd Farms iv i R Rd t ll Summary Statistics 2018 Q1 2018 Q2 Trend K e O Aberdeen Cambie Rd Wilson St e b Golden Ears Bridge Golden Ears y 102nd Ave 256th St ys p

208th St t m f W 100th Ave 100th Ave o Dale Rd a r n C

G ke King George 100th Ave e a Q A Russ B 100th Ave 272nd St v e Vulcan Wy e New Supply* u Fraser Highway o 0 0 e d W 280th St r e Rd R Alderbridge Wy i y Richmond Annacis Highway n l 156th St g 148th St 160th St e s 96th Ave s h s Castleman Rd 9

Lansdowne Albion Ferry r i bo 96th Ave o t No 1 r n e a o 96th Ave Richards Ave A R

d River Rd u 99A C d River Rd g r pe 91 De o a n

h l

w Rd Young 192nd St C.N.R. t H l d Farms Rd Rd McGrath Net Absorption 22,147 (78,424) i B S n Westminster Hwy Notable Lease Notable Sale 92ndNew Ave Supply r e G

i d e deg 92nd Ave y Lougheed Highway r E Brighouse Av T Yal a r e R n A u Wellington Ave d e w n d l k y ve e Rd Chapman Rd 120th St 128th St 132nd St Ferndale Ave Cli x a Granville Ave Vacancy Rate Hatzic 10.7% 11.3% D y F 88th Ave 88th Ave H erw W r Fraser River 1A No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay Nelson Rd t s 88th Ave Lake 1st Ave Blundell Rd e r VIA RAIL Hawkins Pickle Rd

Notable LeaseB Transactionsy 7 Wolfe Rd Blundell Rd Rd 216th St Topham r W Glover Rd i l 84th Ave d 84th Ave Average Asking Net Rent** $20.77 $21.37 e 1 Johnson Rd g rd Telegraph Tr Dewdney Trunk Rd e o APPROXIMATE Mission St Cedar TENANT NAME - ADDRESSN TYPE Rd lliwack Mtn Rd Rd Ford Richmond C.N.R. Nicomen Island Trunk Chi Francis Rd C.N.R. SIZE (SF) 22nd Ave Chilliwack Central Rd No. 1 Rd No. 4 Rd No. 3 Rd No. 5 Rd No. 6 Rd C.N.R. Annacis King George Highway N R Pacic Highway Harvie Rd

Gilbert Rd i 80th Ave i Eagle Rd c St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown e Rd Annis Average Additional Rent $14.25 $14.11 r n I

280th St s C.N.R. l R and T Garden City Rd City Garden run Hanson International Education 80th Ave 7 Tyler d k Rd 1

Williams Rd H H T 14th Ave S o e Duke Rd t i 80th Ave o p g 76th Ave S co 1. & Employment Services - Renewal 6,500 76th Ave l ut Fraser River h e e h Fraser - Delta Thruway Fraser t Wy 7 t k

w g C.P.R. a 208th St 216th St 192nd St *There are 38 office buildings surveyed in the New Westminster region. 200th St R Trans Canada Hwy

a r L

810 Quayside Drive St Hurd d y a Prairie Central Rd 112th St Scott Rd Scott

Vantage e **Average Asking Net Rent is calculated using a weighted average. 76th St 80th St p 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

River Rd 72nd Ave Newton Rd T t Progress Wy 72nd Ave 240th St r Surrey S Luckakuck Wy 72nd Ave V Wren St Wren Family Services of Greater 72nd Ave 72nd Ave 1st Ave Industrial Wy e d

Mission d

72nd St McTavish Rd Newton Rd C e

Moncton St Gibson Rd No. 2 Rd r HWY 10 Rd Prest Rd Banford Shell Rd 2. Vancouver - 91 Renewal 4,500 64th Ave 10 City h

68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

George Massey 321 6th Street Trans Canada Highway k i

Historical Performance and Forecast 17 RAILWAY W Yale Rd v

e Tunnel r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

16.0% 150,000 SOUTHERN RAILWAY s d Satchell St Satchell a Upper Sum Mou 62B St 62B Glover Rd nta

64th Ave n

B.N.R. Page Rd i

14.0% R

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d 100,000 60th Ave Rd Chadsey S Sumas Rd Bailey Rd 12.0% Notable Sale Transactions Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave 10.0% APPROXIMATE56th Ave Promontory Rd 50,000 PURCHASER - ADDRESS PRICE 56th Ave 11 Watson Rd W SIZE Douglas Cr d B.C. RAIL 208th St 56th Ave 8.0% Road Perimeter South Fraser LANGLEY Harris Rd R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Sumas Prairie Rd Sumas Prairie - Hopedale Rd 6.0% iv There were no significant sale transactions this quarter in the New R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd Westminster submarket. 160th St Robertson Rd Robertson ok R Westham Island Rd 4.0% olebro d C 304th St 296th St 10 Ladner Trunk Road (50,000) St 288th Sinclair Rd 203rd St 203rd 2.0% 48th Ave Fraser Highway d G Gladwin Rd R ra Riverside Rd Bell Rd in de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h 0.0% 17A (100,000) 48th Ave No. 3 Rd der il Dawson Rd Ved liw a r Old Yale Rd ck D L a r Rd ke u 2017 Q1 2019 Q1 2015 Q1

2018 Q1 R 2016 Q1

2017 Q3 Straiton 2017 Q4 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2014 Q3 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2014 Q2 h Clayburn Rd 44 Ave d

t Yarrow Central Rd r

328th St A Net Absorption (SF) New Supply (SF) Vacancy64th St 17Rate (%) 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Pacic Highway

34B Ave t n North Parallel C.P.R.

Abbotsford R South Parallel

d Langley d R Cultus

d - BellinghamAldergrove Highway Upcoming NewDeltaport Supply Wy R 32nd Ave n Rd Boundary 32nd Ave r t ybu Lake

53rd St 53rd la d n 32nd Ave C R Atkinson Rd ce Su Old No. 5 Rd TOTAL OFFICE ESTIMATED res m tn ADDRESS CLASS FLOORS DEVELOPER STATUS C as M 28th Ave AREA (SF) COMPLETION S F W s

27B Ave w t erg a a 160th St Rd Clearbrook 168th St 184th St us m ie 28th Ave 28th Ave on y u v W S y 99 y er a South Fraser Way w B o 1A L

There is no upcoming new supply in the52nd St New56th St Westminster submarket. 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy Mt. Lehman Rd 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 192nd St 1 16th Ave Rd Dixon 232nd St 208th St 240th St

216th St 200th St St 200th 224th St 248th St 256th St 272nd St White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

a McCallum Rd r Cole Rd Rd McDermott Marion Rd Rd Powerhouse Whatcom Rd Whatcom y 264th St B ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave 7 Research & Forecast Report | SecondR Quarter 2018 | Metro Vancouver / Office | Colliers International Causeway Rd Roberts Point B.N.R. 8th Ave d BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. Buntzen Lake North Shore Capilano Absorption was positive for the fourth straight quarter, Lake led by smaller professional services tenants moving to the market. The vacancy rate dropped from 5.4% in Q1 to 5.0% in Q2. r m D r d

h R A g u no n o r a a

r l i i West D o

p d b s a mar Rd n th n Ave e I u e C ra 99 Upper So v B te Edgemont Blvd VancouverS Queens Ave Le Trends ve ls Delbrook BC RAIL Mathers Ave d Pitt Lake Highway A R E 29th St ur Inglewood Ave o 21st St >> City Council has approved Darwin Properties’ proposed St 11th m y Fulton Ave 1 Hyannis Dr e

S e

v Lynn Valley Rd t

15th St A development for the Harry Jerome lands, which includes 90,000

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Rd square feet of strata office space. Pre-leasing is expected to Dr y

Mountain Hwy Larson Rd a B 15th St ll e

ge Lonsdale Ave d Ave Chestereld d w Harrison Lake i W 13th St Ave St Georges R

d launch in the fall. t r e

B e North B Berkley Rd Berkley

W il r

o p

r Burrard Inlet k A

r s Dr a M Panoram

m H

o Ioco Rd e r r

i it

a B

a a

l r

n g

B et C.P.R. H e

English Bay r ig

2018 Q1 2018 Q2 Trend i h

Summary Statistics McGill St d w

Downtown ay g Eton St

Burrard Waterfront 7A M DenmanDavie St St e o La n Wy Pinetree u ds t PacicVancouver St Dundas St n d S t o Lafarge Lake - Douglas a w y Victoria Dr ne D Granville i Johnson St s i r n r n Ma Vancouver s E Hastings Street e New Supply* e 0W 0 City Centre B

N D Stadium/Chinatown l

Simon Fraser v h r

Inletd Centre Port Moody Lincoln g Woodland Pipeline Rd Coast Meridian Rd Parker St University Coquitlam Central u Stave Lake Venables St Curtis St a Yaletown/ St. Johns St h Richardson Rd Poin Roundhouse Port Moody Coquitlam S t G Main St rey R Cornwall St G Central Cedar Dr Net Absorption 23,761 12,860 d Notable Lease Notable Sale New Supply a

Clark Dr g University of W 4th Ave Olympic Village l

Renfrew St Renfrew Holdom Clarke Rd 4 Vacancy Rate Broadway/ Broadway Commercial Como Lake Ave Port Coquitlam 4 5.4% 5.0% City Hall E Broadway Burquitlam th W 12th Ave Lougheed Highway Port St E 12th Ave Renfrew Rupert W 16th Ave Notable Lease Transactions Sperling/ Coquitlam

t Grandview Hwy Burnaby Lake y Burns Rd S Maple

Kingsway Ave

Lake City Way W

Canada Wy n

Kingsway r S Production Way/ i

e W APPROXIMATEAPPROXIMATE a Average Asking Net Rent** University t $21.09 $21.73 n i Ridge M TENANT NAME - ADDRESS TYPETYPE n

r Lougheed Highway

a u r King Edward Ave King SIZESIZE (SF)(SF) Lougheed a o i Sprott St Linton St 7 n Nanaimo St

Edward St Rupert M Town Centre Rd Gatensbury e Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l There were no significant lease transactions this quarter in the North d B Rd Neaves 29th Ave R Average Additional Rent St Crown St Dunbar T Blenheim St $15.97 $13.05 Rd Springs Hot Harrison Deer Lake Pkwy ra r St e WShore 33rd Ave submarket. E 33rd Ave ns Coquitlam Fern Cr v

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave *There are 62 office buildings surveyed in the North Shore region. W 41st Ave E 41st Ave Grange St Burnaby Braid Shaughnessy North Rd **Average Asking Net Rent is calculated using a weighted average W Boulevard United Blvd 128th Ave 128th Ave Earles St Pitt Patterson Hartley Rd 7 W 49th Ave Langara/ 7 Rd Cameron 6th St Mary Hill Bypass Meadows 49th Ave 49th Ave E Metrotown Hartley Ave Lougheed Hwy

Fraser St Fraser Knight St Canada Wy

Main St St Tyne Sapperton 124th Ave Victoria Dr P Pitt d Imperial St o R

r St 203rd 248th St Oak St Meadows Granville Street Spratt Rd Spratt

Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St t r 227th St 224th St 216th St St Laity e

M 232nd St W 57th Ave Rd Boundary Oak 10th Ave t

Cambie St Kingswa s y a C.P.R. Harrison Bay 264th St

t n e

River Dewdney Trunk Rd Dewdney Trunk Rd v Historical Performance and Forecast S n 8th Ave PITT MEADOWS l

y Limbert Rd

Rumble St B Hammond Rd S t r AIRPORT o 6th Ave li Nelson Ave id Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple 10.0% 100,000 E g H Marine Dr e Meadows d Knight St Bridge 17 R a W Notable70th Ave SaleN Kent TransactionsAve S Fraser Perimeter Rd iver Port n Royal Oak Ave Royal R e P Fraser Wy Haney y 9.0% Gilley Ave 80,000 at B e u yp Kent Ave S l 112th Ave 207th St dgO APPROXIMATE Marine Wy ardson Queens Ave Columbia lo as 8.0% ri a w W s k PURCHASER Twigg- ADDRESS Pl PRICE e y Bridge 112th Ave 60,000 B t Scott Rd S VANCOUVER S SIZE (SF) e Bridge Rd g v t New 110th Ave C.N.R. 112th A 112th Ave 7.0% n INTERNATIONAL i B 22nd St Westminster 40,000 Templeton a rid Grosvenor Rd L River d g 6.0% AIRPORT r Gateway 108th Ave R Sea Island Thereu weree no significant sale transactions this quarter in the NorthRd 108th Ave Centre th Wy e 20,000 Ar Vulcan Byrne Rd k YVR C.N.R. a Wy Bridgeport L 5.0% Airport onachie Shore submarket. 91A Grant McC e S Bridgeport Rd Scott Rd - v Fraser Wy 240th St a 4.0% t 104th Ave 104th Ave t r 99 North Surrey S a (20,000) Central er Farms Rd Farms iv 3.0% i R Rd t ll K e O Aberdeen Cambie Rd Wilson St e b 256th St Golden Ears Bridge Golden Ears y (40,000) y 102nd Ave s p 208th St t m 2.0% f W 100th Ave 100th Ave o Dale Rd a r n C

G ke King George 100th Ave e a Q A (60,000) Russ B 100th Ave 272nd St v 1.0% e Vulcan Wy e u Fraser Highway

o e W d 280th St r e Rd R Alderbridge Wy i y Richmond Annacis Highway n l 156th St g 148th St 160th St e 0.0% (80,000) s 96th Ave s h s Castleman Rd 9

Lansdowne Albion Ferry r i bo 96th Ave o t No 1 r n e a o 96th Ave Richards Ave A R

d River Rd u 99A C d River Rd g r pe 91 De o a n

h l

w Rd Young 192nd St C.N.R. t H l d Farms Rd Rd McGrath

i B S n Westminster Hwy 92nd Ave G

2017 Q1 e 2019 Q1 2015 Q1 2018 Q1 2016 Q1 r

2017 Q3 2017 Q4 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2014 Q3 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2014 Q2

i d e deg 92nd Ave y Lougheed Highway r E Brighouse Av T Yal a r e R n A u Wellington Ave d e w n d l k y Net Absorption (SF) New Supply (SF) Vacancy Rate (%) ve e Rd Chapman Rd 120th St 128th St 132nd St Ferndale Ave Cli x a Granville Ave Hatzic D y F 88th Ave 88th Ave H erw W r Fraser River 1A No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay Nelson Rd t s 88th Ave Lake 1st Ave Blundell Rd e r VIA RAIL Hawkins Pickle Rd

Gilbert Rd i 80th Ave i Eagle Rd c St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown e Rd Annis r n I

280th St s TOTAL OFFICE ESTIMATED C.N.R. l R and T Garden City Rd City Garden run ADDRESS CLASS FLOORS DEVELOPER STATUS 80th Ave 7 Tyler d k Rd 1

Williams Rd H H T 14th Ave S AREA (SF) COMPLETION o e Duke Rd t i 80th Ave o p g 76th Ave S co 76th Ave l ut Fraser River h e e h Fraser - Delta Thruway Fraser t Wy 7 t k

w g C.P.R. a 208th St 216th St 192nd St 200th St R Trans Canada Hwy

a r L Hurd St Hurd A. Harry Jerome Strata Development A 90,000 Darwin Properties TBD Proposedd y a Prairie Central Rd 112th St Scott Rd Scott

Vantage e 76th St 80th St p 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

River Rd 72nd Ave Newton Rd T t Progress Wy 72nd Ave 240th St r Surrey S Luckakuck Wy 72nd Ave V Wren St Wren 72nd Ave 72nd Ave 1st Ave Industrial Wy e d

Mission d

72nd St McTavish Rd Newton Rd C e

Moncton St Gibson Rd No. 2 Rd r HWY 10 Rd Prest Rd Banford Shell Rd 91 64th Ave 10 City h

68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

George Massey Trans Canada Highway k i

17 RAILWAY W Yale Rd v

e Tunnel r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a Upper Sum Mou 62B St 62B Glover Rd nta

64th Ave n

B.N.R. Page Rd i

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d 60th Ave Rd Chadsey S Sumas Rd Bailey Rd Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave 56th Ave Promontory Rd 56th Ave 11 Watson Rd W Douglas Cr d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International Mission-abbotsford Highway r 8 56th Ave e 72nd St AIRPORT Sumas Prairie Rd Sumas Prairie iv Hopedale Rd R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 160th St

t Yarrow Central Rd r

328th St A 64th St 17 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Pacic Highway

34B Ave t n North Parallel C.P.R.

Abbotsford R South Parallel

d Langley d R Cultus

d - BellinghamAldergrove Highway Deltaport Wy 32nd Ave Rd Boundary R 32nd Ave rn t ybu Lake

53rd St 53rd la d n 32nd Ave C R Atkinson Rd ce Su Old No. 5 Rd res m tn C as M 28th Ave S F W s

Ross Rd Ross Trans Canada Hwy Mt. Lehman Rd 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 192nd St 1 16th Ave Rd Dixon 232nd St 208th St 240th St

216th St 200th St St 200th 224th St 248th St 256th St 272nd St White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

a McCallum Rd r Cole Rd Rd McDermott Marion Rd Rd Powerhouse Whatcom Rd Whatcom y 264th St B ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave

Causeway Rd Roberts Point B.N.R. 8th Ave d BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. Buntzen Lake Capilano Lake

r m D r d

h R A g u no n o r a a

r l i i West D o

S e v Lynn Valley Rd t

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Rd Dr y

Mountain Hwy Larson Rd a B 15th St ll e

ge Lonsdale Ave d Ave Chestereld d w Harrison Lake i W 13th St Ave St Georges R d

r t e

B e North B Berkley Rd Berkley

W il r

o p

r Burrard Inlet k A

r s Dr a M Panoram

m H

o Ioco Rd e r r

i it

a B

a a

l r

n g

B et C.P.R. H e

English Bay r ig i h McGill St d w

Downtown ay g Eton St

N D Stadium/Chinatown l

Simon Fraser v h r

Inletd Centre Port Moody Lincoln g Woodland Pipeline Rd Coast Meridian Rd Parker St University Coquitlam Central u Stave Lake Venables St Curtis St a Yaletown/ St. Johns St h Richardson Rd Poin Roundhouse Port Moody Coquitlam S t G Main St re Cornwall St G Central Cedar Dr y Rd a

Clark Dr g University of W 4th Ave Olympic Village l

t Grandview Hwy Burnaby Lake y Burns Rd S Maple

Kingsway Ave

Lake City Way W

Canada Wy n

Kingsway r S Production Way/ i

e W a

University t n i Ridge M n

r Lougheed Highway

a u r King Edward Ave King Lougheed a o i Sprott St Linton St 7 n Nanaimo St

Edward St Rupert M Town Centre Rd Gatensbury e Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l d

B Rd Neaves 29th Ave R Crown St Crown St Dunbar T

Blenheim St Harrison Hot Springs Rd Springs Hot Harrison Deer Lake Pkwy ra r St e W 33rd Ave E 33rd Ave ns Coquitlam Fern Cr v

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave W 41st Ave E 41st Ave Grange St Richmond Burnaby Shaughnessy Braid North Rd W Boulevard United Blvd 128th Ave 128th Ave Earles St Pitt Patterson Hartley Rd 7 W 49th Ave Langara/ 7 Rd Cameron 6th St Mary Hill Bypass Meadows 49th Ave 49th Ave E Metrotown Hartley Ave Lougheed Hwy

Fraser St Fraser Knight St Canada Wy

Main St St Tyne Sapperton 124th Ave Victoria Dr P Pitt d Imperial St o R

r St 203rd 248th St Oak St Meadows Granville Street Spratt Rd Spratt

Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St Absorption was negative in Richmond in Q2, led by t r 227th St 224th St 216th St St Laity e

M 232nd St W 57th Ave Rd Boundary Oak 10th Ave t

Cambie St Kingswa s y a C.P.R. Harrison Bay 264th St

t n e River Dewdney Trunk Rd Dewdney Trunk Rd v S 8th Ave n PITT MEADOWS l

y Limbert Rd

Rumble St B Hammond Rd S t r AIRPORT o 6th Ave li Nelson Ave id SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple approximately 140,000 square feet of vacant space over Marine Dr g E H Marine Dr e Meadows d Knight St Bridge 17 R a W 70th Ave N Kent Ave S Fraser Perimeter Rd iver Port n Royal Oak Ave Royal R e P Fraser Wy Haney y Gilley Ave at B e u yp Kent Ave S l 112th Ave 207th St dgO Marine Wy ardson Queens Ave Columbia lo as ri a w W s k Twigg Pl e y Bridge 112th Ave B t Scott Rd A S VANCOUVER S e Bridge Rd the seven buildings at Crestwood Corporate Centre. g v t New 110th Ave C.N.R. 112th A 112th Ave n INTERNATIONAL i B 22nd St Westminster Templeton a rid Grosvenor Rd L River d g AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd k YVR C.N.R. a Wy Bridgeport L Airport t McConachie 91A Richmond has a number of full floor availabilities, Gran e S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave 104th Ave t r 99 North Surrey S a Central er Farms Rd Farms iv i R Rd t ll K e O Aberdeen Cambie Rd Wilson St e b 256th St y Bridge Golden Ears 102nd Ave ys p t including almost 47,000 square feet at 13888 Wireless W 208th St o m f 100th Ave 100th Ave Dale Rd a r n C

G ke King George 100th Ave e a Q A Russ B 100th Ave 272nd St v e Vulcan Wy e 1 u Fraser Highway

o e W d 280th St r e Rd R Alderbridge Wy i y Richmond Annacis Highway n l 156th St g 148th St 160th St e s 96th Ave s h s Castleman Rd 9

Lansdowne Albion Ferry r i bo 96th Ave o t No 1 r n e Way. a o 96th Ave Richards Ave A R

d River Rd u 99A C d River Rd g r pe 91 De o a n

h l

w Rd Young 192nd St C.N.R. t H l d Farms Rd Rd McGrath

i B S n Westminster Hwy 92nd Ave r e G

B y 7 Wolfe Rd Blundell Rd Rd 216th St Topham r W Glover Rd i l 84th Ave d 84th Ave e 1 Johnson Rd g rd Telegraph Tr Dewdney Trunk Rd Trends e o Mission St Cedar N Rd lliwack Mtn Rd Rd Ford Richmond C.N.R. Nicomen Island Trunk Chi Francis Rd C.N.R. 22nd Ave Chilliwack Central Rd No. 1 Rd No. 4 Rd No. 3 Rd No. 5 Rd No. 6 Rd C.N.R. Annacis King George Highway N R Pacic Highway Harvie Rd

Gilbert Rd i 80th Ave i Eagle Rd c St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown e Rd Annis r n I

280th St s C.N.R. l R and T Garden City Rd City Garden run 80th Ave 7 Tyler d k Rd 1 Williams Rd H H T 14th Ave S >> The Lansdowne Centre, a proposed 24-tower development by o e 80th Ave Duke Rd t i o p g 76th Ave S co 76th Ave l ut Fraser River h e e h Fraser - Delta Thruway Fraser t Wy 7 t k

w g C.P.R. a 208th St 216th St 192nd St 200th St R Trans Canada Hwy

a r L Hurd St Hurd d y a Prairie Central Rd 112th St Scott Rd Scott

Vantage e 76th St 80th St p 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

River Rd 72nd Ave Newton Rd T t Vanprop Investments, is still awaiting City Council’s approval for Progress Wy 72nd Ave 240th St r Surrey S Luckakuck Wy 72nd Ave V Wren St Wren 72nd Ave 72nd Ave 1st Ave Industrial Wy e d

Mission d

72nd St McTavish Rd Newton Rd C e

Moncton St Gibson Rd No. 2 Rd r HWY 10 Rd Prest Rd Banford Shell Rd 91 64th Ave 10 City h

the master land use plan. The plan includes two office towers 68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

George Massey Trans Canada Highway k i

17 RAILWAY W Yale Rd v

e Tunnel r

Kitson Pkwy Dyke Rd 64th Ave R and 22 residential towers for a total of over 6 million square feet Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a Upper Sum Mou 62B St 62B Glover Rd nta

64th Ave n

B.N.R. Page Rd i

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d of development to replace the existing Lansdowne Centre Mall. 60th Ave Rd Chadsey S Sumas Rd Bailey Rd Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave 56th Ave Promontory Rd 56th Ave 11 Watson Rd W Douglas Cr d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Sumas Prairie Rd Sumas Prairie iv Hopedale Rd R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 160th St

Robertson Rd Robertson ok R Westham Island Rd olebro d C 304th St 296th St 10 Ladner Trunk Road St 288th Sinclair Rd 203rd St 203rd 48th Ave Fraser Highway d G Gladwin Rd R ra Riverside Rd Bell Rd in de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h 17A 48th Ave No. 3 Rd der il Dawson Rd Ved liw a r Old Yale Rd ck D L a r Rd ke 2018 Q1 2018 Q2 Trend u Straiton R Summary Statistics h Clayburn Rd 44 Ave d

t Yarrow Central Rd r

328th St A 64th St 17 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Pacic Highway

34B Ave t n North Parallel C.P.R.

New Supply* 0 0 Abbotsford R South Parallel d Langley d R Cultus

d - BellinghamAldergrove Highway Deltaport Wy 32nd Ave Rd Boundary R 32nd Ave rn t ybu Lake

53rd St 53rd la d n 32nd Ave C R Atkinson Rd ce Su Old No. 5 Rd res m tn C as M 28th Ave S F W s

27B Ave w t erg a a 160th St Rd Clearbrook 168th St 184th St us m ie 28th Ave 28th Ave on y u v W S y 99 y er a South Fraser Way w B o Net Absorption (24,468) (142,885) Notable Lease Notable Sale New Supply 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy Mt. Lehman Rd 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 192nd St 1 Vacancy Rate 5.4% 8.4% 16th Ave Rd Dixon 232nd St

208th St 240th St

216th St 200th St St 200th 224th St 248th St 256th St 272nd St Notable Lease Transactions White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o u APPROXIMATE Buena Vista Ave INTERNATIONAL

n 320th St TENANT NAME - ADDRESS TYPEd AIRPORT

a McCallum Rd r Cole Rd Rd McDermott Marion Rd Rd Powerhouse Whatcom Rd Whatcom Average Asking Net Rent*** y SIZE (SF) 264th St $18.37 $16.55 B ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave

Causeway Rd Roberts Point B.N.R. 8th Ave d BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN Sage Software - CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA Average Additional Rent $11.79 $12.04 1. RenewalU.S.A. 41,421 U.S.A. U.S.A. 13888 Wireless Way

*There are 78 office buildings surveyed in the Richmond region. **Average Asking Net Rent is calculated using a weighted average

Historical Performance and Forecast

25.0% 300,000 Notable Sale Transactions 250,000 APPROXIMATE PURCHASER - ADDRESS PRICE 20.0% 200,000 SIZE (SF) 150,000 15.0% 100,000 There were no significant sale transactions this quarter in the 50,000 Richmond submarket. 10.0% - (50,000) 5.0% (100,000) (150,000) 0.0% (200,000) 2017 Q1 2019 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2014 Q3 2019 Q2 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2014 Q2

Net Absorption (SF) New Supply (SF) Vacancy Rate (%)

Upcoming New Supply TOTAL OFFICE ESTIMATED ADDRESS CLASS FLOORS DEVELOPER STATUS AREA (SF) COMPLETION A. International Trade Centre A 12 50,025 MYIE 2018 U/C

9 Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International Buntzen Lake Capilano Lake

r m D r d

h R A g u no n o r a a

r l i i West D o

S e v Lynn Valley Rd t

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Rd Dr y

Mountain Hwy Larson Rd a B 15th St ll e

ge Lonsdale Ave d Ave Chestereld d w Harrison Lake i W 13th St Ave St Georges R d

r t e

B e North B Berkley Rd Berkley

W il r

o p

r Burrard Inlet k A

r s Dr a M Panoram

m H

o Ioco Rd e r r

i it

a B

a a

l r

n g

B et C.P.R. H e

English Bay r ig i h McGill St d w

Downtown ay g Eton St

N D Stadium/Chinatown l

Simon Fraser v h r

Inletd Centre Port Moody Lincoln g Woodland Pipeline Rd Coast Meridian Rd Surrey u Parker St University Coquitlam Central Stave Lake Venables St Curtis St a Yaletown/ St. Johns St h Richardson Rd Poin Roundhouse Port Moody Coquitlam S t G Main St re Cornwall St G Central Cedar Dr y Rd a

Clark Dr g University of W 4th Ave Olympic Village l

Renfrew St Renfrew Holdom Clarke Rd 4 Broadway/ Broadway Commercial Como Lake Ave Port Coquitlam 4 City Hall E Broadway Burquitlam th St Absorption was positive for the fifth straight Wquarter, 12th Ave led Rupert Lougheed Highway Port E 12th Ave Renfrew W 16th Ave Sperling/ Coquitlam

t Grandview Hwy Burnaby Lake y

Burns Rd ings Rd ings S Maple

Kingsway Ave r

Lake City Way W

Canada Wy n

Kingsway r S Production Way/ i

W a Sp

University t n i Ridge M n

r Lougheed Highway

a u r King Edward Ave King Lougheed a o i Sprott St Linton St 7 n Nanaimo St

Edward St Rupert M Town Centre Rd Gatensbury e Winston St D Macdonald St Austin Ave r Nanaimo e by tenants in the education sector occupyingVancouver space at Rd Harris u Arbutus St l d

B Rd Neaves 29th Ave R Crown St Crown St Dunbar T

Blenheim St Harrison Hot Harrison Deer Lake Pkwy ra r St e W 33rd Ave E 33rd Ave ns Coquitlam Fern Cr v

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave W 41st Ave E 41st Ave Grange St Surrey Village Tower, directly across from the King Shaughnessy Burnaby Braid North Rd W Boulevard United Blvd 128th Ave 128th Ave Earles St Pitt Patterson Hartley Rd 7 W 49th Ave Langara/ 7 Rd Cameron 6th St Mary Hill Bypass Meadows 49th Ave 49th Ave E Metrotown Hartley Ave Lougheed Hwy

Fraser St Fraser Knight St Canada Wy

Main St St Tyne Sapperton 124th Ave Victoria Dr P Pitt d Imperial St o R

r St 203rd 248th St Oak St Meadows Granville Street Spratt Rd Spratt

Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St t r 227th St 224th St 216th St St Laity e

M 232nd St W 57th Ave Rd Boundary Oak George Skytrain. The vacancy rate for AAA class jumped 10th Ave t

Cambie St Kingswa s y a C.P.R. Harrison Bay 264th St

t n e River Dewdney Trunk Rd Dewdney Trunk Rd v S 8th Ave n PITT MEADOWS l

y Limbert Rd

112th Ave 207th St from 8.1% to 10.4% with the completion of CitygO Centre 2, Kent Ave S Marine Wy ardso ll a d n Queens Ave Columbia o B i w 3 ss r a W k Twigg Pl e y Bridge 112th Ave B t Scott Rd S VANCOUVER S e Bridge Rd g v t New 110th Ave C.N.R. 112th A 112th Ave n INTERNATIONAL i B 22nd St Westminster Templeton a rid Grosvenor Rd L River d g AIRPORT r Gateway 108th Ave R Sea Island u e Rd C 108th Ave Centre th Wy e Ar Vulcan Byrne Rd k YVR C.N.R. a Wy Bridgeport L Airport onachie 91A Grant McC e S D Bridgeport Rd Scott Rd which has approximately 40,000 square feet still v Fraser Wy 240th St a t 104th Ave 104th Ave t r 99 North Surrey S a Central er Farms Rd Farms iv i R Rd t l 2 l K e O Aberdeen Cambie Rd Wilson St e b 256th St y Bridge Golden Ears 102nd Ave ys p

208th St t m f W 100th Ave 100th Ave o Dale Rd a r n C

G ke King George 100th Ave e a Q A Russ B 100th Ave 272nd St v e Vulcan Wy e u Fraser Highway available for purchase or lease. o e W d 280th St r e Rd R Alderbridge Wy i y Richmond Annacis Highway n l 148th St g 156th St 160th St e s 96th Ave s h s Castleman Rd 9

Lansdowne Albion Ferry r i bo 96th Ave o t No 1 r n e a o 96th Ave Richards Ave A R

d River Rd u 99A C d River Rd g r pe 91 De o a n

h l

w Rd Young 192nd St C.N.R. t H l d Farms Rd Rd McGrath

i B S n Westminster Hwy 92nd Ave r e G

B y 7 Wolfe Rd Blundell Rd Rd 216th St Topham r W Glover Rd i l 84th Ave d 84th Ave e 1 Johnson Rd g rd Telegraph Tr Dewdney Trunk Rd e o Mission St Cedar N Rd lliwack Mtn Rd Rd Ford Richmond C.N.R. Nicomen Island Trunk Chi Francis Rd C.N.R. 22nd Ave Chilliwack Central Rd No. 1 Rd No. 4 Rd No. 3 Rd No. 5 Rd No. 6 Rd C.N.R. Annacis King George Highway N R Trends Pacic Highway Harvie Rd Gilbert Rd i 80th Ave i Eagle Rd c St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown e Rd Annis r n I

280th St s C.N.R. l R and T Garden City Rd City Garden run 80th Ave 7 Tyler d k Rd 1

Williams Rd H H T 14th Ave S o e Duke Rd t i 80th Ave o p g 76th Ave S co 76th Ave l ut Fraser River h e e h Fraser - Delta Thruway Fraser t Wy 7 t k

w g C.P.R. a 208th St 216th St 192nd St 200th St R Trans Canada Hwy

a r L Hurd St Hurd d y a Prairie Central Rd 112th St Scott Rd Scott

Vantage e 76th St 80th St p 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

River Rd 72nd Ave Newton Rd T t >> New strata office product in Surrey is selling for $650 per Progress Wy 240th St r 72nd Ave Surrey S Luckakuck Wy 72nd Ave V Wren St Wren 72nd Ave 72nd Ave 1st Ave Industrial Wy e d

Mission d

72nd St McTavish Rd Newton Rd C e

Moncton St Gibson Rd No. 2 Rd r Banford Rd Banford HWY 10 Rd Prest Shell Rd 91 64th Ave 10 City h

68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

George Massey Trans Canada Highway k i

square foot. RAILWAY W Yale Rd v 17

e Tunnel r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a Upper Sum Mou 62B St 62B Glover Rd nta

64th Ave n

B.N.R. Page Rd i

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d 60th Ave Rd Chadsey S Sumas Rd Bailey Rd Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave 56th Ave Promontory Rd 56th Ave 11 Watson Rd W Douglas Cr d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Hopedale Rd iv Rd Sumas Prairie R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 160th St

t Yarrow Central Rd r

328th St A 64th St 17 40th Ave 40th Ave 40th Ave A 40th Ave 40th Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Pacic Highway

34B Ave t n North Parallel C.P.R.

Abbotsford R South Parallel

d 2 Langley d R Cultus

d - BellinghamAldergrove Highway Deltaport Wy 32nd Ave Rd Boundary R 32nd Ave rn t ybu Lake

53rd St 53rd la d n 32nd Ave C R Atkinson Rd ce Su Old No. 5 Rd res m tn C as M 28th Ave S F W s

27B Ave w t erg a a 168th St 184th St Rd Clearbrook 160th St us m 2018 Q1 2018 Q2 Trend ie 28th Ave 28th Ave on y u v W S Summary Statistics y 99 y er a South Fraser Way w B o 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy Mt. Lehman Rd 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 192nd St 1 New Supply* 16th Ave Rd Dixon 232nd St

208th St 240th St

216th St 0 119,000 St 200th 224th St 248th St 256th St 272nd St White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

a McCallum Rd r Whatcom Rd Whatcom Cole Rd Rd McDermott Marion Rd Rd Powerhouse y 264th St B ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave

Causeway Rd Roberts Point B.N.R. 8th Ave d Notable Lease Notable Sale New Supply BC FERRIES Net Absorption 176th St

66,259 73,583 172nd St 176th St TERMINAL 1st Ave TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. Vacancy Rate1 6.2% 6.8% Notable Lease Transactions Average Asking Net Rent** $24.03 $24.67 APPROXIMATE TENANT NAME - ADDRESS TYPE SIZE (SF) Average Additional Rent $11.50 $14.87 Group Health - 1. Headlease 50,000 15303 31 Avenue *There are 102 office buildings surveyed in the Surrey region **Average Asking Net Rent is calculated using a weighted average

Historical Performance and Forecast

22.0% 1,000,000 20.0% Notable Sale Transactions 18.0% 800,000 APPROXIMATE 16.0% PURCHASER - ADDRESS PRICE 600,000 SIZE (SF) 14.0% 12.0% 400,000 10.0% Safe Software - 8.0% 2. Undisclosed 54,726 200,000 9639 137A Avenue 6.0% 4.0% - 2.0% Pacific Reach Properties - 0.0% (200,000) 3. $51,000,000 123,885 10470 152nd Street 2017 Q1 2019 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2014 Q3 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2014 Q2

Net Absorption (SF) New Supply (SF) Vacancy Rate (%)

Upcoming New Supply TOTAL OFFICE ESTIMATED ADDRESS CLASS FLOORS DEVELOPER STATUS AREA (SF) COMPLETION A. TPC at South Point* - 3231 152nd Street A 4 116,000 Avondale Development Q4 2018 U/C

B. 3 Civic Plaza AAA 5 20,300 Century Group Q4 2018 U/C

C. Phase B King George Hub AAA 14 170,000 PCI Group 2020/2021 U/C

D. City Centre 3 AAA 100,000 Lark Group Q1 2021 Proposed

* Strata office development

Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International 10 Glossary

Class AAA Building A subset of Class A buildings which are locally recognized as being the top tier, most prestigious buildings that command the highest rental rates in the area.

Class A Building Prestigious buildings competing for premier office users with rents above average for the area. Buildings that have high-quality standard finishes, state-of-the-art systems, exceptional accessibility and a definite market presence. Characterized by: prime central location; first-class tenant improvements; on-site parking; state-of-the-art elevators and HVAC systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance.

Absorption The net statistical change in occupied space over a period of time. Positive absorption reflects an increase in occupied space while negative absorption reflects a decrease.

Additional Rent Operating costs and property taxes per annum, per square foot.

Asking Net Rent Base rent (net, face or contract) per annum, per square foot excluding operating costs.

Class B Building Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same prices. Characterized by new buildings in non-prime locations and older buildings (including rehabilitated structures in prime locations); good-quality tenant improvements; may have on-site parking; elevators and HVAC served; built using a variety of construction methods; upkeep and maintenance is generally good.

Class C Building Buildings competing for tenants requiring functional space at rents below the average for the area. Characterized by older structures, may or may not have been renovated; poor-to-average quality of tenant improvements; may not have elevators and air conditioning systems; generally no parking facilities; lower quality of upkeep and maintenance. May also include renovated heritage buildings with good-quality tenant improvements and upgraded building systems.

Flex Space Single-storey buildings having 10-to-I8-foot ceilings with both grade and dock-height loading. Includes wide variation in office space utilization, ranging from retail and personal service through distribution, light industrial and occasional heavy industrial use.

11 Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International Headlease A lease directly from a landlord.

Sublease A lease given by one of the tenants in the building for the remaining portion of its lease term.

Vacancy Rate The percentage rate derived by dividing the total inventory physically vacant as of the survey date including direct vacant and sublease space by the total inventory.

Forecast Assumptions

We use a trailing eight-quarter average absorption for our forecast. We take into account incoming new supply and the amount of space pre-leased for each property in order to forecast the future vacancy rate.

Research & Forecast Report | Second Quarter 2018 | Metro Vancouver / Office | Colliers International 12 MARKET CONTACT: 413 offices in Maury Dubuque Senio Managing Director | Vancouver Brokerage 69 countries on +1 604 662 2641 [email protected] 6 continents Andrew Rojek Manager, Market Intelligence | Western Canada United States: 145 +1 604 662 2667 Canada: 28 [email protected] Latin America: 23 REGIONAL AUTHORS: Asia Pacific:86 Lisa Tweten | Market Intelligence Analyst EMEA: 131 CONTRIBUTORS: Kayvon Besharat+ Brian MacKenzie Margaret Bowden Derek May Matthew Carlson Peter Muench $2.7 Robert Chasmar+ Devin Ringham Graham Davidson Dylan Sohi billion US* in Marco DiPaolo+ Colin Scarlett+ annual revenue John Freyvogel+ Jason Teahen+ Dan Jordan+ 2.0 +Personal Real Estate Corporation billion square feet Colliers International | Vancouver under management 200 Granville Street, 19th Floor Vancouver, BC | Canada +1 604 681 4111 16,000 professionals and staff

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Copyright © 2018 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.