Net Absorption

This Quarter 12-Month Absorption

5-Year Quarterly Average

Availability

This Quarter Year-over-Year

Asking Net Rent

This Quarter* Year-over-Year

*weighted average

Development/Sales

Under Construction New Supply

Sale Price (avg.) Year-over-Year Weighted Average Asking Net Rates ($PSF) By Market | Q1 2019 – Q1 2020

$14 Central 24% $12 $10 East 24% $8 North 33% $6

$4 West 26%

21' 25' 29' 25' 29' 21' 25' 29' 21' 25' 29'

------

$2 -

18' 22' 26' 22' 26' 18' 22' 26' 18' 22' 26'

30'+ 30'+

< 18' < 18' < 18' < < 18' < GTA Total 26% $0 Central East North West

Total Square Feet By Market | Q1 2019 – Q1 2020

23% 1.0% 1.4% 0.8% Central Central East North 0.9% Q1’19 1.8% Q1’19 0.8% Q1’19 13.7M SF East 57% Currently under 11% construction. North 1.3% 1.1% West West GTA Total 9% 1.6% Q1’19 1.2% Q1’19

Availability Rate Net Absorption New Supply Availability vs. Net Absorption and New Supply

4,000,000 8.0% 3,500,000 7.0% 3,000,000 6.0%

2,500,000 5.0% Availability Rate 2,000,000 4.0% 1,500,000 3.0% 1,000,000 2.0%

500,000 1.0% Net Absorption / New Supply (SF) SupplyNew / AbsorptionNet 0 0.0% -500,000 -1.0% Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20

Colliers Canada | GTA Industrial Market Report | Q1 2020 collierscanada.com/research P.2

Market

Avg. Asking Asking Avg.

Total (SF) Inventory VacantTotal (SF) Space Rate Vacancy Availability Direct (SF) Sublease (SF)Availability AvailableTotal (SF) Space RateAvailability NetAbsorption (SF) (SF) SupplyNew Under (SF) Construction Wgt ($PSF)NetRent Price Sale Avg. ($PSF)

Don Mills 9,969,209 52,000 0.5% 110,048 0 110,048 1.1% 0 0 0 $12.05 - Downsview 25,888,282 65,000 0.3% 167,615 0 167,615 0.6% 12,326 0 0 $9.86 $191.62 East York 8,287,654 0 0.0% 0 0 0 0.0% 0 0 0 - - North 41,560,662 21,728 0.1% 404,613 0 404,613 1.0% 0 0 0 $7.40 $167.43 North 11,250,839 61,933 0.6% 204,988 0 204,988 1.8% -26,000 0 46,747 $10.00 $339.45 13,359,826 158,458 1.2% 190,949 0 190,949 1.4% 0 0 2,254,145 $9.61 $140.07 Scarborough South 27,042,438 275,647 1.0% 604,529 41,878 646,407 2.4% -44,908 0 0 $8.39 $175.62 Scarborough West 21,114,693 0 0.0% 17,600 0 17,600 0.1% 0 0 0 $8.25 $147.77 South Etobicoke 29,342,646 99,636 0.3% 339,249 20,500 359,749 1.2% -41,436 0 500,000 $9.14 $339.80 19,867,760 0 0.0% 0 0 0 0.0% 0 0 0 - $241.92 Weston 22,475,326 0 0.0% 20,353 0 20,353 0.1% 958,990 924,709 316,731 $16.50 $136.11 Willowdale 3,689,793 0 0.0% 18,029 0 18,029 0.5% 0 0 0 $12.95 - York 5,021,774 0 0.0% 208,500 0 208,500 4.2% 0 0 0 $15.00 - GTA Central 238,870,902 734,402 0.3% 2,286,473 62,378 2,348,851 1.0% 858,972 924,709 3,117,623 $9.57 $177.55 Ajax 8,405,460 129,504 1.5% 129,504 0 129,504 1.5% -109,504 0 0 $6.75 $148.39 Oshawa 10,110,405 0 0.0% 186,759 0 186,759 1.8% 0 0 631,262 $6.50 - Pickering 9,815,041 80,536 0.8% 134,655 0 134,655 1.4% -80,536 0 565,000 $8.28 $146.56 Whitby 9,108,324 75,617 0.8% 75,617 0 75,617 0.8% -34,617 0 370,000 $12.95 $87.97 GTA East 37,439,230 285,657 0.8% 526,535 0 526,535 1.4% -224,657 0 1,566,262 $7.94 $94.76 Aurora 5,937,564 0 0.0% 57,733 0 57,733 1.0% 0 0 0 $8.97 $246.06 Markham East 33,907,945 26,280 0.1% 346,188 67,184 413,372 1.2% 0 0 250,000 $10.29 $215.84 Markham West 1,795,771 0 0.0% 0 0 0 0.0% 0 0 0 - $406.34 Newmarket 7,531,291 0 0.0% 0 0 0 0.0% 0 0 0 - - Richmond Hill 12,428,243 42,028 0.3% 57,251 34,994 92,245 0.7% -42,028 0 0 $10.13 $223.91 Vaughan 93,005,157 159,196 0.2% 559,573 174,813 734,386 0.8% 79,019 0 1,019,809 $12.82 $243.55 Whitchurch / Stouffville 1,022,113 0 0.0% 0 0 0 0.0% 0 0 0 - $112.00 GTA North 155,628,084 227,504 0.1% 1,020,745 276,991 1,297,736 0.8% 36,991 0 1,269,809 $11.59 $216.23 East 57,469,904 470,730 0.8% 1,259,900 158,077 1,417,977 2.5% -75,143 0 651,627 $10.69 $203.79 40,322,079 0 0.0% 331,445 0 331,445 0.8% 130,000 130,000 1,656,032 $9.34 $162.72 Burlington 22,559,201 140,338 0.6% 183,497 0 183,497 0.8% 0 0 219,940 $7.98 $218.39 Caledon 16,829,971 0 0.0% 264,794 450,000 714,794 4.2% 202,054 51,157 2,538,110 $9.25 - Halton Hills 7,206,998 40,000 0.6% 0 40,000 40,000 0.6% 0 0 0 - $562.33 Milton 21,403,584 106,846 0.5% 231,596 90,610 322,206 1.5% 1,155,787 1,100,000 538,585 $9.25 $185.90 Miss. Central East 19,148,971 0 0.0% 40,878 36,452 77,330 0.4% 0 0 308,545 $12.91 $253.58 Miss. Central West 19,090,733 93,468 0.5% 94,047 42,226 136,273 0.7% -51,242 0 0 $10.88 $308.09 East 21,569,915 115,128 0.5% 253,503 0 253,503 1.2% -27,098 0 0 $9.10 - Miss. / Meadowvale 21,058,164 33,040 0.2% 33,040 0 33,040 0.2% 270,554 303,594 382,116 $9.50 $344.09 Mississauga South / E 13,266,172 0 0.0% 413,859 37,870 451,729 3.4% 0 0 0 $9.30 $196.95 Mississauga South / W 19,481,757 33,825 0.2% 33,825 32,213 66,038 0.3% -33,825 0 1,010,000 $15.00 $208.33 Mississauga West 71,982,165 178,871 0.2% 555,456 83,638 639,094 0.9% -65,982 0 461,634 $10.02 $334.49 Oakville 19,520,329 44,232 0.2% 64,067 0 64,067 0.3% 31,733 0 0 $11.38 $238.48 Oakville Winston Park 5,898,291 80,661 1.4% 140,048 100,087 240,135 4.1% 0 0 0 $9.25 $377.30 GTA West 376,808,234 1,337,139 0.4% 3,899,955 1,071,173 4,971,128 1.3% 1,536,838 1,584,751 7,766,589 $9.93 $243.30

GTA Total 808,746,450 2,584,702 0.3% 7,733,708 1,410,542 9,144,250 1.1% 2,208,144 2,509,460 13,720,283 $9.91 $200.59

Colliers Canada | GTA Industrial Market Report | Q1 2020 collierscanada.com/research P.3 Notable Lease Transactions

Project/Address Market Municipality Tenant Lease Type Area (SF) 205 Speirs Giffen Avenue GTA West Caledon Trillium Supply Chain Inc. Head 342,821

200 Confederation Parkway GTA North Vaughan RPM Canada Extension 272,767 York Warehousing & 8460 Mount Pleasant Way GTA West Milton Head 162,332 Distribution Worldwide 40 Norelco Drive GTA Central Toronto Irving Consumer Products Head 150,000

6275 Northwest Drive GTA West Mississauga Staples Inc. Extension 140,552

141 New Huntington Road GTA North Vaughan Haggar Canada Head 103,800

Notable Developments

Project/Address Market Municipality Building Status Est. Completion Area (SF) Owner/Developer

10200 Hurontario Street GTA West Brampton Under Construction Q2 2021 1,300,000 Panattoni

6351 Steeles Avenue East GTA Central Toronto Under Construction Q3 2020 1,023,359 Manulife

12000 Coleraine Drive GTA West Caledon Under Construction Q2 2021 772,300 HOOPP 759 Winston 759 Winston Churchill Blvd GTA West Mississauga Under Construction Q1 2021 740,000 Churchill Gp Inc. Highway 7 / Highway 50 GTA West Brampton Under Construction Q4 2020 651,627 Panattoni

Highway 7 / Brock Road GTA East Pickering Under Construction Q4 2020 565,000 Kubota Canada

1460 The Queensway GTA Central Toronto Under Construction Q2 2020 500,000 Dymon Storage

1121 Thornton Road GTA East Oshawa Under Construction Q3 2021 410,588 Panattoni

Colliers Canada | GTA Industrial Market Report | Q1 2020 collierscanada.com/research P.4 • • • •