Calgary Downtown Office Market

Research & Forecast Report CALGARY DOWNTOWN OFFICE MARKET

First Quarter 2016 Calgary Market Overview

There is an acute imbalance in the Calgary downtown occupied space in downtown Calgary since Q4 2010. office market as a result of wholesale reductions in Comparatively, peak occupancy occurred in Q4 2012 capital expenditure budgets by energy companies in when 38,110,640 square feet were occupied by Calgary Canada. Reduced capital budgets only have the capacity downtown office tenants. to maintain existing assets or drilling requirements, meaning a smaller workforce and less office space to With the additions of 707 Fifth (Manulife), Brookfield operate. A number of non-quantifiable factors are taken Place (Brookfield), and Telus Sky Tower (Telus, Westbank, into consideration in forecasting the office market for the Allied) the downtown Calgary office inventory will climb next 6 to 24 months. These factors include, but are not from 42 million square feet today to 44 million square limited to, provincial and federal Government policy, ability feet in 2018. This will result in the vacancy rate to deliver energy products to tidewater, the appetite of increasing to 25% or 11 million square feet of future office foreign buyers in the Canadian energy sector, the market availability. relocation of head offices and employees currently located in downtown Calgary to other jurisdictions such The onset of the current weakness in the downtown as Houston, and bankruptcies or failures of companies in office market began in early 2013 with international oil the Canadian energy sector or those that serve the companies reallocating capital from Canada to other parts Canadian energy sector. of the World. This weakness was exasperated by the collapse in energy prices in late 2014. In the past, The amount of vacant office space in downtown Calgary weaknesses in the oil market have corrected quickly, is inextricably linked to the price of oil and natural gas. resulting in a whip saw effect in downtown office vacancy The strong correlation resulted in the overall vacancy rate rates. Now three years since the first structural for downtown office space increasing to 20.54% from weakness in the downtown office market it is clear the 11 18.11% in the previous quarter. The increase in vacancy million square feet of available office, including new office equates to just over 1 million square feet of office space developments under construction, will take time to that is no longer occupied compared with at the beginning absorb. When using a high point average absorption rate of 2016. Furthermore, over the past 12 months 2.9 of 687,709 square feet per year there is 16 years of million square feet of office space has become inventory before we are back to another development unoccupied resulting in only 33,245,020 square feet of cycle and 9.5 years before we are back to a balanced office space actually occupied today, the least amount of market of 8% to 10% availability. The actual length of

Breakdown of Downtown Calgary Office Vacancy By Class Headlease & Sublease Comparison BUILDING CLASS TOTAL INVENTORY HEADLEASE AVAILABILITY SUBLEASE AVAILABILITY TOTAL AVAILABILITY

Q4 2015 Q1 2016 Q4 2015 Q1 2016 Q4 2015 Q1 2016 Q4 2015 % Q1 2016 %

AA 15,664,848 15,664,848 514,361 596,192 1,521,127 2,033,582 2,035,488 12.99% 2,629,774 16.79%

A 13,293,328 13,293,328 1,086,946 1,128,631 1,020,528 1,199,428 2,107,474 15.85% 2,328,059 17.51%

B 8,653,227 8,653,227 1,799,718 1,974,149 703,974 568,399 2,503,692 28.93% 2,542,548 29.38%

C 4,225,800 4,225,800 772,259 972,504 158,864 119,298 931,123 22.03% 1,091,802 25.84%

Total 41,837,203 41,837,203 4,173,284 4,671,476 3,404,493 3,920,707 7,577,777 18.11% 8,592,183 20.54%

Q1 2016 Absorption: -1,014,406 Sq. Ft. Source: Colliers Research Q1 2016

1 Research & Forecast Report | First Quarter 2016 | Calgary / Downtown | Colliers International time for any such recovery could happen quicker or be Summary Statistics Q1 2016 Downtown Office more drawn out based upon the many factors that Market 2015 Q4 2016 Q1 Trend contribute to demand by companies in the downtown OFFICE INVENTORY 41,837,203 41,837,203 office market. NET ABSORPTION (557,243) (1,014,406) Ghost vacancy, or office space that is sitting vacant but not formally available on the office market for lease or VACANCY RATE 18.11% 20.54% sublease, continues to be a concern for landlords and AVERAGE ASKING NET RENT $20.00 $18.00 creates further opportunity for tenants in the market. (‘A’ CLASS BUILDINGS) Energy companies continue to sit on idle office space for AVERAGE ADDITIONAL RENT $21.12 $21.62 many reasons, which may include the possibility of (‘A’ CLASS BUILDINGS) growing back into the office space once the energy sector recovers, a sublease recovery not economically worthwhile, and internal and public perception to formally listing office space for sublease. We estimate the inclusion of ghost vacancy would increase the vacancy rate by 2% to 5% equating to 22% to 25% today and 26% to 29% with the inclusion of the new office developments in 2018.

Calgary Downtown Oce Market Overall Vacancy Rate and Impact on Class “A” Quoted Rental Rates

10 $ 50 $45 9 $44 20.54% $ 45 $44 $42 $43 $43 $41 $40 8 $41 $39 $ 40 Rental Quoted Rate (/SF) $39 $38 $38 $38 $36 18.11% 7 $35 $ 35 $34 $34 $33 $33 15.22% $32 6 $30 $ 30 $30 13.93% $29 13.75% $29 12.70% $27 $26 $26 5 11.97% 12.75% $25 $ 25 $24 $25 11.55% $23 $23 $21 $23 10.67% $22 10.67% $20 4 $21 $ 20

$20 7.70% 8.23% 8.73% 8.52% $18 7.28% 3 6.40% 8.13% $ 15 6.40% 4.56% 5.67% 5.36% 3.58% 4.49% 2 3.68% 4.35% $ 10

Total Vacant Space ( Million SF ) Vacant Total 3.15% 3.21% 3.32% 2.25% 3.53% 2.23% $ 5 1 1.66% 1.52%

0.52% 0.27% 0 $ 0 Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3 Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1 Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 ‘16

LEGEND: Total Vacant Space Vacancy Rate (%) Class ‘A’ Rental Rates ($)

2 Research & Forecast Report | First Quarter 2016 | Calgary / Downtown | Colliers International Bright Spots

Companies purchasing assets from other companies Across all building classes the ratio of head lease space looking to keep their balance sheets on side is resulting in to sublease space is 54% as compared to 46%. This some demand for office space especially in the case of ratio changed significantly from a ratio of 46% head lease smaller companies buying upstream and midstream space to 54% sublease space since September 2015 with assets. With rental rates in the downtown office market the addition of new developments to the office inventory. in some cases more attractive than those in the beltline or suburban office markets there are also tenants relocating from the beltline and suburban office market into the downtown core. The availability of quality fit for purpose and furnished office space is contributing to the Breakdown of Downtown Calgary attractiveness. Office Vacancy By Class Headlease & Sublease Comparison Trends BUILDING CLASS AA A B C The office market has continued to soften evenly across Inventory 15,664,848 13,293,328 8,653,227 4,225,800 all classes of buildings. The most noticeable trend is the increase in the proportion of B and C class head lease Total Availability 2,629,774 2,328,059 2,542,548 1,091,802 vacancy to B and C class sublease vacancy. This is the result of B and C class tenants moving to A and AA Headlease 22.6% 48.5% 77.6% 89.1% buildings as well as sublease space expiring and coming Sublease 77.4% 51.5% 22.4% 10.9% back to landlords.

Downtown Headlease and Sublease Vacancy 2008 - 2016 5,000,000

4,500,000

4,000,000

3,500,000

3,000,000

2,500,000

Square Feet 2,000,000

1,500,000

1,000,000

500,000

0 Q1/Q2/Q3/Q4/Q1/Q2/Q3/Q4/Q1/Q2/Q3/Q4/Q1/Q2/Q3/Q4/Q1/Q2/Q3/Q4/Q1/Q2/Q3/Q4/Q1/Q2/Q3/Q4/Q1/Q2/Q3/Q4/Q1/ 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 Sublease Vacancy Headlease Vacancy

3 Research & Forecast Report | First Quarter 2016 | Calgary / Downtown | Colliers International Forecast

The head lease ratio will continue grow as new office The forecast below is a conservative outlook and it is developments are added to the downtown office inventory expected that there will be another 500,000 square feet and sublease space continues to expire and reverts back of negative absorption in 2016, followed by a flat market to head landlords. in 2017 and a return to positive absorption in 2018 of 500,000 square feet. The effect on vacancy rates will NOTABLE TRANSACTIONS nonetheless be negative over the next 24 months as 707 APPROX. TENANT BUILDING ADDRESS Fifth, Brookfield Place, and Telus Sky Tower will bring 2.3 SIZE (SF) million square feet of office space to the downtown Fifth Avenue *1. Centrica Energy 237 - 4th Avenue SW 58,000 Place West Calgary office market. As with the energy sector, the Eighth Avenue *2. TORC Oil & Gas 525 - 8th Avenue SW 48,000 Calgary downtown office market will take time to return Place East IBM Corporate to balance with nearly 11 million square feet of forecasted *3. Axia Net Media 220 - 12th Avenue SW 43,000 Centre available office space. If oil prices increase to a range of * Transactions Colliers was involved in. $60.00 to $70.00 per barrel USD for WTI, there will continue to be structural weakness in the downtown office market for some time before a return to a more balanced office market.

GRAPH SUMMARY HISTORICAL & PROJECTED VACANCY 2009-2018 2009 New Developments Jamieson Place 776,783 SF New Oce Development, Annual Absorption & Vacancy Rates Le Germain 85,000 SF Penn West Plaza Ph II 400,000 SF OVERALL DOWNTOWN MARKET Total 1,261,783 SF Absorption -1,237,721 SF 25% 3000000 24.74% 2010 New Developments Centennial Place East 779,071 SF Centennial Place West 439,590 SF 2500000 Eighth Avenue Place East 1,042,027 SF 20.54% 22.64% Total 2,260,688 SF 21.70% Absorption 1,871,708 SF 2000000 Calgary City Centre & 20% 2011 No New Developments Eau Claire Tower Absorption 2,823,902 SF 1500000 VACANCY RATE

2012 New Developments Eighth Avenue Brookeld The Bow 1,940,000 SF 1000000 15.22% (Jun. 30, 2010) Place West Place & Absorption 1,999,503 SF Telus Sky Tower 15% 2013 500000 11.55% 13.93% No New Developments 11.97% Absorption -1,576,727 SF 0 2014 New Developments 8.52% Eighth Avenue Place - West 841,000 SF Absorption 274,828 SF -500000 707 Fifth 10%

2015 No New Developments -1000000 Absorption -2,741,481 SF 7.28% SQUARE FEET SQUARE 2016 Absorption: 2016 New Developments -1500000 6.40% -1,500,000 SQ FT Calgary City Centre 820,000 SF 5% Eau Claire Tower 580,000 SF 4.49% Total 1,400,000 SF -2000000 Absorption (Est.) -1,500,000 SF 3.68%

2017 New Developments -2500000 FORECAST 707 Fifth 508,000 SF Total 508,000 SF 0% Absorption (Est.) 0 SF -3000000 2009 201220112010 2013 2014 2015 201820172016 2018 New Developments Brookeld Place 1,418,000 SF Telus Sky Tower 430,000 SF Total 1,848,000 SF Absorption (Est.) 500,000 SF New Oce Development Historical & Projected Absorption Vacancy Rate

4 Research & Forecast Report | First Quarter 2016 | Calgary / Downtown | Colliers International BOW RIVER DISCOVERY

HILL 310-314 10 ST NW ST 10 1 AVENUE NE BROKEN PLATE RIVER RUN CONDO’S HILL HOUSE HOLLY PARK

CALGARY DOWNTOWN MAP YARD MEMORIAL DRIVE NW PRINCE'S ISLAND ESTATES

YEOMAN'S MARSH ROAD NE 500 HOLLY EAU CLAIRE POINT

PEACE BRIDGE LEGEND THE

PRINCETON

10 STREET NW STREET 10 WATERFRONT MANOR EAU CLAIRE CONDOS UNDER CONSTRUCTION

HELIPORT YMCA MEREDITH COLLIERS INTERNATIONAL CENTRE STREET BRIDGE STREET CENTRE 4 ST VLADIMIR'S EAU CLAIRE MARKET FUTURE/POTENTIAL CONSTRUCTION SITE 900-,UKRAINIAN 335 - 8TH AVE SW

MEMORIAL DRIVE NE ORTHODOX

130- 148 10 ST NW ST 10 148 130- APTS

3 CALGARY,CHURCH AB T2P 1C9 WAAL DE

BARCLAY PARADE BARCLAY CAFE EAU CLAIRE AVENUE SW 1886 BOW RIVER

RIVERFRONT AVE SW COMMERCIAL T +1 403MEREDITH 266 5544ROAD NE MILL

BARLEY F +1 403 265 6495 1 AVENUE SW ERNST &

YOUNG SIEN LOK PARK RESIDENTIAL www.collierscanada.com

205 CALGARY

SHERATON JOEY TOWER CHINATOWN

EAU CLAIRE CENTRE SENIOR’S

TOMATOES EAU CLAIRE P P P RIVERFRONT 106 - 126 10 ST NW ST 10 126 - 106 APTS BOW LA CAILLE CLAIRE COVERED SURFACE PARKING 23 BOWSIDE RESTAURANT ESTATES JOE P BLDG MANOR

PHILLIPS 4 STREET NE STREET 4

LA CAILLE 116 N.W. LRT BRIDGE 140

LA CAILLE LA

CONDOS CENTRE

2 AVE SW AVE 2

CENTRE

2 AVE SW HONG KONG

UNITED

ON THE PARKE THE ON

CHURCH

HARMONIOUS 9 + 15 WALKWAY BROADVIEW 5 PLAZA 2 AVENUE SW 2 AVENUE SW DAQING AVENUE SW 2 2 AVENUE SW FUTURE +15 WALKWAY CHOW EAU CLAIRE 1 THE POINT 735 CENTENNIAL PLACE NG BLOCK

123

119 CILTURAL CENTRE CILTURAL

LOOKOUT CHINESE CALGARY

REST. 2ND ST EAU CLAIRE MANOR 2 WAI-KWAN 129 ON THE BOW 46 TOWER

SAHARA

2 AVE SE AVE 2 MANOR SE AVE 2 SHAW CENTRE SE AVE 2 BLDG

CALGARY KWAN

CHINESE COURT LIVINGSTON CHURCH

WEST PLACE 207 207 2 STREET SW STREET 2 12 SW STREET 5 CITY TOWER PENTACOSTAL 1 ST SE

WEST 200-218

EAU CLAIRE CENTRE ST CENTRE TOWER DEVON 22 CLASS LEGEND TOWER OFFICE 116 RIVERFRONT AVENUE SE LIBERTE EAU EXEC- HOTEL LIVINGSTON WAH PRINCE'S CROSSING SUITE RESIDENCES TOWER 3 AVE SE 7 STREET SW STREET 7 PLACE SOUTH YING

114

HILLHURST BRIDGE CLAIRE MALL BARCLAY 100-6 110 6 STREET SW STREET 6

233 23 EAST MNS 138

COURT TENNIS 40 5 HARVEST 3 AVE SE3 AVE SE

3 AVE SW AVE 3

CENTRE

TRINITY TOWER 23

3 AVE SE CHURCH

FAR EAST PARK

SHOPPING PLAZA ST CENTRE 3 LUTHERAN 7 APTS AA A B C 4 AVE FLYOVER 3 AVENUE SW 3 AVENUE SW 17 302 LIVINGSTON EAU CLAIRE MCDOUGALL PARKADE SUNLIFE 3 AVE SE

8 STREET SW STREET 8 SONOMA PAVILLIONS GOOD HOUSE CHURCHILL POTENTIAL 615 EAU CLAIRE NORTH THE PLACE HOUSE RETIREMENT OF EAU CLAIRE BENTALL PLACE I PARKADE 28 115-119 308 FORTUNE RIVERFRONT RESIDENCE ESTATES 3rd AVE P THE WESTIN 200 CARS LANGEVIN BRIDGE KENNEDY SITE PARKADE 3 AVE SW CITY 310 PLAZA 123 SW II PLACE 3 PLAZA 119 GOVERNMENT OF CANADA

WESTIN

7 3 AVE SE EAU CLAIRE EAU BP 312 RIVERFRONT 403 SHELL SE AVE 3 HARRY HAYS BLDG CENTRE 7 8 POINTE RIVERFRONT CENTRE P AVE SE 32 P SUNLIFE E NEFF UNITED BIRCHCLIFF 512-528 4 AVE SW PLAZA G LOUISE STATION PLACE ALBERTA REGENCY (RETAIL) THE WESTIN 30 316 - 3 ST SE ID ALTIUS ASIA FIRST SE STREET 1 HOUSING APTS MCFARLANE ENERGY HOTEL 16 38 SUNLIFE (BOOKER’S BBQ R 10 P SERVICES TOWER SUITES13 CENTER SW STREET 1 SUNLIFE PACIFIC DRAGON CITY MALL STREET B

P BUILDING JAMIESON WEST STREET CENTRE & CRAB SHACK) R

PLACE

HOTEL HOTEL

DEVELOPMENT LAND TITLES HOTEL EAST CENTRE PLAZA E OPTIMA 5 REST. 3 18 31 PLACE 34 3 G 11 28 28 10 8 E

CAESAR’S O

INTERNATIONAL INTERNATIONAL INTERNATIONAL R K Y 4 AVENUE SW R 4 AVENUE SW N 4 AVENUE SE E H 17 R E LORRNELPOTENTIAL PHILLIPS 24 V AVATAMSAKA CANADIAN LONDON FIFTH AVENUE CECIL O PBA BDG 619 SELKIRK 4TH Y CENTRE PRINCE'S ISLAND HOUSE APTS CALGARY PLACE WEST HOTEL DROP-IN CENTRE L MONASTERY ENMAX DEVELOPMENT 2 621 & 4TH CANADA PLACE APTS 4 AVE SW HOUSE 28 3 F

REST. 12 PLACE II SUBSTATION NO 8 SITE 23 BLDG METROPOLITAN PLACE SE

4 AVE SW PLACE DELTA BOW 410 6 ST CENTRE 18 34 P R 2 7 F1RST VALLEY INN 24 T N NORTHLAND TOWER PARK PARK JAMES SHORT PARK P YWCA O 28 LAGIN PLACE CECIL T & 16 7

TOWER ON CENTRE

BEER/WINE M THE PARKADE UNDERGROUND D

PLACE HERITAGE AQUITAINE 520 TD PLACE EAST 36 E (626 STALLS) (626 CATHOLIC MACDOUGALL PARKADE FIVE FIVE SUNDANCE PRINCE CHEVRON FIFTH AVENUE 35

TRANSCANADA 926 PLACE 640 SE STREET 3 UNDERGROUND 5TH AVE BANK CALGARY STOCK SCHOOL WEST WEST 800 - 5TH ROYAL SUITES TOWER PLAZA 444 (880 STALLS) CENTRE AVE SW 5TH AVE SW 19 PLACE I EXCHANGE LIGHT RAIL TRANSIT RAIL LIGHT HOTEL 22 5 AVE ROSLYN 22 COURTYARD 1040 10 22 16 25 28 TOWER FIRE STATION 6225th 24 WAYNE 5 AVE SW Ave SW 27 BLDG10 5 31 BLDG NUMBER 1

5 AVENUE SW 3 STREET SW 5 AVENUE SW 5 AVENUE SW 8 5 AVENUE SE 10 15 5 AVENUE SE 921 441 18 933 SNC THE FIFTH & FIFTH 5TH AVE 505 SUNCOR LEBOW ROCC 503 5TH AVE 5TH AVE LAVALIN SERVAL 715 FIFTH 639 2nd ST SW BOW VALLEY BOW VALLEY ENERGY EAST ATRIUM 1 805 P PARKADE AVENUE CHATEAU BLDG FIVE TEN 333 CALGARY SQUARE III SQUARE II BLDG BUILDING 5TH AVE SW 5 AVE SW 3 34 FIFTH BLDG PETROLIUM 8 CENTRE PROFESSIONAL PARK 507 FIFTH 4 4 31 18 5 AVENUE 32 39

& THIRD & 10 8 2 25 KNOX 19 CLUB CENTRENORTHWEST SE RIVERFRONT 2 WEST TRAVELERS POTENTIAL HALL 10 BLDG BOW 32 VALLEY THE OXFORD TOWER 52 THE BOW 5 1078 SHELBOURNE DEVELOPMENT COLLEGE THE 6 AVE SW 404 CENTRIUM 300 7 THE ATRIUM 2 736 PACIFIC 66 PETEX CALGARY 17 6 AVE SE

PLACE 9-6 P BANTREL NEW SW STREET 4 6TH AVE BARCLAY MCLEOD 800 BRADIE PLACE 524 CARKETEN SIXTH PARKADE TOWER OFFICE PARKADE BLDG HOUSE REST BOW VALLEY PARK CAR 3 426

OF EDUCATION 1010 PLACE SIXTH 8 TWIN BLDG P PARK

6 AVE SE 11 23 CONDO 13 CHAMBER CALGARY BOARD HOUSE BLDG SQUARE IV RENTAL BOW VALLEY 6 AVE SE MEWATA STATION 18 6 OILS 14 11 CHURCH 6 AVE SW P 23 P 7 15 10EDINBURGH DEV2 P 2 37 OF 2 BLDG ITHACAN SQUARE I KNOX UNITED KNOX COMMERCE 6 AVENUE SW 6 AVENUE SW 13 6 AVENUE SW 6 AVENUE SE P 606 10 12 THE BRITANNIA 18 18 3 CALGARY THE Fourth P BROOKFIELD SUN AMEC POTENTIAL BLDG ALPINE FORD INTACT PLACE LOUGHEED HANOVER POLICE PROVINCIAL REMAND AXXIS PLACE CONCORDE 14 WEST PLACE SERVICE ROCKY MOUNTAIN 531 1011 EAST 9 THE BOW PLACE

EAST BLDG TOWER PARKADE BLDG PLACE CENTRE

DIAL PLACE 608 P CHURCH

CARTER COURTS

WEST

6 AVE SW AVE 6

TOWER BLDG COURT 6 AVE SE PLACE 6

TOWER BLDG 13 BOW VALLEY 28 DEVEL 5 20 SURFACE PARK & 157 POTENTIALPHASE II THESOUTH BOW FRANCIS ST. COURT 431

6 UTILITIES PARKADE

PARKADE COURT BROOKFIELD BROOKFIELD PLACE 4 6 AVE SE EXECUTIVE STALLS 25 HOUSE COLLEGE HOUSE UNDERGROUND PLACE PHASE I TELEPHONE SOUTHBLOCK PARKADE SOUTH THE COURT 800 STALLS (POTENTIAL) (POTENTIAL)BLOCK LIFE SIERRA OF APPEAL PHASE II CAMPUS NEXEN (POTENTIAL) POLICE PARALLEL 840 7TH POTENTIAL CATHEDRAL PARKING WEST PLAZA NORTHLAND 3 PLAZA PLACE JOHN J. BOWLEN ROCKY WILLIAM R CITY OF CENTRE BLDG AVENUE PARK 9 FIRST TELUS BLDG TELUSPOTENTIAL SKY CHURCH OF CASTELL CALGARY POLICE CITY STRUCTURE POINTE 1000 PENTLAND 18 P BLDG 444 MOUNTAIN PARK

5 STREET SW STREET 5 CANADIAN 6 STREET SW STREET 6 FIRST CANADIAN TELUS THE REDEEMER

6 BLDG TELUS SKY HEADQUARTERS

HOTEL CENTRAL PLAZA PLACE 15 CENTRECENTRE 20 7TH AVENUE PLAZA PARKADE 10 TOWER 520 10 18 CENTRE CENTRE 3 424 FIREFIGHTERS

8 NO. 1 DOMINIONDOMINION 12

SANDMAN 11 7 10 41 HOTEL 15 LIBRARY (300 STALLS) PHASE II TOWER LEGION 6 ASSOC

7 AVE SE

ST. REGIS 2 7 AVE SE CENTENNIAL P P 7 ST SW STATION 4 ST SW STATION CITY HALL STATION LIGHT RAIL TRANSIT LIGHT RAIL TRANSIT 1 ST SW STATION 8 ST SW STATION LIGHT RAIL TRANSIT LIGHT RAIL TRANSIT 6 ST SW STATION 3 ST SW STATION 5 CENTRE ST SW STATION CITY HALL STATION CALGARY14 4 115-125 MORTGAGE ELVEDEN CENTRE TD 1035 CITY DOME TORONTO 7 AVE SW BLDG O'NEIL CANADA TRUST 109 7 AVE SW GARDEN GUINNESS ELVEDEN IVEAGH ENCOR 707707 - 5th- 5 Street Street TOWER DOMINION SCOTIA CENTRAL (RETAIL) CITY HALL 1107 NEXEN TOWER

BLDG HALL TOWERS CENTRE POTENTIAL OLD CITY TOWERS 905 7 AVE SW AVE 7 BRIAR HOUSE HOUSE PLACE HOLT 33 SQUARE UNITED ADMINISTRATION HOUSE BLDG CENTRE

TOWER CRAIG 40

7 AVE SW SUTTON POTENTIAL P HALL 5 OFFICE 15 20 14 29 RENFREW 40 CHURCH BLDG BUILDING 7 AVE SW CenturyNEXEN Gardens Tower HUDSONS BAY 4 4 12 HOTEL 3 HYATT TELUS

DEVELOPMENT DELAWARE

TOWER COMPANY REGENCY BROADCASTING CONVENTION 6 11 CENTRE THE CORE (DOWNTOWN RETAIL CORRIDOR) PARKADE OLYMPIC PLAZA EAST VILLAGE DOWNTOWN P POTENTIAL

1010 SW STREET 8

1040 1000 CENTURY 10 STREET SW STREET 10

618-628 TOWER

8TH AVENUE SE STREET 1 718 HOME OIL HOLIDAY INN 8 AVE SW 8 AVE SW SW STREET 9 U OF C RAMADA HOTEL SCOTIA ROYAL GARDENS 36 KRAFT BLDG SE STREET 3 8 AVE SW CAMPUS PETROFINA 8 AVE SW BARRON BLDG TOWER CENTRE CLARENCE & CENTRE ST CALGARY DEVONIAN GARDENS BLDG 8TH AVE 8TH 4 BANK 4 WATERMARK CALGARY EATON PARK CENTRE 5 WESTERN 27 BLDG 3 BANK SW PARKADE 9 MUNICIPAL BLDG CAMPEAU (RETAIL) 11

P 4TH LEVEL 32 BLOCK BLOCK

BANK OF

4 STREET SE STREET 4 HOTEL 1034 11 4 3 BLK 2 STRATEGIC

7 HISTORIC

UNION BLDG UNION 424A (200 STALLS) (200 12

CENTRE BLDG

10 TEATRO NORMAN 2 3 BUILDING MONTREAL

VENINI

MOLSON’S

4 SE TRAIL MACLEOD ST. LOUIS ST.

LANCASTER 3 8 AVE SE AVE 8

DOLL BLDG DOLL

THOMSON 4 13 8 AVENUE SW 8 AVENUE SW 16 BLK NEILSON STEPHEN AVENUE STEPHEN AVENUE 6 AXYS CIBC 6 CALGARY PUBLIC FIRST WESTERN CANADIAN PLAINS HSBC WESTVIEW PAN BLDG ALBERTA PLACE NORTH 635 RILEYS BLDG 239 - 221 - 227FLAMES 109-123 BLDG ORANGE 8 WEST ARCTIC 8 AVE SW MIDSTREAM SHAW BLDG 8 AVE SWCENTRAL ALBERTA 8 AVE SW (RETAIL) BURNS PLACE SW 8th AVE SW LOFTS 429-31 P HEIGHTS 9 BLDG 439

411 40 10 HOTEL 9 SE AVE 8 (RETAIL) NOVA PLAZA PLAZA PALACE 101 BLDG

GLOBE

SCOTIA SCOTIA

BLOCK 41 3 BLOCK 23 OF BANK SE AVE 8

CENTURY 14

THEATRE

11 BLDG

SCOTCH 10 BLDG THE OLD 6 SW STREET 4 6

ALBERTA 2 4 LINEHAM

14 & LEESON

8 AVENUE

11 PLACE PARK 2 4 2 8 AVE SW

WARD BLK

PAIN BLK

WEST SW AVE 8 129 2 STREET SW STREET 2

3 STREET SW ROYAL BANK24 TOWERWEST EAST BANKERS CALGARY GLENBOW TOWER HALL WEST HOLLINGS-WORTH MARRIOTT MUSEUM CENTRAL TOWER 47 BANKERS CALGARY CENTRE FOR THE 510 ANIMAL TOWER HOTEL GIBRALTER WESTERN CENTENNIAL PARKADE P HALL EAST 4 PERFORMING ARTS 9 AVE SE

TELUS ENTERPRISE HOSPITAL SW STREET 7 P 47 SALVATION ARMY

TOWER CENTRE PLACE EAST 902 CANADIAN (1000 STALLS) CIVIC PLAZA 17

ENMAX SW STREET 1 150 - 9TH WEST P LE GERMAIN 518 THE CONTINENTAL P PARKADE STREET CENTRE TOWER ROAD 538 CAR RENTAL TOWER EIGHTH CENTRE OF HOPE 9 AVE SW HOUSE PLACE SOUTH UNDERGROUND PARKADE SUBSTATION NO.1 49 BANKERS AVE SW PLACE 9 AVE SE 3 HOTEL 3 30 AVENUE PLACE 15 30 10 CONVENTION 500 STALLS 9 AVE SE COURT EDWARDS

ALBERTA GRAIN ALBERTA EXCHANGE BLDG EXCHANGE & SURFACE PARK

KING EDWARD KING 9 AVENUE SW 9 AVENUE SW 9 AVENUE SW 9 AVENUE SE

PENN WEST POTENTIAL CRYSTAL PLAZA PENN WEST PALLISER 6 WEST TOWER 303 DOWNTOWN WAM OWNED SITE GLASS PLAZA SQUARE POTENTIAL FORDING DISTRICT ENERGY 907 POTENTIALWEST PALLISER MACLEOD TR CANADA P GULF CANDA EAST TOWER PALLISER ONE PALLISER PLACE CENTRE

METRO FORD SW AVE 9 P 12 SQUARE PALLISER CALGARY SQUARE 10 2 SQUARE 20 10 TOWER SQUAREEAST 27 20 PALLISER HOTEL SQUARE 7 WEST EAST PRIVATE CAR SHELTER (CP RAIL) CPR TRACKS PALLISER LOW RISE/COMMERCIAL CPR TRACKS 640-650 10TH & 10TH 730 10 AVE SW Place 10 CAR WASH 999 MOUNTAIN Place 10 GULF CANADA P FIREHALL EQUIPMENT 10 AVE SW East Tower 1036 8 ST SW West Tower PARKADE NO 2 752 ALAMO/ PALLISER PARKADE CO-OP (Potential) (under construction) P (1,500 STALLS) ELECTRIC 10 AVE SW AVE 10 614 10 AVE SW P NATIONAL (1,280 STALLS) SUBSTATION NO 5

140 1030 10AVE SW PALLISER FUTURE CAR RENTAL 18 DEVELOPMENT

ROYAL 10 AVE SW HOUSE SQUARE SOUTH

MOUNT

10TH AVE

10 AVENUE SW 10 AVENUE SW 10 AVENUE SE

5 3 3 3 3 3 KIPLING 6 2 3 ALBERTA 731-739 349 - 355 1001 ASTORIA 815-823 10 AVE SW 707 10TH SQUARE 325 MAcCOSHAM BROMLEY 2 MEG THE BROWNSTONES 409 WORKS Mark On Tenth 617 10 AVE SW BROMLEY SUN ICE

10 AVE SW CENTRE 10 10 AVE SW 317 FIRST ON TENTH 10 AVE SE 427 CONDO 341 SQUARE 10 AVE SW 345 P PLACE BLOK

339

THE AVE SW 629 BLK SQUARE BROMLEY 101-109 BLDG PLACE

MAcCOSHAM 305 ALBERTA 10 AVE SE CORNER

DEVELOPMENT BLDG COOPER

GAS

10 AVE SW AVE 10 UNDERGROUND 10 AVE SE ALBERTAN

ATCO 10 AVE SW AVE 10 PLACE TRADE CENTRE

HUDSON

WESTERN 10 AVE SW AVE 10 10 AVE SE

10 AVE SW AVE 10 10 AVE SW AVE 10 DEMCOR 2 PARKADE PARKADE

BELL BLOCK

10TH AVE SE AVE 10TH

4 STREET UNDERPASS

6 13 2 4 2 4 4 12 8 8 3 4 4 622 11TH 140 11TH AVE SW 4 230/238 4 RIBTOR II 5 ATCO JOFFRE 11 CONCRETE 5 110 - 11 AVE SW 422 940 11TH 902 11TH CORNER 812/816 THE 11AVE SUNRISE SQUARE THE AVENUE 206-220 11TH AVE SW LOUISE (Calgary Police 11 AVE SE PLACE 550 1015 EQUITIES THE LEWIS 402

GAS BLOCK 724 628 PLACE RIBTOR AVE SW AVE SW 4 PASERIUM SW SEED Victoria Park

1006 SEED BLOCK 802 11 802 11 AVE SW

AVE SW AVE

730

CUSTOMS BLDG THE 11 AVE SW 514 4TH ST SW PLACE VINTAGE II VINTAGE BLDG 11 AVE SE 9 LOFTS 224

BLOCK BLDG

ROYOP 11 AVE SW

BLOCK LIFE BLDG LIFE Station)

11 AVE SW AVE 11 9

3 4 5 8 10 MUSTARD BISCUIT MUSTARD 1 6 THEATRE 11 AVE SW 7

11 AVE SW PLUS GAS 2

11 AVE SW AVE 11

PARKADE

PARAMOUNT

11 AVE SW AVE 11 2 GLENBOW

11 AVE SW AVE 11

WESTCOAST

CENTRE 110 CENTRE 12 13 ADVANTAGE 14 15 16 17 11 AVENUE SW 11 AVENUE SW 11 11 AVENUE SE 1037 2 11 AVE SW 1 709 3 343 11 AVE 3 2 16 5 IBM 9 11 AVE 535 537 3 GEC 521 THE ATCO 801 2 527 529 ELEVEN ATCO SW 617 KEG DUFF 333 CORPORATE CO-OP GAS 34 CARRINGTON CENTRE II 11 AVE SW 739 DANISH 701 ATRIUM ARCHIT-

411

ELEVEN 1104 CONDOS 1003-1015 CENTRE I BLDG 637 BLDG BLDG CENTRE PARK TRANSALTA STATION 607- 613 607- CANADIAN SW AVE 11 ECTURE 10 BLDG 11 AVE SW 11 AVE SW ON SW AVE 11 14 11 AVE SW SW AVE 11 11 AVE SW 5 CIBC

PHASE II SE AVE 11 FAIRMORE PLACE II WEXFORD / OXFORD CLUB CENTRE 555 16 IBM BLOCK ELEVENTH SERVICES 1101-9

FLAMINGO CORPORATE OWNERSHIP SITE MACLEOD 351 11 AVE SW AVE 11 351 LACEY CENTRE PARK 6 FUTURE COURT ARRIVA I

SAFEWAY 4 4 14 PHASE I SW STREET 1 TRANSALTA DEVELOPMENT 7 STREET SW STREET 7

8 STREET SW STREET 8 5 9 2 PLACE III KEYNOTE

9 STREET SW STREET 9 5 STREET SW STREET 5 FUTURE SW STREET 6

WORLEY SW STREET 2 1 STREET SE STREET 1 11 SW STREET 4 IBM 1919

1111 10 STREET SW STREET 10 GENESIS DOMINION 1122

DEVELOPMENT LOFTS

PARSONS STREET CENTRE CENTRE THE PARKSIDE SAM LIVINGSTON 4 ST SW CORPORATE SE STREET 3 SCHOOL XENEX THE CONDOS CASTELLO 15 1112

APTS 1133

TEMPLE 1014 RESOURCES

APTS

SANDPIPER APTS PARK 1115-1119 BLDG MACLEOD TRAIL SE TRAIL MACLEOD DANA 628 PLACE

HARVEY MASONIC

HOUSE EPIQUE BLDG TRANSALTA

MANHATTAN

314 DAHL-SEN & ENERGY

MACLEOD

1115 12 AVE SW 1 ST SE

806 12 AVE 12 806

CENTRAL PHASE III BLK 12 AVE SW LORRAINE 1040 12 AVE SW AVE 12 1040 PLACE I

BARNHART

9 ST SW

1119 SE ST 3 1111 PARK PLAZA PARK

11 AVE SE AVE 11

OLYMPIC WAY SE WAY OLYMPIC 7 ST SW ST 7 12 AVENUE SW 12 AVENUE SW 12 AVENUE SE 12 AVENUE SE

4 SUTTON Proposed 5 Proposed Proposed Proposed3 Proposed Proposed Completed Completed Under Construction Under Construction Under Construction Proposed Proposed 1202 3 Proposed11 Proposed 2 Proposed Proposed STANFORD THE PLACE MARLHURST THE 1ST ST SW 133 APTS PLACE First Canadian Centre BrookfieldSEVILLE Place 213 8th AvenueHOTEL & ARTS THE PBA Development Calgary CityDAVENPORT Centre 707 Fifth Street SW STONETelus Sky APTSTower EXUD Palliser Square Calgary City Centre Oxford Tower BELTLINE 211 12 AVE 608 7th Street Century Gardens The Bow Professional COURT Eau Claire Tower CAM TheKAHANOFF Bow - South 215 Barron Building APTS Brookfield Place HAVEN POOL SW ST 1 SE

NUVO CBE 227

PLAZA

HELENE SW AVE 12 Centre Street SW CENTRE PLACE Phase II EDUCATION CENTRE Phase II Phase II 1201-1209 12 AVEOffice SE Tower Building Site

FOUNTAIN

BRAEMAR

Phase I FUTURE ODDFELLOW

PETROWEST

COURT APTS COURT

12 AVE SE BELTLINE ARBY'S

MEMORIAL SE AVE 12 401

REBEKAH 1213

1023 12 AVE 12 1023 SHELDON

1027 12 AVE 12 1027 PARK CENTRAL MEMORIAL PARK TOWER CONNAUGHT DEVELOPMENT M. CHUMIR PARK LIBRARY ESSO GARDENS ADAIR HULL ESTATES FUTURE HEALTH CARE GAS STATION 2 STAMPEDE CASINO APTS THE RANCHMAN'S DEVELOPMENT SW ST 1 & TOUCHLESS PLAYGROUND ESTATE CLUB 616 PARK 1238 - 1210 CAR WASH VICTORIA BROMPTON PRESTIGE 13 AVE 228 150

1030 SW ST 8

816 URBAN ESTATES SQUARE 814

TOWER CAMBRIDGE BLK

MANOR HSE APTS

810

1018 1020 1022 1024 232

1222-1238

JULLIARD

13 AVE SW 228

SW 234

222-4

802 FLATS SW AVE 13

ASHLEY SQ ASHLEY

RADIO 13 AVE SW AVE 13 GATE

CS BLDG CS

1223-35 LIGHT RAIL TRANSIT 13 AVE SW AVE 13

MACLEOD 13 AVENUE SW 13 AVENUE SW 13 AVENUE SE 13 AVENUE SE 801 7 13 AVE SW 3 STRATTON HORIZON ALDRIN THE CENTRAL WEXFORD PARK PARK BERNARD POTENTIAL

ST. ELIZ OAKS CANADIAN 1302 UNION BENTALL KENNEDY OWNERSHIP SITE

1027 1031

1029 BERKENSHAW PLACE ALBERT 127

1015 1019 1017 ROYAL OAK PARK TOWERS PLACE FIRST 300 CALLEBAUT STAMPEDE STATION

THE HOUSE 121

BLOOD 333 PARK SQUARE THE CHURCH OF APTS

LOUGHEED SW AVE 13

THE COLOURS MANOR APTS 313 APTS

MADRID APTS 603 HAULTAIN CONDOS HOUSE PHASE II BAPTIST PRADA CHOCOLATES

105

SERVICES SW AVE 13 APTS HUNGARY RIVIERA

BLDG HOUSE

THE

SQUARE

MOXAM

13 AVE SW AVE 13

919 13 AVE AVE 13 919

BARCLAY SCHOOL OF 923 13 AVE AVE 13 923 CHURCH

13 AVE SW

7 ST SW ST 7 WESTMORE- SW AVE 13

1303-11

BERKENSHAW

CAVALIER

13 AVE SW AVE 13 13 AVE SW LAND FINE ARTS

CONGRESS

1313

VAN HELDEN

1310

CENTRE ST CENTRE

5 Research & Forecast Report | First Quarter 2016 | Calgary / Downtown | Colliers International ST CENTRE OLYMPIC WAY SE WAY OLYMPIC BOW RIVER DISCOVERY

HILL 310-314 10 ST NW ST 10 1 AVENUE NE BROKEN PLATE RIVER RUN CONDO’S HILL HOUSE HOLLY PARK

CALGARY DOWNTOWN MAP YARD MEMORIAL DRIVE NW PRINCE'S ISLAND ESTATES

YEOMAN'S MARSH ROAD NE 500 HOLLY EAU CLAIRE POINT

PEACE BRIDGE LEGEND THE

PRINCETON

10 STREET NW STREET 10 WATERFRONT MANOR EAU CLAIRE CONDOS UNDER CONSTRUCTION

HELIPORT YMCA MEREDITH COLLIERS INTERNATIONAL CENTRE STREET BRIDGE STREET CENTRE 4 ST VLADIMIR'S EAU CLAIRE MARKET FUTURE/POTENTIAL CONSTRUCTION SITE 900-,UKRAINIAN 335 - 8TH AVE SW

MEMORIAL DRIVE NE ORTHODOX

130- 148 10 ST NW ST 10 148 130- APTS

3 CALGARY,CHURCH AB T2P 1C9 WAAL DE

BARCLAY PARADE BARCLAY CAFE EAU CLAIRE AVENUE SW 1886 BOW RIVER

RIVERFRONT AVE SW COMMERCIAL T +1 403MEREDITH 266 5544ROAD NE MILL

BARLEY F +1 403 265 6495 1 AVENUE SW ERNST &

YOUNG SIEN LOK PARK RESIDENTIAL www.collierscanada.com

205 CALGARY

SHERATON JOEY TOWER CHINATOWN

EAU CLAIRE CENTRE SENIOR’S

TOMATOES EAU CLAIRE P P P RIVERFRONT 106 - 126 10 ST NW ST 10 126 - 106 APTS BOW LA CAILLE CLAIRE COVERED SURFACE PARKING 23 BOWSIDE RESTAURANT ESTATES JOE P BLDG MANOR

PHILLIPS 4 STREET NE STREET 4

LA CAILLE 116 N.W. LRT BRIDGE 140

LA CAILLE LA

CONDOS CENTRE

2 AVE SW AVE 2

CENTRE

2 AVE SW HONG KONG

UNITED

ON THE PARKE THE ON

CHURCH

HARMONIOUS 9 + 15 WALKWAY BROADVIEW 5 PLAZA 2 AVENUE SW 2 AVENUE SW DAQING AVENUE SW 2 2 AVENUE SW FUTURE +15 WALKWAY CHOW EAU CLAIRE 1 THE POINT 735 CENTENNIAL PLACE NG BLOCK

123

119 CILTURAL CENTRE CILTURAL

LOOKOUT CHINESE CALGARY

REST. 2ND ST EAU CLAIRE MANOR 2 WAI-KWAN 129 ON THE BOW 46 TOWER

SAHARA

2 AVE SE AVE 2 MANOR SE AVE 2 SHAW CENTRE SE AVE 2 BLDG

CALGARY KWAN

CHINESE COURT LIVINGSTON CHURCH

WEST PLACE 207 207 2 STREET SW STREET 2 12 SW STREET 5 CITY TOWER PENTACOSTAL 1 ST SE

WEST 200-218

114

HILLHURST BRIDGE CLAIRE MALL BARCLAY 100-6 110 6 STREET SW STREET 6

233 23 EAST MNS 138

COURT TENNIS 40 5 HARVEST 3 AVE SE3 AVE SE

3 AVE SW AVE 3

CENTRE

TRINITY TOWER 23

3 AVE SE CHURCH

FAR EAST PARK

SHOPPING PLAZA ST CENTRE 3 LUTHERAN 7 APTS AA A B C 4 AVE FLYOVER 3 AVENUE SW 3 AVENUE SW 17 302 LIVINGSTON EAU CLAIRE MCDOUGALL PARKADE SUNLIFE 3 AVE SE

WESTIN

P BUILDING JAMIESON WEST STREET CENTRE & CRAB SHACK) R

PLACE

HOTEL HOTEL

DEVELOPMENT LAND TITLES HOTEL EAST CENTRE PLAZA E OPTIMA 5 REST. 3 18 31 PLACE 34 3 G 11 28 28 10 8 E

CAESAR’S O

REST. 12 PLACE II SUBSTATION NO 8 SITE 23 BLDG METROPOLITAN PLACE SE

4 AVE SW PLACE DELTA BOW 410 6 ST CENTRE 18 34 P R 2 7 F1RST VALLEY INN 24 T N NORTHLAND TOWER PARK PARK JAMES SHORT PARK P YWCA O 28 LAGIN PLACE CECIL T & 16 7

TOWER ON CENTRE

BEER/WINE M THE PARKADE UNDERGROUND D

PLACE HERITAGE AQUITAINE 520 TD PLACE EAST 36 E (626 STALLS) (626 CATHOLIC MACDOUGALL PARKADE FIVE FIVE SUNDANCE PRINCE CHEVRON FIFTH AVENUE 35

PLACE 9-6 P BANTREL NEW SW STREET 4 6TH AVE BARCLAY MCLEOD 800 BRADIE PLACE 524 CARKETEN SIXTH PARKADE TOWER OFFICE PARKADE BLDG HOUSE REST BOW VALLEY PARK CAR 3 426

OF EDUCATION 1010 PLACE SIXTH 8 TWIN BLDG P PARK

EAST BLDG TOWER PARKADE BLDG PLACE CENTRE

DIAL PLACE 608 P CHURCH

CARTER COURTS

WEST

6 AVE SW AVE 6

TOWER BLDG COURT 6 AVE SE PLACE 6

TOWER BLDG 13 BOW VALLEY 28 DEVEL 5 20 SURFACE PARK & 157 POTENTIALPHASE II THESOUTH BOW FRANCIS ST. COURT 431

6 UTILITIES PARKADE

5 STREET SW STREET 5 CANADIAN 6 STREET SW STREET 6 FIRST CANADIAN TELUS THE REDEEMER

6 BLDG TELUS SKY HEADQUARTERS

HOTEL CENTRAL PLAZA PLACE 15 CENTRECENTRE 20 7TH AVENUE PLAZA PARKADE 10 TOWER 520 10 18 CENTRE CENTRE 3 424 FIREFIGHTERS

8 NO. 1 DOMINIONDOMINION 12

SANDMAN 11 7 10 41 HOTEL 15 LIBRARY (300 STALLS) PHASE II TOWER LEGION 6 ASSOC

7 AVE SE

BLDG HALL TOWERS CENTRE POTENTIAL OLD CITY TOWERS 905 7 AVE SW AVE 7 BRIAR HOUSE HOUSE PLACE HOLT 33 SQUARE UNITED ADMINISTRATION HOUSE BLDG CENTRE

TOWER CRAIG 40

7 AVE SW SUTTON POTENTIAL P HALL 5 OFFICE 15 20 14 29 RENFREW 40 CHURCH BLDG BUILDING 7 AVE SW CenturyNEXEN Gardens Tower HUDSONS BAY 4 4 12 HOTEL 3 HYATT TELUS

DEVELOPMENT DELAWARE

TOWER COMPANY REGENCY BROADCASTING CONVENTION 6 11 CENTRE THE CORE (DOWNTOWN RETAIL CORRIDOR) PARKADE OLYMPIC PLAZA EAST VILLAGE DOWNTOWN P POTENTIAL

1010 SW STREET 8

1040 1000 CENTURY 10 STREET SW STREET 10

618-628 TOWER

P 4TH LEVEL 32 BLOCK BLOCK

BANK OF

4 STREET SE STREET 4 HOTEL 1034 11 4 3 BLK 2 STRATEGIC

7 HISTORIC

UNION BLDG UNION 424A (200 STALLS) (200 12

CENTRE BLDG

10 TEATRO NORMAN 2 3 BUILDING MONTREAL

VENINI

MOLSON’S

4 SE TRAIL MACLEOD ST. LOUIS ST.

LANCASTER 3 8 AVE SE AVE 8

DOLL BLDG DOLL

411 40 10 HOTEL 9 SE AVE 8 (RETAIL) NOVA PLAZA PLAZA PALACE 101 BLDG

GLOBE

SCOTIA SCOTIA

BLOCK 41 3 BLOCK 23 OF BANK SE AVE 8

CENTURY 14

THEATRE

11 BLDG

SCOTCH 10 BLDG THE OLD 6 SW STREET 4 6

ALBERTA 2 4 LINEHAM

14 & LEESON

8 AVENUE

11 PLACE PARK 2 4 2 8 AVE SW

WARD BLK

PAIN BLK

WEST SW AVE 8 129 2 STREET SW STREET 2

TELUS ENTERPRISE HOSPITAL SW STREET 7 P 47 SALVATION ARMY

TOWER CENTRE PLACE EAST 902 CANADIAN (1000 STALLS) CIVIC PLAZA 17

ALBERTA GRAIN ALBERTA EXCHANGE BLDG EXCHANGE & SURFACE PARK

KING EDWARD KING 9 AVENUE SW 9 AVENUE SW 9 AVENUE SW 9 AVENUE SE

140 1030 10AVE SW PALLISER FUTURE CAR RENTAL 18 DEVELOPMENT

ROYAL 10 AVE SW HOUSE SQUARE SOUTH

MOUNT

10TH AVE

10 AVENUE SW 10 AVENUE SW 10 AVENUE SE

5 3 3 3 3 3 KIPLING 6 2 3 ALBERTA 731-739 349 - 355 1001 ASTORIA 815-823 10 AVE SW 707 10TH SQUARE 325 MAcCOSHAM BROMLEY 2 MEG THE BROWNSTONES 409 WORKS Mark On Tenth 617 10 AVE SW BROMLEY SUN ICE

10 AVE SW CENTRE 10 10 AVE SW 317 FIRST ON TENTH 10 AVE SE 427 CONDO 341 SQUARE 10 AVE SW 345 P PLACE BLOK

339

THE AVE SW 629 BLK SQUARE BROMLEY 101-109 BLDG PLACE

MAcCOSHAM 305 ALBERTA 10 AVE SE CORNER

DEVELOPMENT BLDG COOPER

GAS

10 AVE SW AVE 10 UNDERGROUND 10 AVE SE ALBERTAN

ATCO 10 AVE SW AVE 10 PLACE TRADE CENTRE

HUDSON

WESTERN 10 AVE SW AVE 10 10 AVE SE

10 AVE SW AVE 10 10 AVE SW AVE 10 DEMCOR 2 PARKADE PARKADE

BELL BLOCK

10TH AVE SE AVE 10TH

4 STREET UNDERPASS

GAS BLOCK 724 628 PLACE RIBTOR AVE SW AVE SW 4 PASERIUM SW SEED Victoria Park

1006 SEED BLOCK 802 11 802 11 AVE SW

AVE SW AVE

730

CUSTOMS BLDG THE 11 AVE SW 514 4TH ST SW PLACE VINTAGE II VINTAGE BLDG 11 AVE SE 9 LOFTS 224

BLOCK BLDG

ROYOP 11 AVE SW

BLOCK LIFE BLDG LIFE Station)

11 AVE SW AVE 11 9

3 4 5 8 10 MUSTARD BISCUIT MUSTARD 1 6 THEATRE 11 AVE SW 7

11 AVE SW PLUS GAS 2

11 AVE SW AVE 11

PARKADE

PARAMOUNT

11 AVE SW AVE 11 2 GLENBOW

11 AVE SW AVE 11

WESTCOAST

411

PHASE II SE AVE 11 FAIRMORE PLACE II WEXFORD / OXFORD CLUB CENTRE 555 16 IBM BLOCK ELEVENTH SERVICES 1101-9

FLAMINGO CORPORATE OWNERSHIP SITE MACLEOD 351 11 AVE SW AVE 11 351 LACEY CENTRE PARK 6 FUTURE COURT ARRIVA I

SAFEWAY 4 4 14 PHASE I SW STREET 1 TRANSALTA DEVELOPMENT 7 STREET SW STREET 7

8 STREET SW STREET 8 5 9 2 PLACE III KEYNOTE

9 STREET SW STREET 9 5 STREET SW STREET 5 FUTURE SW STREET 6

WORLEY SW STREET 2 1 STREET SE STREET 1 11 SW STREET 4 IBM 1919

1111 10 STREET SW STREET 10 GENESIS DOMINION 1122

DEVELOPMENT LOFTS

PARSONS STREET CENTRE CENTRE THE PARKSIDE SAM LIVINGSTON 4 ST SW CORPORATE SE STREET 3 SCHOOL XENEX THE CONDOS CASTELLO 15 1112

APTS 1133

TEMPLE 1014 RESOURCES

APTS

SANDPIPER APTS PARK 1115-1119 BLDG MACLEOD TRAIL SE TRAIL MACLEOD DANA 628 PLACE

HARVEY MASONIC

HOUSE EPIQUE BLDG TRANSALTA

MANHATTAN

314 DAHL-SEN & ENERGY

MACLEOD

1115 12 AVE SW 1 ST SE

806 12 AVE 12 806

CENTRAL PHASE III BLK 12 AVE SW LORRAINE 1040 12 AVE SW AVE 12 1040 PLACE I

BARNHART

9 ST SW

1119 SE ST 3 1111 PARK PLAZA PARK

11 AVE SE AVE 11

OLYMPIC WAY SE WAY OLYMPIC 7 ST SW ST 7 12 AVENUE SW 12 AVENUE SW 12 AVENUE SE 12 AVENUE SE

NUVO CBE 227

PLAZA

HELENE SW AVE 12 Centre Street SW CENTRE PLACE Phase II EDUCATION CENTRE Phase II Phase II 1201-1209 12 AVEOffice SE Tower Building Site

FOUNTAIN

BRAEMAR

Phase I FUTURE ODDFELLOW

PETROWEST

COURT APTS COURT

12 AVE SE BELTLINE ARBY'S

MEMORIAL SE AVE 12 401

REBEKAH 1213

1023 12 AVE 12 1023 SHELDON

1030 SW ST 8

816 URBAN ESTATES SQUARE 814

TOWER CAMBRIDGE BLK

MANOR HSE APTS

810

1018 1020 1022 1024 232

1222-1238

JULLIARD

13 AVE SW 228

SW 234

222-4

802 FLATS SW AVE 13

ASHLEY SQ ASHLEY

RADIO 13 AVE SW AVE 13 GATE

CS BLDG CS

1223-35 LIGHT RAIL TRANSIT 13 AVE SW AVE 13

MACLEOD 13 AVENUE SW 13 AVENUE SW 13 AVENUE SE 13 AVENUE SE 801 7 13 AVE SW 3 STRATTON HORIZON ALDRIN THE CENTRAL WEXFORD PARK PARK BERNARD POTENTIAL

ST. ELIZ OAKS CANADIAN 1302 UNION BENTALL KENNEDY OWNERSHIP SITE

1027 1031

1029 BERKENSHAW PLACE ALBERT 127

1015 1019 1017 ROYAL OAK PARK TOWERS PLACE FIRST 300 CALLEBAUT STAMPEDE STATION

THE HOUSE 121

BLOOD 333 PARK SQUARE THE CHURCH OF APTS

LOUGHEED SW AVE 13

THE COLOURS MANOR APTS 313 APTS

MADRID APTS 603 HAULTAIN CONDOS HOUSE PHASE II BAPTIST PRADA CHOCOLATES

105

SERVICES SW AVE 13 APTS HUNGARY RIVIERA

BLDG HOUSE

THE

SQUARE

MOXAM

13 AVE SW AVE 13

919 13 AVE AVE 13 919

BARCLAY SCHOOL OF 923 13 AVE AVE 13 923 CHURCH

13 AVE SW

7 ST SW ST 7 WESTMORE- SW AVE 13

1303-11

BERKENSHAW

CAVALIER

13 AVE SW AVE 13 13 AVE SW LAND FINE ARTS

CONGRESS

1313

VAN HELDEN

1310

CENTRE ST CENTRE

6 Research & Forecast Report | FirstST CENTRE Quarter 2016 | Calgary / Downtown | Colliers International OLYMPIC WAY SE WAY OLYMPIC MARKET CONTACT:

EMEA: 108 Warren Hedges | Senior VP / Partner Lucas Beck | Associate [email protected] | +1 403 298 0411 [email protected] | +1 403 215 9866

About Colliers International Group Inc. Colliers International Group Inc. is a global leader in commercial real estate services, with more than 16,300 professionals operating out of 502 offices in 67 countries. Colliers International delivers a full range of services to real estate occupiers, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. In 2014 the firm handled $97 billion in total transaction value for 84,600 leases and sales. Colliers manages more than 1.7 billion square feet of commercial properties.

Colliers International Group Inc. generates more than US$2.3 billion in annual revenues. With significant insider ownership and an experienced management team, Colliers International has a long-term track record of creating value and superior returns for shareholders – previously under the ownership of FirstService, and as of June 2015, continuously as an independently owned company. The common shares of Colliers International Group Inc. trade on the NASDAQ under the symbol “CIGI” and on the Toronto Stock Exchange under the symbol “CIG”. collierscanada.com

Copyright © 2016 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.