Research & Forecast Report

CALGARY Accelerating success. DOWNTOWN OFFICE MARKET

First Quarter 2019 Nexen Building and to be occupied by CNOOC. Sublease availability for spaces under 5,000 square feet Market Overview Summary Statistics While the net effect of this move by CNOOC remains remains scarce and most of these options comprise of Downtown Office Market Q4 2018 Q1 2019 Trend

Calgary’s downtown office market realized positive unclear, the Nexen Building continues to be excluded from chalkline shared scenarios or larger spaces which could OFFICE INVENTORY 44,214,667 44,214,667 absorption in the first quarter of 2019, resulting in the vacant office space inventory. If added to vacant inventory, be formally demised. In scenarios where the sublandlord vacancy rate decreasing to 25.23 percent. The trend of the vacancy rate could increase by 1.36 percent. offers demising options less than 5,000 square feet, NET ABSORPTION (13,056) 451,442 positive absorption is expected to continue throughout the subtenants often face higher rental rates in order to offset VACANCY RATE year, however this will likely be comprised of numerous Market Trends the sublandlords’ cost associated with formally demising 26.45% 25.23% the larger space. While some sublandlords will consider AVERAGE ASKING NET RENT smaller transactions as the majority of companies 20,000 $14.00 $14.00 square feet and greater with lease expiries in 2019 and Given the current economic climate downtown, landlords chalkline deals to expedite rent recovery, these scenarios (‘A’ CLASS BUILDINGS) 2020 have already completed transactions. There are continue to compete over a small pool of prospective are accompanied by numerous challenges. For subtenants, AVERAGE ADDITIONAL RENT (‘A’ CLASS BUILDINGS) $20.00 $20.00 only two companies that have not transacted in 2019 and tenants by offering aggressive base rents and lucrative confidentiality can be a major concern given there may be sixteen companies that have not transacted for 2020. inducements. This phenomenon is pervasive in all classes multiple subtenants sharing a floor with no formal Absorption Summary of buildings, thus contributing to the flight to quality trend, separation, while sublandlords risk limiting their recovery Downtown Office Market Q4 2018 Q1 2019 Trend

Recent activity from Cenovus and CNOOC International resulting in a consistent decrease in vacancy in Class on a portion of vacant space as a shared option is less AA 68,558 549,291 Limited (formerly Nexen) has drastically affected AA/A buildings and correspondingly, increased vacancy appealing to subtenants. absorption and Calgary’s downtown office market as a in Class B/C buildings. Suburban companies continue to A (17,198) 13,806 whole. By Q3 2019, Cenovus will be fully moved into migrate downtown to take advantage of these market trends. Since the beginning of 2017 approximately B (80,764) (45,231) Brookfield Place, where they will occupy 784,000 square Devon Energy Corporation 700,000 square feet of downtown office space has been feet. This move will leave Cenovus with approximately The U.S. based company has announced its intention to pursue a C 16,348 (66,424) 984,000 square feet of excess office space on the leased or subleased by companies previously located separation from its Canadian assets. This could have a significant impact on Calgary’s downtown vacancy rate, particularly as it sublease market, with the space located in The Bow outside of the downtown core. TOTAL (13,056) 451,442 relates to the Devon Tower. (491,000), Brookfield Place (240,000), – East Tower (140,000), Rocky Mountain Plaza The market continues to exhibit a high demand for small (42,000), Telephone Building (37,000) and Oddfellows office space vacancies, resulting in landlords offering Building (34,000). flexible demising options and constructing show suites Total Inventory & Occupied Space less than 5,000 square feet. Currently there are 49 Calgary Downtown Oce After vacating approximately 600,000 square feet in the existing show suites that are under 5,000 square feet or Nexen Building, CNOOC has almost fully moved their can be demised to be 5,000 square feet or less, with 24 50 operations to The Bow; subleasing 290,000 square feet additional show suites proposed or currently under from Cenovus and 110,000 square feet from Encana. This construction. Show suites that are finished to a higher relocation alone has resulted in approximately 400,000 standard and are located in higher quality buildings are 45 square feet of positive absorption. The absorption and leasing at a quicker pace than their counterparts. Q3 2014 OCCUPIED SPACE vacancy rate presented this quarter consider both the 37,333,600 SF Q3 2009 OCCUPIED SPACE 40 31,123,546 SF Q1 2019 Headlease & Sublease Comparison OCCUPIED SPACE Q1 2007 33,067,710 SF BUILDING CLASS TOTAL INVENTORY HEADLEASE AVAILABILITY SUBLEASE AVAILABILITY TOTAL AVAILABILITY OCCUPIED SPACE 33,214,742 SF

Q4 2018 Q1 2019 Q4 2018 Q1 2019 Q4 2018 Q1 2019 Q4 2018 % Q1 2019 % (MILLIONS) SQUARE FEET SQUARE 35

AA 16,856,813 16,444,525 1,355,434 1,111,113 2,017,381 1,696,965 3,372,813 20.01% 2,808,078 17.08%

A 13,738,290 14,150,578 2,079,598 2,035,436 878,678 868,911 2,958,276 21.53% 2,904,347 20.52% 30 Forecast per Year B 8,290,285 8,193,756 3,353,815 3,291,327 143,482 169,009 3,497,297 42.19% 3,460,336 42.45% *Absorption: 500,000 SF

C 5,329,279 5,425,808 1,668,596 1,792,111 198,984 182,085 1,867,580 35.04% 1,974,196 36.39% 25 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total 44,214,667 44,214,667 8,457,441 8,229,987 3,238,525 2,916,970 11,695,966 26.45% 11,146,957 25.23% Source: CMN Calgary Inc. 2019 Total Absorption: 451,442 Source: Colliers Research Q1 2019 OCCUPIED SPACE TOTAL INVENTORY

1 Research & Forecast Report | First Quarter 2019 | Calgary Downtown | Colliers International 2 Research & Forecast Report | First Quarter 2019 | Calgary Downtown | Colliers International The availability of sublease office space is primarily has been met with mixed reviews by the industry and Notable Transactions comprised of large energy firms, with four in particular investors alike. holding over 50 percent of the available sublease space. Company Building Address Approx. Square Footage The challenges facing crude oil are the ongoing headwinds Going forward, as has been the case for the past five for natural gas producers, who despite some reprieve this 1.* Golder Associates Ltd. Place 700 - 2 Street SW 60,000 years, companies that are 10,000 square feet and larger winter, have endured several years of persistently low will draw the most attention from landlords and realized prices (which at times have been near or below sublandlords and will continue to be able to negotiate the zero). As with crude oil, significant infrastructure changes most favourable terms. are required within the western Canadian energy complex 2.* NorthRiver Midstream Inc. West Tower 888 - 3 Street SW 43,000 to help alleviate these issues. Economic Outlook Political uncertainties stemming from what will likely be 3. Bluestar Engineering Ltd. Fifth & Fifth 605 - 5 Avenue SW 34,000 The first quarter of 2019 proved to be no more resilient an eventful election year for Canadians and Albertans than previous quarters with respect to the economic alike has caused many companies located within the hardships that the economy continues to face. downtown core to take a wait and see approach regarding 4.* Lawson Lundell LLP Brookfield Place 225 - 6 Avenue SW 27,000 The western Canadian oil and gas industry continues to significant decisions. This sentiment affects the commercial struggle due to pervasive egress constraints, unsupportive real estate industry as some companies remain hesitant capital markets and onerous regulatory developments. about signing long-term leases. 5.* IQ Office Suite Holdings Inc. 685 Centre Street SW 25,000 These challenges are impacting both crude oil and natural gas producers, who continue to suffer from historically As it pertains to Calgary’s downtown office space market, low realized prices relative to global benchmarks. vacancy levels are anticipated to remain high for the foreseeable future, with the biggest catalysts for change 6.* Carya Society of Calgary Atrium I 839 - 5 Avenue SW 20,000 Mandatory crude oil production cuts announced by the being significant commodity price recovery and greater Alberta Government this fall came into effect in January, political/regulatory certainty. Though we continue to see which has significantly improved price differentials (most non-energy and non-traditional market participants 7.* Westleaf Inc. Watermark Tower 530 - 8 Avenue SW 14,000 notably for heavy oil). While this decision has had a consider the downtown core as a real estate solution, positive immediate effect on realized pricing, government market diversification would need to accelerate in order to *Transactions that Colliers was involved in. interventionism through forced production curtailment materially alter current market dynamics. Composition of Headlease Vacancy New Office Development, Annual Absorption & Vacancy Rates 50 AS AT MARCH 31ST 2019 AA 1,111,113 SF 6.76% A 2,035,436 SF 14.38% B 3,291,327 SF 40.38% C 1,792,111 SF 33.03% 3000000 30 26.45% 2500000 Q4 2018 40 25.10% 24.40% 25.23% 2000000 24.80% Q1 2019 25 Q4 2016 1500000

AS AT APRIL 30TH 2015 AA 237,118 SF 1.66% 1000000 20 30 AS AT JANUARY 1ST 2013 A 858,280 SF 6.46% 18.11% VACANCY RATE AA 53,948 SF 0.40% B 838,990 SF 9.70% Q4 2015 C 559,604 SF 13.24% A 250,693 SF 1.89% 500000 B 341,519 SF 3.91% C 395,149 SF 8.33% 0 15 15.22% Q1 2010 20 FEET SQUARE -500000

HEADLEASE VACANCY RATE HEADLEASE VACANCY -1000000 10 8.52% Q4 2014 -1500000 7.27% FORECAST 4.49% Q4 2013 Q4 2011 10 -2000000 5

-2500000

-3000000 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

2013 2014 2015 2016 2017 2018 2019 NEW OFFICE HISTORICAL & DEVELOPMENT PROJECTED ABSORPTION VACANCY RATE

BUILDING CLASS AA A B C

3 Research & Forecast Report | First Quarter 2019 | Calgary Downtown | Colliers International 4 Research & Forecast Report | First Quarter 2019 | Calgary Downtown | Colliers International Development Cycle 9 STREET NW GLENWOODMANOR Development(s) No New Developments BOW RIVER DISCOVERY HILL

310-314 CALGARY DOWNTOWN MAP 321 NW ST 10 10 ST NW 1 AVENUE NE Square Footage N/A BROKEN PLATE RIVER RUN CONDO’S HILL LEGEND HOUSE 301 HOLLY 2011 10 ST NW PARK

233 YARD MEMORIAL DRIVE NW PRINCE'S ISLAND Annual Absorption 2,823,902 SF ESTATES UNDER CONSTRUCTION COMMERICAL

YEOMAN'S MARSH ROAD NE 500 HOLLY EAU CLAIRE POINT

PEACE BRIDGE FUTURE/POTENTIAL COMMERICAL SITE THE

PRINCETON

10 STREET NW STREET 10 WATERFRONT MANOR EAU CLAIRE CONDOS COMMERCIAL HOWIE HELIPORT YMCA MEREDITH BLDG Development(s) The Bow BRIDGE STREET CENTRE ST VLADIMIR'S 211 EAU CLAIRE MARKET UNDER CONSTRUCTION RESIDENTIAL UKRAINIAN 10 ST NW MEMORIAL DRIVE NE ORTHODOX

130- 148 10 ST NW ST 10 148 130- CHURCH

BARCLAY PARADE BARCLAY CAFE THE EAU CLAIRE AVENUE SW 1886 BOW RIVER P CONCORD RIVERFRONT AVE SW FUTURE/POTENTIAL RESIDENTIAL SITE MEREDITH ROAD NE

Square Footage 1,940,000 SF MILL BARLEY 1 AVENUE SW RESIDENTIAL

MILLENIUM SIEN LOK PARK

205 CALGARY 2012

SHERATON JOEY TOWER CHINATOWN

EAU CLAIRE CENTRE SENIOR’S

TOMATOES 1,999,503 SF EAU CLAIRE P P P RIVERFRONT Annual Absorption KENSINGTON NW ST 10 126 - 106 APTS BOW GATE LA CAILLE CLAIRE COVERED SURFACE PARKING BOWSIDE RESTAURANT ESTATES JOE P BLDG MANOR

PHILLIPS

LA CAILLE 116 140 P N.W. LRT BRIDGE

LA CAILLE LA

CONDOS CENTRE

2 AVE SW AVE 2

CENTRE

2 AVE SW HONG KONG

UNITED

ON THE PARKE THE ON

CHURCH + 15 WALKWAY

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

123

119 CILTURAL CENTRE CILTURAL

LOOKOUT CHINESE CALGARY

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

No New Developments SAHARA

Development(s) SE AVE 2 MANOR SE AVE 2 SHAW LIVINGSTON CENTRE SE AVE 2 BLDG

KWAN

CHINESE COURT PLACE CHURCH

WEST CALGARY 207 207 2 STREET SW STREET 2 5 STREET SW STREET 5 WEST PENTACOSTAL 1 ST SE CITY 200-218 EAU CLAIRE CITY ST CENTRE TOWER DEVON TOWER CENTRE 116 RIVERFRONT AVENUE SE LIBERTE EAU EXEC- HOTEL LIVINGSTON WAH PRINCE'S CROSSING SUITE RESIDENCES 3 AVE SE N/A SW STREET 7 PLACE SOUTH YING

114

Square Footage MALL BARCLAY 100-6

HILLHURST BRIDGE CLAIRE 110 6 STREET SW STREET 6

233 EAST MNSCLASS138 LEGEND

COURT TENNIS 5 HARVEST 3 AVE SE3 AVE SE

3 AVE SW AVE 3

CENTRE

TRINITY TOWER

3 AVE SE CHURCH

P FAR EAST PARK

SHOPPING P PLAZA ST CENTRE LUTHERAN APTS 3 AVENUE SW 4 AVE FLYOVER 2013 -1,576,727 SF 3 AVENUE SW AA A B C Annual Absorption 302 LIVINGSTON EAU CLAIRE MCDOUGALL PARKADE SUNLIFE 3 AVE SE 8 STREET SW STREET 8 SONOMA PAVILLIONS POTENTIAL EAU CLAIRE NORTH GOOD THE PLACE HOUSE RETIREMENT OF EAU CLAIRE HOUSE CHURCHILL 615 PARKADE 115-119 308 FORTUNE RESIDENCE ESTATES BENTALL 3rd AVE PLACE I P THE WESTIN 200 CARS RIVERFRONT P KENNEDY SITE P PARKADE 3 AVE SW CITY 310 PLAZA 123 SW II PLACE PLAZA 119 GOVERNMENT OF CANADA

WESTIN

3 AVE SE EAU CLAIRE EAU BP 312 RIVERFRONT 403 SHELL SE AVE 3 HARRY HAYS BLDG CENTRE POINTE RIVERFRONT CENTRE P AVE SE P SUNLIFE NEFF UNITED 512-528 4 AVE SW LOUISE STATION PLACE ALBERTA BIRCHCLIFF REGENCY (RETAIL) THE WESTIN PLAZA 316 - 3 ST SE ALTIUS ASIA SE STREET 1 HOUSING APTS MCFARLANE ENERGY HOTEL SUNLIFE FIRST (BOOKER’S BBQ P SERVICES TOWER SUITES CENTER SW STREET 1 SUNLIFE PACIFIC DRAGON CITY MALL WEST STREET CENTRE P BUILDING JAMIESON HOTEL STREET & CRAB SHACK)

DEVELOPMENT PLACE LAND TITLES EAST CENTRE OPTIMA P REST. PLACE PLAZA

CAESAR’S Development(s) - West Tower INTERNATIONAL 4 AVENUE SW 4 AVENUE SW 4 AVENUE SE R E LORRNELPOTENTIAL PHILLIPS 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 621 HOUSE & 4TH CANADA 841,000 SF PLACE APTS 4 AVE SW F Square Footage REST. PLACE II METROPOLITAN E P SUBSTATION NO 8 SITE BLDG PLACE S

4 AVE SW PLACE DELTA BOW 410 6 ST CENTRE P R F1RST VALLEY INN T N NORTHLAND TOWER PARK PARK JAMES SHORT PARK P YWCA O

LAGIN PLACE CECIL T P & N

TOWER O CENTRE THE UNDERGROUND BEER/WINE DM PLACE HERITAGE 520 TD PLACE EAST E

2014 AQUITAINE

CATHOLIC MACDOUGALL PARKADE FIVE FIVE SUNDANCE PRINCE CHEVRON FIFTH AVENUE

TRANSCANADA 926 PLACE 640 5TH AVE BANK CALGARY STOCK SE STREET 3 Annual Absorption 274,828 SF SCHOOL WEST WEST 800 - 5TH ROYAL SUITES TOWER PLAZA 444 (880 STALLS) P CENTRE AVE SW 5TH AVE SW PLACE I EXCHANGE LIGHT RAIL TRANSIT RAIL LIGHT HOTEL ROSLYN COURTYARD 1040 5 AVE TOWER FIRE STATION 6225th WAYNE 5 AVE SW Ave SW BLDG BLDG NUMBER 1

5 AVENUE SW 3 STREET SW 5 AVENUE SW 5 AVENUE SW 5 AVENUE SE 5 AVENUE SE 921 441 933 THE FIFTH & FIFTH 5TH AVE PROSPECT WEST SUNCOR 503 5TH AVE 5TH AVE SERVAL 715 FIFTH 639 PLACE BOW VALLEY BOW VALLEY ENERGY BOW 909 5th ATRIUM 1 805 P PARKADE CHATEAU BLDG FIVE TEN 333 CALGARY SQUARE III SQUARE II EAST P Ave SW 5TH AVE SW AVENUE 5 AVE SW FIFTH BLDG PETROLIUM CENTRE PROFESSIONAL PARK 507 FIFTH 5 AVENUE

& THIRD & Calgary City Centre KNOX CLUB CENTRE BOW SE RIVERFRONT POTENTIAL HALL VALLEY Development(s) THE OXFORD TOWER THE BOW COLLEGE 1078 SHELBOURNE DEVELOPMENT NORTH EVOLUTION Eau Claire Tower 6 AVE SW 404 6TH 300 CAMPUS THE THE ATRIUM 2 736 PACIFIC 66 PETEX CALGARY CENTRIUM 6 AVE SE BARCLAY MCLEOD PLACE 9-6 P PLACE BANTREL NEW BRADIE SW STREET 4 Ave SW PLACE P CARKETEN SIXTH PARKADE TOWER OFFICE PARKADE BLDG HOUSE REST BOW VALLEY PARK CAR

OF EDUCATION 1010 PLACE 800 TWIN BLDG P CONDO ODDFELLOWS CALGARY BOARD HOUSE BLDG SQUARE IV RENTAL

MEWATA BOW VALLEY STATION OILS CHURCH

1106 6 AVE SW P P EDINBURGH DEV P BUILDING

BLDG ITHACAN SQUARE I Square Footage 1,400,000 SF UNITED KNOX 6 AVENUE SW 6 AVENUE SW 6 AVENUE SW 6 AVENUE SE

2015 P 606 CALGARY TARJAN POINTE THE THE BRITANNIA P INTACT PLACE BROOKFIELD ALPINE FORD Fourth LOUGHEED HANOVER POLICE REMAND AXXIS PLACE CONCORDE SUN AMEC POTENTIAL BLDG WEST PLACE SERVICE ROCKY MOUNTAIN PROVINCIAL

1011 EAST PLACE

EAST BLDG TOWER PARKADE BLDG PLACE CENTRE -2,741,481 SF DIAL PLACE 608 P CHURCH

CARTER COURTS Annual Absorption P WEST

6 AVE SW AVE 6

TOWER BLDG COURT PLACE

TOWER BLDG BOW VALLEY DEVEL SURFACE PARK & 157 PHASE II THE BOW FRANCIS ST. COURT 431

UTILITIES PARKADE

PARKADE COURT 6 AVE SE EXECUTIVE STALLS BROOKFIELD HOUSE COLLEGE HOUSE UNDERGROUND TELEPHONE SOUTH PARKADE PLACE SOUTH THE COURT 800 STALLS (POTENTIAL) BLOCK LIFE SIERRA OF APPEAL CAMPUS NEXEN (POTENTIAL) POLICE

POTENTIAL CATHEDRAL PARKING WEST PARALLEL PLAZA NORTHLAND 840 7TH PLAZA PLACE JOHN J. BOWLEN ROCKY WILLIAM R CITY OF AVENUE FIRST TELUS BLDG CHURCH OF STRUCTURE POINTE CENTRE 1000 PENTLAND BLDG P PARK BLDG 444 TELUS MOUNTAIN CASTELL CALGARY POLICE CITY

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

BLDG HEADQUARTERS

HOTEL CENTRAL PLAZA PLACE CENTRE CENTRE 7TH AVENUE SKY P PLAZA PARKADE CENTRE CENTRE 424

NO. 1

DOMINION DOMINION

SANDMAN HOTEL LIBRARY (300 STALLS)

PHASE II LEGION

ST. REGIS

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 No New Developments 6 ST SW STATION 3 ST SW STATION CENTRE ST SW STATION CITY HALL STATION Development(s) MORTGAGE TD 115-125 1035 DOME TORONTO 7 AVE SW

BLDG CANADA TRUST 109 7 AVE SW O'NEIL GARDEN GUINNESS ELVEDEN IVEAGH ENCOR TOWER DOMINION STEPHEN CENTRAL (RETAIL) CITY HALL 1107 NEXEN 707 - 5th Street TOWER

BLDG HALL TOWERS AVENUE OLD CITY TOWERS 905 7 AVE SW AVE 7 BRIAR P HOUSE HOUSE PLACE HOLT SQUARE UNITED ADMINISTRATION HOUSE BLDG

TOWER CRAIG

7 AVE SW SUTTON POTENTIAL RENFREW PLACE CHURCH P HALL BUILDING

7 AVE SW NEXEN HUDSONS BAY BLDG

HOTEL DEVELOPMENT HYATT TELUS

COMPANY REGENCY BROADCASTING DELAWARE CONVENTION CENTRE Square Footage N/A THE CORE (DOWNTOWN RETAIL CORRIDOR) WESTMOUNT PARKADE DOWNTOWN P

PLACE 1010 SW STREET 8

1040 1000 CENTURY 10 STREET SW STREET 10

618-628 TOWER STEPHEN 1 STREET SE STREET 1

718 HOME OIL HOLIDAY INN 8 AVE SW 8 AVE SW SW STREET 9 P U OF C RAMADA HOTEL ROYAL

P GARDENS SE STREET 3 8 AVE SW PETROFINA 8 AVE SW TOWER AVENUE CLARENCE CALGARY CAMPUS BARRON BLDG DIPPIE

DEVONIAN GARDENS BLDG 8TH AVE 8TH BLOCK BANK

WATERMARK

PARK CENTRE WESTERN BLDG

BANK PARKADE PLACE MUNICIPAL CAMPEAU (RETAIL)

2016 BLDG P 4TH LEVEL BLOCK BLOCK

BANK OF

MACKAY & MACKAY

4 STREET SE STREET 4 HOTEL

1034

BLK

STRATEGIC HISTORIC

UNION BLDG UNION 424A (200 STALLS) (200

BLDG KRAFT BLDG KRAFT

TEATRO NORMAN BUILDING MONTREAL

VENINI

MOLSON’S

MACLEOD TRAIL SE TRAIL MACLEOD

ST. LOUIS ST.

TURNER-HICKS

LANCASTER 8 AVE SE AVE 8

DOLL BLDG DOLL

-2,320,786 SF THOMSON Annual Absorption BLK NEILSON 8 AVENUE SW 8 AVENUE SW STEPHEN AVENUE STEPHEN AVENUE

TAYLOR CIBC CALGARY PUBLIC FIRST WESTERN CANADIAN PLAINS HSBC WESTVIEW PAN BLDG ALBERTA PLACE NORTH 635 RILEYS BLDG 239 - 221 - 227FLAMES 109-123 BLDG 8 WEST ARCTIC 8 AVE SW MIDSTREAM SHAW BLDG 8 AVE SWCENTRAL ALBERTA 8 AVE SW (RETAIL) BURNS

PLACE SW 8th AVE SW

429-31 P P HEIGHTS BLDG 439 411

HOTEL SE AVE 8

(RETAIL) NOVA PLAZA PLAZA PALACE 101 BLDG

GLOBE

SCOTIA SCOTIA

BLOCK BLOCK

BANK OF BANK SE AVE 8

CENTURY

THEATRE

BLDG

SCOTCH BLDG THE OLD SW STREET 4

ALBERTA LINEHAM LEESON &

8 AVENUE

PARK PLACE PARK

8 AVE SW

WARD BLK

PAIN BLK

CIDEX/WEXFORD WEST SW AVE 8 129 2 STREET SW STREET 2

3 STREET SW DEVELOPMENT SITE TOWERWEST EAST ROYAL BANK BANKERS CALGARY GLENBOW TOWER HALL WEST HOLLINGS-WORTH MARRIOTT MUSEUM CENTRAL TOWER BANKERS CALGARY CENTRE FOR THE 707 Fifth ANIMAL TOWER HOTEL GIBRALTER WESTERN CENTENNIAL PARKADE P HALL EAST PERFORMING ARTS L

E

TELUS ENTERPRISE HOSPITAL SW STREET 7 P SALVATION ARMY

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

ENMAX SW STREET 1 THE EDISON WEST P LE GERMAIN Development(s) THE CONTINENTAL P PARKADE STREET CENTRE TOWER

ROAD CAR RENTAL TOWER EIGHTH CENTRE OF HOPE 9 AVE SW HOUSE PLACE SOUTH UNDERGROUND PARKADE SUBSTATION NO.1 BANKERS PLACE HOT Brookfield Place AVENUE PLACE CONVENTION 500 STALLS 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 Square Footage 1,945,400 SF PENN WEST POTENTIAL CRYSTAL PLAZA PENN WEST PALLISER WEST TOWER 303 DOWNTOWN GLASS PLAZA SQUARE POTENTIAL TECK P DISTRICT ENERGY 907 WEST PALLISER MACLEOD TR P P CANADA P GULF CANDA EAST TOWER ONE PALLISER PLACE P P CENTRE

METRO FORD SW AVE 9 P SQUARE 2017 CALGARY SQUARE SQUARE TOWER EAST PALLISER HOTEL Annual Absorption -156,986 SF PRIVATE CAR SHELTER (CP RAIL) CPR TRACKS PALLISER LOW RISE/COMMERCIAL

640-650 Marriot Hotel 10TH & 10TH 730 10 AVE SW CAR WASH 999 MOUNTAIN Place 10 Place 10 GULF CANADA P FIREHALL EQUIPMENT 10 AVE SW 1036 P 8 ST SW West Tower East Tower PARKADE NO 2 752 P ALAMO/ PALLISER PARKADE CO-OP (Potential) (Potential) P (1,500 STALLS) ELECTRIC 10 AVE SW AVE 10 P NATIONAL (1,280 STALLS) SUBSTATION NO 5

140 1030 10AVE SW PALLISER FUTURE CAR RENTAL DEVELOPMENT

ROYAL 10 AVE SW HOUSE SQUARE SOUTH

MOUNT

10TH AVE

Development(s) - 10 AVENUE SW 10 AVENUE SW 10 AVENUE SE

KIPLING ALBERTA 731-739 349 - 355 1001 ASTORIA 815-823 10 AVE SW 707 10TH SQUARE 325 MAcCOSHAM BROMLEY 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

- SW AVE 10 10 AVE SE 10 AVE SW AVE 10 10 AVE SW AVE 10 Square Footage DEMCOR PARKADE PARKADE

BELL BLOCK

10TH AVE SE AVE 10TH

4 STREET UNDERPASS

622 11TH 140 11TH AVE SW 230/238 RIBTOR II 2018 ATCO JOFFRE 396 - 11th 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 550 THE VANTAGE POINTE PLACE 1015 AVE SW LEWIS 402

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

1006 SEED BLOCK Estimated 11 802 11 AVE SW

AVE SW AVE

730

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

BLOCK BLDG

ROYOP 11 AVE SW

BLOCK LIFE BLDG LIFE Station)

11 AVE SW AVE 11

MUSTARD BISCUIT MUSTARD

THEATRE

- 11 AVE SW

11 AVE SW PLUS GAS

11 AVE SW AVE 11

PARKADE

PARAMOUNT

11 AVE SW AVE 11 GLENBOW

11 AVE SW AVE 11

WESTCOAST

CENTRE 110 CENTRE Completion Date ADVANTAGE 11 AVENUE SW 11 AVENUE SW 11 AVENUE SE 1037 11 AVE SW 709 343 11 AVE THE ATCO 801 11 AVE IBM GEC ELEVEN ATCO SW 617 KEG DUFF 333 CO-OP GAS

CORPORATE 11 CARRINGTON CENTRE II 11 AVE SW 739 DANISH 701 ATRIUM ARCHIT-

4

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

BLDG 11 AVE SW 11 AVE SW ON SW AVE 11 11 AVE SW SW AVE 11 11 AVE SW CIBC

PHASE II SE AVE 11

FAIRMORE PLACE II CLUB CENTRE 555 IBM BLOCK ELEVENTH SERVICES 1101-9

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

SAFEWAY PHASE I SW STREET 1 TRANSALTA DEVELOPMENT 7 STREET SW STREET 7 Under Construction SW STREET 8

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 4 STREET SW STREET 4 IBM 1919

1111 LUNA SW STREET 10 GENESIS DOMINION 1122

DEVELOPMENT LOFTS

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

1133 APTS

TEMPLE 1014 RESOURCES

APTS

SANDPIPER APTS PARK 1115-1119 BLDG 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

TELUS Sky 1119 SE ST 3 1111 Development(s) PLAZA PARK

11 AVE SE AVE 11

7 ST SW ST 7 12 AVENUE SW 12 AVENUE SW 12 AVENUE SE

SUTTON 1202 STANFORD THE PLACE MARLHURST THE 1ST ST SW 133 Square Footage 430,000 SF APTS PLACE SEVILLE 213 HOTEL ARTS THE DAVENPORT STONE APTS EXUD BELTLINE 211 12 AVE COURT CAM KAHANOFF 215 APTS HAVEN POOL SW ST 1 SE

NUVO CBE 227

PLAZA

HELENE SW AVE 12 CENTRE

PLACE EDUCATION CENTRE 1201-1209 12 AVE SE

FOUNTAIN

BRAEMAR FUTURE ODDFELLOW

PETROWEST 2019

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 TOWER CONNAUGHT DEVELOPMENT M. CHUMIR PARK LIBRARY ESSO GARDENS ADAIR HULL ESTATES FUTURE HEALTH CARE GAS STATION STAMPEDE CASINO Estimated Completion Date Q3 2019 APTS THE RANCHMAN'S DEVELOPMENT SW ST 1 & TOUCHLESS PLAYGROUND ESTATE CLUB 616 PARK 1238 - 1210 CAR WASH VICTORIA

LDG 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 B CS

1223-35 LIGHT RAIL TRANSIT 13 AVE SW AVE 13

MACLEOD

5 Research & Forecast Report | First Quarter 2019 | Calgary Downtown | Colliers International 6 Research & Forecast Report | First Quarter 2019 | Calgary Downtown | Colliers International MARKET CONTACT: Matt Rachiele | Managing Director | Calgary 413 offices in [email protected] | +1 403 298 0402 LOCAL AUTHORS: Aly Lalani | Executive Vice President | Partner countries on Leigh Kirnbauer | Associate Vice President 69 Harry Brody | Leasing Assistant Jane Taylor | Client Project Specialist

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