Metro Vancouver Industrial Market

Research & Forecast Report METRO VANCOUVER INDUSTRIAL MARKET

Third Quarter 2018

Table of Contents

Metro Vancouver Market Overview...... 1 Market Summaries Vancouver...... 2 North Vancouver...... 3 Burnaby & New Westminster...... 4 Tri-Cities...... 5 Richmond...... 6 Delta...... 7 TFN Lands...... 8 Surrey...... 9 Langley...... 10 Abbotsford, Chilliwack & Ridge-Meadows...... 11

Glossary & Forecast Assumptions...... 12

Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International Metro Vancouver Market Overview Market Trends and Forecast Market Overview 5.0% 2,500,000

Despite a record amount of new supply being delivered to 4.0% the market this quarter, the vacancy rate only increased 1,500,000 by 0.1% quarter over quarter as many of the projects 3.0% were significantly, if not completely pre-leased or pre- sold. This strong pre-leasing and pre-sales activity is 2.0% 500,000 indicative of the overall strength of demand for space in the Metro Vancouver’s Industrial Market as well as the 1.0% limited supply. The largest project that substantially 0.0% -500,000 completed this quarter was Building 1 of Delta iPort, adding 453,620 square feet to the overall industrial inventory in the Metro Vancouver region. Delta iPort is New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate located on Tsawwassen First Nations land and is a partnership between GWL Realty Advisors, Health Care of Market Indicators Ontario Pension Plan (HOOPP), and the Tsawwassen Relative to prior period Q2 2018 Q3 2018 Trend First Nations. Towards the end of the quarter there was an announcement that Amazon has pre-leased 100% of INVENTORY (SF) 202,810,402 204,460,135 Building 1, contributing significantly to the 1,313,282 VACANCY 1.4% 1.5% square feet of positive absorption this quarter, which is well above the five-year average of 991,142 square feet of NET ABSORPTION (SF) 931,295 1,313,282 absorption per quarter. Of the new supply delivered this NEW SUPPLY (SF) quarter it was not just large blocks of space that were 576,335 1,649,733 committed to prior to completion. For example, Building UNDER CONSTRUCTION (SF) 4,701,644 4,664,064 200 of Onni's Campbell Heights West development, which totals 202,105 square feet across 17 bays, completed AVERAGE ASKING NET RENT* $10.73 $10.87 construction this quarter with only one 14,427-square- *Average Asking Net Rent is calculated using a weighted average foot unit remaining available for lease. In addition, Onni's Golden Ears Business Park Building 700 which is a small bay building, was 100% leased upon completion. Furthermore, Beedie’s Delta Link Business Centre Phase Q3 2018 Vacant Space by Property Size (SF) 2 strata project was 100% pre-sold and completed 1,000,000 900, 000 construction this quarter. 800,000

700, 000

Investment Market 600,000

Traditional investment opportunities to acquire high 500, 000 quality buildings tenanted by established businesses 400,000 300, 000 remain scarce. Many investment opportunities that do 200,000 become available are for properties that have holding 100, 000 income and offer redevelopment upside as a significant 0 component of the value of the sale, such as 8351 Ontario Street, in Vancouver. Given the lack of investment opportunities, the lack of development land and the strong Bulk/Logistic (>100,000) Large (30,000-100,000) Mi d (5,000-30,000) Small (0-5,000) performance of the industrial asset class, some investors have established creative development strategies, such as the partnership between GWL Realty Advisors, Healthcare of Ontario Pension Plan and Tsawwassen First Nation with Delta iPort. Two tier-1 buildings totaling 247,000 square feet on 10.04 acres of land located at 16160 Blundell Road in the Port of Vancouver’s Richmond Logistics Hub are currently listed for sale. The buildings are fully tenanted by a well-known exporter.

1 Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International Buntzen Lake Capilano Lake

West r m D r d

h R A g u o n Vancouver o n r a a

r l i i o D

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 S 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 Lynn Valley Rd North t v

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Vancouver 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 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 L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay de Rd Cove Deep L Brooksbank Ave ollarton Rd D Dollarton Hwy Vancouver Main St d E Esplanade Ir l o OW Riverside Dr Port Moody 99 n Rd

W il r

o p

r k A

r Burrard Inlet s Dr a Chard Development's 34 W7 office and light industrial strata M Panoram

e m H

o Ioco Rd er

D r it

i a

a Ba

l r g n

B et

development is now 100% pre-sold and set to complete in Q4 H C.P.R. e

English Bay r ig

i h

McGill St d way g Eton St M

Burrard 7A DenmanDavie St St Waterfront e o La u nd Wy Pinetree n s Woodland Pipeline Rd t Pacic St 1 Dundas St d S t o a Lafarge Lake - Douglas C w y Victoria Dr i

2018. In the immediate area at 2238 Yukon Street (previously Johnson St ine Dr Granville n s ar Vancouver n s M E Hastings Street e B W City Centre e

N D Stadium/Chinatown v Simon Fraser h

d r Port Moody Centre g Lincoln Coast Meridian Rd B 5 Parker St University u Stave Lake the 3 Vets site), Chard is planning a project called The Yukon. Venables St Curtis St St. Johns St a Yaletown/ Coquitlam Central h Richardson Rd Poin Roundhouse Port Moody Centre Inlet Centre 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 The Yukon will offer strata space from 1,000 square feet to 1st Ave Willingdon Ave a r r Prairie Ave Holdom St Gerald Ave Gerald e Sperling St d McNeil Rd at North VCC/Clark i W British Columbia ern Brentwood y A Wy Dr Commercial 3 Gilmore W 10th Ave W Broadway Town Centre 1

Renfrew St Renfrew Holdom Clarke Rd 4 Broadway/ Commercial Port Coquitlam 4 49,709 square feet and is scheduled for 2020 occupancy. Broadway Burquitlam Como Lake Ave City Hall E Broadway th W 12th Ave Lougheed Highway Port St E 12th Ave Renfrew Rupert 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

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

Edward St Rupert Town Centre

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

Rd Neaves

>> Strata prices are continuing to climb. A resale of a 3,287 square 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 foot unit at PC Urban's IntraUrban Business Park has a firm deal 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 W 49th Ave Rd Cameron at $472 per square foot. Langara/ Mary Hi pass 7 6th St ll By 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 Oak St Meadows 248th St 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 2 10th Ave DOUGLAS t Cambie St Kingswa s y a

C.P.R. Harrison Bay

264th St t e >> Of the 416,507 square feet that is under construction, all is n Dewdney Trunk Rd River ISLAND Dewdney Trunk Rd v S 8th Ave n PITT MEADOWS l

y Limbert Rd

6 Rumble St B Hammond Rd S t r AIRPORT o 6th Ave i Nelson Ave i AGASSIZ l d Marine4 Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H scheduled to complete construction in the next six months. Of Marine Dr NEW 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 MITCHELL u yp gO Kent Ave S Marine Wy rds l 112th Ave 207th St id WESTMINSTERa on Queens Ave Columbia lo as the total under construction, 58% is strata, 89% of which is r a ew Wy Bridge s 112th Ave k ISLAND Twigg Pl 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 HOG Templeton a rid Grosvenor Rd L River d g ISLAND pre-sold. AIRPORT Sea Island r Gateway 108th Ave R u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd BARNSTON k YVR C.N.R. a Wy Bridgeport L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave t r 104th Ave FAIRFIELD SEA 99 North Surrey S >> PC Urban is planning a project with industrial space on the a Central er Farms Rd Farms ISLAND iv i ISLAND R Rd t ll 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

first two floors of a four-storey industrial and office strata 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 ANNACIS 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

development at 1055 Vernon Drive, the first of its kind in e r n a o ISLAND 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 MCMILLAN S n Westminster Hwy 92nd Ave r e G

i d e deg 92nd Ave y Vancouver. Lougheed Highway r E Brighouse Av ISLAND 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 CRESCENT 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 Notable Lease Notable Sale New Supply s 88th Ave ISLAND 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 Q2 2018 Q3 2018 Trend Pacic Highway Harvie Rd

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

280th St s C.N.R l R and T Garden City Rd City Garden run ISLAND 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 Notable Lease Transactions 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 Vacancy Rate 200th St 1.5% 1.8% 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 APPROXIMATEProgress Wy 72nd Ave 240th St r TENANT NAME - ADDRESS TYPE Surrey S Luckakuck Wy 72nd Ave V Wren St Wren 72nd Ave 72nd Ave 1st Ave Industrial Wy e SIZE (SF) 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 YTD Net Absorption (SF) 212,670 237,646 Shell Rd 91 64th Ave 10 City h

68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

Trans Canada Highway CHILLIWACK k

Fresh Prep Foods Inc. - 188 i

17 RAILWAY W Yale Rd v

e 1. New 25,387 r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Victoria Drive, Vancouver St Satchell a MATSQUI Upper Sum Mou 62B St 62B Glover Rd nta YTD New Supply (SF) 64th Ave i n

126,385 214,635 B.N.R. ISLAND Page Rd

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d FreeYumm Foods Ltd - 54 69th 60th Ave Rd Chadsey S Sumas Rd Bailey Rd Logan Ave 2. New 23,375 58th Ave 148th St 99 140th St Fore Rd 60th Ave Avenue East, Vancouver 56th Ave Promontory Rd Under Construction (SF) 468,520 416,507 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 Impact Office Furnishings Limitedv Hopedale Rd i R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd

3. New 19,584 160th St

Robertson Rd Robertson ok R Weighted Average Asking Net Westham Island Rd olebro d C 304th St - 3695 Grandview Highway 296th St $17.23 $16.89 10 Ladner Trunk Road St 288th Sinclair Rd 203rd St 203rd Rent ($/SF) 48th Ave Fraser Highway d G Gladwin Rd R ra Riverside Rd Bell Rd in WESTHAM ISLAND 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 Notable Sale Transactions 64th St 17 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Mud Bay Downes Rd S u Fireclay Rd Historical Performance and Forecast BOUNDARY BAY m No. 4 Rd 36th Ave as APPROXIMATEAIRPORT M Pacic Highway

34B Ave t n North Parallel PURCHASER - ADDRESS PRICE C.P.R.

Abbotsford R South Parallel

SIZE (SF) d Langley d R Cultus

4.0% 400,000 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 Hungerford Properties - 8351 res m tn C as M

earbrook Rd earbrook 4. 28th Ave$29,250,000 70,884 S F W as

3.5% 27B Ave w t erg a 160th St Cl 168th St 184th St us m 300,000 ie 28th Ave 28th Ave on y u v W S Ontario Street y 99 y er a South Fraser Way w B o 1A L 52nd St 56th St 3.0% 188th St Old Yale 200,000 24th Ave 24th Ave Rd Campbell Rd Sixone Properties Ltd. - 225 - 245 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy 5. $18,750,000 14,700 Mt. Lehman Rd 2.5% 152nd St 124th St 140th St 128th St

East 2nd Avenue 20th Ave 20th Ave McMillan Rd 20th Ave 20th Ave Marshall Rd Hwy Interprovincial 100,000 13 192nd St 1 16th Ave Rd Dixon 232nd St

2.0% 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 Ash 8690 Holding Ltd. - 8690 Ash North Blu Rd 16th Ave 16th Ave 0 6. $7,288,000 .54 acres Marine Dr 12th Ave Peardonville Rd Street (LAND) B ABBOTSFORD 11

1.5% o u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

a McCallum Rd -100,000 r Cole Rd Rd McDermott Marion Rd Rd Powerhouse Whatcom Rd Whatcom y 264th St 1.0% 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 0.5% -200,000 BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN 0.0% -300,000 CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. 2017 Q1 2013 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2013 Q2 2012 Q3 2015 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q2F 2018 Q4F

New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate

Upcoming New Supply DEVELOPMENT EXPECTED ADDRESS NAME SIZE (SF) DEVELOPER/APPLICANT CLASSIFICATION COMPLETION A. 34 West 7th Avenue 34 W7 Speculative - Strata 49,000 Chard Development Q4 2018 B. 275 West 5th Avenue Nickel Building Speculative - Lease 71,000 PC Urban Q1 2019 D. 1055 Vernon Drive - Speculative - Strata 102,600 PC Urban Q1 2021 C. 200 Victoria Drive Ironworks Speculative - Strata 191,387 Conwest Group of Companies Q4 2018

Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International 2 Buntzen Lake Capilano North Vancouver Lake

No projects are under construction; however, Darwin

Properties, as part of its plans for the Innovation District in West r m D r d

h R A g u o n Vancouver o n r a a

r l i i the Maplewood area, are planning to develop approximately 1.4 o D

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 S Queens Ave Le million square feet of light industrial and commercial space. ve ls Delbrook BC RAIL Mathers Ave d Pitt Lake Highway R E 29th St ur Inglewood Ave o 21st St The decision on the first reading has been deferred until after St 11th m y Fulton Ave 1 Hyannis Dr e

S e Lynn Valley Rd North t v

15th St

E Riverside Dr M Taylor Wy Taylor

l the October municipal election. l Ma rin e e F Vancouver 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 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 L Trends s Harbourside Pl p Rd l East Rd n an o a E 3rd St i Lonsdale Quay 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 >> Vacancy is well below the five year average of 2.1%, making Rd

W il r

o p

r k A

r Burrard Inlet s Dr North Vancouver a challenging market for tenants looking for a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

l r g space. n

B et

H C.P.R. e

English Bay r ig

i h

McGill St d way g Eton St M

Burrard 7A DenmanDavie St St Waterfront e o La u nd Wy Pinetree n s Woodland Pipeline Rd t Pacic St Dundas St d S t o a w Lafarge Lake - Douglas y Victoria Dr i ine Dr Granville n Johnson St s ar Vancouver n s >> Given the lack of options and strong demand,M there has been E Hastings Street e B W City Centre e

N D Stadium/Chinatown v Simon Fraser h

d r Port Moody Centre g Lincoln Coast Meridian Rd Parker St University u Stave Lake Venables St Curtis St St. Johns St a Yaletown/ upward pressure on lease rates and purchase prices. Coquitlam Central h Richardson Rd Poin Roundhouse Port Moody Centre Inlet Centre 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 >> The final report of the Integrated North Shore TransportationW 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 Planning Project (INSTPP) was released on August 15, 2018.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

Some of the suggestions outlined in the report included: r Lougheed Highway a u r King Edward Ave King Lougheed Lougheed a o i Sprott St Linton St 7 n Nanaimo St

Edward St Rupert Town Centre M Town Centre Rd Gatensbury e Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l B d 29th Ave R Crown St Crown St Dunbar T

Blenheim St Harrison Hot Springs Rd Springs Hot Harrison >> Reducing reliance on Highway 1 for local trips by creating Deer Lake Pkwy ra r St e W 33rd Ave E 33rd Ave ns Coquitlam Fern Cr

Rd Neaves

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 more east-west travel options 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 Patterson Hartley Rd 7 Cameron Rd Cameron W 49th Ave Langara/ ss 7 >> Placing a high priority on integrating land use and 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 Notable Lease Notable Sale New Supply 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 transportation, including focusing future development 10th Ave DOUGLAS t

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

t n Dewdney Trunk Rd e River ISLAND 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 i Nelson Ave i AGASSIZ within town centres and along the Frequent Transit d l Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW 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 MITCHELL u yp Network. Kent Ave S l 112th Ave 207th St dgO Marine Wy WESTMINSTERardson Queens Ave Columbia lo as ri a w W s k ISLAND Twigg Pl e y Bridge 112th Ave B t Scott Rd S

Notable Lease Transactions Bridge Rd VANCOUVER S e g v t New 110th Ave C.N.R. 112th A 112th Ave n INTERNATIONAL i B 22nd St Westminster HOG Templeton a rid Grosvenor Rd L River d g ISLAND AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy APPROXIMATE e Ar Vulcan Byrne Rd BARNSTON k YVR C.N.R. a Wy Bridgeport TENANT NAME - ADDRESS TYPE L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd SIZE (SF) Scott Rd v

Fraser Wy 240th St a t 104th Ave t Q2 2018 Q3 2018r Trend 104th Ave FAIRFIELD SEA 99 Surrey S Summary Statistics a North Central er Farms Rd Farms ISLAND iv i ISLAND 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 No notable lease transactions n C

G ke King George 100th Ave e a Q A Russ B 100th Ave 272nd St v e Vulcan Wy e Vacancy Rate 1.1% 0.7% 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 ANNACIS 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 ISLAND 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 MCMILLAN S n Westminster Hwy 92nd Ave r e G

i d e deg 92nd Ave y Lougheed Highway r E YTD Net Absorption (SF) Brighouse Av ISLAND T Yal 25,392 43,853 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 Notable Sale Transactions D y F 88th Ave 88th Ave CRESCENT 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 ISLAND 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 YTD New Supply (SF) APPROXIMATEr W 30,628 30,628 i l 84th Ave d 84th Ave e 1 Johnson Rd PURCHASER - ADDRESS PRICE g rd Telegraph Tr Dewdney Trunk Rd e o Mission St Cedar SIZE (SF) 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 TILBURY e Rd Annis r n I

280th St s C.N.R. l R and T Under Construction (SF) Rd City Garden 80th Ave 7 Tyler runk Rd

ISLAND d 1 0 0 T

Williams Rd H H 14th Ave S No notable sale transactionso 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 Weighted Average Asking Net 152nd St River Rd 72nd Ave Newton Rd T t Progress Wy 72nd Ave 240th St r Surrey S Luckakuck Wy $16.25 $17.64 72nd Ave V Wren St Wren 72nd Ave 72nd Ave 1st Ave Industrial Wy e Rent ($/SF) 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

Trans Canada Highway CHILLIWACK k i

17 RAILWAY W Yale Rd v e r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

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

64th Ave n

B.N.R. ISLAND Page Rd i

Historical Performance and Forecast 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 4.5% 120,000 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 100,000 r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Sumas Prairie Rd Sumas Prairie 4.0% Hopedale Rd iv 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 80,000 296th St 3.5% 10 Ladner Trunk Road St 288th Sinclair Rd 203rd St 203rd 48th Ave Fraser Highway d G Gladwin Rd R r Riverside Rd Bell Rd a y in WESTHAM ISLAND de C Townshipline Rd unta C 60,000 SOUTHERN RAILWAY 15 r 48th Ave Mo h 17A 48th Ave No. 3 Rd der il 3.0% Dawson Rd Ved liw a r Old Yale Rd ck D L a 40,000 r Rd ke u Straiton R h Clayburn Rd 44 Ave d t Yarrow Central Rd

2.5% r

328th St A 64th St e 17 40th Av 40th Ave 40th Ave lingham Highwa 40th Ave 40th Ave 20,000 Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 2.0% 36th Ave as AIRPORT M Pacic Highway

34B Ave - Belove t n North Parallel 0 C.P.R.

gr Abbotsford R South Parallel

d Langley d R Cultus 1.5%

d Alder Deltaport Wy 32nd Ave Rd Boundary -20,000 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 1.0% 28th Ave S F W s

27B Ave w t erg a a 160th St Rd Clearbrook -40,000 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 0.5% 1A L

-60,000 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

0.0% -80,000 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 Lefeuvre Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd White RockNorth Blu Rd 16th Ave

2017 Q1 16th Ave 2013 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2013 Q2 2012 Q3 2015 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q2F 2018 Q4F Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate 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 Upcoming New Supply TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER EXPECTED COMPLETION A. No notable projects

3 Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International Buntzen Lake Capilano Lake

West r m D r d

h R A g u o n Vancouver o n r a a

r l i i o D

S e Lynn Valley Rd North t v

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Vancouver 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 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 L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay 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

Burnaby & New Westminster p r k A

r Burrard Inlet s Dr a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

7303 Meadow Avenue, Burnaby was actively listed for sale l r g n

B et

H C.P.R. e

English Bay r ig

i h

McGill St d way g Eton St M

Burrard 7A DenmanDavie St St Waterfront e o La u n Wy Pinetree d t in Q3 2018, offering a rare large scale industrialPacic St investment Dundas St n sd Woodland Pipeline Rd S t o a w Lafarge Lake - Douglas y Victoria Dr i ine Dr Granville n Johnson St s ar Vancouver n s M E Hastings Street e B W City Centre e

N D Stadium/Chinatown v Simon Fraser h

d r

opportunity. The property is comprised of six multi-tenant g Port Moody Centre Lincoln Coast Meridian Rd Parker St University u Stave Lake Venables St Curtis St St. Johns St a Yaletown/ Coquitlam Central h Richardson Rd Poin Roundhouse Port Moody Centre Inlet Centre Coquitlam S t G Main St industrial buildings providing an inrey RdplaceCornwall net St income of G Central Cedar Dr 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 B y Wy Dr Commercial Gilmore approximately $1.7 millionW and10th Ave proW Broadway forma net income of Town Centre 1

Renfrew St Renfrew Holdom Clarke Rd 4 3 4 Broadway/ Broadway Commercial Como Lake Ave Port Coquitlam City Hall E Broadway Burquitlam th W 12th Ave Lougheed Highway Port St E 12th Ave Renfrew Rupert 4 approximately $2.0 million perW 16thannum Ave at market rates. 3 Sperling/ Coquitlam

t Grandview Hwy Burnaby Lake y Burns Rd

1 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 Reportedly, theM property is under contract to an investor. n

r Lougheed Highway

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

2 M

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

Rd Neaves

Trends 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 >> Vacancy is the lowest it has been since Q2W Boulevard 2016 and is well 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 below the five year average of 2.8%. 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 DOUGLAS t

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

t n Dewdney Trunk Rd e River ISLAND Dewdney Trunk Rd v >> Oxford Properties' Riverbend Business Park is the last remaining S 8th Ave n PITT MEADOWS l

y Limbert Rd

Rumble St B Hammond Rd S t r AIRPORT o 6th Ave i Nelson Ave i AGASSIZ l d Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW e Meadows d Knight St Bridge 17 R a large scale development site in Burnaby. Currently,W 70th Ave BuildingN Kent Ave 1 S Fraser Perimeter Rd iver Port n Royal Oak Ave Royal R e P Fraser Wy Haney y Gilley Ave at B e MITCHELL u yp g Kent Ave S Marine Wy l 112th Ave 207th St id O WESTMINSTERardson Queens Ave Columbia lo as r a w W ge s 112th Ave is under construction and will provide 152,575 squarek ISLAND feetTwigg of Pl te y Brid B Scott Rd S VANCOUVER S e Bridge Rd g New v t C 110th Ave C.N.R. 112th A 112th Ave n INTERNATIONAL i B 22nd St Westminster HOG Templeton a rid Grosvenor Rd L River d g ISLAND new supply with the remainingAIRPORT fiveSea Islandplanned buildingsr offering an Gateway 108th Ave R e 108th Ave hu y Rd e Centre t W Byrne Rd BARNSTON k YVR Ar Vulcan C.N.R. A a Wy Bridgeport L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

Fraser Wy 240th St additional 579,969 square feet. a t 104th Ave t r 104th Ave FAIRFIELD SEA 99 North Surrey S a Central er Farms Rd Farms ISLAND iv i ISLAND 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 g ANNACIS 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 ISLAND 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 MCMILLAN S n Westminster Hwy 92nd Ave

Q2 2018 Q3 2018 Trend r e G

i d Summary Statistics e dg 92nd Ave y e Lougheed Highway r E Brighouse Av ISLAND 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 Notable Lease D yNotableF Sale 88thNew Ave Supply 88th Ave CRESCENT 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 Vacancy Rate s 88th Ave ISLAND Lake 1st Ave 1.3% 1.0% Blundell Rd e r VIA RAIL Hawkins Pickle Rd

280th St s C.N.R. l R and T Garden City Rd City Garden Notable Lease Transactions 80th Ave 7 Tyler runk Rd ISLAND d 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

APPROXIMATE YTD New Supply (SF) d y a Prairie Central Rd 112th St 445,886 582,722 Rd Scott

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

a 152nd St

River Rd 72nd Ave Newton Rd T t Progress Wy SIZE (SF) 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 Cascade Raider Holdings Ltd. - 8335-91 64th Ave 10 City h

Under Construction (SF) 68th Ave SOUTHERN i 431,439 294,603 George Massey Tunnel BYPASS R lli

1. New Deal 47,440 d w ac R

Trans Canada Highway CHILLIWACK k i

8345 Winston Street, Burnaby 17 RAILWAY W Yale Rd v e r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a Weighted Average Asking Net MATSQUI Upper Sum Mou 62B St 62B Glover Rd nta

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

$11.74 $12.24 Goodman Company Canada - 6741 R

272nd St 1 Peters Rd

Rent ($/SF) 60th Ave Delta C.N.R. d

2. Extension 37,120 Rd Chadsey Cariboo Road, Burnaby 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 Acklands-Grainger Inc. - 2474 Douglas Douglas Cr d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R 3. Renewal 30,680 Mission-abbotsford Highway r 56th Ave e 72nd St AIRPORT Hopedale Rd Historical Performance and Forecast iv Road, Burnaby 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

6.0% 1,000,000 St 288th 10 Ladner Trunk Road Sinclair Rd 203rd St 203rd 48th Ave Fraser Highway d G Gladwin Rd R ra Riverside Rd Bell Rd in WESTHAM ISLAND de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h 17A 48th Ave No. 3 Rd der il 800,000 Dawson Rd Ved liw a 5.0% r Old Yale Rd ck D L a r Rd ke u Straiton R h Clayburn Rd 44 Ave d

600,000t Yarrow Central Rd r

328th St A 64th St 17 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave 4.0% Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 400,000 36th Ave as AIRPORT M Pacic Highway

34B Ave t Notable Sale Transactions n North Parallel C.P.R.

Abbotsford R South Parallel

d Langley d R Cultus 3.0% 200,000 d - BellinghamAldergrove Highway Deltaport Wy 32nd Ave Rd Boundary APPROXIMATE R 32nd Ave rn t ybu Lake

53rd St 53rd la d PURCHASER - ADDRESS PRICE n 32nd Ave C R Atkinson Rd ce Su Old No. 5 Rd SIZE (SF)res m tn C as M 0 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 2.0% v W S y 99 y er a South Fraser Way w Smithrite Disposal Ltd. - 2961 B o 1A L

-200,00052nd St 56th St 3. $6,175,000 9,500 188th St Old Yale Norland Avenue, Burnaby 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy

1.0% Mt. Lehman Rd

-400,000 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 Standard Building Supplies 192nd St 1 16th Ave 4. $13,000,000 13,500 Rd Dixon 232nd St

0.0% -600,000 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 Ltd. - 4912 Still Creek Avenue North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL 2017 Q1 2013 Q1 320th St 2015 Q1 2018 Q1 2016 Q1

2017 Q3 n 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2012 Q3 2013 Q2 2015 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 d AIRPORT 2019 Q3F 2019 Q2F 2018 Q4F

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 New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate 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.

Upcoming New Supply

ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER EXPECTED COMPLETION 8211 Fraser Reach Court, Oxford Riverbend Business Park - A. Burnaby Building 1 Speculative - Lease 152,575 Oxford Properties Q1 2019 B. 5495 Regent Street, Burnaby IntraUrban Brentwood Speculative - Strata 105,000 PC Urban Q3 2019 7765 North Fraser Way, Madison Pacific C. Burnaby - Speculative - Lease 39,300 Properties Inc. Q4 2018

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

West r m D r d

h R A g u o n Vancouver o n r a a

r l i i o D

S e Lynn Valley Rd North t v

15th St

A E Riverside Dr M Taylor Wy Taylor

Tri-Cities l Ma l rin e e F Vancouver 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 B Berkley Rd Berkley

Welch St Mountain Hwy o e W W 3rd St E Sunnyside Rd Sunnyside E Grand Blvd E Grand Beedie's t Fraser Mills mixed-use project in Coquitlamo Mt Seym ohasur only a K l Pkwy Harbourside Dr e l E i G s ith Harbourside Pl p L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay de Rd Cove Deep L two units of its industrial component Brooksbank remainingAve ollarto navailable Rd D Dollarton Hwy Main St d E Esplanade Ir l o OW Riverside Dr Port Moody 99 n Rd

W for lease. The remaining two units are adjacent and can il r

o p

r k A

r Burrard Inlet s Dr accommodate tenancies from 12,258 square feet to 24,707 a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

l r g square feet. The asking lease rate is $12.95 per square foot n

B et

H C.P.R. e

English Bay r ig

i h

McGill St d way g Eton St M

Burrard 7A DenmanDavie St St Waterfront e o La u n Wy Pinetree d t Pacic St Dundas St n sd Woodland Pipeline Rd (shell). t S o a w Lafarge Lake - Douglas y Victoria Dr i ine Dr Granville n Johnson St s ar Vancouver n s M E Hastings Street e B W City Centre e

N D Stadium/Chinatown v Simon Fraser h

d r Port Moody Centre g Lincoln Coast Meridian Rd Parker St University u Stave Lake Venables St Curtis St St. Johns St a Yaletown/ Coquitlam Central h Richardson Rd Poin Roundhouse Port Moody Centre Inlet Centre Coquitlam S t G Main St rey Rd TrendsCornwall St G Central Cedar Dr a

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

Renfrew St Renfrew Holdom Clarke Rd 4 >> Conwest’s latest strata developmentCommercial “HUB” is now 50% sold, 4 Broadway/ Broadway Como Lake Ave Port Coquitlam City Hall E Broadway Burquitlam th W 12th Ave Lougheed Highway Port A B St E 12th Ave Renfrew Rupert W 16th Ave Sperling/ Coquitlam

t Grandview Hwy Burnaby Lake y Burns Rd continuing the trend of strong pre-sales for strata. The project S Maple

Kingsway Ave

Lake City Way W C

Canada Wy n

Kingsway r S Production Way/ i

e W a 3

University t n i Ridge M n

r Lougheed Highway a u r King Edward Ave King Lougheed Lougheed a 4 is located at 1545 & 1575 Kingsway Avenue, Port Coquitlam o i Sprott St Linton St 7 n Nanaimo St

Edward St Rupert Town Centre 2 M Town Centre Rd Gatensbury e Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l B d and totals 16 strata units ranging in size29th Ave from 6,206 square feet 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

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

to 13,880 square feet. Pricing starts at $320 per square foot Hig 1 i 7 9 hwa P Oakridge/41st Ave y 1 Brunette Ave W 41st Ave E 41st Ave Grange St Burnaby Braid Shaughnessy North Rd (includingW Boulevard mezzanine). 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 >> Large blocks of vacant space are rare. CurrentlyImperial St the only 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 DOUGLAS t

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

t n Dewdney Trunk Rd e River ISLAND Dewdney Trunk Rd v available listing over 40,000 squareS feet is 1488 Coast Meridian 8th Ave n PITT MEADOWS l

y Limbert Rd

Rumble St B Hammond Rd S t r AIRPORT o 6th Ave i Nelson Ave i AGASSIZ l d Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW e Meadows d Knight St Bridge 17 R a Road, WPort 70th Ave Coquitlam,N Kent Ave which is a 96,000 square foot crossdock S Fraser Perimeter Rd iver Port n Royal Oak Ave Royal R e P Fraser Wy Haney y Gilley Ave at B e MITCHELL u yp Kent Ave S l 112th Ave 207th St dgO Marine Wy WESTMINSTERardson Queens Ave Columbia lo as ri a w W s k ISLAND Twigg Pl e y Bridge 112th Ave facility onB 11.31 acres. 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 HOG Templeton a rid Grosvenor Rd L River d g ISLAND AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd BARNSTON k YVR C.N.R. a Wy Bridgeport L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave t r 104th Ave FAIRFIELD SEA 99 North Surrey S a Central er Farms Rd Farms iv i ISLAND Q2 2018 Q3 2018 Trend Notable Lease Notable Sale New Supply ISLAND Rd t Summary Statistics R 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

Vacancy Rate R r e Rd Alderbridge Wy 1.7% 1.9% i y Richmond Annacis Highway n l 156th St g ANNACIS 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 ISLAND 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 MCMILLAN S n Westminster Hwy 92nd Ave

r e G

i d g Notable Lease Transactions y e de 92nd Ave Lougheed Highway r E Brighouse Av ISLAND T Yal a r e R YTD Net Absorption (SF) n A u Wellington Ave d 48,206 26,598 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 APPROXIMATE CRESCENT 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 TENANT NAME - ADDRESS TYPE s 88th Ave ISLAND Lake 1st Ave Blundell Rd e SIZE (SF) VIA RAIL r 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 YTD New Supply (SF) e 1 Johnson Rd 94,595 94,595 g d r Telegraph Tr Dewdney Trunk Rd e o Mission St Cedar N Crossroads C & I Distributors - 12 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 1. King George Highway New 27,480 N R Pacic Highway Harvie Rd

Gilbert Rd i 80th Ave i Eagle Rd c King Edward Street, Coquitlam St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown TILBURY e Rd Annis r n I

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

ISLAND 80th Ave 7 Tyler d k Rd 1 Under Construction (SF) T

Williams Rd 434,577 H 443,477 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 Vicostone Canada Inc. - 1551 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 2. New 20,748 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 Weighted Average Asking Net Broadway Street, Coquitlam 152nd St River Rd 72nd Ave Newton Rd T t Progress Wy 72nd Ave 240th St r $13.14 $13.40 Surrey S Luckakuck Wy 72nd Ave V Wren St Wren 72nd Ave 72nd Ave 1st Ave Industrial Wy e Rent ($/SF) 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

Trans Canada Highway CHILLIWACK k i

17 RAILWAY W Yale Rd v e r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a MATSQUI Upper Sum Mou 62B St 62B Notable Sale Transactions Glover Rd nta

64th Ave n

B.N.R. ISLAND Page Rd i

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d APPROXIMATE 60th Ave Rd Chadsey S Sumas Rd Bailey Rd Logan Ave Historical Performance and Forecast 58thPURCHASER Ave - ADDRESS 148th St PRICE 99 140th St Fore Rd 60th Ave 56th Ave SIZE (SF) Promontory Rd 56th Ave 11 Watson Rd W Douglas Cr d B.C. RAIL 208th St 56th Ave 7.0% Road Perimeter South Fraser 400,000 LANGLEY Harris Rd R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Hopedale Rd iv Rd Sumas Prairie R Conwest - 930 Dominion 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 3. $14,500,000160th St 7.134 acres Robertson Rd Robertson ok R Westham Island Rd 300,000 olebro d C 304th St 296th St

6.0% Avenue, Port Coquitlam (LAND) St 288th 10 Ladner Trunk Road Sinclair Rd 203rd St 203rd 48th Ave Fraser Highway d G Gladwin Rd R ra Riverside Rd Bell Rd in WESTHAM ISLAND de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h 17A 200,000 48th Ave No. 3 Rd der il Dawson Rd Ved liw 5.0% a r Piff Properties Ltd. - 570 Old Yale Rd ck D L a r Rd ke u Straiton R h Clayburn Rd 44 Ave d

t 100,000 Yarrow Central Rd r 4. Sherling Place - Unit 1140, Port $1,885,000 4,896

328th St A 64th St 17 40th Ave 40th Ave 40th Ave 4.0% 40th Ave 40th Ave MudCoquitlam Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave 0 as AIRPORT M Pacic Highway

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

3.0% Abbotsford R South Parallel d Langley d R Cultus

-100,000 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 2.0% C as M 28th Ave S F W s

27B Ave w t erg a a 160th St Rd Clearbrook -200,000 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 1.0% 188th St Old Yale -300,000 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 0.0% -400,000 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 2017 Q1 2013 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2012 Q3 2013 Q2 Marine Dr 2015 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2

2014 Q1* 12th Ave

2019 Q1F 2019 Peardonville Rd B

2019 Q3F 11 2019 Q2F

2018 Q4F ABBOTSFORD 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 New Supply (SF) Net Absorptiony (SF) Current Qtr Vacancy Rate 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 TSAWWASSENUpcoming New Supply CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA ADDRESS U.S.A. NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER U.S.A.EXPECTED COMPLETION U.S.A. A. 2386 Hawkins Street, Port Coquitlam - Build to suit 70,000 Integrated Construction Q2 2019 Nicola Business Centre - B. 580 Nicola Avenue, Port Coquitlam Bldgs 1 to 3 Speculative - Strata 69,858 Teck Construction Q4 2018 C. 575 Seaborne Avenue, Port Coquitlam Seaborne Park Speculative - Lease 113,203 Liberty Properties Q4 2018

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

West r m D r d

h R A g u o n Vancouver o n r a a

r l i i o D

S e Lynn Valley Rd North t v

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Vancouver 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 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 L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay 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 k A

r Burrard Inlet s Dr a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

l r g n

B et

H C.P.R. e

English Bay r ig

i h

McGill St d way g Eton St M

N D Stadium/Chinatown v Simon Fraser h

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 Lougheed a o i Sprott St Linton St 7 n Nanaimo St

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

Rd Neaves

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 Richmond 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 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 A significant contributing factor towards the large increase in 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 DOUGLAS t

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

t n Dewdney Trunk Rd e River ISLAND Dewdney Trunk Rd v vacancy quarter over quarter is a sublease listing of 250,000 S 8th Ave n PITT MEADOWS l

y Limbert Rd

Rumble St B Hammond Rd S t A r AIRPORT o 6th Ave i Nelson Ave i AGASSIZ l d Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW e Meadows d Knight St Bridge 17 R a square feet at 5911 Grant McConachie Way as well as a listing 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 1 at B e MITCHELL u yp g Kent Ave S Marine Wy l 112th Ave 207th St id O WESTMINSTERardson Queens Ave Columbia lo as r a w W e s 112th Ave k ISLAND Twigg Pl te y Bridg for lease at 1700 No. 6 Road for 125,299 square feet. B 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 HOG Templeton a rid Grosvenor Rd L River d 6 ISLAND g AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd BARNSTON k YVR C.N.R. a Wy Bridgeport L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a Trends t 104th Ave t r 104th Ave FAIRFIELD SEA 99 2 North Surrey S a 5 Central er Farms Rd Farms ISLAND iv i ISLAND 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 Ca >> 11511 & 11611 No. 5 Road are two adjacent lots that sold this past r n

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 ANNACIS 148th St 160th St e s 96th Ave s h s Castleman Rd 9

quarter. One lot is undeveloped and the other is improved with Lansdowne Albion Ferry r i bo 96th Ave o t No 1 r n e a o ISLAND 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 MCMILLAN S n Westminster Hwy 92nd Ave a 91,740 square foot building built in 1979 and leased to Winners 7 r e G

i d e deg 92nd Ave y Lougheed Highway r E Brighouse Av ISLAND 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 Only. The sale continues the trend of land acquisitions for strata Granville Ave Hatzic D y F 88th Ave 88th Ave CRESCENT 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 ISLAND Lake 1st Ave Blundell Rd e r VIA RAIL Hawkins Pickle Rd

B y 7 Wolfe Rd developments. 11611 No. 5 Road is planned to be developed with 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 B e o Mission St Cedar N Rd lliwack Mtn Rd Rd Ford Richmond C.N.R. Nicomen Island Trunk Chi an eight unit industrial strata warehouse of 6,427 SF to 52,347 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 TILBURY e Rd Annis r n I

280th St s C.N.R. l R and T square feet. Currently five of the eight units have a firm offer, Rd City Garden ISLAND 80th Ave 7 Tyler runk Rd 1 d

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

continuing the trend of strong strata sales. d y a Prairie Central Rd 112th St Scott Rd Scott

Vantage e C 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

>> Large scale high quality investment opportunities remain d Mission

72nd St McTavish Rd Newton Rd C e

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

3 68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

Trans Canada Highway CHILLIWACK k i

uncommon; however, currently listed are two tier-1 buildings 17 RAILWAY W Yale Rd v e r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a MATSQUI Upper Sum Mou fully tenanted and totaling 247,000 square feet on a 10.04 acre St 62B Glover Rd nta

64th Ave n

B.N.R. ISLAND Page Rd i

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d 60th Ave Rd Chadsey S Sumas Rd Bailey Rd site located at 16160 Blundell Road. 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 Notable Lease Notable Sale New Supply 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 WESTHAM ISLAND 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 Q2 2018 Q3 2018 Trend a Summary Statistics r c Old Yale Rd k 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 Vacancy Rate Notable Lease Transactions Mud Bay 40th Ave Downes Rd 40th Ave 1.6% 2.5% S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Pacic Highway

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

Abbotsford R South Parallel

TENANT NAME - ADDRESS TYPE d Langley d R Cultus SIZE (SF)

YTD Net Absorption (SF) d - BellinghamAldergrove Highway 63,919 -209,697 Deltaport 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 s M Shed Services Inc. - 28th2051 Ave S Fe W as

27B Ave w t rg a 160th St Rd Clearbrook 168th St 184th St us m ie 28th Ave 28th Ave on y u v W S 1. Expansion 38,654 y 99 y er a South Fraser Way w YTD New Supply (SF) B o 0 30,000 Viceroy Place 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

Herbaland Naturals Inc. - 13720 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd Under Construction (SF) 20th Ave Marshall Rd Hwy Interprovincial 286,000 808,347 2. New 36,086 20th Ave 13 Mayfield Place 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 Weighted Average Asking Net North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd $9.57 $9.58 MIBC Distributing Inc. - 11411B ABBOTSFORD 11 Rent ($/SF) o u Buena Vista Ave INTERNATIONAL

3. New 20,188 320th St n d AIRPORT

Blacksmith Place 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 BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave Historical Performance and Forecast TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. 7.0% 700,000

600,000 Notable Sale Transactions 6.0% 500,000 APPROXIMATE PURCHASER - ADDRESS PRICE SIZE (SF) 5.0% 400,000 300,000 South Street Development 4.0% 200,000 4. Group - 11511 & 11611 No. 5 $23,520,000 5 acres Road (LAND) 100,000 3.0% 0 616147 B.C. Ltd. - 4220, 4260 & 2.0% -100,000 5. 4300 Vanguard Road (SHARE $15,980,000 17,078

-200,000 SALE) 1.0% -300,000 1169416 B.C. Ltd. - 14291 6. $8,050,000 22,728 0.0% -400,000 Burrows Road 2017 Q1 2013 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2013 Q2 2012 Q3 2015 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2

2014 Q1* Line Art Hardwood Floors - 2019 Q1F 2019 2019 Q3F 2019 Q2F 2018 Q4F 7. $5,407,570 16,142 6333 Graybar Road New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate

Upcoming New Supply EXPECTED ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER/APPLICANT COMPLETION A. 1111 Twigg Place IntraUrban Rivershore Speculative - Strata 116,465 PC Urban Q2 2019 Montrose Property Holdings Ltd. / B. 15111 Williams Road Richmond Industrial Centre - Building 1 Build to suit 500,000 Omicron Canada Inc. 2019

C. 11611 No.5 Road South Shore Business Centre Speculative - Strata 52,347 South Street Development Group Q2 2019

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

West r m D r d

h R A g u o n Vancouver o n r a a

r l i i o D

S e Lynn Valley Rd North t v

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Vancouver 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 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 L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay 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 k A

r Burrard Inlet s Dr a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

l r g n

B et

H C.P.R. e

English Bay r ig

i h

McGill St d way g Eton St M

N D Stadium/Chinatown v Simon Fraser h

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 Lougheed a o i Sprott St Linton St 7 n Nanaimo St

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

Rd Neaves

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 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 DOUGLAS t

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

t n Dewdney Trunk Rd e River ISLAND 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 i Nelson Ave i AGASSIZ l d Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW 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 MITCHELL u yp Kent Ave S l 112th Ave 207th St dgO Marine Wy WESTMINSTERardson Queens Ave Columbia lo as ri a w W s k ISLAND 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 HOG Templeton a rid Grosvenor Rd L River d g ISLAND AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd BARNSTON k YVR C.N.R. a Wy Bridgeport L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave t r 104th Ave FAIRFIELD SEA 99 North Surrey S a Central er Farms Rd Farms ISLAND iv i ISLAND R Rd t ll K e O Aberdeen Cambie Rd Wilson St e b 256th St Delta Bridge Golden Ears y y 1 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 ANNACIS 148th St 160th St e s 96th Ave s h s Castleman Rd 9

Lansdowne Albion Ferry r i bo 2 96th Ave o t No 1 r n e Conwest Group of Companies acquireda a 9.2 acre site this past o ISLAND 96th Ave Richards Ave A R

d River Rd 3 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 MCMILLAN S n Westminster Hwy 92nd Ave r e G

i d e deg 92nd Ave y Lougheed Highway r E quarter for $23,100,000 or $2,510,597 per acre. DevelopmentBrighouse Av ISLAND 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 CRESCENT H plans are still very preliminary, but reportedly they are 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 ISLAND Lake 1st Ave Blundell Rd e B r VIA RAIL Hawkins Pickle Rd

B y 7 Wolfe Rd Blundell Rd Rd 216th St Topham A r W Glover Rd i l 84th Ave considering developing the site with a combination of strata as d 84th Ave 5,6 e 1 Johnson Rd g rd Telegraph Tr Dewdney Trunk Rd e o Mission St Cedar 7 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 well as space for lease. 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 TILBURY e Rd Annis r n I

280th St s C.N.R. l R and T Garden City Rd City Garden 4 C runk R ISLAND 80th Ave 7 Tyler d d 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

Rd Scott

Trends 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

>> Strata pricing continues to rise. A firm deal of a 12,557 square Mission d

72nd St McTavish Rd Newton Rd C e

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

68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

Trans Canada Highway CHILLIWACK k i

unit foot strata unit (including mezzanine) that was pre-sold in 17 RAILWAY W Yale Rd v e r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a MATSQUI Upper Sum Mou Beedie's Delta Link Business Centre closed this past quarter for St 62B Glover Rd nta

64th Ave n

B.N.R. ISLAND Page Rd i

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d 60th Ave Rd Chadsey S Sumas Rd Bailey Rd $186 per square foot. The same unit is now listed for sale at Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave 56th Ave Promontory Rd an asking price of $325 per square foot (including mezzanine), 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 although remains unsold at the time of publication. iv Rd Sumas Prairie Keith Wilson Rd R 53rd Ave 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 >> Industrial development sites are scarce, so developers are ra Riverside Rd Bell Rd in WESTHAM ISLAND 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 getting creative in finding opportunities. For example, Beedie 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 acquired the 163 acre Pineland Peat site in Q1 2018. The site is 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 now going through the rezoning process and is expected by year AIRPORT M Pacic Highway

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

Abbotsford R South Parallel

d Langley d R Cultus end.

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 1A L 52nd St 56th St 188th St Old Yale Notable Lease Notable Sale New Supply 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy Mt. Lehman Rd

Summary Statistics Q2 2018 Q3 2018 Trend 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 Vacancy Rate 1.7% 2.0% North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

NotableB Lease Transactions ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

a McCallum Rd YTD Net Absorption (SF) r APPROXIMATE Whatcom Rd Whatcom Cole Rd Rd McDermott Marion Rd Rd Powerhouse

468,640 522,251 264th St y B TENANT NAME - ADDRESS TYPE ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave SIZE (SF)

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

TERMINAL iBox Packaging Ltd. - 620 Audley 172nd St 176th St YTD New Supply (SF) 300,383 434,148 1st Ave TSAWWASSEN 1. Renewal 78,818 CANADABoulevard CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. Under Construction (SF) 360,689 493,100 Golden West Baking Company - 2. Renewal 43,017 1111-1127 Derwent Way Weighted Average Asking Net $9.12 $9.18 C2 Imaging - 1479/1481 Lindsey Rent ($/SF) 3. New 27,306 Place

Historical Performance and Forecast

10.0% 1,000,000

9.0% 800,000 Notable Sale Transactions 8.0% APPROXIMATE 600,000 PURCHASER - ADDRESS PRICE 7.0% SIZE (SF) 400,000 Conwest Group of Companies - 6.0% 4. $23,100,000 9.2 acres 7400 Vantage Way (LAND) 5.0% 200,000 1174035 B.C. Ltd. - Units 101,102 4.0% 5. $6,055,128 28,041 0 103, 7717 Beedie Way 3.0% -200,000 1103333 B.C. Ltd. - Units 106,107 2.0% 6. $7,550,000 34,307 -400,000 108, 7717 Beedie Way 1.0%

0.0% -600,000 7. CBS Parts Ltd. - 8149 River Way $5,500,000 18,878 2017 Q1 2013 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2012 Q3 2013 Q2 2015 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q2F 2018 Q4F

New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate

Upcoming New Supply

ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER/APPLICANT EXPECTED COMPLETION A. 7717 Beedie Way Delta Link Business Centre - Phase 1 Speculative - Strata Sale 115,234 Beedie Development Group Q4 2018 B. 8051 92nd Street Building 1 and 2 Speculative - Lease 111,690 Prism Construction Ltd. Q1 2019 C. 779 Berg Road Westpoint Business Centre Speculative - Strata Sale 189,176 Beedie Development Group Q4 2019

7 Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International Buntzen Lake Capilano Lake

West r m D r d

h R A g u o n Vancouver o n r a a

r l i i o D

S e Lynn Valley Rd North t v

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Vancouver 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 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 L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay 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 k A

r Burrard Inlet s Dr a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

l r g n

B et

H C.P.R. e

English Bay r ig

i h

McGill St d way g Eton St M

N D Stadium/Chinatown v Simon Fraser h

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 Lougheed a o i Sprott St Linton St 7 n Nanaimo St

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

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

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 DOUGLAS t

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

t n Dewdney Trunk Rd e River ISLAND 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 i Nelson Ave i AGASSIZ l d Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW 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 MITCHELL u yp Kent Ave S l 112th Ave 207th St dgO Marine Wy WESTMINSTERardson Queens Ave Columbia lo as ri a w W s k ISLAND 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 HOG Templeton a rid Grosvenor Rd L River d g ISLAND AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd BARNSTON k YVR C.N.R. a Wy Bridgeport L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave t r 104th Ave FAIRFIELD SEA 99 North Surrey S a Central er Farms Rd Farms ISLAND iv i ISLAND 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 g ANNACIS 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 ISLAND 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 MCMILLAN S n Westminster Hwy 92nd Ave r e G

i d e deg 92nd Ave y Lougheed Highway r E Brighouse Av ISLAND 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 CRESCENT 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 ISLAND 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 TILBURY e Rd Annis r n I

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

The Tsawwassen First Nations (TFN) signed an urban treaty d w ac R

Trans Canada Highway CHILLIWACK k i

17 RAILWAY W Yale Rd v e r

Kitson Pkwy Dyke Rd 64th Ave R

in 2009 resulting in a total TFN land base of 1,800 acres. Lickman Rd

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

64th Ave n

B.N.R. ISLAND Page Rd i

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d

In addition, the treaty made the TFN a full member of the Rd Chadsey 60th Ave S Sumas Rd Bailey Rd Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave Metro Vancouver Regional District with a separate municipal 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 government with unique regulations, taxing authority, 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 development approval processes and fees. Of the total 1,800 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 acres of TFN lands, 300 acres are located adjacent to Port of WESTHAM ISLAND 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 Vancouver’s Deltaport container terminal and are designated a r Rd ke u Straiton R h Clayburn Rd 44 Ave d

t Yarrow Central Rd r

328th St A for industrial development. 64th St 17 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Mud Bay Downes Rd S 1 BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Pacic Highway

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

A Abbotsford R South Parallel d Currently, the 300-acre TFN industrial lands are being 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 marketed under the name Deltaport Logistics Centre, 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 comprised of two phases. Phase 1, totaling 100 acres, is fully a South Fraser Way w B o 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd leased with several projects set to begin construction. Phase 2 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 comprises 200 acres, which are currently available for lease. 20th Ave 20th Ave Marshall Rd Hwy Interprovincial 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 TFN’s preference is to lease parcels that are a minimum of 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

15 to 20 acres; the sites are fully-serviced and available on a 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 long-term prepaid land lease basis only. 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 Trends TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA >> Delta iPort is a distribution centre campus located on 57 acres U.S.A. U.S.A. U.S.A. of land. Notable Lease Notable Sale New Supply >> The construction of Delta iPort Building 1 (453,620 SF) substantially completed this quarter and has been 100% pre- Notable Lease Transactions

leased by Amazon. PLANNED LAND SIZE TENANT/ PROJECT NAME BUILDING (SF) (ACRES) >> Delta iPort Building 2 is currently available for lease and will be available for occupancy October 1, 2019. The building features 1. Amazon - Delta iPort Building 1 453,620 57.4 a double-load design providing flexible demising options from 121,230 square feet up to 484,920 square feet.

Summary Statistics Q2 2018 Q3 2018 Trend Vacancy Rate N/A N/A N/A

YTD Net Absorption (SF) N/A 564,000 N/A Notable Sale Transactions

APPROXIMATE New Supply (SF) 0 564,000 PURCHASER - ADDRESS PRICE SIZE (SF)

Under Construction (SF) 564,000 0 Only long-term prepaid land leases permitted.

Weighted Average Asking Net Rent ($/SF) N/A N/A N/A

Upcoming New Supply

ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER/APPLICANT EXPECTED COMPLETION Great-West Life Assurance A. 3000 41B Street Delta iPort - Phase 2 Speculative 484,920 Company/Healthcare of Q4 2019 Ontario Pension Plan

Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International 8 Buntzen Lake Capilano Lake

West r m D r d

h R A g u o n Vancouver o n r a a

r l i i o D

S e Lynn Valley Rd North t v

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Vancouver 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 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 L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay 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 k A

r Burrard Inlet s Dr a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

l r g n

B et

H C.P.R. e

English Bay r ig

i h

McGill St d way g Eton St M

N D Stadium/Chinatown v Simon Fraser h

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 Lougheed a o i Sprott St Linton St 7 n Nanaimo St

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

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

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 DOUGLAS t

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

t n Dewdney Trunk Rd e River ISLAND 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 i Nelson Ave i AGASSIZ l d Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW 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 MITCHELL u yp Kent Ave S l 112th Ave 207th St dgO Marine Wy WESTMINSTERardson Queens Ave Columbia lo as ri a w W s k ISLAND 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 HOG Templeton a rid Grosvenor Rd L River d g ISLAND AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd BARNSTON k YVR C.N.R. a Wy Bridgeport L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave t r Surrey 104th Ave FAIRFIELD SEA 99 North Surrey S a Central er Farms Rd Farms ISLAND iv i ISLAND 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 g ANNACIS 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 ISLAND 96th Ave Richards Ave A R

d River Rd u 99A C d River Rd g 2 r pe 91 De o a n

h l

w Rd Young 192nd St C.N.R. t H l 5 d Farms Rd Rd McGrath

Surrey i

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

B y 7 Wolfe Rd Building 200 of Onni's CampbellBlundell Rd Heights West development, Rd 216th St Topham r W Glover Rd i l 84th Ave d 84th Ave e 1 Johnson Rd g d 6 r 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 i which totals 202,105 square feet, completed construction 80th Ave i Eagle Rd c St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown TILBURY e Rd Annis r n I

280th St s C.N.R. l R and T Garden City Rd City Garden run ISLAND 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 7 t Wy k t w this quarter with only one 14,427 square feet unit remaining 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 available for lease. Building 100 of the same development has 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

Trans Canada Highway CHILLIWACK k i

3,700 square feet to 39,229 square feet of space available for W Yale Rd v

17 RAILWAY e r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

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

64th Ave n

B.N.R. ISLAND Page Rd i

lease and is set to complete in Q1 2019. R

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 Trends 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 10 Ladner Trunk Road St 288th Sinclair Rd 203rd St 203rd 48th Ave Fraser Highway d G Gladwin Rd R r Riverside Rd Bell Rd n WESTHAM ISLAND ade Townshipline Rd ntai C >> Pre-leasing activity continues to be strong. Hopewell 15 Cr 48th Ave ou h SOUTHERN RAILWAY M 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

Development's South Surrey Business Parkt has experienced 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 pre-leasing well in advance of completion. Both Building 2,AIRPORT set C 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 R 32nd Ave 1 n Rd Boundary 32nd Ave r to complete in Q1 2019, as well as Building 3, which recently just 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 received a development permit approval, are 100% pre-leased. y 99 y er a South Fraser Way w B o 1A L 52nd St 56th St A 188th St Old Yale 24th Ave B24th3,4 Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy Mt. Lehman Rd 152nd St 124th St 140th St >> Rental rates are generally experiencing upward pressure. The 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 drop in the weighted average asking net rent quarter over North Blu Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL quarter is largely due to a listing of a large, oldern building with 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 a lower asking rental rate as well as some newerd product with BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave higher asking rental ratesTSAWWASSEN being leased. CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. >> For seven straight quarters the vacancy rate has been 1.3% or

lower. Notable Lease Notable Sale New Supply

Notable Lease Transactions

APPROXIMATE Q2 2018 Q3 2018 Trend TENANT NAME - ADDRESS TYPE Summary Statistics SIZE (SF)

Vacancy Rate 1.2% 1.0% 1. Trimlite Mfg Inc. - 2920 188th Street New 111,931

YTD Net Absorption (SF) 369,743 836,442 White's Studios Inc. - 18788 96th 2. Sublease 97,430 Avenue YTD New Supply (SF) 362,400 758,634 3. Pival International - 18822 24 Avenue New 70,036 Under Construction (SF) 1,048,662 773,397 4. Seldat Inc. - 18822 24 Avenue New 45,656 Weighted Average Asking Net Rent ($/SF) $9.14 $8.75 Notable Sale Transactions

APPROXIMATE Historical Performance and Forecast PURCHASER - ADDRESS PRICE SIZE (SF) 3.5% 1,000,000 Mullen Group (MT Investments 5. $9,580,000 29,775 3.0% 800,000 Inc.) - 19577 94th Avenue 1019057 B.C. Ltd. - 12510 82 2.5% 600,000 6. $5,750,000 22,650 Avenue

2.0% 400,000

1.5% 200,000

1.0% 0

0.5% -200,000

0.0% -400,000 2017 Q1 2013 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2012 Q3 2013 Q2 2015 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q2F 2018 Q4F

New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate

Upcoming New Supply

ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER EXPECTED COMPLETION A. 18821 20th Avenue Campbell Heights South - Building A & B Speculative - Lease 200,000 Beedie Development Group Q3 2019 Campbell Heights West Business Park - B. 18810 24th Avenue Building 100 Speculative - Lease 144,828 Onni Q4 2018 C. 2830 188th Street South Surrey Business Park - Building 2 Speculative - Lease 155,883 Hopewell Development Q1 2019

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

West r m D r d h R A g u o n Vancouver o n r a a

r l i i o D

S e Lynn Valley Rd North t v

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Vancouver 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 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 L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay 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 k A

r Burrard Inlet s Dr a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

l r g n

B et

H C.P.R. e

English Bay r ig

i h

McGill St d way g Eton St M

N D Stadium/Chinatown v Simon Fraser h

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 Lougheed a o i Sprott St Linton St 7 n Nanaimo St

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

Rd Neaves

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 Patterson Hartley Rd 7 W 49th Ave Langara/ Langley 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 DOUGLAS t

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

t n Dewdney Trunk Rd e River ISLAND 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 i Nelson Ave i AGASSIZ Beedie'sl latest Langley strata development, Gloucesterd North, Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW 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 MITCHELL u yp gO Kent Ave S Marine Wy rds l 112th Ave 207th St id WESTMINSTERa on Queens Ave Columbia lo as r a Twigg Pl located at 27230 60th Avenueew Wy is now Brid ge100% pre-sold. The s 112th Ave k ISLAND 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 HOG Templeton a rid Grosvenor Rd L River d g ISLAND AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre h y e rt an W project totals 90,600Byrne Rd square feet with units ranging in size BARNSTON k YVR A Vulc C.N.R. Wy Bridgeport 2 a L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave t r Surrey 104th Ave FAIRFIELD SEA 99 North Surrey S a Central er Farms Rd Farms v i ISLAND ISLAND i Rd t from 5,023 to 12,150 square feet. The units sold well in R 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

1 d o advance of the project'se expected completion date of Q4 2019. W 280th St r e Rd R Alderbridge Wy i y Richmond Annacis Highway n l 156th St g ANNACIS 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 ISLAND 96th Ave Richards Ave A R

d River Rd u 99A 4 C d River Rd g r pe 91 A De o a n

h l

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

3 i

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

No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay Nelson Rd t s 88th Ave ISLAND 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. >> This is the sixth consecutive quarter where vacancy has been 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 TILBURY e Rd Annis r n I

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

Williams Rd H H T 14th Ave S o e Duke Rd t 1.6% or lower. 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 >> Pre-sale and pre-lease activity are strong. Of the 207,847 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

Trans Canada Highway CHILLIWACK k i

17 RAILWAY W Yale Rd v

square feet currently under construction, 168,195 square feet of e r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a MATSQUI Upper Sum Mou 62B St 62B Glover Rd nta 64th Ave C n

B.N.R. ISLAND Page Rd i

272nd St 1 Peters Rd this is scheduled to be delivered in Q4 2018. Of the new supply d 60th Ave Delta C.N.R. 60th Ave Rd Chadsey S Sumas Rd Bailey Rd Logan Ave 58th Ave 148th St 99 B 140th St Fore Rd 60th Ave to be delivered in Q4 2018, there is only 35,05756th Ave square feet 11 Watson Rd Promontory Rd 56th Ave 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 available (21%). 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 WESTHAM ISLAND 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

Q2 2018 Q3 2018 Trend d Summary Statistics 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 Vacancy Rate y 99 y er 1.4% a 1.6% 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 Notable Lease Notable Sale New Supply 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 YTD Net Absorption (SF) 104,140 70,298 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 YTD New Supply (SF) McCallum Rd r Whatcom Rd Whatcom Cole Rd Rd McDermott Marion Rd Rd Powerhouse

67,661 67,661 264th St y 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 Transactions BC FERRIES 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN Under Construction (SF) 207,847 207,847 APPROXIMATE CANADA CANADA 0 Ave Boundary Rd TENANT NAME - ADDRESS TYPE 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. SIZE (SF) U.S.A. Weighted Average Asking Net Philips Lighting - A-19750 92A $11.22 $11.31 1. Renewal 149,738 Rent ($/SF) Avenue Ambleside Production Services 2. New Deal 70,768 Historical Performance and Forecast Inc. - 20175 100A Avenue

4.0% 800,000

700,000 3.5% 600,000 3.0% 500,000 Notable Sale Transactions APPROXIMATE 2.5% 400,000 PURCHASER - ADDRESS PRICE SIZE (SF) 300,000 2.0% Moradi Holdings Ltd. & Dastyari 200,000 3. $8,200,000 43,685 Holdings Ltd. - 9790 198B Street 1.5% 100,000 0 Dante Xavier Zanatta Properties 1.0% 4. $3,803,520 11,835 -100,000 Inc. - A100 19715 96 Ave. 0.5% -200,000

0.0% -300,000 2017 Q1 2013 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2012 Q3 2013 Q2 2015 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q2F 2018 Q4F

New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate

Upcoming New Supply

ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER EXPECTED COMPLETION B. 9347 200A Street Port Kells Centre - Building A Sepculative - Lease 104,973 Silverwynde Properties Inc. Q4 2018 A. 4825 275th Street 275 Corporate Centre Speculative - Sale or Lease 105,868 Beedie Development Group Q4 2018 C. 27230 60th Avenue Gloucester North Speculative - Strata 90,600 Beedie Development Group Q4 2019

Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International 10 Buntzen Lake Capilano Lake

West r m D r d h R A g u o n Vancouver o n r a a

r l i i o D

S e Lynn Valley Rd North t v

15th St

E Riverside Dr M Taylor Wy Taylor

l Ma l rin e e F Vancouver 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 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 L s l Rd East Rd n an o a E 3rd St i Lonsdale Quay 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 k A

r Burrard Inlet s Dr a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

l r g n

B et

H C.P. e

English Bay r ig

i h R

McGill St d way . g Eton St M

N D Stadium/Chinatown v Simon Fraser h

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 Lougheed a o i Sprott St Linton St 7 n Nanaimo St

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

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

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 Oak St Meadows 248th St 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 DOUGLAS Buntzen t

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

t n Dewdney Trunk Rd e River ISLAND 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 i Nelson Ave i Lake AGASSIZ l d Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW 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 Capilano at B e MITCHELL u yp Kent Ave S l 112th Ave 207th St dgO Marine Wy WESTMINSTERardson Queens Ave Columbia lo as ri a w W s k ISLAND Twigg Pl e y Bridge 112th Ave B t Scott Rd S VANCOUVER S e Bridge Rd g New v t Lake 110th Ave C.N.R. 112th A 112th Ave n INTERNATIONAL i B 22nd St Westminster HOG Templeton a rid Grosvenor Rd L River d g ISLAND AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd BARNSTON k YVR C.N.R. a Wy Bridgeport L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

Fraser Wy 240th St a t 104th Ave t r 104th Ave FAIRFIELD SEA 99 North Surrey S a Central er Farms Rd Farms ISLAND iv i ISLAND R Rd t ll 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 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 ANNACIS 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 ISLAND 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 MCMILLAN S n Westminster Hwy 92nd Ave r e G

i d e deg 92nd Ave y Lougheed Highway r E Brighouse Av ISLAND T Yal a r e R n A u Wellington Ave d e w n r d l k y West e Chapman Rd ve Rd 120th St 128th St 132nd St Ferndale Ave li x m a D C Granville Ave Hatzic F r H d D y 88th Ave 88th Ave CRESCENT erw W r Fraser River 1A No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay Nelson Rd h R t A s 88th Ave ISLAND Lake 1st Ave g Blundell Rd e r VIA RAIL Hawkins Pickle Rd u o n B y 7 Wolfe Rd Blundell Rd n Rd 216th St Topham Vancouver o r W Glover Rd

r 84th Ave a a i l l d 84th Ave

r e Johnson Rd i i 1 g d D r Telegraph Tr Dewdney Trunk Rd o e St Cedar p o d Mission b s Abbotsford,N Chilliwack & Ridge-Meadows d lliwack Mtn Rd Rd Ford k R i Richmond a ar Rd n C.N.R. Nicomen Island Trun Ch Francis Rd h C.N.R. n m 22nd Ave Chilliwack Central Rd No. 1 Rd Ave e I No. 4 Rd No. 3 Rd t No. 5 Rd No. 6 Rd C C.N.R. Annacis King George Highway N a R u e r Pacic Highway Harvie Rd Gilbert Rd i 80th Ave i 99 o v B Eagle Rd c St v o

Railway Ave Railway Upper S e Huston Rd 80th Ave e m Brown Rd Brown TILBURY e Rd Annis t r n I

Edgemont Blvd 280th St s C.N.R. l R and T Garden City Rd City Garden run L S ISLAND 80th Ave 7 Tyler d k Rd 1 Williams Rd e H H T 14th Ave S

Queens Ave o e Duke Rd t i 80th Ave o v p g 76th Ave S co 76th Ave l ut Fraser River e h e e h Fraser - Delta Thruway Fraser t Delbrook Wy 7 l t k 1

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

a r L Hurd St Hurd d y d a Prairie Central Rd 112th St Mathers Ave Rd Scott Pitt Lake

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

a 152nd St r

River Rd 72nd Ave Newton Rd T t Progress Wy E 29th St 72nd Ave u 240th St r Inglewood Ave oSurrey S Luckakuck Wy 72nd Ave V Wren St Wren e

21st St 72nd Ave 11th St 11th m 72nd Ave 1st Ave Industrial Wy d

y Mission d

72nd St McTavish Rd Newton Rd C e

Onni's Golden Ears Business Park in Pitt Meadows saw Gibson Rd

Moncton St 1 Hyannis Dr Fulton Ave r No. 2 Rd e HWY 10 Rd Prest Rd Banford Shell Rd 91 64th Ave 10 City h

68th Ave SOUTH i

George Massey Tunnel ERN R l S BYPASS li

e d w

CHILLIWACK ackR

Lynn Valley Rd North t v Trans Canada Highway i

W Yale Rd v 15th St RAILWAY

M e

E Riverside Dr r Taylor Wy Taylor

Kitson Pkwy Dyke Rd 64th Ave R

l Lickman Rd

SOUTHERN RAILWAY s d Satchell St Satchell a M l MATSQUI Upper Sum Mou

62B St 62B n a e Glover Rd ta r 64th Ave n

i B.N.R. ISLAND Page Rd i n F Vancouver d

e R R Building 700 and 900 complete construction this past quarter.

D y 272nd St 1 Peters Rd r Delta d 60th Ave Mountain Hwy C.N.R. a

Larson Rd Rd Chadsey 60th Ave B S Sumas Rd Bailey Rd 15th St ll Logan Ave 148th St e

ge Lonsdale Ave

Chestereld Ave Chestereld 58th Ave d 99 d w Harrison Lake 140th St i W 13th St Ave St Georges R Fore Rd 60th Ave

d t 56th Ave Promontory Rd r 56th Ave e 11 Watson Rd

B e W B Douglas Cr

208th St

Berkley Rd Berkley d Mountain Hwy o B.C. RAIL 56th Ave e Welch St Road Perimeter South Fraser W 3rd St LANGLEY Harris Rd R W E Sunnyside Rd Sunnyside

E Grand Blvd E Grand Mission-abbotsford Highway t o r Mt Seymour However, with Buildingl 700 nowP 100% leased and Building kwy 56th Ave a e 72nd St K AIRPORT l v Harbourside Dr Rd Sumas Prairie Hopedale Rd i e E i G R it 53rd Ave Keith Wilson Rd s h Station Rd Colebrook Rd L s Harbourside Pl p Rd 160th St

Robertson Rd Robertson l ok R Westham Island Rd a olebro d East Rd n C 304th St n 296th St o 10 Ladner Trunk Road a E 3rd St St 288th i Lonsdale Quay d Rd Cove Deep Sinclair Rd

e St 203rd L

Brooksbank Ave lart n Rd 48th Ave Fraser Highway d l o G Gladwin Rd R o r Riverside Rd Bell Rd n WESTHAM ISLAND Dollart ade Townshipline Rd ntai C D on Hwy 15 Cr 48th Ave ou h 17A SOUTHERN RAILWAY r M i 900 with only 6,182Main St square feet remaining, the new supply 48th Ave No. 3 Rd de ll d Dawson Rd Ved iw E Esplanade Ir l a r o OW Riverside Dr Old Yale Rd ck D Port Moody L n a 99 r Rd ke u Rd Straiton R

h W Clayburn Rd 44 Ave d

t il Yarrow Central Rd r

r 328th St A 64th St o 40th Ave

17 40th Ave 40th Ave p

r Mud Bay 40th Ave Downes Rd 40th Ave k A S BOUNDARY BAY um Fireclay Rd No. 4 Rd provided36th Ave almost no reliefe to the extremely low vacancy rate of as AIRPORT r M Pacic Highway

s r 34B Ave Burrard Inlet t D n North Parallel C.P.R.

a R M am Abbotsford South Parallel P r d Langley ano d R e Cultus

d - BellinghamAldergrove Highway m Deltaport Wy 32nd Ave Rd Boundary R 32nd Ave rn t ybu Lake 53rd St 53rd n H Cla d

o 32nd Avee R Atkinson Rd

ce Ioco Rd r Su Old No. 5 Rd

r es it m tn i Cr a a

Maple Ridge and Pitta Meadows. B s M

a 28th Ave l W s

r g 27B Ave St n Fer a

B w g a 160th St Rd Clearbrook

168th St e 184th St B,C u m

e t so y i 28th Ave H 28th Ave C.P.R. e n u

English Bay r v W S

y 99 ig y r

i h South Fraser Way e

McGill St d a w w

B ay o g Eton St M L

Burrard 7A 1A DenmanDavie St St 52nd St 56th St e o L Waterfront 188th St a u n Wy Pinetree Old Yale 24th Ave 24th Ave d t Rd Campbell Rd Pacic St Dundas St 24th Ave n s Woodland Pipeline Rd 24th Ave t d S

Ross Rd Ross Trans Canada Hwy a o w Lafarge Lake - Douglas y Victoria Dr Mt. Lehman Rd

152nd St i e D Granville n Johnson St s 124th St 140th St in r 128th St r n a Vancouver 20th Ave s 20th Ave McMillan Rd

Marshall Rd Hwy Interprovincial M 20th Ave 20th Ave E Hastings Street e B City Centre 13 e W 192nd St

l 1

N D

v Stadium/Chinatown Rd Dixon 16th Ave Simon Fraser h

d r 232nd St 208th St 240th St

216th St 200th St St 200th 224th St 248th St 256th St g 272nd St Port Moody Centre Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd White RockNorth Blu Rd 16th Ave Lincoln Coast Meridian Rd Parker St University16th Ave u Stave Lake Venables St Curtis St St. Johns St a Yaletown/ Marine Dr 12th Ave h Peardonville Rd B Coquitlam Central ABBOTSFORD Richardson Rd 11 Poin Roundhouseo Port Moody Centre Inlet Centre Coquitlam S t u Buena Vista Ave INTERNATIONAL

320th St G n Main St r Cornwall St Central Cedar Dr ey Rd d G AIRPORT a a McCallum Rd r Cole Rd Rd McDermott Marion Rd Rd Powerhouse Whatcom Rd Whatcom 264th St Olympic Village y Clark Dr g University of W 4th Ave l Wesbrook Mall B G Ave Gilmore Willingdon Ave a ay 1st Ave 8th Ave Campbell River Rd 8th Ave Prairie Ave Huntington Rd 8th Ave Vye Rd 6th Ave r r Holdom St Gerald Ave Gerald Sperling St R e VCC/Clark d McNeil Rd Causeway Rd Roberts Point B.N.R. i 8th Ave Trendsd at North W British Columbia ern Brentwood y BC FERRIES W Dr Commercial Gilmore y 176th St Town Centre 1

W 10th Ave W Broadway TERMINAL 172nd St 176th St 1st Ave St Renfrew Holdom Clarke Rd 4 TSAWWASSEN Broadway/ Commercial Port Coquitlam 4 Broadway Burquitlam Como Lake Ave t CityCANADA Hall E Broadway CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd h CANADA W 12th Ave Lougheed Highway Port St U.S.A. E 12th Ave Renfrew Rupert U.S.A. U.S.A. W 16th Ave Sperling/ Coquitlam

t Grandview Hwy Burnaby Lake y Burns Rd >> The vacancy rate in Abbotsford and Chilliwack has been S below Maple

Kingsway Ave

Lake City Way W

Canada Wy n

Kingsway r S Production Way/ i

W a Springs Rd Springs

University t n i Ridge M n

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

Edward St Rupert Town Centre M Town Centre Rd Gatensbury e 1.4% or lower for 15 consecutive quarters.Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l B d 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

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave t

>> Strata developments have been generallyHig well1 received across 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 Metro Vancouver withPatterson projects often having significant pre- 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 A 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 sales activity prior to completion. However, the strata project t r 227th St 224th St 216th St St Laity e

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

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

t n Dewdney Trunk Rd e River ISLAND 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 at 30722 Marshalli Road in Nelson Ave Abbotsford, which is currently under i AGASSIZ l d Marine Dr SE Marine Dr l Kerr St Edmonds Columbia St Fraser 116th Ave Maple E g H Marine Dr NEW 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 MITCHELL u yp gO Kent Ave S Marine Wy rds l 112th Ave 207th St id construction and set to complete in WESTMINSTERQ1 2019,a on Queens has Ave Columbia notlo had any as r a w W s k ISLAND 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 HOG Templeton a rid Grosvenor Rd L River d g ISLAND AIRPORT r Gateway 108th Ave R Sea Island u e pre-sales to date. Rd 108th Ave Centre th Wy e Ar Vulcan Byrne Rd BARNSTON k YVR C.N.R. a Wy Bridgeport L Airport Conachie 91A ISLAND Grant Mc e WINDERMERE ISLAND S Bridgeport Rd Scott Rd v

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

Lansdowne Albion Ferry r i bo 96th Ave o t No 1 r n e a Abbotsford & Chilliwacko ISLAND Maple Ridge & Pitt Meadows 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 MCMILLAN S n Westminster Hwy 92nd Ave r e G

i d e deg 92nd Ave y Lougheed Highway r E Brighouse Av Notable Lease Notable Sale New Supply ISLAND T Yal Q2 2018 Q3 2018 Q2 2018 Q3 2018 a r e Summary Statistics n u Rd A Wellington Ave 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 CRESCENT 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 ISLAND 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 0.1% 0.1%i l 0.4% 84th0.6% 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 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 TILBURY e Rd Annis r n I

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

Williams Rd H H T 14th Ave S o e Duke Rd t YTD Net Absorption (SF)p i 80th Ave o g 76th Ave S

c 145,861 359,025 82,049 157,378 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 APPROXIMATE 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 TENANT NAME - ADDRESS TYPE

River Rd 72nd Ave Newton Rd T t Progress Wy 72nd Ave 240th St r Surrey SIZE (SF) 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 YTD New Supply (SF) Gibson Rd No. 2 Rd r HWY 10 Rd Prest Rd Banford Shell Rd 70,042 286,459 91 0 64th84,231 Ave 10 City h

68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

Trans Canada Highway CHILLIWACK k i

17 RAILWAY W Yale Rd v e No notable lease transactions r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

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

64th Ave n

B.N.R. ISLAND Page Rd i

272nd St 1 Peters Rd Under Construction60th Ave(SF) Delta1,159,263 1,006,370 304,647 220,416 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 Weighted Average Asking Road Perimeter South Fraser Net LANGLEY Harris Rd R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Sumas Prairie Rd Sumas Prairie $8.73 $9.44 $10.64 $9.24 Hopedale Rd iv R 53rd Ave Keith Wilson Rd Rent ($/SF) Station Rd Colebrook Rd Notable Sale Transactions 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 APPROXIMATE Riverside Rd Bell Rd in WESTHAM ISLAND de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h 17A PURCHASER - ADDRESS PRICE 48th Ave No. 3 Rd der il Dawson Rd Ved liw SIZE (SF) 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 Abbotsford &64th St Chilliwack Trends e 17 40th Av 40th Ave 40th Ave Chohan Group of Companies -40th Ave 40th Ave Mud Bay Downes Rd S u Fireclay Rd BOUNDARY BAY 1 $8,040,000 13.5 acres m No. 4 Rd 36th Ave as AIRPORT M 6% 900,000 Pacic Highway 34B Ave 7582 Cannor Road, Chilliwack t n North Parallel C.P.R.

Abbotsford R South Parallel

d Langley d R Cultus

d800,000 - 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 5% C as M 28th Ave S 700,000 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 600,000 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 4% 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy 500,000 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 13 400,000 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 3% White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu Rd 16th Ave 16th Ave Marine Dr300,000 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d 200,000 AIRPORT

a McCallum Rd 2% 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

R 100,000

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

TERMINAL 0 172nd St 176th St 1%1st Ave TSAWWASSEN CANADA -100,000 CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. 0% -200,000 2017 Q1 2013 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2012 Q3 2013 Q2 2015 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q2F 2018 Q4F

New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate

Upcoming New Supply DEVELOPMENT EXPECTED ADDRESS NAME SIZE (SF) DEVELOPER CLASSIFICATION COMPLETION A. 19055 Airport Way, Pitt Meadows Golden Ears Business Park Phase II - Building 800 Speculative 220,416 Onni Group Q3 2019 BTS/ Mayne B. 1777 Clearbrook Road, Abbotsford Clearbrook Logistics Centre - Building 1 Speculative 347,800 Coatings Q4 2018 Clearbrook Logistics Centre - Building 2 Mayne C. 1777 Clearbrook Road, Abbotsford (free standing) Speculative 33,229 Coatings Q4 2018

11 Research & Forecast Report | Third Quarter 2018 | Metro Vancouver / Industrial | Colliers International Glossary Availability: The amount of available space and available space to be delivered to the market within six months, divided by the market’s inventory base including those future deliveries. Available space is space that is available for lease, sublease, or user sale and may or may not be vacant.

Bulk/Logistics Space: Warehouse space in excess of 100,000 square feet with dock loading and minimum ceiling heights of 24 feet.

Net Absorption: The net change in physically occupied space between the current measurement period and the last measurement period. It can either be positive or negative.

Vacancy Rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease, sublease, or sale. This is physical vacancy. It is not determined whether a tenant is paying rent on the space.

Weighted Average Asking Net Rent: The dollar amount requested by landlords for direct available space, not including subleases, expressed in dollars per square foot, per annum.

Forecast Assumptions Absorption was calculated using moving averages of historical absorption data and supplemented with incoming new speculative and build-to-suit developments. MARKET CONTACT: 413 offices in Kirk Kuester Executive Managing Director | British Columbia 69 countries on +1 604 661 0814 [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: 68 Scott Sutherland | Market Intelligence Coordinator EMEA: 131 CONTRIBUTORS: Sean Bagan Greg Lane* Francine Bailey Andrew Lord* John Boer* Adam Mitchell Chris Brewster Stefan Morissette $2.7B Darren Cannon* Chris Morrison* US* in Vito DeCicco* Stuart Morrison* annual revenue Malcolm Earle* Roy Pat* Bianca Gilbert Pat Phillips Randy Heed* Todd Scarlett* Ewen Johnston Matt Smith* 2.0B Craig Kincaid-Smith* Don Viner square feet under management *Personal Real Estate Corporation

Colliers International | Vancouver 200 Granville Street, 19th Floor 15,400 Vancouver, BC | Canada professionals +1 604 681 4111 and staff

*Based on 2017 results About Colliers International Group Inc. Colliers International Group Inc. is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

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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.