Research & Forecast Report METRO INDUSTRIAL MARKET

Fourth Quarter 2018

Table of Contents

Metro Vancouver Market Overview...... 1 Market Summaries Vancouver...... 2 North Vancouver...... 3 Burnaby & ...... 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 | Fourth Quarter 2018 | Metro Vancouver / Industrial | Colliers International Metro Vancouver Market Overview investment sale include 8351 Ontario Street, Vancouver, Market Overview 450 South East Marine Drive, Vancouver, 8651 Eastlake According to the Conference Board of Canada's winter Drive, Burnaby and 117 East Kent Avenue North, 2018 report, Vancouver is set to have a more modest Vancouver. However, the investment market has not been outlook for real GDP growth in 2018 after experiencing a recently tested by a sale involving a new generation, high 4.5% growth rate in 2017, a 12-year high. 2018 is quality building with a long-term tenancy with a strong projected to ease into a 2.6 per cent real GDP growth covenant tenant. There is some uncertainty around where rate, followed by a 2.4 per cent real GDP growth rate in cap rates would land in that instance. Overall, the 2019. A significant factor toward the relatively sharp investment market remains very strong, given the decline projected year over year in real GDP growth is dynamic of limited supply and strong demand with due to a cooling housing market, which has slowed signficant future upside in rents. considerably compared with recent years. Construction is expected to cool with the slowdown of the housing Market Trends and Forecast market, but housing starts are still expected to remain 5.0% 2,500,000 above the 10-year average in 2018 and 2019. Despite this anticipated cooling, there are still significant large projects 4.0% under construction such as a new $130 million container 1,500,000 storage and logistics facility in Tsawwassen, the 3.0% $500-million Burrard Place mixed-use development and 2.0% the $1.4-billion replacement of the Pattullo Bridge, which 500,000 is expected to begin in the summer of 2019 and complete 1.0% by 2023. Simliar to the housing market, the transportation and warehousing industry, which expanded in 2017 by 0.0% -500,000 8.6 per cent- a 23-year high, is anticipated to have its growth rates moderate to a solid 3.4 per cent in 2018 and New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate 2.5 per cent in 2019. However, the overall fundamentals of the Metro Vancouver industrial real estate market Market Indicators remain very strong. Relative to prior period Q3 2018 Q4 2018 Trend INVENTORY (SF) 204,460,135 205,827,293 Metro Vancouver’s constrained land base coupled with strong demand for industrial space continues to put VACANCY 1.5% 1.6% upward pressure on industrial land values and lease rates. An increasing population, the rise of e-commerce NET ABSORPTION (SF) 1,313,282 655,752 and the expectation of rapid delivery has only intensified NEW SUPPLY (SF) 1,649,733 803,158 this trend. Given the lack of developable land, relatively low interest rates, continued rising lease rates and a UNDER CONSTRUCTION (SF) 4,664,064 4,854,150 desire to build equity, strata developments have also AVERAGE ASKING NET RENT* $10.87 $11.17 become very popular, often representing the highest and best use of development sites. Given the overall dynamic *Average Asking Net Rent is calculated using a weighted average of a lack of industrial land, strong demand and rising lease rates, the industrial market in Metro Vancouver Q4 2018 Vacant Space by Property Size (SF) remains robust, albeit challenging for occupiers looking to 1,000,000 secure new premises. The combination of these factors is 900, 000 such that multi-storey industrial strata and multi-storey 800,000 industrial warehouse space are being considered by 700, 000 600,000 developers, with some multi-storey industrial strata 500, 000 projects currently pre-selling. 400,000 300, 000 Investment Market 200,000 In 2018, there were several below 3.0% cap rate 100, 000 investment sales despite a rising interest rate 0 environment, driven by opportunities for large future increases in rental rates. Examples of this type of Bulk/Logistic (>100,000) Large (30,000-100,000) Mi d (5,000-30,000) Small (0-5,000)

1 Research & Forecast Report | Fourth 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

A

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 Chester•eld 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

e

r Burrard Inlet s Dr a Vancouver continues to see significant investment activity. M Panoram

e m H

o Ioco Rd er

C r it

i a

a Ba

l r g n

B et

Value Property Group closed on a 118,500-square-foot 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 Paci•c St Dundas St d S t o a Lafarge Lake - Douglas D w y Victoria Dr i

property situated on 5.69 acres, located one block south of Johnson St ine Dr Granville n s ar Vancouver n s M E Hastings Street e B W City Centre e

n

l

N D Stadium/Chinatown v Simon Fraser h

d r Port Moody Centre g Lincoln Coast Meridian Rd B Parker St University u Stave Lake Hungerford Properties' acquisition of the former Walmart Venables St Curtis St St. Johns St a Yaletown/ 3 Coquitlam Central h Richardson Rd Poin Roundhouse Port Moody Centre Inlet Centre Coquitlam S t G Main St rey R Cornwall St G Central Cedar Dr d 2 a

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

Wesbrook Mall G Ave Gilmore site on South East Marine Drive. Hungerford Propreties has 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 ern Brentwood y A Wy Dr Commercial Gilmore W 10th Ave W Town Centre 1

Renfrew St Renfrew Holdom Clarke Rd 4 Broadway/ Commercial Port Coquitlam 4 indicated they are planning to redevelop the Walmart site in the 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

near future. 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

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 Trends Deer Lake Pkwy ra r St e W 33rd Ave E 33rd Ave ns Coquitlam Fern Cr

v

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave > With a lack of available developable land, low vacancy and 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 pricing continuing to escalate, the Vancouver market is ripe for 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 Spratt Rd Spratt

Royal Rd Lake Stave W 57th Ave Rd Woolridge 256th St t r 227th St 224th St 216th St St Laity multi-storey industrial strata space. This is precisely what PC 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 1 o 6th Ave Urban is planning for a component of their Intra Urban Evolution Nelson Ave i 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 development, located at 1055 Vernon Drive. The project has 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 industrial space on the first two floors of a four-storey industrial a Templeton 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 and office strata development, the first of its kind in Vancouver. 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 Pricing is starting at $650 per square foot for industrial units 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 and reaching over $850 per square foot for office units. Units e Vulcan Wy e u

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 range from 925 square feet for a singular unit up to an entire 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 33,020 square foot floor. The ground floor is currently pre-sold a r e Rd n A u 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 1A No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay Nelson Rd t to a local operating company, and individual letters of intent have 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 been presented to singular units above. e St Cedar o Mission 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 Paci•c 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 i 80th Ave o p g 76th Ave S Q3 2018 Q4 2018 Trend co 76th Ave l ut Fraser River Notable Lease Transactions h e e h Summary Statistics - 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 APPROXIMATEProgress Wy 72nd Ave 240th St r TENANT NAME - ADDRESS TYPE Surrey S Luckakuck Wy 72nd Ave V Wren St Wren Vacancy Rate 1.8% 2.0% 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 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 No notable lease transactions r

Kitson Pkwy YTD Net Absorption (SF) Dyke Rd 64th Ave R

237,646 241,623 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

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 YTD New Supply (SF) 99 214,635 273,037 140th St Fore Rd 60th Ave 56th Ave Promontory Rd 56th Ave 11 Watson Rd W Douglas Cr d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Sumas Prairie Rd Sumas Prairie iv Hopedale Rd R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd Under Construction (SF) 416,507 426,998 160th St

Robertson Rd Robertson ok R NotableWestham IslandSale Rd Transactions 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 APPROXIMATE de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h Weighted Average Asking Net 17A 48th Ave No. 3 Rd der il PURCHASER - ADDRESS PRICE Dawson Rd Ved liw a $16.89 $17.65 r SIZE (SF) Old Yale Rd ck D L Rent ($/SF) a r Rd ke u Straiton R h Clayburn Rd 44 Ave d

t Yarrow Central Rd r

328th St A Value Property Group - 117 E 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 1. Kent Ave North, 84417 & 8447 $43,170,00036th Ave 118,500 as AIRPORT M Paci•c Highway

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

Main Street Abbotsford R South Parallel d Langley d Historical Performance and Forecast 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 4.0% 600,000 Nicola Crosby Real Estate - 355528th Ave S Rd earbrook F W s

27B Ave w t erg a a 160th St Cl 168th St 184th St us m 2. $18,775,000 53,000 ie 28th Ave 28th Ave on y u v W S y 99 y er East 5th Avenue a South Fraser Way w B o 3.5% 500,000 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

400,000 Mt. Lehman Rd

3.0% Penn Enterprises Ltd. - 294 East 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 3. $5,950,000 8,407 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 300,000 1st Avenue 192nd St 1 2.5% 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 200,000 North Blu— Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

2.0% B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

100,000 n 320th St d AIRPORT

a McCallum Rd r Cole Rd Rd McDermott Marion Rd Rd Powerhouse Whatcom Rd Whatcom 1.5% y 264th St B 0 ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave

R

Causeway Rd Roberts Point B.N.R. 8th Ave d 1.0% BC FERRIES -100,000 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN 0.5% -200,000 CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. 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 2013 Q2 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q4F 2019 Q2F

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 Q1 2019 B. 275 West 5th Avenue Nickel Building Speculative - Lease 71,000 PC Urban Q1 2019 C. 200 Victoria Drive Ironworks Speculative - Strata 191,387 Conwest Group of Companies Q1 2019 D. 1055 Vernon Drive - Speculative - Strata 102,600 PC Urban Q1 2021

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

Darwin Properties' proposed "Innovation District" development

in the Maplewood area has updated its master plan after West r m D r d

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

r l i i extensive public feedback. 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 Trends St 11th m y Fulton Ave 1 Hyannis Dr e

S e Lynn Valley Rd North t v

15th St

A

E Riverside Dr M Taylor Wy Taylor

l Ma l > Wesbild has completed a preliminary application for a five-storey rin e e F Vancouver Rd Dr y

Mountain Hwy Larson Rd a B 15th St ll e

ge Lonsdale Ave d Ave Chester•eld d w Harrison Lake i W 13th St Ave St Georges R d

r t e

industrial development over one level of parking. The proposed B 1 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 building is located at 1371 McKeen Avenue and has 68,000 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 square feet of industrial space with 80 parking spaces. The Rd

W il r

o p

r k A

e

r Burrard Inlet s Dr proposed development has been named The Watefront: Phase a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

l r g One A and is planned to be an industrial strata development. 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 Paci•c St Dundas St d S The project is located on a portion of the 27.5 acre parcel that 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

l

N D Stadium/Chinatown v Simon Fraser h

d r Port Moody Centre g Lincoln Coast Meridian Rd was purchased by Wesbild in 2017. Wesbild is also selling 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 re Cornwall St G Central Cedar Dr y Rd a

portions of the 27.5 acre industrial site as 100% freehold Olympic Village Clark Dr g University of W 4th Ave l

Wesbrook Mall G Ave Gilmore r 1st Ave Willingdon Ave ar Prairie Ave Holdom St Gerald Ave Gerald e Sperling St d McNeil Rd at North VCC/Clark i W British Columbia ern Brentwood y Wy Dr Commercial Gilmore W 10th Ave W Broadway Town Centre 1 industrial land parcels in addition to developing and selling office 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 W 16th Ave Sperling/ Coquitlam

t Grandview Hwy Burnaby Lake y Burns Rd and industrial strata units. 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

M

Edward St Rupert Town Centre M Town Centre Rd Gatensbury e Winston St Macdonald St Austin Ave > Given the lack of developable land, low vacancyDr and escalating 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

v

Rd Neaves

pricing for strata space, North Vancouver is ripe for multi-storey Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

Hig 1 i 7 9 hw P Oakridge/41st Ave ay Brunette Ave industrial strata developments. 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 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 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 Q3 2018 Q4 2018 Trend g Kent Ave S Marine Wy ds l 112th Ave 207th St Summary Statistics id O WESTMINSTERar on Queens Ave Columbia lo as r 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 ISLAND AIRPORT r g Gateway R Sea Island e 108th Ave 108th Ave hu y Rd APPROXIMATE e Vacancy Rate Centre rt W Byrne Rd BARNSTON k 0.7% 1.3% YVR A Vulcan 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 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 HTEC - 344-352 Harbour Bridge Golden Ears 102nd Ave ys p t YTD Net Absorption (SF) 208th St m 43,853 15,302f W 100th Ave 100th Ave o Dale Rd Ca r 1. New 4.620 n

G ke King George 100th Ave e a Q A Russ B 100th Ave 272nd St v e Vulcan Wy e Avenue 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 YTD New Supply (SF) 91 De o a n h l

w Rd Young 192nd St C.N.R. t 30,628 30,628 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 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 Under Construction (SF) s 88th Ave ISLAND Lake 1st Ave 0 0 Blundell Rd e r VIA RAIL Hawkins Pickle Rd

B y 7 Wolfe Rd Blundell Rd Rd 216th St Topham Glover Rd APPROXIMATEr W 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 Weighted Average Asking Net 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 Paci•c Highway Harvie Rd

Gilbert Rd i 80th Ave i Eagle Rd c $17.64 $17.33 St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown TILBURY e Rd Annis Rent ($/SF) 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 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 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

Historical Performance and Forecast d Mission

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

4.5% 120,000 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 100,000 St 62B Glover Rd nta

64th Ave n

4.0% B.N.R. ISLAND Page Rd i

R

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d 60th Ave Rd Chadsey S Sumas Rd Bailey Rd 80,000 Logan Ave 58th Ave 148th St 3.5% 99 140th St Fore Rd 60th Ave 56th Ave Promontory Rd 56th Ave 11 Watson Rd 60,000 W Douglas Cr d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R 3.0% r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Sumas Prairie Rd Sumas Prairie iv Hopedale Rd R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd

40,000 160th St

Robertson Rd Robertson ok R Westham Island Rd olebro d C 304th St 296th St

2.5% St 288th 10 Ladner Trunk Road Sinclair Rd 203rd St 203rd 48th Ave Fraser Highway d G Gladwin Rd R 20,000 r Riverside Rd Bell Rd a y 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 2.0% Dawson Rd Ved liw a r Old Yale Rd ck 0 D L a r Rd ke u Straiton R h Clayburn Rd 44 Ave d t Yarrow Central Rd

1.5% r 328th St A 64th St e 17 40th Av 40th Ave 40th Ave lingham Highwa -20,000 40th Ave 40th Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as 1.0% AIRPORT M Paci•c Highway

34B Ave - Belove t -40,000 n North Parallel C.P.R.

gr Abbotsford R South Parallel

d Langley d R Cultus

d Alder Deltaport Wy 32nd Ave Rd Boundary 0.5% R 32nd Ave rn -60,000 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 0.0% -80,000 ie 28th Ave 28th Ave on y u v W S y 99 y er a South Fraser Way w B o 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy Mt. Lehman Rd 2017 Q1 2013 Q1 2015 Q1 2018 Q1 2016 Q1 2017 Q3 152nd St 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2013 Q2 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 124th St 140th St 128th St 2019 Q1F 2019 2019 Q3F McMillan Rd 2019 Q4F 2019 Q2F 20th Ave 20th Ave 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 New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu— Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

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

R

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 No notable projects

3 Research & Forecast Report | Fourth 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

A

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 Chester•eld 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

Burnaby & New Westminster p r k A

e

r Burrard Inlet s Dr a M Panoram

e m H

o Ioco Rd er

r it

i a

a Ba

PIRET acquired 8651 Eastlake Drive, Burnaby this past quarter 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 for $30.125 million. The building is occupied Paci•cby St two tenants 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

l

N D Stadium/Chinatown v Simon Fraser h

d r situated on 4.5 acres close to the Production Way - University 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 Skytrain Station as well as the Lougheedrey Rd Cornwall Highway St and Trans 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 Canada Highway. The capW rate10th Ave forW Broadway this sale is 2.95% with Town Centre 7 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 below-market rents, allowing forW 16th Avefuture upside when the Sperling/ Coquitlam

t Grandview Hwy Burnaby Lake 2,4 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 existing lease termsM expire. n

r Lougheed Highway

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

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

v

Rd Neaves

Trends Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

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 has been 1.5% or lower for fourW Boulevard consecutive quarters 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 in Burnaby and New Westminster. However, Oxford Properties'49th Ave 49th Ave E Metrotown Hartley Ave Lougheed Hwy

Fraser St Fraser Knight St 1 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

Riverbend Business Park - Buidling 1, which is set to Cambie St complete 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

in Q1 2019, will offer space from 29,306 to 152,575 square Kerr St Edmonds Columbia St Marine Dr SE Marine Dr l 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 feet and is 100% available. That said, new supply is severely Kent Ave S 6 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 limited - Oxford Properties' Riverbend District isa therid last large Templeton Grosvenor Rd L River 3 5 d ISLAND AIRPORT r g Gateway R Sea Island e 108th Ave 108th Ave hu y Rd e Centre t W Byrne Rd BARNSTON k YVR Ar Vulcan C.N.R. A a Wy Bridgeport L development site remaining in AirportBurnabyC onandachie New Westminster. 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 > PC Urban's 105,000 square foot strata development, IntraUrban Bridge Golden Ears y y 102nd Ave s p

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

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

Brentwood, is 75%o under contract or sold, demonstrating strong 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 demand for new strata product. Out of the 29 units only five 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 Rd remain despite completion scheduled in Q3 2019. Pricing is n A u 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 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 in the range of $385 to $460 per square foot with unit sizes 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 ranging from 2,774 to 13,039 square feet. St Cedar e o Mission 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 Paci•c 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 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 d y a Prairie Central Rd 112th St Scott Rd Scott

Vantage e 76th St 80th St p 168th St 176th St 184th St Q3 2018Steveston Hwy Q4 2018 Trend TENANT NAME - ADDRESS TYPE h 7th Ave v W Yale Rd 144th St 140th St

Summary Statistics 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 Silverstrand Production Services 91Inc. 64th Ave 10 City h

Vacancy Rate 68th Ave SOUTHERN i 1.0% 1.2% George Massey Tunnel BYPASS R lli

1. Renewal 59,400 d w ac R

Trans Canada Highway CHILLIWACK k i

- 6228 Beresford 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 MATSQUI Upper Sum Mou 62B St 62B Glover Rd nta YTD Net Absorption (SF) 64th Ave i n B.N.R. ISLAND Page Rd

1,174,534 1,269,931 Raider Hansen - 8335 Winston Street, R

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d

2. New 47,440 Rd Chadsey 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 YTD New Supply (SF) 582,722 724,750 56th Ave 11 Watson Rd W Lifetec Construction Group - 3750 Douglas Cr d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R 3. New 44,779 Mission-abbotsford Highway r 56th Ave e 72nd St AIRPORT Hopedale Rd iv North Fraser Way 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 Under Construction (SF) 296th St 294,603 420,410 St 288th 10 Ladner Trunk Road Sinclair Rd

Greater Vancouver Food Bank Society St 203rd 48th Ave Fraser Highway d G Gladwin Rd R 4. New 35,719 ra Riverside Rd Bell Rd in WESTHAM ISLAND de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h 17A - 8335 Winston Street 48th Ave No. 3 Rd der il Dawson Rd Ved liw Weighted Average Asking Net a r Old Yale Rd ck D L $12.24 $12.31 a r Rd ke Rent ($/SF) u Straiton R h Clayburn Rd 44 Ave d

t The Master Group Inc. - 5888 Trapp Yarrow Central Rd r

328th St A 64th St 17 5. New 28,543 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Paci•c Highway

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

Abbotsford R South Parallel

d Langley d R Cultus

Historical Performance and Forecast 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 6.0% 1,000,00028th 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 Notable Sale Transactions y 99 South Fraser Way y er a w B o 1A L

800,00052nd St 56th St 188th St Old Yale 5.0% 24th Ave 24th Ave Rd Campbell Rd APPROXIMATE 24th Ave 24th Ave PURCHASER - ADDRESS PRICE Rd Ross Trans Canada Hwy Mt. Lehman Rd

600,000 SIZE (SF) 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 4.0% 192nd St 1 400,000 16th Ave 7303-7315 Meadow Avenue; 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 6. $41,900,000 192,637 North Blu— Rd 16th Ave 16th Ave 5830-5850 Byrne Road Marine Dr 12th Ave Peardonville Rd

3.0% 200,000 B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d PIRET - 8651 Eastlake Drive, AIRPORT a McCallum Rd r Whatcom Rd Whatcom Cole Rd Rd McDermott Marion Rd Rd Powerhouse 0 y 7. $30,125,000 111,152 264th St B ay Burnaby 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 2.0% 6th Ave

R

Causeway Rd Roberts Point B.N.R. 8th Ave d BC FERRIES -200,000 176th St

TERMINAL 172nd St 176th St 1st Ave 1.0% TSAWWASSEN -400,000 CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. 0.0% -600,000 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 2013 Q2 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q4F 2019 Q2F

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

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 99,467 PC Urban Q3 2019

Research & Forecast Report | Fourth 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

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

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 Chester•eld 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 now 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 leased 100% of its first three buildings.Brooksbank Ave The ollastlarton Rd unit available D Dollarton Hwy Main St d E Esplanade Ir l o OW Riverside Dr Port Moody 99 n Rd

W in their speculatively developed building achieved a record il r

o p

r k A

e

r Burrard Inlet s Dr breaking shell rate for the area. 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

Burrard 7A DenmanDavie St St Waterfront e o La u n Wy Pinetree d t TrendsPaci•c St 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

l

N D Stadium/Chinatown v Simon Fraser h

d r Port Moody Centre g Lincoln Coast Meridian Rd Parker St University u Stave Lake > Conwest’s latest strata developmentVenables “HUB”St remains the sameCurtis 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

as last quarter in terms of sales with 50% sold forWillingdon Ave Building 1. r 1st Ave ar Prairie Ave Holdom St Gerald Ave Gerald e Sperling St d McNeil Rd at North VCC/Clark i W British Columbia ern Brentwood y Wy Dr Commercial Gilmore W 10th Ave W Broadway Town Centre 1

Renfrew St Renfrew Holdom Clarke Rd 4 The project is located at 1545 &Commercial 1575 Kingsway Avenue, Port 4 Broadway/ Broadway Como Lake Ave Port Coquitlam City Hall E Broadway Burquitlam th W 12th Ave Lougheed Highway Port St E 12th Ave Renfrew Rupert W 16th Ave Sperling/ Coquitlam A

t Grandview Hwy Burnaby Lake y Burns Rd Coquitlam and totals to 16 strata units in Building 1 and 16 strata S C Maple

Kingsway Ave

Lake City Way W

Canada Wy n

Kingsway r S Production Way/ i

e W a

University t B n i Ridge M n

r Lougheed2 Highway a u r King Edward Ave King Lougheed Lougheed a units in Building 2. Unit sizes range from 6,206 square feet to o i Sprott St Linton St 7 n Nanaimo St

M

Edward St Rupert Town Centre M Town Centre Rd Gatensbury 1 e Winston St D Macdonald St Austin Ave r Nanaimo e Vancouver Rd Harris u Arbutus St l B d 13,880 square feet including mezzanine29th Ave space. Pricing is in the 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 3 Fern Cr

v

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

range of $325 to $335 per square foot. 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

> Vacancy has not been this low since Q2 2016. There are several Rd Cameron W 49th Ave Langara/ 7 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 projects under construction and while activtyImperial levels St continue to 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 outpace construction there are stillS opportunities in the market 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 for leaseW 70th Aveand purchase.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 Grant McConSummaryachie Statistics Q3 2018 Q4 2018 Trend 91A ISLAND 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 Notable Lease Notable Sale New Supply R Rd t ll K e O Aberdeen Cambie Rd Wilson St e b 256th St Golden Ears Bridge Golden Ears y Vacancyy Rate 102nd Ave s p 1.9% 0.8% 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 YTD Net Absorption (SF) g r pe 26,598 371,79991 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 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 APPROXIMATE CRESCENT H erw W r Fraser River 1A No. 9 Rd e a No. 8 Rd No. 7 Rd n Clay St Clay YTD New Supply (SF) 94,595 283,214Nelson 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 e 1 Johnson Rd g rd Telegraph Tr Dewdney Trunk Rd e o Mission St Cedar N Direct Limited Partnership - 1488 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 Under Construction (SF) No. 4 Rd No. 3 Rd No. 5 Rd No. 6 Rd 443,477 445,092 C.N.R. Annacis 1. King George Highway New 96,137 N R Paci•c Highway Harvie Rd

Gilbert Rd i 80th Ave i Eagle Rd c Coast Meridian Road, Port Coquitla 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 Weighted Average Asking Net co 76th Ave l ut Fraser River h e e h Fraser - Delta Thruway Fraser 7 t Wy k t w SOV Construction Inc - 575

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

$13.40 $12.86 L Hurd St Hurd d y a Prairie Central Rd 112th St 2. New 19,196 Scott Rd Scott

Vantage e Rent ($/SF) 76th St 80th St p 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

Seaborne, Port Coquitlam a 152nd St

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

Mission d

72nd St McTavish Rd Newton Rd C e

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

68th Ave SOUTHERN i George Massey Tunnel BYPASS R lli

d w ac R

Trans Canada Highway CHILLIWACK k i

17 RAILWAY W Yale Rd v e r

Kitson Pkwy DykeHistorical Rd Performance and Forecast 64th Ave R Lickman Rd

7.0% 400,000 SOUTHERN RAILWAY s d Satchell St Satchell a MATSQUI Upper Sum Mou

62B St 62B Notable Sale Transactions n Glover Rd ta

64th Ave n

B.N.R. ISLAND Page Rd i

R

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d APPROXIMATE 60th Ave Rd Chadsey S Sumas Rd Bailey Rd 300,000 Logan Ave 6.0% 58thPURCHASER Ave - ADDRESS 148th St PRICE 99 140th St SIZE (SF) 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 200,000 r Partridge Investments Ltd. - Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Hopedale Rd 5.0% Rd Sumas Prairie iv R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 3. 3102 - 1225 Kingsway Ave, Port $1,837,500160th St 5,203

Robertson Rd Robertson ok R Westham Island Rd olebro d C 304th St 296th St

100,000 St 288th 10 Ladner Trunk Road Sinclair Rd

Coquitlam St 203rd 48th Ave Fraser Highway d 4.0% 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 0 a r Old Yale Rd ck D L a r Rd ke 3.0% u Straiton R h Clayburn Rd 44 Ave d

t Yarrow Central Rd r

328th St A 64th St 17 -100,000 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 2.0% AIRPORT M Paci•c Highway

34B Ave t n North Parallel C.P.R. -200,000 Abbotsford R South Parallel

d Langley d R Cultus

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

53rd St 53rd la d 1.0% n 32nd Ave C R Atkinson Rd ce Su Old No. 5 Rd -300,000 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 0.0% -400,000 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

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

20th Ave 20th Ave McMillan Rd

Marshall Rd Hwy Interprovincial

2017 Q1 20th Ave 2013 Q1 2015 Q1 2018 Q1 2016 Q1 20th Ave 2017 Q3 2017 Q4 2013 Q3 2017 Q2 2015 Q3 2018 Q3 2016 Q3 2013 Q4 2014 Q3 2013 Q2 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 13 2014 Q1* 2019 Q1F 2019 192nd St 2019 Q3F 2019 Q4F 2019 Q2F 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 New Supply (SF) Net Absorption (SF) Current Qtr Vacancy Rate Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

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

R

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

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN Upcoming New Supply 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. 2386 Hawkins Street, Port Coquitlam - Build to suit 69,000 Integrated Construction Q1 2019 Nicola Business Centre - B. 580 Nicola Avenue, Port Coquitlam Bldgs 1 to 3 Speculative - Strata 69,858 Teck Construction Q1 2019 C. 819 Seaborne Avenue, Port Coquitlam - Build to suit 42,000 Integrated Construction Q3 2019

5 Research & Forecast Report | Fourth 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

A

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 Chester•eld 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

e

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

Burrard 7A DenmanDavie St St Waterfront e o La u nd Wy Pinetree n s Woodland Pipeline Rd t Paci•c 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 M E Hastings Street e B W City Centre e

n

l

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 re Cornwall St G Central Cedar Dr y Rd a

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

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

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 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

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

v

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

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 P Pitt d Imperial St o The largest single vacancy in Richmond, which was also the 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 largest last quarter, is a sublease listing of 250,000 square y Limbert Rd

Rumble St B Hammond Rd S A 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 feet at 5911 Grant McConachie Way that is zoned for airport Oak Ave Royal R e P Fraser Wy Haney y Gilley Ave C 4 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 use. Excluding this building, the vacancy rate drops to 2.1%.VANCOUVER S e Bridge Rd g 5 New Av t 110th Ave C.N.R. 112th 112th Ave n INTERNATIONAL i B 22nd St Westminster HOG Templeton a rid Grosvenor Rd L River d 2 ISLAND g AIRPORT r Gateway 108th Ave R Sea Island u e Rd 108th Ave Centre th W3y 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 Trends 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

> A significant contributing factor towards the large increaseG ke King George 100th Ave e a Q A Russ B 100th Ave 272nd St v e Vulcan Wy e u Fraser Highway

o 1e d 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 in vacancy quarter over quarter is the listing for sale or 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 D 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 lease of 12211 Horseshoe Way, which totals 106,380 square g y e de 92nd Ave 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 feet of distribution warehouse space with freezer / cooler 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 improvements. r W 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 Paci•c Highway Harvie Rd

Gilbert Rd i 80th Ave i Eagle Rd c > The first multi-storey industrial strata development in Richmond 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 is currently being marketed for pre-sale. The project is called c 76th Ave l u o t Fraser River h e e h Fraser - Delta Thruway Fraser t Wy 7 t k

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

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

Vantage e 76th St 80th St p

B 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

Alliance on Vanguard and totals 67 units over two, two-storey 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 buildings. The Phase 2 pricing ranges from $480 to $490 per 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 foot on the ground floor with each unit totalling 2,608 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 square feet. The Phase 2 second floor pricing ranges from 64th Ave i n

B.N.R. ISLAND Page Rd

R

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d 60th Ave Rd Chadsey S Sumas Rd Bailey Rd $360 to $385 per square foot with units ranging from 2,195 to Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave 56th Ave Promontory Rd 56th Ave 11 Watson Rd 2,244 square feet. W Douglas Cr

d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Hopedale Rd iv Rd Sumas Prairie R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 160th St

Robertson Rd Robertson ok R Westham Island Rd olebro d C 304th St Notable Lease Notable Sale New Supply 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 Cr Townshipline Rd unta C Q3 2018 Q4 2018 Trend SOUTHERN RAILWAY 15 48th Ave Mo h Summary Statistics 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 Vacancy Rate A 2.5% 2.9% 64th St 17 40th Ave 40th Ave 40th Ave 40th Ave 40th Ave Notable Lease Transactions Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Paci•c Highway

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

d YTD Net Absorption (SF) -209,697 -354,817 TENANT NAME - ADDRESS TYPE Langley d R Cultus

SIZE (SF) 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 GEP Magicians Inc - 23220 168th St 184th St us m ie 28th Ave 28th Ave on y u YTD New Supply (SF) 30,000 30,000 v W S 1. Renewal 33,868 y 99 y er a South Fraser Way w B o Fraserwood Way 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

Under Construction (SF) 808,347 531,951 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 Weighted Average Asking Net White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu— Rd 16th Ave 16th Ave $9.58 $10.65 Notable Sale Transactions Marine Dr Rent ($/SF) 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL n APPROXIMATE 320th St d AIRPORT

a McCallum Rd PURCHASER - ADDRESSr PRICE Whatcom Rd Whatcom Cole Rd Rd McDermott Marion Rd Rd Powerhouse y 264th St B SIZE (SF) ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave

R

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

TERMINAL 172nd St 176th St Van Horne Ventures1st Ave Ltd. - 9160- TSAWWASSEN 2. $22,000,000 95,072 9200 Van Horne Way CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA 7.0% 700,000 U.S.A. U.S.A. U.S.A. 600,000 1184190 B.C. Ltd. - 12500 6.0% 3. $7,100,000 28,660 500,000 Vickers Way 5.0% 400,000 Panamerica Trade Inc. - 1350 300,000 4. $7,000,000 22,707 4.0% 200,000 Valmont Way

100,000 3.0% SS168 International Holdings 0 5. $6,088,000 20,870 Ltd. - 2600 Viking Way 2.0% -100,000

-200,000 1.0% -300,000

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 2013 Q2 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q4F 2019 Q2F

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 256,000 PC Urban Q2 2019

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

C. 13201 River Road Spire Business Centre 2 Speculative - Lease 72,986 Spire Development Corporation Q3 2019

D. 6311 Graybar Road The Series - Building 1 and 2 Speculative - Strata 150,618 Beedie Q4 2019

Research & Forecast Report | Fourth 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

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

A

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 Chester•eld 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

e

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

Burrard 7A DenmanDavie St St Waterfront e o La u nd Wy Pinetree n s Woodland Pipeline Rd t Paci•c 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 M E Hastings Street e B W City Centre e

n

l

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 re Cornwall St G Central Cedar Dr y Rd a

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

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

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 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

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

v

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

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 Delta 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 6 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 The largest vacancy in Delta for both this quarter and the R r e Rd 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 2 u 99A C d River Rd g 3 r pe 91 De o a n

h l previous quarter is 4300 80 Street, which totals 181,688 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 e1 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 square feet and is zoned I8. The I8 zone is intended for 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 aiport and aviation related uses and business park uses. If this Blundell Rd e 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 4 e 1 Johnson Rd g rd Telegraph Tr Dewdney Trunk Rd building was removed, the vacancy rate in Delta would drop to e o Mission St Cedar D 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 A,BC.N.R. Annacis King George Highway N R Paci•c Highway Harvie Rd

Gilbert Rd i 80th Ave i 5,7 Eagle Rd c St v o Railway Ave Railway Huston Rd 80th Ave e m Brown Rd Brown 1.3%. TILBURY C en Rd Annis r 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 140th St

a 152nd St

River Rd 72nd Ave Newton Rd T t Trends 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 Prest Rd Prest HWY 10 Rd Banford Shell Rd 91 64th Ave 10 City h

68th Ave SOUTHERN i

> The trend of increasing strata pricing has continued with R l George Massey Tunnel BYPASS li

d w ac R

Trans Canada Highway CHILLIWACK k i

17 RAILWAY W Yale Rd v e r

Beedie's Westpointe Business Centre, the latest and last strata 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

R

development located in the Delta Link Business Park. Three of 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 the 14 strata units are currently firm, with pricing reportedly in 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 Harris Rd the range of $310 to $315 per square foot for the majority and R LANGLEY

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

$325 for smaller units. Remaining units range in size Rd Robertson from 7,710 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 square feet to 20,759 square feet. 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 > The largest owner user purchase excluding joint venture 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 acquisitions in Delta closed this past quarter when Cosa-Nova Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Paci•c Highway

34B Ave t n North Parallel C.P.R. Fashions Ltd. purchased 7939 Huston Road for $42.5 million. Abbotsford R South Parallel

d Langley d R Cultus

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

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

27B Ave w t erg a a 160th St Rd Clearbrook 168th St 184th St us m ie 28th Ave 28th Ave on y u v W S y 99 South Fraser Way y er Summary Statistics Q3 2018 Q4 2018 Trend a w B o Notable Lease Notable Sale New Supply 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

Ross Rd Ross Trans Canada Hwy Vacancy Rate Mt. Lehman Rd 2.0% 2.0% 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 YTD Net Absorption (SF) 522,251 727,985 Notable Lease Transactions North Blu— Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o u APPROXIMATE Buena Vista Ave INTERNATIONAL n 320th St d TENANT NAME - ADDRESS TYPE AIRPORT

a McCallum Rd r Whatcom Rd Whatcom SIZE (SF) Cole Rd Rd McDermott Marion Rd Rd Powerhouse y 264th St YTD New Supply (SF) 434,148 626,382 B ay 8th Ave Campbell River Rd 8th Ave Huntington Rd 8th Ave Vye Rd 6th Ave

R

Causeway Rd Roberts Point B.N.R. 8th Ave 1420-1440d Derwent Way - SIM BC FERRIES 1. Renewal 55,300 176th St

TERMINAL 172nd St 176th St 1st Ave Video International Under Construction (SF) 493,100 534,506 TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A.1360-1396 Cliveden Avenue - U.S.A. U.S.A. Weighted Average Asking Net 2. Sublease 47,619 Transit Logistics Inc. Rent ($/SF) $9.18 $10.22 Core-Mark International Inc. - 3. New 22,275 529 Annance Court Historical Performance and Forecast

10.0% 1,000,000 Notable Sale Transactions

9.0% APPROXIMATE 800,000 PURCHASER - ADDRESS PRICE 8.0% SIZE (SF) 600,000 7.0% YM Inc. (Cosa-Nova Fashions 4. $42,500,000 161,312 400,000 6.0% Limited) - 7939 Huston Road 5.0% 200,000 98236659 Marketing Ltd. - Units 5. $13,256,987 58,319 4.0% 113 to 116, 7727 Beedie Way 0 3.0% Loon Properties Ltd. - 880 -200,000 6. $10,250,000 66,452 2.0% Cliveden Avenue -400,000 1.0% 1116172 B.C. LTD. - 117 7727 7. $5,922,960 23,854 0.0% -600,000 Beedie Way 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 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q4F 2019 Q2F

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

Upcoming New Supply

ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER/APPLICANT EXPECTED COMPLETION A. 8051 92nd Street Building 1 Speculative - Lease 56,780 Prism Construction Ltd. Q1 2019 B. 8011 92nd Street Building 2 Speculative - Lease 54,910 Prism Construction Ltd. Q1 2019 C. 7676 Beedie Way Delta Link Business Park BTS/SPEC - Lease 233,640 Beedie Q3 2019 D. 7799 Berg Road Westpointe Business Centre Speculative - Strata Sale 189,176 Beedie Q4 2019

7 Research & Forecast Report | Fourth 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

A

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 Chester•eld 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

e

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

Burrard 7A DenmanDavie St St Waterfront e o La u nd Wy Pinetree n s Woodland Pipeline Rd t Paci•c 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 M E Hastings Street e B W City Centre e

n

l

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 re Cornwall St G Central Cedar Dr y Rd a

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

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

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 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

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

v

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

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 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

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 Paci•c 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 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

Currently, the 300-acre TFN industrial lands are being 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

marketed under the name Deltaport Logistics Centre, 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

R

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d comprised of two phases. Phase 1, totaling 100 acres, is fully Rd Chadsey 60th Ave S Sumas Rd Bailey Rd Logan Ave 58th Ave 148th St 99 140th St Fore Rd 60th Ave leased with several projects set to begin construction. Phase 2 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 comprises 200 acres, which are currently available for lease. 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 TFN’s preference is to lease parcels that are a minimum of 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 15 to 20 acres; the sites are fully-serviced and available on a 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 long-term prepaid land lease basis only. 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

Trends Paci•c Highway 34B Ave t n North Parallel C.P.R.

A Abbotsford R South Parallel d Langley d R Cultus > Delta iPort is a distribution centre campus located on 57 acres

d - BellinghamAldergrove Highway 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 of land. Cres ma t s 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

> Delta iPort Building 2 is currently available for lease and will be 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

available for occupancy October 1, 2019. The building features 152nd St 124th St 140th St 128th St

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 a double-load design providing flexible demising options from 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 121,230 square feet up to 484,920 square feet. Marine Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

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

R

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

TERMINAL 172nd St 176th St 1st Ave Summary Statistics Q3 2018 Q4 2018 Trend TSAWWASSEN CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. Vacancy Rate N/A N/A N/A Notable Lease Notable Sale New Supply

YTD Net Absorption (SF) 564,000 564,000 Notable Lease Transactions

YTD New Supply (SF) 564,000 564,000 PLANNED LAND SIZE TENANT/ PROJECT NAME BUILDING (SF) (ACRES) Under Construction (SF) 0 0 No notable lease transactions. Weighted Average Asking Net Rent ($/SF) N/A N/A N/A

Notable Sale Transactions

APPROXIMATE PURCHASER - ADDRESS PRICE SIZE (SF)

Only long-term prepaid land leases permitted.

Upcoming New Supply

ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER/APPLICANT EXPECTED COMPLETION Great-West Life Assurance A. 4327 Salish Sea Way Delta iPort - Building 2 Speculative - Lease 484,920 Company/Healthcare of Q4 2019 Ontario Pension Plan

Research & Forecast Report | Fourth 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

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

A

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 Chester•eld 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

e

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

Burrard 7A DenmanDavie St St Waterfront e o La u nd Wy Pinetree n s Woodland Pipeline Rd t Paci•c 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 M E Hastings Street e B W City Centre e

n

l

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 re Cornwall St G Central Cedar Dr y Rd a

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

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

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 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

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

v

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

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 Surrey 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 4 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 Phase 1 of Diversified Management's three phase development Rd Farms v ISLAND i 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 in Campbell Heights is now 100% pre-leased by two tenants, 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 2 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 one taking 84,000 square feet and the other 52,000 square 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 5 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 feet. Phase 1 is scheduled for completion in Q3 2019. Phase 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 r W Glover Rd i l 84th Ave d 84th Ave e 1 Johnson Rd 2 will offer space from 9,838 to 136,000 square feet, and is 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 Paci•c 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 scheduled for completion in Q1 2020. The last phase will offer 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 space from 39,900 to 161,000 square feet and is scheduled76th St 80th St for p 168th St 176th St 184th St Steveston Hwy h 7th Ave v W Yale Rd 144th St 140th St

a 152nd St

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

Mission d

72nd St McTavish Rd Newton Rd C completion in Q3 2020. 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

R

272nd St 1 Peters Rd

60th Ave Delta C.N.R. d Trends Rd Chadsey Bailey Rd 60th Ave S Sumas 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 Harris Rd R LANGLEY > The pre-lease of Diversified Management's Phase 1 development r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Hopedale Rd iv Rd Sumas Prairie R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 160th St

Robertson Rd Robertson ok R Westham Island Rd olebro d C 304th St 296th St in Campbell Heights continues the trend of strong10 pre-leasing St 288th 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 Dawson Rd Ved liw activity in Surrey. Other notable large scale projects that a r c Old Yale Rd k D D L a r Rd ke u Straiton R h Clayburn Rd 44 Ave d

t Yarrow Central Rd r

328th St A have experienced strong pre-leasing activity are Hopewell64th St 17 40th Ave 40th Ave 40th Ave 6 40th Ave 40th Ave Mud Bay Downes Rd S BOUNDARY BAY um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Paci•c Highway

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

Development's South Surrey Business Park and Onni's Campbell Abbotsford R C South Parallel

d Langley d R Cultus

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

53rd St 53rd la d n 32nd Ave C R Atkinson Rd ce S Old No. 5 Rd Heights West Business Park. However, Building 2 of Onni's es um tn Cr a 1 s 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 Campbell Heights West Business Park still has 85,371 square A 3 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 B 124th St 140th St feet available out of a total 144,861 square feet (although max 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 contiguous available is 30,689 square feet) and is scheduled to 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 complete in Q1 2019. n 320th St d AIRPORT

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

R

Causeway Rd Roberts Point B.N.R. 8th Ave d Notable Lease Notable Sale New Supply 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 Summary Statistics Q3 2018 Q4 2018U.S.A. Trend U.S.A. U.S.A. Notable Lease Transactions Vacancy Rate 1.0% 0.9% APPROXIMATE TENANT NAME - ADDRESS TYPE SIZE (SF) YTD Net Absorption (SF) 836,442 934,687 Green Line Hose & Fittings Ltd. - 1. New 94,500 2945 190th Street YTD New Supply (SF) 758,634 812,314 SCP Distributors LLC - 19498 2. Renewal 23,625 Telegraph Trail Under Construction (SF) 773,397 1,098,317

Weighted Average Asking Net $8.75 $9.43 Rent ($/SF) Notable Sale Transactions

APPROXIMATE PURCHASER - ADDRESS PRICE Historical Performance and Forecast SIZE (SF) Wilco Pacific Investments Inc. - 3.5% 1,000,000 3. $7,500,000 24,500 18998 36th Avenue 3.0% 800,000 1161973 B.C. Ltd. - 12388 4. $5,700,000 15,970 Pattullo Place 2.5% 600,000 Unit 305,306 & 307, 8675 130th 5. $2,239,555 7,494 2.0% 400,000 Street

1.5% 200,000 The Concosts Group - 3441 6. $5,100,000 5 acres 196th Street (LAND) 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 2013 Q2 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q4F 2019 Q2F

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

Upcoming New Supply EXPECTED ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER COMPLETION A. 18821 20th Avenue Campbell Heights South - Building A & B BTS 200,000 Beedie Development Group Q3 2019 Campbell Heights West Business Park - B. 18810 24th Avenue Building 100 Speculative - Lease 144,828 Onni Q1 2019 C. 2830 188th Street South Surrey Business Park - Building 2 Speculative - Lease 155,883 Hopewell Development Q1 2019 D. 3950 191st Street Campbell Heights North Commerce Centre Speculative - Strata 48,389 Teck Construction Q1 2019

9 Research & Forecast Report | Fourth 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

A

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 Chester•eld 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

e

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

Burrard 7A DenmanDavie St St Waterfront e o La u nd Wy Pinetree n s Woodland Pipeline Rd t Paci•c 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 M E Hastings Street e B W City Centre e

n

l

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 re Cornwall St G Central Cedar Dr y Rd a

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

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

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 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

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

v

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

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 A l 3.76 acre development site sold for $10.2 million thisd 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 past quarter, setting a newew benchmarkWy Bridge for land pricing in 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 the market. TheByrne Rd site is located at 20512 64th Avenue, on BARNSTON k A Vulc YVR C.N.R. a Wy Bridgeport 6 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 the corner of 204th Street and Mufford Crescent, providing 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 d excellent exposure. Thee M-2 zoned site is reportedly to be 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 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

i B MCMILLAN S n Westminster Hwy developed into a 350,000 square foot92nd self Ave storage facility. 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 1,3 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 r W Glover Rd i l 84th Ave d 84th Ave e 1 Johnson Rd g rd Telegraph Tr Dewdney Trunk Rd Trends e o Mission St Cedar N Rd lliwack Mtn Rd Rd Ford Richmond C.N.R. Nicomen Island Trunk Chi Francis Rd C.N.R. 22nd Ave Chilliwack Central Rd No. 1 Rd No. 4 Rd No. 3 Rd No. 5 Rd No. 6 Rd C.N.R. Annacis King George Highway N R Paci•c 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 > This is the lowest vacancyi rate in Langley since Q2 2016 and 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 the seventh consecutive quarter where vacancy has been Surrey1.6% 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

or lower. d

w ac R

Trans Canada Highway CHILLIWACK k i

17 RAILWAY W Yale Rd v

7 e r

Kitson Pkwy Dyke Rd 64th Ave R Lickman Rd

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

64th Ave n

B.N.R. ISLAND Page Rd i

R

272nd St 1 Peters Rd > Of the 168,195 square feet of new supply delivered in Q4 2018, d 60th Ave Delta C.N.R. 60th Ave Rd Chadsey S Sumas Rd Bailey Rd Logan Ave 4 58th Ave 148th St 99 140th St Fore Rd 60th Ave all of which was speculative lease product,56th Ave 57,535 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 was delivered as vacant. However, with Station Rd absorptionColebrook Rd at 168,122 160th St

Robertson Rd Robertson ok R Westham Island Rd olebro d 2 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 WESTHAM ISLAND square feet, the largest amount since Q2 2017 and well above ra Riverside Rd Bell Rd in de C Townshipline Rd unta C SOUTHERN RAILWAY 15 r 48th Ave Mo h 17A 48th Ave No. 3 Rd der il Dawson Rd Ved liw a r Old Yale Rd ck D L a r Rd ke u the per quarter average over the past five years, the vacancy 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 rate36th Ave remained unchanged from the previous quarter. The new 5 a s AIRPORT M Paci•c Highway

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

Abbotsford R South Parallel

d Langley d R Cultus

supply delivered contributed significantly to thed trend of rising - 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 weighted average asking net rent rates.ie 28th Ave 28th Ave on y u v W S y 99 y er a South Fraser Way w B o 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 24th Ave 24th Ave

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

20th Ave Notable Lease Notable Sale New Supply 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 192nd St 1 16th Ave Rd Dixon 232nd St 208th St 240th St

216th St 200th St St 200th 224th St 248th St 256th St 272nd St White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu— Rd 16th Ave 16th Ave Marine Dr 12th Ave Peardonville Rd B ABBOTSFORD 11 o Q3 2018 Q4 2018 Trend u Buena Vista Ave INTERNATIONAL

Summary Statistics 320th St n 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

R

Causeway Rd Roberts Point B.N.R. 8th Ave d Notable Lease Transactions BC FERRIES Vacancy Rate

1.6% 1.6% 176th St

TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN 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. YTD Net Absorption (SF) 70,298 238,420 Phillip Electronics - 19750 92A 1. Renewal 149,788 Avenue YTD New Supply (SF) 67,661 235,856 Kingspan Insulated Panels Ltd. - 2. Renewal 84,809 Under Construction (SF) 207,847 134,090 5202 272 Street

Weighted Average Asking Net 3. UAP / Napa - 19750 92A Avenue New 59,100 Rent ($/SF) $11.31 $11.39 IEM Industrial Electric MFG. 4. New 39,640 Canada Inc. - 5367 271 Street Gabby Productions Ltd. - 3252 Historical Performance and Forecast 5. New 27,560 262nd Street 4.0% 800,000 Volero Brands Inc. - 20133 700,000 6. New 17,618 3.5% 102nd Avenue 600,000 3.0% 500,000

2.5% 400,000 300,000 2.0% 200,000 Notable Sale Transactions 1.5% 100,000 APPROXIMATE 0 PURCHASER - ADDRESS PRICE 1.0% SIZE (SF) -100,000 AAA Self Storage Depot - 0.5% 7. $10,200,000 3.76 acres -200,000 20512 64th Avenue 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 2013 Q2 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q4F 2019 Q2F

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

Upcoming New Supply

ADDRESS NAME DEVELOPMENT CLASSIFICATION SIZE (SF) DEVELOPER EXPECTED COMPLETION A. 9347 200A Port Kells Centre - Building B Speculative - Lease 39,652 Silverwynde Properties Inc. Q2 2019 B. 27230 60th Avenue Gloucester North Speculative - Strata 90,600 Beedie Development Group Q4 2019

Research & Forecast Report | Fourth 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

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

A

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 Chester•eld 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

e

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

Burrard 7A DenmanDavie St St Waterfront e o La u nd Wy Pinetree n s Woodland Pipeline Rd t Paci•c 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 M E Hastings Street e B W City Centre e

n

l

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 re Cornwall St G Central Cedar Dr y Rd a

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

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

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 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

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

v

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

Joyce a t 132nd Ave

t

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 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 Paci•c 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

Building 800 of Phase 2 of Golden Ears Business Park, which 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

A

17

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 totals 220,416 square feet, is currently 100% available and is

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

Chester•eld Ave Chester•eld 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 the last building of Phasel 2 thatP has available space. However, 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 Building 800 is Mainnot St scheduled to complete until Q4 2019. 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 Available36th Ave for occupancye in Q1 2019 is Building 2 of Gateway as AIRPORT r M Paci•c 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

East Business Centre,a offering 33,229 squareB feet for lease in 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 Paci•c St Dundas St 24th Ave n s Woodland Pipeline Rd 24th Ave t d S

Ross Rd Ross Trans Canada Hwy a o a free-standing building. 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

n

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 Trends 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 d 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 > The vacancy rate in Abbotsford Sperling/and Chilliwack has been below 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 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 1.4% or lower for 16 consecutiveSprott St quarters. Linton St 7 n Nanaimo St

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

v

Rd Neaves

Ca i n R

Broadway St Broadway 7

ad Dewdney Trunk Rd McCallum Rd

> After aggressive pricingJoyce of the strataa project at 30722 Marshall t 132nd Ave

t

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 Road in AbbotsfordEarles St prices have been reduced and offered for 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 A 124th Ave Victoria Dr lease as well for sale. Pricing was intially in the range of $275 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 to $290 per square foot, but has now been lowered to $250 to 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 a B $288 per square foot. Units are 3,666 square feet,tu except for y e MITCHELL p 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 one 7,030 square foot unit. The asking lease rate is noted as 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 t $10.00 per square foot. 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 > Beedie purchased a 7.155 acre siteu in Abbotsford in Q3 2018 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 that is planned to be developedC.N.R. into a 170,000 square foot strata 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 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 Granville Ave project. Plans are still preliminary.Cli x a 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 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. Abbotsford & Chilliwack Maple Ridge & Pitt Meadows 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 Paci•c 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 Q3 2018 Q4 2018 Q3 2018 Q4 2018 T

Williams Rd H H 14th Ave S Summary Statistics e o 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 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 Vacancy Rate Surrey SIZE (SF) S Luckakuck Wy 72nd Ave V 0.1% 0.9% 0.6% 0.5% 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

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 YTD Net Absorption (SF) 359,025 267,538 157,378 161,612 MATSQUI Upper Sum Mou 62B St 62B Glover Rd nta

64th Ave n

B.N.R. ISLAND Page Rd i

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 YTD NewW Supply (SF) 286,459 286,459 84,231 84,231 Douglas Cr

d B.C. RAIL 208th St 56th Ave South Fraser Perimeter Road Perimeter South Fraser LANGLEY Harris Rd R r Mission-abbotsford Highway 56th Ave e 72nd St AIRPORT Sumas Prairie Rd Sumas Prairie iv Hopedale Rd R 53rd Ave Keith Wilson Rd Station Rd Colebrook Rd 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 Under Construction (SF) 48th Ave Fraser Highway d 1,006,370 1,006,370 220,416 220,416 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

Weightedr Average Asking Net

328th St A 64th St 17 40th Ave 40th Ave 40th Ave $9.44 $9.19 $9.24 $9.26 40th Ave 40th Ave Mud Bay Downes Rd S Rent ($/SF) BOUNDARY BAY No notable sale transactions um Fireclay Rd No. 4 Rd 36th Ave as AIRPORT M Paci•c Highway

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

Abbotsford R South Parallel

d Langley d R Cultus

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

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

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 Abbotsford & Chilliwack Trends a South Fraser Way w B o 1A L 52nd St 56th St 188th St Old Yale 24th Ave 24th Ave Rd Campbell Rd 6% 700,000 24th Ave 24th Ave

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

20th Ave 20th Ave McMillan Rd 20th Ave Marshall Rd Hwy Interprovincial 20th Ave 13 600,000 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 5% White Rock Rd Lefeuvre Bradner Rd King Rd 16th Ave Wells Line Rd North Blu— Rd 16th Ave 16th Ave Marine500,000 Dr 12th Ave Peardonville Rd

B ABBOTSFORD 11 o

u Buena Vista Ave INTERNATIONAL

n 320th St d AIRPORT

4% a 400,000 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

R

Causeway Rd Roberts Point B.N.R. 8th Ave d 300,000 BC FERRIES 3% 176th St TERMINAL 172nd St 176th St 1st Ave TSAWWASSEN 200,000 CANADA CANADA 0 Ave Boundary Rd 0 Ave Boundary Rd Boundary Rd CANADA U.S.A. U.S.A. U.S.A. 2% 100,000

0 1% -100,000

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 2013 Q2 2015 Q4 2018 Q4 2015 Q2 2016 Q4 2018 Q2 2016 Q2 2014 Q4 2012 Q4 2014 Q2 2014 Q1* 2019 Q1F 2019 2019 Q3F 2019 Q2F 2020 Q3F 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 Q4 2019 BTS/ Mayne B. 1777 Clearbrook Road, Abbotsford Gateway East Business Centre - Building 1 Speculative 347,800 Coatings Q1 2019 Gateway East Business Centre - Building 2 Mayne C. 1777 Clearbrook Road, Abbotsford (free standing) Speculative 33,229 Coatings Q1 2019

11 Research & Forecast Report | Fourth 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 Craig Kincaid-Smith* John Boer* Greg Lane* Chris Brewster Andrew Lord* Mark Callaghan Adam Mitchell $2.7B Darren Cannon* Stefan Morissette US* in Geoffrey Charters Chris Morrison* annual revenue Vito DeCicco* Stuart Morrison* Malcolm Earle* Roy Pat* Bianca Gilbert Pat Phillips Randy Heed* Todd Scarlett* 2.0B Ewen Johnston Matt Smith* 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 © 2019 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.