Year-End 2020 Office Market Report Metro Vancouver

Metro Vancouver Pandemic punishes downtown office market while Vacancy & Absorption Trends suburbs remain largely unscathed during plague year

Vacancy Rate t took a global pandemic in 2020 to Vacancy in the 53.7-million-square- 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Iprovide Metro Vancouver with the foot (msf) regional market increased breathing room the regional office market to 7.5% at year-end 2020 from 4.4% a 2021F 8.4% needed to approach a balanced market year earlier due primarily to increases 1,410,195 for the first time since 2016. Nowhere was in vacancy in the three Vancouver this more apparent than the downtown markets of Downtown, Yaletown and core, where despite a record amount of 2020 7.5% Vancouver-Broadway. Despite the negative annual absorption, vacancy only substantial increase in vacancy in the city -1,205,584 rose to its highest point since year-end of Vancouver in 2020 due to the COVID-19 2017 as primarily small- to mid-sized pandemic, regional vacancy remained 2019 4.4% pockets of vacancy emerged in mostly 478,555 comparatively tight and was still less than class B/C properties. Similar trends the 8% posted just three years earlier at emerged throughout Metro Vancouver year-end 2017. While regional vacancy 2018 5.1% 1,802,623 with inner suburbs registering minimal is expected to rise slightly in 2021, a increases in vacancy year-over-year balanced market is still expected. and slight negative annual absorption Providing the provincial and federal 2017 8% 1,223,656 in mostly class B/C properties while the region’s outer suburban markets recorded governments’ pledges to have Canadians comparatively strong levels of annual vaccinated by September 2021 come to pass, renewed optimism accompanied 2016 9.7% absorption and historically tight vacancy 856,868 rates in 2020. While Metro Vancouver’s by a widely forecasted resumption office market is by no means immune to in economic activity is anticipated to -1,500,000 -1,000,000 -500,000 500,000 1,000,000 1,500,000 2,000,000 0 the impacts that pandemic containment accelerate a return to office by workers measures and work-from-home protocols and stimulate real estate decision- Absorption Rate (sf) will ultimately have on office workplaces makers to action. While the first half of around the world, the regional office 2021 will likely see vacancy rise in most Vacancy Absorption market remains well-positioned to office markets within Metro Vancouver capitalize on the widely forecasted (particularly within Vancouver), a reversal 12-month projection based on 10-year average absorption economic recovery anticipated to take of the impacts of pandemic-related and known net absorption in new inventory root in the second half of 2021. policies and precautions is anticipated continued on back page

METRO VANCOUVER OFFICE VACANCY SUMMARY (YEAR-END 2020) INVENTORY HEAD LEASE SUBLEASE TOTAL VACANCY 12-MONTH DISTRICT (SF) VACANCY (SF) VACANCY (SF) VACANCY (SF) RATE (%) ABSORPTION (SF) Downtown 23,093,121 964,575 559,951 1,524,526 6.6% -615,711 Yaletown 2,057,180 164,058 67,914 231,972 11.3% -182,666 Vancouver-Broadway 7,765,802 567,249 121,016 688,265 8.9% -411,679 Burnaby 9,395,790 394,776 319,802 714,578 7.6% -50,772 Richmond 4,215,800 328,426 25,282 353,708 8.4% -52,580 Surrey 2,906,607 129,071 9,639 138,710 4.8% 11,557 New Westminster 1,688,572 87,041 4,400 91,441 5.4% 69,626 North Shore 1,450,898 91,391 6,524 97,915 6.7% 9,281 Langley 1,134,961 197,563 4,001 201,564 17.8% 17,360 Total 53,708,731 2,924,150 1,118,529 4,042,679 7.5% -1,205,584

ABSORPTION VACANCY RENTAL VACANCY RATE DECEMBER 31, 2020 7.5% (DEMAND) (SUPPLY) RATES VACANCY RATE JUNE 30, 2020 4.7%

Partnership. Performance. avisonyoung.com Downtown Most negative annual absorption on record

VACANCY TRENDS operational needs on a medium or absorption in 2020 was recorded longer-term basis. Further analysis in class B buildings (-445,933 sf) Vacancy climbed to 6.6% at year- also determined that while vacancy and was significantly more than end 2020 from 2.6% a year earlier is primarily concentrated in lower- the negative annual absorption (and 3.5% at mid-year 2020) as the class buildings, it was also very registered in class A and C buildings impact of COVID-19 and associated fragmented and unlikely to pose combined (-288,103 sf) in 2020. containment measures began to a material threat to larger head Meanwhile, class AAA properties manifest in Downtown Vancouver in MORE THAN lease offerings. No notable new recorded 118,325 sf of positive the back half of the year. In the last tenants preleased space in 2020, annual absorption in 2020. six months of 2020, overall vacancy 3.7 MSF and projects that were delivered increased by more than 715,000 sf, were on a fully leased basis. Deal space availability factor an 89% increase. While a rapid rise OF NEW velocity overall remained muted in The space availability factor, or SAF, in sublease vacancy had been noted construction 2020 but there was a slight uptick refers to head lease space or sub- at mid-year 2020 (which continued underway in activity in the second half of the lease space that is being marketed rising in the back half of the year), year. Leasing activity is expected but is not physically vacant, and new head lease vacancy also emerged, to slowly increase through 2021 supply that is near completion and increasing by almost 450,000 sf (or as the provincial vaccination available for lease. SAF was 2.1% at 87%) from mid-year 2020. Vacancy campaign gets underway and year-end 2020 – up from 1.5% 12 on a head lease and sublease basis organizations return to office-based months earlier. Combined with va- increased in all building classes – operations and start to gain a better cant space, the amount of space be- except class AAA sublease space. understanding of their medium and ing marketed for lease in the down- Class B sublease vacancy registered longer-term office space needs. An town core is 8.7% (or approximately the most significant increase (222%) abundance of sublease offerings 2.01 msf). The highest overall avail- in the second half of 2020, with may stimulate additional leasing ability rate on record occurred at overall class B vacancy rising by activity, particularly among tenants mid-year 2015 (13.5% or 3.02 msf). 161%. The impact of COVID-19 seeking improved options with on the downtown market, similar some flexibility due to shorter terms new construction to the rest of Metro Vancouver, and a likely discount to prevailing With the construction of more appears to be focused on smaller- head lease rates. The amount format spaces in lower-calibre than 3.76 msf of new office space of sublease space increased by underway and an additional 2.64 properties; however, a notable 92% in the second half of 2020 increase in both class A head msf currently proposed, the down- and represented 36.7% of vacant town development pipeline is set lease and sublease vacancy, which space in the downtown market (the increased by 152% and 107%, to remain active through 2023. Five second most on record), up from new buildings totalling more than respectively, was an indication that 15.2% a year earlier. higher-calibre properties were not 1.16 msf are set for delivery in 2021. totally immune to the impacts of absorption trends While one of the buildings contains COVID-19. Class AAA properties strata office space (100% sold), Annual absorption fell to negative performed reasonably well in the two of the other buildings totalling 615,711 sf in 2020, the most last half of 2020 with only a modest 348,000 sf were 100% available negative annual absorption increase in vacancy. The pace of at year-end 2020. The remaining recorded downtown since Avison spaces offered on a sublease basis two buildings had each registered Young started tracking the market (particularly in class B) increased a moderate amount of preleasing, in 1997. (The previous record of in the second half of the year. but still offered more than 310,000 negative 556,876 sf was set in One sublease consideration sf of available space at year-end. 2009.) Most of the negative annual that emerged is the difficulty The development pipeline will distinguishing between sublease offerings that are vacant due to Vacancy with Space Availability Factor (SAF) and Absorption work-from-home protocols or if the 14.0% 1,500,000 space is actually surplus to tenants’ 12.0% 1,200,000 879,147 NOTABLE lease deals (YEAR-END 2020) 2.7% 900,000 10.0% 3.8% TENANT BUILDING SF 2.2% 600,000

F 2.1% e

A 8.0% S

B2Gold Corp. Park Place 44,300 505,353 a t

/ 387,909 R

300,000 e Cassels Brook (renewal) 885 West Georgia Street 29,600 7.2% 66,803 8.6% n o

200,811 i a t 6.0% 6.6% t R

7.1% p Real Estate Council of BC Pender Place II 18,900 y

0 r c o s a n Eldorado Gold Corp. (renewal) Bentall 5 17,500 4.0% 2.1% b 1.5% -300,000 A

TD Bank (renewal) 1055 Dunsmuir Street 15,000 V a c 2.9% Calabrio Canada Ltd. 401 West Georgia Street 13,900 2.0% 2.6% -600,000 ESRI Canada (renewal/ 1130 West Pender Street 12,600 -615,711 expansion) 0.0% -900,000 Guinness Business Centre Guinness Tower 12,300 2016 2017 2018 2019 2020 2021F SHK Law Corp. (renewal) Bentall 2 10,600  Vacancy Absorption  SAF* Space Availability Factor Zayo Canada (renewal) 401 West Georgia Street 10,300 12-month projection based on 5-year average absorption and known net absorption in new inventory, Colliers International (expansion) B6 10,000 and 10-year average SAF.

2 Partnership. Performance Vacancy climbs primarily in class B & C properties Downtown slow in 2022 with four new proj- to shedding residual lease commit- Vacancy is likely to increase in 2021 ects offering a mix of strata office ments to developers motivated to – with that rise largely determined space and space for lease. While secure new prelease commitments. by how much additional sublease substantial preleasing and presales Many factors will affect whether space enters the market and how has occurred, more than 445,000 sf or not the market will return to much vacant space is included in of space still remained available in pre-COVID conditions, including the new towers delivered in 2021. The Stack and Bosa Waterfront renewed demand from outside It is expected that most offices will Centre at year-end 2020. The south tenants, absorption of sublease Vacancy likely reopen in the second half of tower of The Post, which is sched- space, decisions by large corporate the year and people will return pro- uled for delivery in late 2022, is tenants and prelease commitment to remain vided a vaccine is effectively rolled 100% preleased to Amazon. Three traction. Demand for co-working out. While large blocks of vacant more new buildings will follow in space remains uncertain and may Elevated and available spaces have emerged 2023, including a small strata office potentially have an impact on both through and preleasing in new development component in a mixed-use tower; preleasing activity and vacancy as 2021 stalled in 2020, downtown is moving the north tower of The Post (which the two largest providers continue towards a more balanced market in is also 100% preleased to Amazon); adapting to shifting work patterns. 2021 for the first time since 2015. and B6, which had 276,000 sf of space available at year-end 2020. Of the estimated 3.35 msf of office DEVELOPER BUILDING SF PRELEASE SF PRELEASE % COMPLETION space for lease currently under con- Reliance Properties/ The Offices at Burrard Place, 99,000 (office podium) Strata 100% sold Q2 2021 struction to the end of 2023, almost Jim Pattison Developments 1281 Hornby Street (mixed use) Reliance Properties/ The Offices at Burrard Place, 1.97 msf (or 59%) was preleased at Jim Pattison Developments 1280 Burrard Street (mixed use) 133,000 (office tower) 0 0% Q2 2021 year-end 2020. Construction had yet Deloitte Summit building, to commence by year-end 2020 on Westbank / Allied REIT 410 West Georgia Street 340,160 (office) 206,300 61% Q3 2021 any of the three buildings scheduled PCI Group / TD Greystone 601 West Hastings Street 215,000 0 0% Q3 2021 for completion in 2024. GWL Realty Advisors / Vancouver Centre II, HOOPP 733 Seymour Street 377,000 198,040* 52%* Q4 2021 market forecast Bosa Waterfront Centre, 374,790 (60% strata/ Strata/ 100% sold / Bosa Developments 320 Granville Street 40% lease) Lease 15% leased Q2 2022 Muted demand along with increas- Bonnis Development The Seymour, 807 Seymour Street 61,670 (office) Strata 12% sold Q2 2022 ing vacancy (sublease or otherwise) Oxford Properties The Stack, 1133 Melville Street 532,000 (office) 213,000 40% Q3 2022 have applied downward pressure on The Post, 349 West Georgia Street South tower: 510,000 1.07 msf Q3 2022/ rental rates as times of uncertainty QuadReal Property Group (mixed-use) North tower: 560,000 plus podium 100% Q2 2023 usually result in landlords focusing The Offices at Landmark on Robson, more closely on tenant covenant Asia Standard Americas 1438 Robson Street 29,190 (office) Strata NA Q1 2023 and creditworthiness and less on BentallGreenOak B6, 1090 West Pender Street 534,000 268,000 50% Q3 2023 achieving the highest financial terms Uptown Property Group 625 West Hastings Street 120,000 0 0% Q2 2024 possible. New developments with Reliance Properties 837 Beatty Street (3-storey addition) 35,000 0 0% Q2 2024 meaningful availability that are Reliance Properties 1166 West Pender Street 357,880 0 0% Q4 2024 approaching delivery dates are also Marketing Bonnis Properties 968-980 Granville Street 51,477 (office) 0 0% for prelease keenly motivated to stimulate leas- commitment ing activity in 2021 and secure new Westbank / Allied REIT 720 Beatty Street 583,243 (office) - - Proposed prelease commitments. Increasingly Reliance Properties / motivated sublandlords will likely KingSett Capital 601 West Pender Street 398,500 - - Proposed emerge as a competitive force in Austeville Properties 450 West Georgia Street 374,068 - - Proposed the market and apply additional Cadillac Fairview The Crystal at Waterfront Square, 335,000 (office) - - Proposed downward pressure on head lease 555 West Cordova Street rental rates. Any further softening QuadReal Property Group / PC Urban 534-550 Cambie Street 258,245 (office) - - Proposed on rates will be determined by Bonnis Properties 526 Granville Street 123,193 (office) - - Proposed absorption in the market. Depend- Aquilini Development and ing on the pace of leasing activity, Construction Aquilini Centre East, 777 Pat Quinn Way 69,300 (office) - - Proposed differing approaches to setting rates FDG Properties 117-131 Water Street 68,576 (office) - - Proposed may emerge in 2021 from landlords Canadian Metropolitan 750-772 Pacific Boulevard (Plaza of TBD (office) - - Proposed intent on defending prevailing mar- Properties Nations) ket rates to sublandlords resolved *B2Gold Corp. preleased 37,000 sf, which is included in the preleasing total, which has subsequently been made available on a sublease basis.

HEAD LEASE SUBLEASE TOTAL TOTAL 12-MONTH NET RENTAL RATE GROSS OCCUPANCY CLASS INVENTORY SAF (SF) SAF (%) VACANCY (SF) VACANCY (SF) VACANCY (SF) VACANCY (%) ABSORPTION (SF) RANGE (PSF)** COST (PSF)** AAA 5,127,576 154,823 55,987 210,810 4.1% 118,325 60,443 1.2% $36 - $68 $59 - $91 A 8,342,465 266,268 162,614 428,882 5.1% -138,120 219,221 2.6% $30 - $58 $53 - $81 B 6,639,398 266,888 272,670 539,558 8.1% -445,933 177,373 2.7% $24 - $43 $44 - $63 C 2,983,682 276,596 68,680 345,276 11.6% -149,983 30,347 1.0% $18 - $32 $36 - $50 Total 23,093,121 964,575 559,951 1,524,526 6.6% -615,711 487,384 2.1% - -

**Rental rate ranges are based on discussions with owners and brokers’ opinions due to limited leasing activity. avisonyoung.com 3 Downtown Development Timeline

The offices at Burrard Place, The Offices at Burrard Place, Deloitte Summit Building, Vancouver Centre II, 601 West Hastings Street 1280AN Burrard ICONIC Street 1281 Hornby Street 410 West Georgia 733 Seymour Street

OffICe The Offices aT Burrard Place are a funcTiOnal sculPTure and The cOrnersTOne Of TOWeR a full ciTy BlOck Of new develOPmenT.

One of the last buildings designed by Vancouver’s world-renowned architect, Bing Thom, this structure will define the southern entrance to downtown Vancouver and will anchor the largest mixed-use development in the most rapidly growing commercial / residential community on the downtown peninsula.

Connected to the sixty-storey luxury residential tower, The Offices at Burrard Place will animate one of the most prominent corners of one of Vancouver’s most notable streets. Complementing the curving glass of the exterior, the office interiors will be among the finest in the city. And in addition, an incredible array of world class amenities will provide commercial occupants with a workplace lifestyle unmatched in Vancouver.

The Offices at Burrard Place represent a new standard for business that will attract and retain the best talent and employers in Vancouver. Q2 2021 Q2 2021 Q3 2021 Q3 2021 Q4 2021

Reliance Properties / Reliance Properties / Developer Westbank /Allied REIT PCI Group / TD Greystone GWL Realty Advisors / HOOPP Jim Pattison Developments Jim Pattison Developments Storeys 13 7-storey podium (3 floors) 24 25 33 office sf 133,000 99,000 (strata) 340,160 215,000 377,000

132,380 sf - Deloitte Canada 121,039 sf - Kabam Inc. tenants No tenants at this time Sold (phase 1 & 2 - 99,000 sf) 58,920 sf - Apple No tenants at this time 40,000 sf - PI Financial 15,000 sf - Northeastern University 37,000 sf* - B2Gold

Occupancy 0% 100% sold 61% 0% 52%

The post B6, 625 West Hastings Street 837 Beatty Street 1166 West Pender Street 308 Dunsmuir street 1090 West Pender Street

Q2 2023 Q3 2023 Q2 2024 Q2 2024 Q4 2024

Developer QuadReal Property Group BentallGreenOak Uptown Property Group Reliance Properties Reliance Properties Storeys 22 (north tower) 32 28 3 -storey addition 32 office sf 560,000 534,000 120,000 35,000 357,880 170,000 sf - WeWork tenants 560,000 sf - Amazon 51,000 sf - Colliers No tenants at this time No tenants at this time No tenants at this time 47,000 sf - BentallGreenOak Occupancy 100% 50% 0% 0% 0%

*B2Gold Corp. preleased 37,000 sf, which is included in the preleasing total, which has subsequently been made available on a sublease basis. 4 Partnership. Performance bosa Waterfront Centre, The Seymour, The stack The post, The offices at Landmark on 320 Granville street 807 Seymour Street 1133 Melville street 349 west Georgia street Robson, 1438 Robson Street

Q2 2022 Q2 2022 Q3 2022 Q3 2022 Q1 2023

Developer Bosa Development Bonnis Development Oxford Properties QuadReal Property Group Asia Standard Americas

Storeys 30 13 36 21 (south tower) 2 floors in podium office sf 226,790 (strata) / 148,000 56,782 (strata) 532,000 510,000 29,190 (strata)

23,000 sf - Bosa Development 80,000 sf - Blake, Cassels & Graydon tenants Approx. 60% of the building has 6,496 sf - Bonnis Properties 67,000 sf - DLA Piper 510,000 sf - Amazon Sales not provided been sold as strata office space 66,000 sf - EY Canada

Occupancy 100% sold / 15% 11% sold 40% 100% NA Proposed Downtown Developments

526 GRANVILLE STREET 601 WEST PENDER STREET THE CRYSTAL AT 450 WEST GEORGIA STREET 720 BEATTY STREET & 701 DEVELOPED BY DEVELOPED BY WATERFRONT SQUARE, DEVELOPED BY EXPO BOULEVARD BONNIS PROPERTIES RELIANCE PROPERTIES / 555 WEST CORDOVA STREET AUSTEVILLE PROPERTIES DEVELOPED BY STOREYS / OFFICE AREA KINGSETT CAPITAL DEVELOPED BY STOREYS / TOTAL AREA WESTBANK / ALLIED REIT 24 /123,193 SF STOREYS / OFFICE AREA CADILLAC FAIRVIEW 23 / 374,068 SF STOREYS / OFFICE AREA 29 / 398,500 SF STOREYS / OFFICE AREA 17 / 583,243 SF 26 / 350,000 SF

The rezoning application The rezoning applica- Cadillac Fairview’s devel- A rezoning application was The rezoning applica- for this project was filed tion for this project was opment permit application filed in December 2019 to tion for this project was in October 2020. The ap- approved in June 2020. for The Crystal at Water- redevelop the existing sur- approved in October plication calls for 123,192 The application calls for front Square, a 26-storey, face parking lot and a low- 2020. The proposed office sf of office in a 24-storey 398,500 sf of office space 350,000-sf office tower, rise commercial building building at 720 Beatty office tower with retail at in a 29-storey mixed-use was resubmitted in late at 450 West Georgia into would include 17 floors grade. The facade of the development that would 2019 after the initial de- a 23-storey office building of office space (583,243 historic Leckie Block, a replace the existing six-sto- sign generated substantial with retail space at grade sf) for lease as well as three-storey building built rey parkade currently on public criticism in 2015. A totalling 374,068 sf. The minimal retail (12,410 in 1899, will be preserved the site. The new building series of delays, first due proposal went before the sf) at grade. A six-storey and restored as part of the would include retail space to COVID-19 and then urban design panel on commercial building redevelopment. A virtual at grade with the top two again towards the end of June 17, 2020 and a virtual would also be built at 701 open house was held in floors of the tower set 2020, pushed back the open house for the project Expo Boulevard. While a January 2021 and meet- aside as amenity space for project’s development ran from June 15, 2020 to delivery date was not con- ings with the Vancouver the building’s occupants. A permit application hearing July 5, 2020. A construction firmed at year-end 2020, Heritage Commission are construction timeline has until mid-2021. Construc- schedule has not been a completion date in 2025 scheduled for February not been provided. tion is contemplated to proposed. was suggested. 2021 and with the UDP in start in early 2022 and March 2021. complete in early 2025. avisonyoung.com 5 Vancouver-Broadway Vacancy spikes as pandemic takes hold

Vacancy and Absorption (overall) in class C properties – bucking 450,000 the trend of class B properties 12.0% 600,000 holding this dubious distinction across the region – whereas 69% 500,000 425,059 400,511 400,783 of negative annual absorption in 10.7% 10.0% 400,000 the periphery occurred in class A 10.3% properties. However, this figure 8.9% 300,000 8.0% 178,920 vacancy was overwhelmingly the result 200,000 of MEC vacating its head office. e e likely to a t a t If the MEC move is disregarded, R

100,000 R

n y

6.0% o c i remain negative annual absorption in the t p a n 0

5.9% r 15,187 o elevated periphery was greatest in class s V a c b

-100,000 A B properties (51%) – a similar 4.0% in 2021 4.9% result across Metro Vancouver. 4.0% -200,000

2.0% -300,000 new construction -411,679 -400,000 Vancouver-Broadway remains the busiest market in Metro Vancouver 0.0% -500,000 2016 2017 2018 2019 2020 2021F in terms of the number of projects Vacancy Absorption underway and/or proposed with 12-month projection based on 10-year average absorption and known net absorption in new inventory nine developments scheduled to complete in 2021. While the Vacancy trends earlier, largely due to Mountain construction schedules of the Equipment Co-Op (MEC) vacating majority of projects were either Overall vacancy jumped to 8.9% its former head office at 1077 Great not impacted or slightly delayed at year-end 2020 from 4% a Northern Way. Other substantial (3-6 months) due to effects of year earlier as pandemic-related vacancies emerged in False Creek the COVID-19 pandemic, the restrictions along with other factors Flats, East Vancouver and South number of projects awaiting a resulted in vacancy rising in all Vancouver. The vacant delivery of prelease commitment prior to building classes. Class A and C Bench in Railtown also contributed commencement of construction properties recorded the largest to the rise in periphery vacancy. has increased. Most new increases. While overall vacancy in construction is located in five Vancouver-Broadway in the first absorption trends nodes: Mount Pleasant, the half of 2020 remained relatively Annual absorption of negative emerging City Hall District, Railtown, stable (3.8% at mid-year 2020), 411,679 sf at year-end 2020 was a False Creek Flats and Oakridge. the second half of 2020 was a substantial reversal of fortune from New office development in the different story with leasing activity the 178,920 sf of positive annual former industrial areas of Mount largely at a standstill and some absorption recorded in 2019 and Pleasant, False Creek Flats and tenants embracing work-from-home marked the second-most negative Railtown includes light industrial/ for the near-term and vacating annual absorption since Avison creative manufacturing space as or subleasing space as a result. Young started tracking the market required by zoning regulations. Other businesses likely ceased in 1997. The most negative annual operations altogether. Overall absorption in Vancouver-Broadway market forecast sublease vacancy at year-end 2020 occurred in 2001 (-493,504 sf). Rental rates generally remained was substantially higher from a While, in many cases, substantial stable through 2020 due to a year earlier (although the increase negative absorption was the result minimal impact from COVID-19 in was not nearly as significant as of multiple small tenants vacating the first half and a pronounced lack what was recorded downtown) a single property, there were a of leasing activity in the second half and marked the continuation of a number of large tenants who that rendered landlords’ potential trend of rising sublease vacancy vacated or subleased space in willingness to negotiate moot. Rent- that commenced in 2018. Vacancy second-half 2020, including MEC, al rates are anticipated to soften in in the core Vancouver-Broadway Hootsuite, Active Network, corridor rose to 8.6% from 5.6% Columbia College, Brandlive a year earlier, primarily related and Westport Fuel Systems. NOTABLE LEASE DEALS - year-END 2020 to a number of both small and While overall negative annual large vacancies arising in Mount absorption occurred mostly tenant BUILDING SF Pleasant (notably at 111 East in class A (49%) and C (36%) Response Biomedical (renewal) 1781 West 75th Avenue 46,030 5th Ave. and 120 West 3rd Ave.) properties in Vancouver-Broadway, as well as along Broadway (such noteworthy differences emerged MEC 887 Great Northern Way 18,700 as 1060 West 8th Ave.). Vacancy in the core and periphery. In the Crafty Apes VFX 149 West 7th Avenue 11,600 in the peripheral Vancouver- core Broadway corridor market, Chinook Therapeutics 887 Great Northern Way 11,000 Broadway market spiked to 9.1% approximately 78% of negative at year-end 2020 from 2% a year annual absorption happened Clarius Mobile Health 2985 Virtual Way 10,600

6 Partnership. Performance Development pipeline continues to expand

More developments await preleasing activity Vancouver-Broadway

2021 as deal activity resumes amid DEVELOPER BUILDING SF PRELEASE % COMPLETION heightened vacancy in both the Chard Development The Yukon, 2238 Yukon Street 45,403 (office/light industrial) Strata: 88% Q1 2021 core and periphery with landlords Vanlux Development CityLink, 525 West 8th Avenue 62,657 (office) 64% Q1 2021 offering greater inducements to Wesgroup Properties 2131 Manitoba Street 48,030 (office/light industrial) 100% Q1 2021 attract tenants, particularly in the Westbank / Hootsuite Main Alley (M2), 114 East 4th Avenue 170,543 (office/light industrial) 88% Q1 2021 periphery. While tour activity did pick Pacific Crown Management Ltd. 510 West Broadway 41,260 (office) 100% Q2 2021 up towards the end of 2020 and is Conwest Group HOUSS, 63 West 6th Avenue 47,165 (office/light industrial) Strata: 35% Q3 2021 expected to continue into 2021, the Cressey Development 425 West 6th Avenue 140,700 (office) 0% Q4 2021 first half will likely remain slow with Union Allied Capital Corp. 1308 Adanac Street 46,255 (office/light industrial) Strata: 18% Q4 2021 activity in the back half of the year Niels Bendtsen 411 Railway Street (I-4 zoning) 111,930 (office/creative industrial) 9% Q4 2021 expected to accelerate as optimism Mondivan The Workshop, 161 East 4th Avenue 56,501 (office/light industrial) 16% Q1 2022 arising from the rollout of the pro- Dayhu Group 150-170 West 4th Avenue & 2004 Columbia Street 128,000 (office/light industrial) 0% Q3 2022 vincial vaccination campaign takes Rendition Developments Fifth + Columbia, 2055 Columbia Street 34,585 (office/light industrial) Strata/Lease Q4 2022 effect. Vacancy will likely remain ele- Formwerks Boutique Properties Ofiswerks, 234 West 3rd Avenue 48,679 (office/light industrial) Strata: 0% Q1 2023 vated but stable through 2021 with Onni Group 375 East 1st Avenue 129,207 (office/high-tech industrial) 0% Q2 2023 much of the new space for lease BentallGreenOak 2102 Keith Drive 168,000 ~33% Q3 2023 primarily preleased upon delivery. PCI Group 1477 West Broadway 60,000 (office) 0% Q3 2023 660 & 668 West 41st Avenue Strata: The City of Vancouver’s decision to QuadReal Property Group / Westbank 175,440 (office/medical) Q2 2024 (phase one of Oakridge Centre redevelopment) 75% sold delay the submission of its proposed Broadway Tech Centre II, 3030 East Broadway QuadReal Property Group 962,300 0% Awaiting prelease Broadway Plan to city council until (five buildings) mid-2021 due to COVID-19 also Champion Development Group 151 West 5th Avenue 53,877 (office/light industrial) 0% Awaiting prelease served to impede leasing activity in Omicron/Rendition Developments Maker Exchange, 488 Railway Street (I-4 zoning) 152,000 (office/creative industrial) 0% Awaiting prelease the core Broadway corridor market Westbank / Hootsuite Main Alley (M4), 100 East 5th Avenue 204,800 (office/light industrial) 0% Awaiting prelease in 2020. Many landlords in the core GWL Realty Advisers The Onyx, 1296 Station Street 261,400 (office) 0% Awaiting prelease market were unwilling to commit QuadReal Property Group / Archetype, 220 East 1st Avenue 121,445 (office/creative industrial) Strata Awaiting presales to long-term lease deals without Hungerford Properties demolition clauses due to the Slate Asset Management 339 East 1st Avenue TBD - Proposed strong possibility that the permitted Strand Development 302, 328 & 336 West 2nd Avenue TBD - Proposed density along the Broadway SkyTrain The Molnar Group 2710 Kaslo Street 125,717 - Proposed extension would likely be increased Wesbild 8188 & 8232 Manitoba Street 110,000 (office) Strata Proposed as a result of the Broadway Plan. Value Property Group 24 East Broadway & 2520 Ontario Street 107,755 (office) - Proposed If landlords encumbered relevant Keltic Canada Development 220 Prior Street 102,000 (medical/light industrial) Strata Proposed Vivagrand Developments 5812-5844 Cambie Street 100,000 (office) - Proposed properties in the market with long- Polygon Homes 5740 Cambie Street 66,800 (office) - Proposed term leases, the higher land values Kask Ventures 58 Jackson Avenue (I-4 zoning) 52,500 (office/creative industrial) - Proposed that come with increased density Westbank 1780 East Broadway 50,000 (office) - Proposed and subsequent sale and/or rede- Gryphon Development 6409, 6434, 6459 & 7497 Cambie Street 27,286 (office) - Proposed velopment opportunities could not Wave Developments 315-319 East 2nd Avenue 26,321 (office) - Proposed be easily realized. Another impact of the City’s delay of its Broadway Plan HEAD LEASE SUBLEASE TOTAL TOTAL 12-MONTH AVERAGE NET GROSS OCCUPANCY has been on developers who were CLASS INVENTORY already in for project permitting and VACANCY (SF) VACANCY (SF) VACANCY (SF) VACANCY (%) ABSORPTION (SF) RENTAL RATE (PSF) COST (PSF) who are now holding off on moving A 2,233,551 54,526 38,237 92,763 4.2% -36,996 $24 - $48 $40 - $67 forward until the new regulations

CORE B 1,453,968 145,467 14,060 159,527 11.0% 351 $20 - $39 $29 - $53 are confirmed and they can deter- mine whether their applications C 493,627 107,855 1,200 109,055 22.1% -132,251 $16 - $23 $35 - $43 need to be amended. The Broadway Total 4,181,146 307,848 53,497 361,345 8.6% -168,896 - - Plan is likely to be finalized by the end of 2021 with tunneling for the HEAD LEASE SUBLEASE TOTAL TOTAL 12-MONTH AVERAGE NET GROSS OCCUPANCY CLASS INVENTORY SkyTrain extension likely to start in VACANCY (SF) VACANCY (SF) VACANCY (SF) VACANCY (%) ABSORPTION (SF) RENTAL RATE (PSF) COST (PSF) the back half of 2022, which will be A 2,373,847 169,806 23,902 193,708 8.2% -166,574 $24 - $38 $46 - $62 an important milestone for those developers with sites where the six B 668,564 68,017 35,639 103,656 15.5% -62,249 $16 - $35 $28 - $59 underground stations will be locat- PERIPHERY C 542,245 21,578 7,978 29,556 5.5% -13,960 $15 - $24 $25 - $39 ed. The extension is scheduled to be Total 3,584,656 259,401 67,519 326,920 9.1% -242,783 - - fully operational in 2025.

HEAD LEASE SUBLEASE TOTAL TOTAL 12-MONTH AVERAGE NET RENTAL GROSS OCCUPANCY CLASS INVENTORY VACANCY (SF) VACANCY (SF) VACANCY (SF) VACANCY (%) ABSORPTION (SF) RATE (PSF) COST (PSF) A 4,607,398 224,332 62,139 286,471 6.2% -203,570 $24- $48 $40 - $67 B 2,122,532 213,484 49,699 263,183 12.4% -61,898 $16 - $39 $28 - $59 OVERALL C 1,035,872 129,433 9,178 138,611 13.4% -146,211 $15 - $24 $25 - $43 Total 7,765,802 567,249 121,016 688,265 8.9% -411,679 - - avisonyoung.com 7 Yaletown Vacancy approaches record high as pandemic hammers market

Vacancy and Absorption

21.0% 250,000

200,000 18.0% 4.9% 2.8% 150,000 15.0% 100,000 14.3% 52,7359% 49,104 e

e 2.0% 12.0% a t

50,000 R

a t 4.9% n R

o i y -8,285

11.3% t c p

0 r a n 9.0% o

2.8% s b V a c -41,953 -29,471 A 6.8% -50,000 6.0% 0.3% -100,000 1.0% 3.0% 4.2% 1.5% 3.2% -150,000 UNITY new construction 1.8% -182,666 TECHNOLOGIES New development remains highly 0.0% -200,000 SUBLEASED 2016 2017 2018 2019 2020 2021F constrained in Yaletown, but 2021 THE 4TH AND will mark the first year since 2013  Vacancy Absorption  SAF* Space Availability Factor 5TH FLOORS that any additional space comes 12-month projection based on 10-year average absorption and 10-year average SAF IN 1110 to the market with the delivery of HAMILTON 28,260 sf in the podium of The STREET in Yaletown was an astonishing Smithe and up to 31,194 sf at Ho- Vacancy trends mer@Drake. negative 289,407 sf in 2009. Several

Vacancy spiked to 11.3% at year-end Yaletown tenants such as Cossette, market forecast 2020 from 3.2% a year earlier as Lendesk, Segment and Decipher COVID-19 had an immediate impact Biosciences decided to sublease Rental rates continued to soften on Yaletown, where demand had some or all of their office space through 2020 and further tenant in- already showed signs of softening in 2020. This rapid shift in the ducements were offered. This trend in late 2019 and is home to many dynamics of the Yaletown market is likely to continue through 2021 as small-to-mid-sized professional has also opened up a number near-record vacancy and ongoing services and tech firms in class B/C of rare availabilities, including COVID-19 containment measures open-concept brick-and-beam office large blocks of vacant space and remain in place. New supply may spaces. The highest vacancy rate opportunities to lease an entire also contribute additional vacancy. on record for Yaletown is 12.1%, building. Four buildings in Yaletown Widespread vaccination and a lifting which was registered at year-end were vacant at year-end 2020. of most pandemic-related workplace 2009. The nature of many Yaletown guidelines will likely need to occur tenants either allowed for the rapid space availability factor before the Yaletown market starts adoption of work-from-home and/ to recover; however, once initiated, or sublease strategies or an abrupt The space availability factor (SAF) a recovery is expected to take hold end to operations after only a refers to head lease and/or sublease quickly in the perennially popular month or two of pandemic-related space that is being marketed, but office market. When vacancy surged restrictions. The unique blend of is not physically vacant. The SAF to 12.1% at year-end 2009, a year Yaletown’s tenant mix and building climbed to 2% (40,636 sf) at year- later, vacancy had already fallen back characteristics made the market end 2020 from 1% (21,101 sf) 12 down to 5.1%. particularly susceptible to height- months earlier. Hence, the amount ened vacancy as a result of initial of available space currently being NOTABLE LEASE DEALS - yEAR-end 2020 marketed at year-end 2020 (oc- (and ongoing) lockdown measures. tenant BUILDING SF cupied and vacant) in Yaletown is Absorption trends 13.3%, or 272,608 sf. Unity Technologies (sublease) 1110 Hamilton Street 21,515 Annual absorption plunged to negative 182,666 sf in 2020, which DEVELOPER BUILDING SF PRELEASE SF PRELEASE % COMPLETION marked the second year in a row Boffo Developments The Smithe, 225 Smithe Street 28,260 (office) 0 0% Q1 2021 of negative annual absorption in Yaletown. The most negative Private developer Homer@Drake, 1290 Homer Street 22,863 (office); 0 0% Q3 2021 annual absorption ever recorded (renovation & 3-storey addition) 8,331 (office/retail)

HEAD LEASE SUBLEASE TOTAL TOTAL VACANCY 12-MONTH AVERAGE NET GROSS OCCUPANCY CLASS INVENTORY SAF (SF) SAF (%) VACANCY (SF) VACANCY (SF) VACANCY (SF) (%) ABSORPTION (SF) RENTAL RATE (PSF) COST (PSF) A 576,938 43,964 8,084 52,048 9.0% -10,048 3,023 0.5% $36 - $39.50 $53 - $56.50 B 1,021,065 64,491 37,091 101,582 9.9% -95,455 8,962 0.9% $27.50 - $31.50 $44 - $48 C 459,177 55,603 22,739 78,342 17.1% -77,163 28,651 6.2% $23.50 - $26.50 $40 - $43 Total 2,057,180 164,058 67,914 231,972 11.3% -182,666 40,636 2.0% - -

8 Partnership. Performance Annual absorption swings negative for first time since 2013 Burnaby

Vacancy and Absorption New Construction 16.0% New supply remains highly 350,000 323,759 constrained with 109,000 sf in three 14.0% 300,000 246,115 projects scheduled for delivery 250,000 prior to 2024. While later phases of 12.0% The Amazing Brentwood, City 200,000 12.5% of Lougheed and Gilmore Place 10.0% 178,963 vacancy 123,681 150,000 are proposed to include substantial

9.0% 126,411 e amounts of office use, none will be e 8.0% a t likely

100,000 R

a t n R

delivered in the next 36 months. o i y 7.7% 7.6% t c 50,000 p to Trend r a n 6.0% o

6.3% 6.3% s b

V a c Market Forecast 0 A back 4.0% While rental rates remained steady -50,000 -50,722 Down through 2020, landlords did provide 2.0% -100,000 increased inducements to tenants with strong covenants. With vacancy 0.0% -150,000 expected to remain comparatively tight 2016 2017 2018 2019 2020 2021F due to projected positive absorption Vacancy Absorption and a lack of new supply in 2021, 12-month projection based on 10-year average absorption and known net absorption in new inventory rates are expected to remain stable. The market remains attractive to both Vacancy trends absorption trends large and small tenants who are drawn to the market’s rapid transit access, Vacancy in Burnaby rose to 7.6% Annual absorption swung to amenities, proximity to the core and at year-end 2020 from 6.3% a year negative 50,772 sf in 2020, which parking allocations. The lack of new marked the first time that the earlier as tenants in primarily class supply through 2023 will serve to help Burnaby market has registered B and C buildings vacated mostly boost absorption in existing inventory negative annual absorption since small- to medium-sized spaces on both a head lease and sublease 2013. Most of the negative annual throughout 2020, with the pace basis and contribute to a likely decline absorption was in class B premises accelerating in the second half in vacancy by year-end 2021. while class A absorption remained of the year. While vacancy also slightly positive. (This was due to the increased, to a lesser extent, in delivery of 77,000 sf of preleased NOTABLE LEASE DEALS - year-End 2020 class A premises, a handful of larger office space at the Amazing spaces did begin to emerge in the Brentwood in 2020, which Avison tenant BUILDING SF back half of 2020. The overall rise Young calculated as positive Vancouver Career College - Burnaby in vacancy was largely attributable absorption as the space is not (renewal/expansion) 5021 Kingsway 49,850 to more sophisticated groups available for lease.) Fraser Health Fraser Health Authority 4946 Canada Way 41,600 exploring downsizing options as Authority was active in the market, Medipure Pharmaceuticals 8900 Glenlyon Parkway 24,000 leasing more than 50,000 sf in two Just Order Enterprise Corp. (sublease) 9200 Glenlyon Parkway 20,000 well as smaller businesses shifting Symvivo Corp. 8900 Glenlyon Parkway 18,250 locations, while Vancouver Career their employees to a work-from- Vancouver Career College - Burnaby 3777 Kingsway 11,280 home arrangement. Deal velocity College - Burnaby, which leased (sublease) more than 61,000 sf in two Infoblox 4710 Kingsway 11,000 remained steady, with the usually locations, also boosted leasing GuardTeck Security Co. 4445 Lougheed Highway 10,750 brisk pace common with smaller activity. Fraser Health Authority 7350 Edmonds Street 8,770 deals recording the most notable decline. A number of larger deals DEVELOPER BUILDING SF PRELEASE SF PRELEASE % COMPLETION were completed in the second half Anthem/Beedie Station Square (phase 5), 6051 Silver Drive 45,280 (office) 0 0% Q1 2021 of 2020. Burnaby, which had led the Anthem/Beedie Station Square (phase 6), 6023 Silver Drive 42,478 (office) 0 0% Q4 2021 region in terms of sublease vacancy prior to 2020, had the second- Shape Properties The City of Lougheed (phase 1) 21,000 (office) 7,000 33% Q2 2022 most sublease space in the region Onni Group Gilmore Place (phase 1) 80,500 (office) 0 0% Q2 2024 by year-end 2020 with large-block Shape Properties The Amazing Brentwood (phase 2) 300,000 (office) 0 0% Q4 2024 availabilities at 3777 Kingsway as Onni Group Gilmore Place (phase 2) 695,614 (office) - - Proposed well as emerging space at 4555 Blackwood Partners 3100 Production Way (two office towers) 340,777 (office) - - Proposed Kingsway and 2700 Production Way. Beedie 3133 Sumner Avenue 111,779 (office/light industrial) - - Proposed

HEAD LEASE SUBLEASE TOTAL TOTAL 12-MONTH AVERAGE NET RENTAL GROSS OCCUPANCY CLASS INVENTORY VACANCY (SF) VACANCY (SF) VACANCY (SF) VACANCY (%) ABSORPTION (SF) RATE (PSF) COST (PSF) A 6,445,081 202,122 285,335 487,457 7.6% 19,242 $24 - $28 $40 - $44 B 2,081,671 160,437 20,270 180,707 8.7% -45,366 $18 - $21 $32 - $35 C 869,038 32,217 14,197 46,414 5.3% -24,648 $17 - $19 $30 - $32 Total 9,395,790 394,776 319,802 714,578 7.6% -50,772 - - avisonyoung.com 9 Richmond Class B properties overwhelmingly contribute to negative absorption

Vacancy and Absorption 2022. While a substantial number of large mixed-use developments 16.0% 100,000 99,314 that include office space remain in the permitting process, the 14.0% 80,000 62,001 rezoning and development permit 12.0% 54,082 60,000 applications for Townline’s ) f

e 37,554 s

t proposed 12-storey office tower ( 40,000

10.0% n delivery

R a 10.7%

i o y were approved in December 2020. t c

n of new 9.8% r p a

8.0% o c 20,000

8.4% s a

V development 7.4% -734 A b MARKET FORECAST 6.0% 6.9% 0 While rental rates largely remained 7.5% remains 4.0% -20,000 limited stable in 2020, slight discounting and/or creative lease strategies 2.0% -40,000 were deployed to induce/retain -52,580 0.0% -60,000 select tenants. Rental rates are 2016 2017 2018 2019 2020 2021F likely to remain stable through 2021 Vacancy Absorption providing there are no new pan- 12-month projection based on 10-year average absorption and known net absorption in new inventory demic-related setbacks, which could trigger a softening in rates. Rich- Vacancy trends Technologies Canada and DF mond remains a suitable cost-effec- Architecture took on new space, tive option in 2021 for tenants, who Vacancy rose incrementally to others such as GHD, Paper Excel- may be able to exert leverage when 8.4% at year-end 2020 from 7.5% lence and Steve Nash Fitness it comes to negotiating rents, struc- a year earlier as COVID-19 contain- World either reduced their space turing leases or tenant improvement ment measures appeared to have requirements or ceased operations allowances, and who have a range of a minimal impact on the market. at select locations in Richmond. size requirements. While a handful of mid-sized firms primarily located in class B buildings new construction NOTABLE LEASE DEALS - YEAR-end 2020 vacated office space in the back half Construction of new office space of 2020, leasing activity in the first remains largely limited to strata tenant BUILDING SF half of 2020, albeit reduced from space with the first phase of the VTech Technologies Canada 13888 Wireless Way 16,020 pre-COVID levels, mitigated the Bridgeport Business Centre Dillon Consulting (renewal) 3820 Cessna Drive 10,000 overall impact on vacancy. Vacancy scheduled to be completed in 2021. DF Architecture 10851 Shellbridge Way 9,130 in class A and C buildings was largely The Paramount, another strata Schroeder Rashid LLP 13777 Commerce Parkway 5,120 unaffected in 2020. A handful of development, will be delivered Astaldi Canada Enterprises 13571 Commerce Parkway 4,170 spaces did emerge as available but by mid-2022. The only new office Rodair International 3751 Shell Road 3,340 not vacant and thereby were not development offering space for counted as head lease or sublease lease will arrive in the second half of LISA Technologies 13775 Commerce Parkway 2,410 vacancy. A number of notable transactions did occur with groups DEVELOPER BUILDING SF PRELEASE SF PRELEASE % COMPLETION dealing with expiring leases in 2020, Chunghwa Investments Bridgeport Business Centre (phase one), 110,000 (office) Strata NA Q2 2021 with some able to renew on slightly 9466 Beckwith Road more favourable terms. Keltic Canada Development The Paramount, 6340 No. 3 Road 103,560 (office) Strata NA Q2 2022 South Street Development Group Atmosphere, 7960 Alderbridge Way (GEC Richmond) 132,900 (office) 10,000 7.5% Q3 2022 absorption trends Bene Group Times Square Richmond, 6560-6700 No. 3 Road 33,000 (office) Strata NA Q3 2022 Bene Group 4700 No. 3 Road 66,213 (office) - - Approved Annual absorption declined to neg- Park Village Investments & ative 52,580 sf in 2020 compared Grand Long Holdings Canada 8071 & 8091 Park Road 58,780 (office) - - Approved with negative annual absorption of Thind Properties 5470-5800 Minoru Boulevard 161,800 (office) - - Proposed 734 sf in 2019. Leasing activity was CIBT Education Group Inc. GEC CyberCity, 7760, 7780, 7800, 7810, 7820 and 140,506 (office) - - Proposed already slowing in Richmond in 2019 7840 River Road (two towers) iKOR Group Glitz, 8051 Anderson Road 105,420 (office) - - Proposed and COVID-19 further accelerated 8320, 8340 & 8440 Bridgeport Road and 8311 & that trend in 2020. An astonishing New Continental Developments 8351 Sea Island Way 98,952 (office) - - Proposed 88% of the negative annual absorp- Townline 5591, 5631, 5651 and 5671 No. 3 Road 78,275 (office) - - Proposed tion registered in Richmond in 2020 Vanhome Properties Inc. 9080, 9086, 9100 & 9180 Odlin Road and 4420 & 51,020 (office) - - Proposed occurred in class B office properties. 4440 Garden City Road While companies such as VTech Vanprop Investments Lansdowne Centre (redevelopment) TBD - - Proposed Head Lease Sublease Total Total 12-month Average Net Gross Occupancy Class Inventory Vacancy (sf) Vacancy (sf) Vacancy (sf) Vacancy (%) Absorption (sf) Rental Rate (psf) Cost (psf) A 2,895,256 244,174 22,808 266,982 9.2% -4,930 $18 - $20 $31 - $33 B 972,346 77,050 2,474 79,524 8.2% -46,345 $15 - $16 $29 - $30 C 348,198 7,202 0 7,202 2.1% -1,305 $14 - $16 $23 - $25 Total 4,215,800 328,426 25,282 353,708 8.4% -52,580 - -

10 Partnership. Performance Vacancy tightens to near-record low despite muted activity Surrey

Vacancy and Absorption Block redevelopment, which calls for more than 1.4-msf of office and 25.0% 300,000 237,051 commercial space on the site of 219,403 250,000 the former North Surrey Recre- 20.0% 200,000 ation Centre, was revealed in fall 177,793 150,000 2020 and remains in the permitting 96,007 process. Meanwhile, the proposed )

f Rental Rates e 15.0% 100,000 s t

( Tower 2 at Central City is cur- 15% n R a

11,557 y 50,000 i o rently being marketed for prelease t c STABLE

n 47,111 r p a and requires a prelease commit- o c 10.0% 0 despite s a 10.1% V

A b ment before breaking ground. -50,000 reduced 5.0% 6.8% -100,000 activity 5.2% market forecast 4.8% 5.1% -150,000 Rental rates remained stable 0.0% -200,000 through 2020 and are likely to 2016 2017 2018 2019 2020 2021F remain so through the first half of 2021 as activity will likely be limited Vacancy Absorption due to tepid demand. Upward pres- 12-month projection based on 10-year average absorption and known net absorption in new inventory sure on rates may start to manifest in the latter half of 2021, particularly Vacancy trends COVID-19 containment measures after the delivery of new supply and ICBC vacating almost 8,800 sf Vacancy slipped to 4.8% at year- that will have a minimal impact on at 10172 152A Street in the back end 2020 from 5.2% a year earlier, market vacancy. Options in class A half of the year, annual absorption marking it as one of the tightest buildings or in properties located remained positive. Limited tenant office markets registered since near SkyTrain stations will remain options and no new supply also Avison Young started tracking in demand and may command a served as a drag on absorption. Surrey in 1998. The lowest vacancy premium in a tight Surrey market. on record, 2.5%, was recorded a de- NEW CONSTRUCTION cade earlier at year-end 2010. Deal NOTABLE LEASE DEALS - yEAR-end 2020 velocity remained muted through With construction set to complete the year with limited options for on three new developments in tenant BUILDING SF tenants. The last new development 2021, all of which have been subject Métis Nation British Columbia 13401 108th Avenue 13,710 to substantial preleasing/presales, that delivered space for lease RE/MAX 2000 Realty was Gateway Place in 2017 and what comes next remains the (expansion/renewal) 15127 100th Avenue 7,300 question. Surrey City Develop- the building was preleased upon Sun Life (renewal) 10470 152nd Street 6,050 completion. While the delivery ment Corp.’s proposed Centre of The Professional Centre @ South Point and phase two of King DEVELOPER BUILDING SF PRELEASE SF PRELEASE % COMPLETION George HUB at the Stations in Avondale Development / The Professional Centre @ South Point, 71,780 42,520 59% Q1 2021 2021 may offer some additional Monark Group 3231 152nd Street options for tenants, both projects Lark Group CityCentre3, 13761 96th Avenue 122,390 (office) Strata/Lease 54% Q2 2021 have already registered substantial King George HUB at the Stations (phase B), PCI Group 170,000 (office) 134,000 79% Q4 2021 preleasing and vacancy will likely 9900 King George Boulevard (office/retail) remain near record lows. Sublease Maple Leaf Homes / Cambridge Business Centre, 15315 66th Avenue 60,000 (office) Strata 61% sold Q1 2022 vacancy was not a factor in Surrey. Kooner Construction Surrey City Centre Block (phase one), former site of the North 1,446,000 - - Proposed absorption trends Development Corp. Surrey Recreation Centre (10275 City Parkway) Blackwood Partners Tower 2 at Central City, 10145 King George Boulevard 514,000 (office) - - Proposed Positive annual absorption of 11,557 BlueSky Properties Brightside, 13583 104th Avenue 202,150 (office) - - Proposed sf in 2020 marked the seventh Century Group Holland Parkside, 9905 King George Boulevard 190,000 - - Proposed consecutive year of positive annual Landview Construction GTC Professional Building, 10189 153rd Street 100,550 - - Proposed absorption recorded in Surrey. Deal Citiwest Consulting 9699-9711 137th Street 88,300 (office) - - Proposed velocity was flat for most of the Guildford Brook Estates 10731 King George Boulevard 47,780 (office) - - Proposed year with muted activity. Despite Development

HEAD LEASE SUBLEASE TOTAL TOTAL 12-MONTH AVERAGE NET GROSS OCCUPANCY CLASS INVENTORY VACANCY (SF) VACANCY (SF) VACANCY (SF) VACANCY (%) ABSORPTION (SF) RENTAL RATE (PSF) COST (PSF) A 2,074,968 64,865 4,399 69,264 3.3% -2,182 $28 - $38 $45 - $55 B 626,010 54,433 5,240 59,673 9.5% 8,066 $20 - $25 $34 - $39 C 205,629 9,773 0 9,773 4.8% 5,673 $14 - $18 $27 - $31 Total 2,906,607 129,071 9,639 138,710 4.8% 11,557 - - avisonyoung.com 11 New Westminster Record-low vacancy achieved despite pandemic

Vacancy and Absorption space on five floors in the podium of a mixed-use building at 230 20.0% 200,000 Keary Street is also being proposed 18.0% for late 2024. QuadReal’s mas- ter-planned community, Sapperton 16.0% 150,000 17% 16.6% Green, remains in process with the 14.0% city and calls for a 200,000-sf office )

f building in its early phases. s

12.0% 100,000 (

13% e e a t

69,626 a t R

R

10.0% 59,131 y 60,578 market forecast n c o i a n t 8.0% 38,763 50,000 p Rental rates remained flat through r o V a c 9.5% 8.3% s 2020 and are likely to remain so into b 6.0% A 2021 as muted activity continues 6,678 5.4% 4.0% 0 to weigh on the market. However, when economic activity begins to 2.0% 3.1% LEASING resume as the impact of COVID-19 -33,772 ACTIVITY AT 0.0% -50,000 recedes in late 2021, combined with 2016 2017 2018 2019 2020 2021F 625 AGNES no new supply until at least 2023, Vacancy Absorption CONTINUED upward pressure on rental rates 12-month projection based on 10-year average absorption and known net absorption in new inventory DESPITE may manifest because of the limited COVID-19 options available to tenants due to Vacancy trends ed in the market since 1998. The HEADWINDS tight vacancy. record, set in 2013, was the result of Vacancy dropped steeply to 5.4% TransLink consolidating its various at year-end 2020 from 9.5% a year operations at the Brewery District. earlier and achieved the lowest Larger tenants such as CDI College vacancy on record since Avison occupying 960 Quayside, the YMCA Young started tracking the market in moving into 620 Royal Avenue, and 1998. Vacancy had peaked at 18.1% Fraser Crossing Constructors tak- at mid-year 2018 before a series ing space at 625 Agnes all contrib- of occupancies (beginning in the uted to positive annual absorption back half of the year and continuing in 2020. through 2019 and 2020) triggered the rapid year-over-year declines in new construction vacancy. Leasing activity at Queens New office development has been at Court at 625 Agnes along with two a standstill since the delivery of the new owner-users (who recently pur- vacant Anvil Centre in 2014, which chased the buildings in which they resulted in elevated vacancy until were previously tenants who then the market started meaningfully subsequently backfilled the out- absorbing the space in 2018/19. standing vacancies in those build- Wesgroup Properties has indi- ings) helped the market carry on cated that it plans to add more NOTABLE LEASE DEALS - YEAR-End 2020 through 2020 despite muted overall office space to the Brewery District, leasing activity due to economic including 30,000 sf of space for tenant BUILDING SF uncertainty related to the COVID-19 lease on two floors in the podium of pandemic. a mixed-use building at 268 Nelson’s Fraser Crossing Constructors 625 Agnes Street 14,180 E.R. Probyn (renewal) 601 6th Street 7,880 Absorption trends Court set for delivery in mid-2023. An additional 100,000 sf of office Mainland Reporting Services 601 6th Street 3,100 Positive annual absorption of 69,626 sf led the entire Metro Vancouver DEVELOPER BUILDING SF PRELEASE SF PRELEASE % COMPLETION region in 2020 and marked the third year in a row that New Westminster Wesgroup Properties Building 7 @ Brewery District, 268 Nelson’s Court 30,000 0 0% Q2 2023 registered positive annual absorp- Wesgroup Properties Building 8 @ Brewery District, 230 Keary Street 100,000 Strata/Lease 0% Q3 2024 tion. It also marked the third most QuadReal Property Group 97 Braid Street (near Braid Street SkyTrain station) part of 200,000 - - Proposed positive annual absorption record- Sapperton Green mixed-use redevelopment site

HEAD LEASE SUBLEASE TOTAL TOTAL 12-MONTH AVERAGE NET GROSS OCCUPANCY CLASS INVENTORY VACANCY (SF) VACANCY (SF) VACANCY (SF) VACANCY (%) ABSORPTION (SF) RENTAL RATE (PSF) COST PSF) A 780,114 23,673 0 23,673 3.0% 50,954 $24 - $34 $39 - $49 B 700,684 48,867 4,400 53,267 7.6% 18,672 $15 - $20 $28 - $34 C 207,774 14,501 0 14,501 7.0% 0 $12 - $15 $25 - $31 Total 1,688,572 87,041 4,400 91,441 5.4% 69,626 - -

12 Partnership. Performance Vacancy slides to lowest point since 2009 North Shore

Vacancy and Absorption

16.0% 60,000 38,999 41,669 14.0% 40,000 12.9% 12.0% 20,000 9,281 3,825 10.0% 0 -733 10.3% -7,751 10.4% 8.0% -20,000 )

7.9% f s (

e 7.4% n t 6.0% -40,000 i o

R a 6.7% t 6.5% y r p c o n s a

c 4.0% -60,000 A b a V 2.0% -80,000 MILLENNIUM market forecast CENTRAL 0.0% -100,000 Rental rates remained stable 2016 2017 2018 2019 2020 2021F LONSDALE IS through 2020 with no indication Vacancy Absorption SET TO BREAK that there was any discounting 12-month projection based on 10-year average absorption and known net absorption in new inventory GROUND IN because of COVID-19 despite a Vacancy trends absorption. This is even more note- SPRING 2021 reduction in deal velocity. Rates worthy considering the challenges are anticipated to remain flat Vacancy dropped to 6.7% at year- the Metro Vancouver office market through 2021 provided there is no end 2020 from 7.4% a year earlier, faced. The North Shore was one of substantial change in vacancy. If which represented the lowest office only four markets in the region to multiple vacant blocks of space start vacancy recorded on the North record positive annual absorption emerging in the first half of 2021, Shore since mid-year 2009. Vacancy in 2020. some landlords may need to adjust has been in decline since year-end their rate expectations to attract the 2017. With no new space and select new construction reduced number of active tenants vacancies in class B space coming New office development remains in the market. The demolition of the back to the market in the second Northmount Medical Buildings along limited on the North Shore. Millen- half of 2020, overall leasing activity with clients reconsidering their nium Development’s Millenni- remained muted through much of space needs upon lease expiry may um Central Lonsdale mixed-use 2020. Despite this lull, vacancy did contribute to an increase in vacancy redevelopment of the Northmount continue to tighten through the year in 2021; however, it is expected that Medical Buildings will include with slightly more activity occur- 34,000 sf of office space when com- business confidence will improve ring in the fall of 2020 after a slow pleted in late 2023. Construction is as the rollout of a vaccine moves summer. Two significant sublease set to commence in early 2021. Two forward. availabilities emerged at Harbour- other substantial mixed-use devel- side, which totalled 39,000 sf, along NOTABLE LEASE DEALS - YEAR-end 2020 opments – Concert Properties’ with two smaller spaces in the Dol- Harbourside Waterfront, and the larton area. All four remain occupied tenant BUILDING SF North Shore Innovation District but available on a sublease basis. Yocale Network Corp. (sublease) 889 Harbourside Drive 3,440 proposed by Darwin Properties The North Shore remains a relatively Business Development Bank and the Tsleil-Waututh First Na- 1333 Lonsdale Avenue 3,160 tight market with no large blocks of of Canada tion – remain in process with timing available head lease space and no Natland Group 788 Harbourside Drive 2,930 and the amount of office space yet new supply until late 2023. Dr. David Sowden Inc. (renewal) 889 Harbourside Drive 2,890 to be finalized. Atlas Meridian Glassworks (renewal) 930 West 1st Street 2,760 Absorption trends Despite a lack of leasing activity due DEVELOPER BUILDING SF PRELEASE SF PRELEASE % COMPLETION to COVID-19 containment measures, accompanying economic uncertainty Millennium Central Lonsdale, Millennium Development 123-145 East 13th Street 34,000 (office) 0 0% Q4 2023 and a lack of new supply, positive 801, 889 & 925 Harbourside Drive annual absorption of 9,281 sf in Concert Properties and 18 Fell Avenue TBD - - Proposed 2020 marked the third year in a row Tsleil-Waututh First Nation & North Shore Innovation District, TBD - - Proposed of positive (albeit limited) annual Darwin Properties 2420 Dollarton Highway

HEAD LEASE SUBLEASE TOTAL TOTAL 12-MONTH AVERAGE NET GROSS OCCUPANCY CLASS INVENTORY VACANCY (SF) VACANCY (SF) VACANCY (SF) VACANCY (%) ABSORPTION (SF) RENTAL RATE (PSF) COST (PSF) A 871,813 23,358 0 23,358 2.7% 23,809 $24 - $35 $40 - $50 B 481,395 59,194 6,524 65,718 13.7% -13,910 $17 - $23 $26 - $38 C 97,690 8,839 0 8,839 9.0% -618 $15 - $19 $24 - $33 Total 1,450,898 91,391 6,524 97,915 6.7% 9,281 - - avisonyoung.com 13 Langley Delivery of new developments inflating vacancy as leasing slows

Vacancy and Absorption -33,772

20.0% 75,000

18.0% 18.8% 17.8% 16.0% 60,000

14.0% 56,388 ) f s

12.0% 45,000 (

e e a t a t R

R

10.0% y n c o i a n t

8.0% 30,000 p r o V a c s b

A 200. Mitchell Group has also 6.0% 17,360 THE NEW 6.3% FIRST WEST proposed its two-phase Carvolth 4.0% 15,000 CREDIT Business Park, which will add more 2.0% UNION than 415,000 sf of new office space 7,019 BUILDING in two office buildings along with a 0.0% 0 WAS MOSTLY 2019 2020 2021F new hotel and conference centre. Vacancy Absorption PRELEASED PRIOR TO Market Forecast 12-month projection based on 2-year average absorption and known net absorption in inventory COMPLETION Rental rates remained stable in Avison Young initiated coverage of the small to mid-sized tenants taking 2020 and will remain flat through Langley office market in 2019 and, for occupancy in the first half of 2020 2021. With restrained deal velocity the purposes of this report, combines before a number of small vacancies and vacancy on the rise due to the Langley City and Langley Township. started to emerge in a couple of delivery of new, substantially vacant developments associated with Lang- buildings in the second half of the Vacancy trends ley’s rapid growth as an emerging year. While FWCU’s occupancy of its Vacancy spiked to 17.8% at year-end suburban office market in Metro new head office is expected to con- Vancouver, rates will likely remain 2020 from 6.3% a year earlier due tribute slight net positive absorp- to the addition of three buildings unchanged in 2021. While tenants tion in Langley in 2021, delivery of have more options than normal in to inventory, including two newly theXchange in the second quarter this traditionally tight market, vacan- completed developments. Both the of 2021 will offset that gain. cy will remain elevated until leasing First West Credit Union Building activity catches up with the pace of and the Langley Business Centre NEW CONSTRUCTION new development. were delivered largely vacant in The significant volume of new 2020; however, First West Credit development delivered in 2020 will NOTABLE LEASE DEALS - yEAR-end 2020 Union (FWCU) had yet to occupy be followed by three more projects the three floors it had preleased in 2021, including theXchange, a tenant BUILDING SF in its new namesake building by two-building, mixed-use devel- Willowbrae Childcare Academy 8063 199th Street 11,000 year-end 2020. Vacancy will remain opment for lease along with two Sangha Tone Accounting 19933 88th Avenue 10,000 elevated in 2021 after FWCU takes mixed-use strata developments; Milestone Environmental 9440 202nd Street 5,490 occupancy in its new building as the Township Commons; and West Contracting West former FWCU building at 6470 201st Street was added to inventory in DEVELOPER BUILDING SF PRELEASE SF PRELEASE % COMPLETION 2020 when it became available for Infinity Properties / theXchange, 20161 & 21087 86th Avenue 83,550 (office) 33,000 40% Q2 2021 lease. Langley Business Centre was Benchmark Group Township Commons (buildings 16 & 17), 87% sold / delivered mostly vacant and space Kingdom 20487 65th Avenue 17,813 Strata 62% sold Q2 2021 remains available for lease. Sublease Langley Tech Properties West 200, 19923 80A Avenue 46,822 Strata 95% sold Q3 2021 vacancy is not a factor in Langley. Carvolth Business Park (phase 1), Mitchell Group 86th-88th Avenue & 200th Street 207,740 (east building) 0 0% Proposed absorption trends Carvolth Business Park (phase 2), Mitchell Group 86th-88th Avenue & 200th Street 207,740 (west building) 0 0% Proposed Annual absorption of 17,360 sf was Langley 216 Business Park (lot E3), largely the result of a number of Mitchell Group 80th Avenue & 216th Street 94,400 0 0% Proposed

HEAD LEASE SUBLEASE TOTAL TOTAL 12-MONTH AVERAGE NET GROSS OCCUPANCY CLASS INVENTORY VACANCY (SF) VACANCY (SF) VACANCY (SF) VACANCY (%) ABSORPTION (SF) RENTAL RATE (PSF) COST PSF) A 414,182 137,494 0 137,494 33.2% 1,290 $26 - $36 $41 - $51 B 594,464 46,254 2,662 48,916 8.2% 12,211 $17 - $24 $30 - $37 C 126,315 13,815 1,339 15,154 12.0% 3,859 $13 - $16 $26 - $30 Total 1,134,961 197,563 4,001 201,564 17.8% 17,360 - -

14 Partnership. Performance Full economic recovery unlikely until 2022

special feature in particular, but also hospitality, omy would shrink by 7.5% in 2020 foodservices and events/event Economic before growing by 4.5% in 2021. management, which will operate at British Columbia’s economic recov- “Metro Vancouver experienced BC’s significantly lower capacities through outlook ery from the impact of COVID-19 steepest job losses because of its much of 2021. Private services, was well underway before the end for British industrial and employment mix. including elective and discretionary of 2020; however, the rebound will Consumer-facing industries were medical services, will also operate at Columbia* be slow and uneven with several key hammered by physical distancing lower capacity but should return to indicators likely lagging into at least requirements and these sectors pre-pandemic levels through 2021. 2022 and remains contingent on the have an over-sized presence in the Education-related endeavours will wide availability and deployment of lower mainland relative to other continue to be impacted due to the an effective vaccine, according to regions,” reports the BCBC. “On the shift to online learning to accom- Central 1 Credit Union, Business 2020F other hand, manufacturing, forestry, modate physical distancing and the Council of British Columbia mining, oil and gas, and agriculture continued absence of international (BCBC) and the Conference Board have regained all of the jobs lost students resulting from ongoing -6.1% of Canada. since February, and then some.” travel restrictions. Central 1 Credit Union’s Economic “As BC’s economy struggles to gain The Conference Board of Cana- Analysis of British Columbia (Vol. 40, traction, it will become evident da’s Tough Times Ahead: Provincial Issue 5) released in September 2020 that many businesses face higher Summary for Executives, which forecasted provincial real GDP to operating costs owing to reduced was released in November 2020, contract by 6.1% in 2020 before occupancy, enhanced cleaning and highlighted a couple of issues facing 2021F rebounding by 4% in 2021 and then service requirements, safety-related the province. “British Columbia will slowing to 3.4% in 2022 and 2.2% in measures to protect staff and cli- feel the pain from the shutdown in 2023. “Strong” rebounds in employ- 4.0% ents, and supply chain changes and international travel. The province ment, housing and retail spending disruptions. Additional costs and is also heavily dependent on trade already noted in the back half of diminished sales could make some flows, given its position as Canada’s 2020 are the initial indications of businesses unviable and prompt gateway to Asia,” the Conference a recovery taking hold but “mask closures and insolvencies in the Board mentioned before highlight- underlying challenges,” according to months ahead.” Central 1. “Ongoing recovery is set ing some “bright spots in the near- to persist through 2021 and beyond term outlook.” 2022F BCBC concludes: “At this stage we judge the risks to the BC outlook – aided by major construction proj- “Demand for forestry products has to be roughly balanced. Since the ects that were initiated prior to the picked up sharply, as residential 3.4% outset of the pandemic we have pandemic – but will remain below construction and renovation activity incorporated a (moderate) second pre-pandemic levels into 2022.” has been buoyant in North America wave into our projections. So, the despite the pandemic. Consumer The “robust early-stage gains” were fact that a second wave is now spending has held up well and the “low-lying fruit of the economic unfolding does not require us to several megaprojects will bolster restart,” according to Credit 1. adjust our forecasts accordingly. The investment and construction activity downside risk mostly stems from “Constraints in this pandemic econo- into 2021.” 2023F my will lead to varying degrees of the potential for a second round of economic recovery among sectors. The BCBC in the September 2020 the accompanying widespread busi- edition of its B.C. Economic Review 2.2% Those hardest hit during the current *Real GDP growth ness closures. ... Nonetheless, as a recession will also be the last to and Outlook entitled “The Long and result, we expect employment in BC return to normal,” reported Credit Winding Road to Recovery” indicated Source: Central 1 Credit will grind higher but not fully recover Union 1. These sectors include tourism that it was forecasting the BC econ- (September 2020) until the latter part of 2022.” avisonyoung.com 15 Shore andLangley. Positive absorptionwasrecordedinSurrey,NewWestminster,North sf) withslightnegativeabsorptionnotedinRichmondandBurnaby. negative absorptionwasalmostentirelylocatedinVancouver(-1,210,056 absorption recordedregionallysince2001(-1,716,101sf).Theregion’s absorption swungtonegative1,205,584sfin2020–themost After sixyearsofpositiveannualabsorptioninMetroVancouver, improvement inmetricssuchasvacancyandabsorption. to take financial orlegaladviceandshouldnotbereliedonassuch. COVID-19 outbreak.Thecontentprovidedhereinisnotintendedasinvestment, tax, Young. AvisonYoungreliesongovernmentandrelatedsourcesforinformation onthe expressed hereinaresubjecttochangeandmaynotreflectthelatest opinionofAvison rapidly. Whileinformationiscurrentasofthedatewrittenorotherwisenoted,views The spreadofCOVID-19andthecontainmentpoliciesbeingintroducedarechanging increasingly likelytofaceinourcitiesthecomingdecades. adapt tothehostofenvironmentalandvirologicalchallengesweare common workplace.Theanswerstothesequestionswillevolveaswe benefits organizationsgainfromcontinuingtocometogetherinashared working inanofficeenvironment,wherethatislocated,andwhat of thepurposeofficespace,howitisdesigned,whobenefitsfrom global pandemicof2020willinvolveafundamentalre-examination with therealisticpossibilityofdelays.Thelonger-termimpacts space isoccupied,butthepaceandtimingofthisactivitywillbeuneven tightening aspositiveabsorptionresumesandheadleasesublease the formthatanyrecoverytakesislesscertain.Vacancywillbegin office marketwilllikelylingerforthenext18to36months;however, The directandimmediateimpactsofCOVID-19onMetroVancouver’s Westminster, LangleyandtheNorthShore. total. Vacantsubleasespaceisvirtuallynon-existentinSurrey,New together makeupanastonishing85%oftheregionalsubleasevacancy entirely attributabletothedowntowncorealongwithBurnaby,which year-end 2019.Theincreaseinvacantsubleasespacewasalmost sf or27.7%oftheoverallvacancyregion-wide–upfrom18.4%at (including Yaletown)amountedto627,865sfforatotalof1,118,529 outside ofdowntownVancouver,whilevacantsubleasespace At year-end2020,therewas490,664sfofvacantsubleasespace stable ordecreasedin2020. Westminster (5.4%),Surrey(4.8%)andtheNorthShore(7.5%)remained in vacancy,whilevacancyoutersuburbanmarketssuchasNew such asBurnaby(7.6%)andRichmond(8.4%)onlynotedslightincreases markets borethebruntofimpactCOVID-19in2020.Innersuburbs vacancy inVancouver-Broadwayincreasedto8.9%.Thesethreecore made itparticularlysusceptibletoCOVID-19containmentmeasureswhile the market’suniquebuildingandtenantmix(alongwithotherfactors) by manyemployersuntil2021.VacancyinYaletownspikedto11.3%as businesses keptofficespaceclosedandareturntowasdelayed Vacancy indowntownVancouverroseto6.6%byyear-end2020asmany Square footage continued from page1 1,200,000 1,000,000 1,100,000 200,000 400,000 600,000 800,000 root inthesecondhalfofyearwithacorresponding 0 4 8 20 4 , 1 0 15 249,85 2 1 4 5 20 6 , M 1 Vacant subleasespace 7 16 e 128,232 5 t r o

V a 497,131 n 20 c o u 17 101,438 v e r 418,839 2018 80,798 Do 419,089 w 2019 n t o 91,080 w n 

1,118,529

2020 559,951 avisonyoung.com *Personal Real Estate Corporation [email protected] Bill Elliott [email protected] Matthew Craig* [email protected] Tanner Clarkson [email protected] Fergus Cameron Avison Young Team OfficeLeasing [email protected] Direct Line:604.646.8392 Principal &PracticeLeader,Research(BC) Andrew Petrozzi, [email protected] Direct Line:604.647.5081 Principal &ManagingDirector Michael Keenan, For moreinformation,pleasecontact: Vancouver, BCV6E3P3,Canada Box 11109RoyalCentre #2900-1055 WestGeorgiaStreet Avison Young [email protected] Jason Mah* [email protected] James Lewis [email protected] Nabila Lalani [email protected] KeenanSean [email protected] Jonathan Hallett [email protected] Gardner* Glenn [email protected] Robin Buntain* [email protected] Nicolas Bilodeau Real Estate Services, LP (“Avison Young”) (“Avison LP Services, Estate Real Commercial Young Avison guaranteed not is correct, be to thought while and, reliable deem we that sources from obtained was herein contained information The & O.E.: E. reserved. rights All Young. © 2021 Avison

[email protected] Tammy Stephen [email protected] Devin Ringham [email protected] Ronan Pigott* [email protected] Brian Pearson [email protected] Osinchuk Zac [email protected] Justin Omichinski* [email protected] Stephanie Yeargin [email protected] Ian Whitchelo* Josh Sookero* [email protected] Matt Walker [email protected] Terry Thies* [email protected]