Greater Toronto - Tillyard Management Inc · 2020. 1. 24. · Retail Market Report. RETAIL MARKET...

Greater Toronto

PREPARED BY

Colin Ross

Broker of Record

Retail Market Report

RETAIL MARKET REPORT

Market Key Statistics 2

Leasing 4

Rent 8

Construction 9

Under Construction Properties 10

Sales 12

Sales Past 12 Months 13

Economy 15

Market Submarkets 17

Supply & Demand Trends 21

Rent & Vacancy 25

Sale Trends 29

Greater Toronto Retail

2020-01-17Copyrighted report licensed to Ross Realty Corporation - 757574.

OverviewGreater Toronto Retail

1.6 M 2.4 M 1.7% -1.0%12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth

The Greater Toronto Area (GTA) continues to be a NorthAmerican point of entry for both European and Asianretailers along with being a natural expansion city forU.S. businesses. With economic growth outpacing thenational average and a strong employment market, theGTA is enjoying one of the fastest population growthsamong North American cities. These compellingfundamentals have encouraged annual increases in retailsales since 2015 while new construction is continuing todrive further growth. The top contributors to sales growthare grocery, alcohol, jewellery, luggage and leathergoods and furniture sales. Cannabis sales have alsoseen exponential growth in the GTA, and Canada as awhole, with the recent legalization of its use forrecreational purposes.

With overall vacancy reaching a record-low 1.8%,existing retail properties are in a state of transformation.Landlords are adding services, restaurants and newentertainment tenants in an effort to create anexperiential destination that attracts foot traffic. Landlordsare also further differentiating their properties by usageintensification, specifically of parking lots, by addingoffice and/or multifamily buildings to create a live-work-play dynamic. These types of intensification projects areoccurring across the city, with Yorkdale and Markvillemalls bring prime examples. The shift towardsexperiential retail is leading to tenants facing higherrents, both net and additional. Although growth in netrents has slowed, additional rents in many markets areincreasing faster due to capital expenses and rising retailproperty taxes.

Key retail corridors include Bloor-Yorkville, Queen StreetWest and Yonge/Eglinton soon to benefit immenselyfrom the LRT line slated for a 2021 completion. Theluxury hotel market have begun to play a significant rolein the city’s retail performance with a concentration ofluxury brands specifically in Bloor-Yorkville drivingtourism and high-end retail sales. Food markets are alsoon the rise with Square One’s new food district and theopening of Canada’s first Eataly location in the ManulifeCentre on Bloor Street. Other coveted internationalretailers that have recently entered the GTA marketinclude U.S.-based Chick-Fil-A, LL Bean, SouthKorean cosmetic brand Innisfree and Chinese dollarstore Miniso.

More than a dozen mixed-use developments areexpected to be completed by 2021 which will cause aspike in new deliveries. Nonetheless, the unrelentingdemand for a presence in Toronto’s retail landscape iskeeping pre-leasing strong and should still outpacesupply. Significant developments include: The Well, amegaproject by RioCan and Allied bringing 425,000 SFof retail to Downtown West and securing e-commercesoftware giant Shopify as an anchor tenant. The EastHarbour development by Cadillac Fairview is set torevitalize Downtown East with retail, office and residentialalong with a multi-modal transit hub. And looking ahead,Oxford announced their $3.5 billion Union Parkdevelopment which is slated to bring approximately200,000 SF of retail to the downtown market.


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OverviewGreater Toronto Retail

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$41.541.6%33,684,294Malls 1.7% 14,064 0 7,985

$23.674.2%20,264,009Power Center 5.5% (4,350) 0 33,397

$24.321.9%56,091,055Neighborhood Center 2.9% (4,103) 0 445,421

$23.221.8%16,188,518Strip Center 2.5% 98,325 0 29,785

$30.021.3%158,493,991General Retail 2.2% (32,147) 0 3,197,870

$24.262.4%4,664,295Other 2.8% 920 0 81,609

$29.341.7%289,386,162Market 2.5% 72,709 0 3,796,067

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

1.8%3.0%-0.4%Vacancy Change (YOY) 4.4% 2013 Q2 1.7% 2020 Q1

1,966,5292,978,4212.4 MNet Absorption SF 6,879,443 2014 Q2 (147,673) 2015 Q4

2,347,9702,209,6851.6 MDeliveries SF 3,642,680 2014 Q2 1,494,221 2018 Q3

0.5%1.9%-1.0%Rent Growth 3.7% 2018 Q4 -1.1% 2020 Q1

N/A$2.4B$2.4 BSales Volume $3.1B 2014 Q1 $1.7B 2019 Q1


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LeasingGreater Toronto Retail

NET ABSORPTION, NET DELIVERIES & VACANCY

VACANCY RATE


Page 4


AVAILABILITY RATE


Page 5


12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

3rd QtrBuilding Name/Address Submarket Bldg SF Vacant SF

1st Qtr 2nd Qtr 4th Qtr 12 Month

Net Absorption SF

427 Corr/Bloor/Islingt… 300,000 0 0 0 0 0 300,000630 Kipling Ave

King/Dufferin 174,784 18,089 0 0 0 0 156,695Shops at King Liberty

West Toronto Region 146,627 0 0 0 0 0 136,701Bathurst College Centre

Outlying Durham 140,000 25,818 (25,818) 0 0 0 112,326Clarington Centre

City Centre 1,800,000 0 0 0 0 0 105,350Square One

Oakville 462,035 19,657 0 0 0 0 94,361RioCan Oakville Place

Outlying Peel 100,000 7,486 92,514 0 0 0 92,514Riverview Commons

Outlying Peel 94,480 0 0 0 0 0 78,801Lionhead Marketplace

427 Corr/Bloor/Islingt… 65,547 0 0 0 0 0 65,547Audi Queensway

East Toronto Region 331,188 0 0 0 0 0 65,054Bridlewood Mall

Outlying Durham 77,190 0 0 0 0 0 62,769205 Baseline Rd W

Bloor/Yonge 85,000 22,816 0 0 0 0 62,184One Bloor East - Retail

North Yonge Corridor 55,000 0 0 0 0 0 55,000Beacon Condos

Outlying York 68,261 4,600 0 0 0 0 51,768Yonge Green Lane Common

Outlying Durham 43,560 0 0 0 0 0 43,560160 Liberty St S

Meadowvale 132,546 0 0 0 0 0 40,293Meadowvale Smart Center

Outlying York 46,743 0 0 0 0 0 38,010Stonehaven Plaza

4,122,961 98,466 66,696 0 0 0 1,560,933Subtotal Primary Competitors

285,284,001 4,899,799 6,013 0 0 0 847,772Remaining Greater Toronto Market

289,406,962 4,998,265 72,709 0 0 0 2,408,705Total Greater Toronto Market


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TOP RETAIL LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Tenant Name Tenant Rep Company Leasing Rep CompanyQtr

Markham Road Steeles/Woodbine 91,215 Amphenol Lennard Commercia… Condor PropertiesQ4 19

Audi Queensway 427 Corr/Bloor/Islington 65,547 Audi Queensway - -Q3 19

Cedarbrae Mall Scarborough 59,263 Home Accents S&H Realty Corpora… First Capital RealtyQ3 19

First Markham Place Markham/Richmond Hill 42,000 Jian Hang Foodmart - S&H Realty CorporationQ3 19

Meadowvale Smart Center Meadowvale 40,293 Midha's Furniture Gallery - SmartCentres Real Est…Q4 19

1101 Finch Ave E North York West 40,000 Sun Printing House - -Q3 19

Windfield Farms Oshawa 35,000 - - RioCan Real Estate Inv…Q2 19

Windfield Farms - A2 Oshawa 33,462 National Grocer - RioCan Real Estate Inv…Q2 19

Cedarbrae Mall Scarborough 30,226 - - First Capital RealtyQ3 19

Cedarbrae Mall Scarborough 30,226 - - First Capital RealtyQ3 19

1655 Dundas St E Outlying Peel 29,952 - Cushman & Wakefield Cushman & WakefieldQ3 19

Stock Yards Village West Toronto Region 29,018 Marshalls - RioCan Real Estate Inv…Q2 19

Harbour Plaza Retail Base Downtown South 28,700 The Second City Colliers International Menkes;Retail Logic R…Q4 19

RioCan Oakville Place Oakville 24,115 Buy Buy Baby - RioCan Real Estate Inv…Q1 19


282 Monarch Ave Ajax 22,350 - - Cushman & WakefieldQ3 19

Brantview Plaza Burlington 20,300 Bingo The Behar Group R… Midevco Commercial R…Q4 19

8705 Yonge St Markham/Richmond Hill 20,276 - - Metrus PropertiesQ3 19

1540 Dundas St E Whitby 20,000 Whitby Furniture Outlet - Harvey GefenQ1 19

Taunton Gardens Power Centre Whitby 19,308 - - Triovest Realty Advisor…Q4 19

630 Kipling Ave 427 Corr/Bloor/Islington 17,782 - - -Q1 19

630 Kipling Ave 427 Corr/Bloor/Islington 17,782 Marino's Auto Group - -Q1 19

1510 N Service Rd Burlington 17,382 - - Goudy Real Estate CorpQ1 19

The Samuel & Benjamin Building Downtown West 16,000 - - Allied Properties Real…Q1 19

Oshawa North SmartCentre Oshawa 15,000 State & Main - SmartCentres Real Est…Q1 19

Sanjiu TCM Centre Gordon Baker/Victoria Park 14,218 Cheers Karoke & Bar - Colliers InternationalQ2 19

130 North Queen St Etobicoke South 14,200 - - Metropolitan Commerci…Q2 19


225 King St E Outlying Durham 13,300 Dollarama - Top Cats Realty IncQ4 19

Oshawa Centre Oshawa 13,169 - - CBREQ4 19

Toronto College Park Downtown North 12,863 - - GWL Realty AdvisorsQ1 19

1925 Victoria Park Ave Scarborough 12,193 Larry the Liquidator - JLLQ3 19

1300 Alness St Vaughan 11,900 9.95 - Re/Max Premier Inc.Q1 19

1404-1478 Dundas St E Mississauga South 11,500 - Remax Empire Realty Remax Empire RealtyQ1 19

970 Queen St E Southeast Toronto Region 11,296 - - Commercial Vision Rea…Q3 19

9605 Dufferin St Vaughan 11,201 - - Lennard Commercial R…Q2 19

130 North Queen St Etobicoke South 11,200 - - Metropolitan Commerci…Q2 19

1149 Kennedy Rd Scarborough South 11,000 - - Group of Six Property…Q2 19

RioCan Colossus Centre Vaughan 10,881 Putting Edge - RioCan Real Estate Inv…Q2 19

Queen's Plate Plaza Airport Corp Centre/Airport 10,800 - - Re/Max Premier Inc.;T…Q4 19

*Renewal


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RentGreater Toronto Retail

MARKET RENT GROWTH (YOY)

MARKET RENT PER SQUARE FOOT


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ConstructionGreater Toronto Retail

DELIVERIES & DEMOLITIONS

SUBMARKET CONSTRUCTION

Average Building Size

RankUnder Constr

Under Construction Inventory

All ExistingSF (000) Pre-Leased SF (000)SubmarketNo. RankBldgs Pre-Leased %

1 Outlying Peel 39 879 22,53698.9% 5 17,571869 9

2 Downtown West 3 531 176,97329.3% 10 8,543156 2

3 Bloor/Yonge 2 530 264,948100% 1 7,685530 1

4 Oshawa 4 429 107,17698.4% 6 10,557422 4

5 West Toronto Region 5 185 36,98090.5% 8 5,362167 8

6 Southeast Toronto Region 3 177 58,998100% 1 5,756177 5

7 Pickering 1 150 150,000100% 1 21,725150 3

8 Downtown South 3 139 46,40493.1% 7 50,462130 7

9 Outlying York 12 128 10,67331.2% 9 13,16140 10

10 King/Dufferin 2 112 56,010100% 1 4,489112 6

All Other 28 536 19,15959.7% 14,955320

Totals 102 3,796 37,21680.9% 11,0783,072


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Under Construction PropertiesGreater Toronto Retail

102 3,894,775 1.3% 81.4%Properties Square Feet Percent of Inventory Preleased

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Aug-201950 Bloor St W

Proposed Retail/Office P…506,000 8 Dec-2020

Morguard REIT

Morguard REIT1

Jun-2017444 Front St W

The Well - Retail500,000 5 Oct-2021

Tridel Group of Companies

RioCan Real Estate Investment T…2

Dec-2018285 Taunton Rd E

Dymon Storage310,704 1 Feb-2020

-

RioCan Real Estate Investment T…3

May-20181525 Dundas St E

Galleria Centre250,000 2 May-2020

The Terracap Group

-4

Jun-20162460 Brock Rd

150,000 - Jun-2020Oxnard Developments inc.

Oxnard Developments inc.5

Jan-201777-79 E Don Rd

Riverside Square Phase…132,632 2 Feb-2020

Streetcar Developments Inc.

Streetcar Developments Inc.6

Oct-20172650-2672 St. Clair Ave W

120,585 2 Feb-2020-

Dunpar Homes7


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Under Construction PropertiesGreater Toronto Retail

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

May-20193515 Rebecca St

112,000 1 Mar-2020-

Diversicare Canada Management…8

Oct-201811-25 Ordnance St

Garrison Point- Novus R…110,728 3 May-2020

BentallGreenOak

BentallGreenOak9

Jun-2016500 Lake Shore Blvd

West Block101,378 2 Feb-2020

Choice Properties REIT

Choice Properties Real Estate In…10

Aug-2019650 Taunton Rd W

Lot A BTS100,000 1 Mar-2020

-

Fieldgate Construction Managem…11

Jul-2019385 Yonge St

Retail100,000 4 Sep-2023

Cresford Developments

Cresford Developments12

Oct-20195250 Yonge St

71,873 2 Jul-2022Guizzetti Corporation

Guizzetti Corporation13

May-20189205 Humberwest Pkwy

70,000 1 Mar-2020-

-14

Oct-2019Ridgeway Dr

Building J66,273 2 Feb-2020

Minuk Construction & Engineerin…

Minuk Construction & Engineerin…15

Feb-201912025 Airport Rd

Building 164,794 1 Jun-2020

-

SmartCentres Real Estate Invest…16

Feb-20192510 N Park Dr

Shops @ Airport & Bova…45,044 2 Jun-2020

-


Dec-20183061-3071 Walkers Ln

44,513 1 May-2020-

Embee Properties18

Jul-20185249 Dundas St W

44,476 3 Feb-2021main + main

main + main19

Jun-20191623 Wellington St E

Building 15-1742,000 1 Feb-2020

-


May-201890 Eastern Ave

Bldg B42,000 1 Feb-2020

Real Spaces Development Corpo…

-21

Mar-2018661-667 Queen St E

Riverside Square Phase…40,698 2 Feb-2020

Streetcar Developments Inc.

Streetcar Developments Inc.22

Jan-20172710 Morningside

E36,401 1 Feb-2020

Ideal (MM) Developments Inc

Ideal Developments23

Apr-20183590 Lake Shore Blvd W

35,052 4 May-2020-

Minto Group Inc.24

May-20195 Beaumaris Dr

A30,000 1 Apr-2020

-

-25

May-201716 York St

PATH (York Centre/16 Y…27,566 1 Jun-2020

-

Cadillac Fairview26

Oct-2017170 Millway Ave

25,676 1 Apr-2020-

Regional Municipality of York27

Jul-2019Ridgeway Dr

Phase 2 Building H25,390 1 Jul-2020

-

Minuk Construction & Engineerin…28


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SalesGreater Toronto Retail

SALES VOLUME & MARKET SALE PRICE PER SF


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Sales Past 12 MonthsGreater Toronto Retail

767 5.0% $572 3.4%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $58,739 $4,261,337 $2,240,500 $113,880,566

Price Per SF $28 $572 $558 $14,717

Cap Rate 1.3% 5.0% 5.0% 8.0%

Time Since Sale in Months 0.1 5.8 5.6 12.0

Property Attributes Low Average Median High

Building SF 329 9,021 3,853 305,000

Stories 1 2 2 4

Typical Floor SF 329 6,540 2,351 299,172

Vacancy Rate At Sale 0% 3.4% 0% 100%

Year Built 1842 1953 1958 2019

Star Rating 2.3


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Sales Past 12 MonthsGreater Toronto Retail

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 Yonge Sheppard Centre1976 305,000 13.6% $113,880,566 $747

4841 Yonge St2019-08-30 -

-2 140 Yorkville Ave1975 7,609 0% $102,661,846 $13,4922019-07-12 -

-3 PATH1981 170,000 7.6% $83,072,362 $489

40-60 Dundas St W2019-06-06 4.6%

-4 1319 Bloor St W1950 27,751 0% $80,000,000 $2,8832019-12-17 -

-5 33 Avenue Rd1969 6,945 0% $68,038,154 $9,7972019-07-12 -

-6 Audi Queensway2019 65,547 0% $36,500,000 $557

1635 The Queensway2019-09-19 4.6%

-7 Building A1958 25,635 100% $30,000,000 $1,170

1306 The Queensway2019-04-08 -

-8 McLauglin Corner's West2001 79,223 0% $28,910,664 $365

10088 N Mclaughlin Rd2019-11-22 -

-9 Quantum 22008 11,726 0% $25,000,000 $2,132

2195 Yonge St2019-05-16 -

-10 14 Prince Arthur Ave1955 27,343 0% $23,581,250 $8622019-12-18 -

-11 1221 Markham Rd1983 30,027 0% $20,250,000 $6742019-10-21 -

-12 312 Queen St W1920 1,359 0% $20,000,000 $14,7172019-08-01 3.9%

-13 Pfaff BMW1998 30,000 0% $19,750,000 $658

4505 Dixie Rd2019-06-17 -

-14 401 Yonge St1880 13,988 0% $19,750,000 $1,4122019-04-24 -

-15 367 Mountainview Rd S2006 50,026 0% $19,350,991 $3872019-12-20 -

-16 Building A2005 33,141 7.9% $19,033,316 $574

446 Hollandview Trl2019-12-03 -

-17 666 Burnhamthorpe Rd1967 36,749 0% $16,811,339 $4572019-06-27 -

-18 1101 Finch Ave E1965 67,000 0% $16,200,000 $2422019-07-31 5.3%

-19 The Berczy2013 13,278 0% $15,650,000 $1,179

6 Church St2019-06-20 -

-20 1127-1135 Markham Rd- 26,952 0% $15,081,790 $5602019-04-01 -


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EconomyGreater Toronto Retail

Overall Canada's economy has slowed compared toprevious years, however, the Greater Toronto Areaeconomic underpinnings remain solid, with GDP andemployment growth expected to perform at or above thenational averages. The GTA economy continues to showstrength, despite higher interest rates and governmentpolicies designed to slow the housing markets in theform of stricter mortgage qualification rules (referred toas the B20 mortgage stress test) and in the GTA andVancouver specifically new foreign investor taxes. Thesemeasures did impact the residential real estate sector in2018, slowing transaction activity and decreasing pricing.Many are pressing the Federal government to review theB20 mortgage stress test rules as it is believed they haveovershot. Although pricing has come down, marketactivity has come to a crawl in the GTA and Vancouverbecause many buyers are just unable to qualify for a newmortgage, which essentially has done nothing to addressaffordability issues for first time buyers. In regards toforeign investors, they have just moved down the road tomarkets that are not subject to the foreign investor taxes.As a result, it was no surprise to see the Finance,Insurance and Real Estate (FIRE) sector, which accountsfor 29% of the GTA’s economic output, shed some jobs.The GTA is home to all of the big five Canadian financialinstitutions head offices, and any extended housingmarket slump would have had an impact on this sector,however, the GTA residential real estate market hasstabilized, with average sale prices and volumes areincreasing once again.

The GTA's annual population growth has averagedapproximately 100,000 per year, and this rate of growthis expected to continue over the next 10-years. This isevidence of Canada’s slightly less restrictive immigrationpolicies when compared to the U.S., and a testament tothe attractiveness of the GTA to both live and work in.The GTA is also home to many world-class universities,which attract students and companies from across theworld, particularly high-tech companies that have been akey driver of demand in the office market over the lastfew years. This population growth requires a lot of newconstruction for housing, infrastructure, employment and

retail/amenities, and as such the construction sectoraccounts for 5% of the GTA’s economic output.

The GTA, and Southern Ontario, are the epicenter ofCanada’s manufacturing sector, which accounts for10.9% of the GTA’s economic output, however,manufacturing contribution to GDP has fallen fromapproximately 18.2% in 2003. The decline is partially dueto the long term rise of the Canadian dollar fromUSD$0.60 back in 2003 and the high cost of energy inthe Province of Ontario. The newly elected ProgressiveConservative (PC) party pledged to reduce energy costs,however, the benefits from lower energy costs will likelynot result in a wholesale return to manufacturing in theGTA. The successful NAFTA, or USMCA, renegotiationshas resulted in more certainty in regards to the future ofthe manufacturing sector, however, this did nothing tosave the GM manufacturing plant in Oshawa, which willmostly close at the end of 2019. Some manufacturingand autonomous vehicle testing will remain at the site,equating to 300 jobs, or only 10-15% of the currentworkforce.

The GTA is the primary choice for logistics operations inthe country. As a result, transportation and warehousingaccounts for approximately 4% of the GTA’s economicoutput and retail and distribution accounts forapproximately 11% of economic output. This is notexpected to diminish over time given the regions strongeconomy and population growth. Furthermore, the GTAunemployment rate has dropped to approximately 5.2%and is expected to stay near there for the next 5 years.

The GTA’s low unemployment rate and strong populationgrowth bode well for future commercial real estatedemand as the GTA continues to offer a large, well-educated workforce with a relatively low cost of doingbusiness compared with other world-class cities,particularly due to the low Canadian dollar whencompared to the USD. The GTA continues to beCanada’s primary headquarters city and home to a largecache of major office-using companies across manyindustries.


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EconomyGreater Toronto Retail

Source: Oxford Economics

YEAR OVER YEAR JOB GROWTH


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SubmarketsGreater Toronto Retail

GREATER TORONTO SUBMARKETS


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SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs SF (000) Percent Rank

Inventory

Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.

1 427 Corr/Bloor/Islington 5,947 2.1% 16 2 53 0.9% 15376 2 366 6.1% 1

2 Airport Corp Centre/Airport 6,458 2.2% 15 0 - - -356 2 16 0.2% 14

3 Ajax 4,360 1.5% 23 1 6 0.1% 23250 0 0 0% -

4 Bloor/Yonge 5,579 1.9% 18 2 530 9.5% 3726 2 96 1.7% 6

5 Brampton 3,078 1.1% 28 1 42 1.4% 16168 0 0 0% -

6 Burlington 10,159 3.5% 8 1 6 0.1% 22593 1 17 0.2% 12

7 City Centre 3,830 1.3% 25 1 4 0.1% 25115 0 0 0% -

8 Consumers 172 0.1% 42 0 - - -9 0 0 0% -

9 Downtown East 2,335 0.8% 36 0 - - -339 0 0 0% -

10 Downtown North 4,628 1.6% 20 0 - - -660 0 0 0% -

11 Downtown South 2,876 1.0% 31 3 139 4.8% 857 0 0 0% -

12 Downtown West 3,041 1.1% 29 3 531 17.5% 2356 0 0 0% -

13 DVP North/Duncan Mill 1,121 0.4% 40 0 - - -41 0 0 0% -

14 DVP South/Don Mills/Egli… 3,545 1.2% 26 1 7 0.2% 21213 0 0 0% -

15 East Toronto Region 4,872 1.7% 19 1 36 0.7% 17266 0 0 0% -

16 Eglinton/Yonge 3,155 1.1% 27 3 16 0.5% 19623 2 63 2.0% 7

17 Financial Core 2,872 1.0% 32 0 - - -55 0 0 0% -

18 Gordon Baker/Victoria Park 270 0.1% 41 0 - - -13 0 0 0% -

19 Hwy 10/Hwy 401 2,203 0.8% 37 0 - - -118 1 10 0.5% 16

20 King/Dufferin 2,882 1.0% 30 2 112 3.9% 10642 1 175 6.1% 4

21 Markham/Richmond Hill 12,150 4.2% 7 0 - - -609 2 16 0.1% 13

22 Meadowvale 2,421 0.8% 33 1 25 1.0% 18120 0 0 0% -

23 Mississauga South 5,674 2.0% 17 0 - - -460 2 6 0.1% 17

24 North Toronto Region 4,423 1.5% 22 0 - - -481 0 0 0% -

25 North Yonge Corridor 2,392 0.8% 34 1 72 3.0% 13226 1 55 2.3% 8

26 North York West 7,622 2.6% 11 0 - - -434 1 19 0.3% 10

27 Oakville 9,745 3.4% 9 1 112 1.1% 11710 5 48 0.5% 9

28 Oshawa 7,633 2.6% 10 4 429 5.6% 4723 1 6 0.1% 19

29 Outer Financial Core 4,070 1.4% 24 0 - - -152 0 0 0% -

30 Outlying Durham 6,699 2.3% 13 2 5 0.1% 24714 2 10 0.2% 15

31 Outlying Halton 7,392 2.6% 12 4 70 0.9% 14571 0 0 0% -

32 Outlying Markham 1,504 0.5% 38 0 - - -86 0 0 0% -

33 Outlying Peel 28,851 10.0% 2 39 879 3.0% 11,642 19 293 1.0% 2

34 Outlying York 18,518 6.4% 4 12 128 0.7% 91,407 11 209 1.1% 3

35 Pickering 4,519 1.6% 21 1 150 3.3% 7208 0 0 0% -

36 Scarborough 12,648 4.4% 6 2 11 0.1% 20692 0 0 0% -

37 Southeast Toronto Region 18,748 6.5% 3 3 177 0.9% 63,257 1 17 0.1% 11

38 St Clair/Yonge 1,486 0.5% 39 0 - - -139 0 0 0% -

39 Steeles/Woodbine 2,368 0.8% 35 0 - - -83 0 0 0% -

40 Vaughan 17,481 6.0% 5 6 73 0.4% 12772 1 6 0% 18

41 West Toronto Region 33,021 11.4% 1 5 185 0.6% 56,158 7 171 0.5% 5

42 Whitby 6,649 2.3% 14 0 - - -504 0 0 0% -


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SUBMARKET RENT

Growth

Market Rent

Per SFSubmarketNo.

12 Month Market Rent QTD Annualized Market Rent

RankRank GrowthRank

1 427 Corr/Bloor/Islington -26.4%26 -0.9% 14$24.81 19

2 Airport Corp Centre/Airport -21.3%19 -0.6% 3$30.32 13

3 Ajax -34.9%38 -0.8% 8$20.59 36

4 Bloor/Yonge 12.3%7 0.3% 1$48.12 1

5 Brampton -38.0%40 -1.4% 38$20.22 40

6 Burlington -33.2%37 -1.3% 36$21.43 35

7 City Centre -32.6%31 -1.0% 22$23.85 34

8 Consumers -31.1%24 -1.0% 24$25.23 33

9 Downtown East -25.3%12 -1.4% 37$37.57 16

10 Downtown North -37.3%5 -2.2% 41$49.68 39

11 Downtown South -36.2%3 -1.0% 20$50.46 38

12 Downtown West -19.3%4 -1.1% 28$49.77 11

13 DVP North/Duncan Mill -27.9%21 -0.9% 12$27.54 22

14 DVP South/Don Mills/Egli… -27.1%14 -1.0% 18$34.68 20

15 East Toronto Region -28.6%33 -0.9% 15$22.74 27

16 Eglinton/Yonge -12.4%9 -1.2% 31$42.50 5

17 Financial Core -30.0%6 -1.0% 23$48.66 31

18 Gordon Baker/Victoria Park -28.0%35 -0.5% 2$21.88 23

19 Hwy 10/Hwy 401 -23.2%27 -0.7% 4$24.45 15

20 King/Dufferin 0.3%8 -1.0% 17$44.44 2

21 Markham/Richmond Hill -18.5%18 -0.9% 10$31.33 9

22 Meadowvale -52.7%25 -1.9% 40$25.15 41

23 Mississauga South -28.8%28 -1.3% 34$24.25 29

24 North Toronto Region -11.3%11 -0.7% 5$40.56 4

25 North Yonge Corridor -20.3%15 -0.9% 11$34.55 12

26 North York West -27.5%1 -0.7% 7$60.66 21

27 Oakville -25.7%23 -1.0% 19$26.69 18

28 Oshawa -28.4%42 -1.3% 33$17.62 25

29 Outer Financial Core -30.2%2 -1.0% 25$50.62 32

30 Outlying Durham -22.8%41 -1.1% 29$17.72 14

31 Outlying Halton -25.4%30 -0.9% 13$23.92 17

32 Outlying Markham -76.7%17 -3.4% 42$31.53 42

33 Outlying Peel -28.5%29 -1.0% 27$24.11 26

34 Outlying York -28.3%32 -1.1% 30$23.54 24

35 Pickering -29.3%36 -1.0% 21$21.48 30

36 Scarborough -28.7%34 -1.0% 26$22.22 28

37 Southeast Toronto Region -15.9%22 -1.2% 32$27.36 8

38 St Clair/Yonge -15.1%10 -0.7% 6$40.63 7

39 Steeles/Woodbine -14.8%13 -1.3% 35$35.68 6

40 Vaughan -18.9%16 -0.8% 9$33.48 10

41 West Toronto Region -9.0%20 -0.9% 16$27.93 3

42 Whitby -35.6%39 -1.7% 39$20.31 37


Page 19












































SUBMARKET VACANCY & NET ABSORPTION

12 Month Net Absorption

Rank Construct. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 427 Corr/Bloor/Islington 97,562 1.6% 0.9404,059 6.8% 120

2 Airport Corp Centre/Airport 98,008 1.5% 0.346,888 0.7% 1916

3 Ajax 86,825 2.0% -68,789 1.6% 1229

4 Bloor/Yonge 105,355 1.9% 1.743,371 0.8% 2128

5 Brampton 33,361 1.1% -50,037 1.6% 187

6 Burlington 228,908 2.3% 0.273,043 0.7% 1134

7 City Centre 9,155 0.2% -106,660 2.8% 71

8 Consumers 6,465 3.8% -(6,465) -3.8% 3640

9 Downtown East 42,981 1.8% -16,090 0.7% 2726

10 Downtown North 150,778 3.3% -(86,109) -1.9% 4238

11 Downtown South 46,640 1.6% -(29,129) -1.0% 3819

12 Downtown West 52,506 1.7% -(1,883) -0.1% 3522

13 DVP North/Duncan Mill 13,881 1.2% -5,515 0.5% 3312

14 DVP South/Don Mills/Egli… 22,130 0.6% -8,055 0.2% 324

15 East Toronto Region 54,478 1.1% -78,752 1.6% 109

16 Eglinton/Yonge 64,525 2.0% 0.6102,656 3.3% 831

17 Financial Core 57,608 2.0% -(42,583) -1.5% 4030

18 Gordon Baker/Victoria Park 14,808 5.5% -(10,048) -3.7% 3742

19 Hwy 10/Hwy 401 24,506 1.1% 0.424,510 1.1% 248

20 King/Dufferin 72,169 2.5% 1.3132,339 4.6% 636

21 Markham/Richmond Hill 280,672 2.3% 0.363,119 0.5% 1435

22 Meadowvale 30,867 1.3% -54,525 2.3% 1713

23 Mississauga South 40,823 0.7% 0.229,628 0.5% 235

24 North Toronto Region 42,873 1.0% -9,231 0.2% 316

25 North Yonge Corridor 51,977 2.2% -(35,056) -1.5% 3933

26 North York West 136,801 1.8% 0.360,395 0.8% 1525

27 Oakville 306,138 3.1% 0.3136,561 1.4% 537

28 Oshawa 144,011 1.9% 0.322,454 0.3% 2527

29 Outer Financial Core 65,868 1.6% -17,886 0.4% 2618

30 Outlying Durham 112,205 1.7% -242,517 3.6% 321

31 Outlying Halton 85,658 1.2% 11.93,182 0% 3411

32 Outlying Markham 30,807 2.0% -10,357 0.7% 2932

33 Outlying Peel 385,555 1.3% 0.4359,355 1.2% 215

34 Outlying York 296,460 1.6% 0.1189,215 1.0% 417

35 Pickering 180,998 4.0% -(74,033) -1.6% 4141

36 Scarborough 143,086 1.1% -68,651 0.5% 1310

37 Southeast Toronto Region 333,388 1.8% 0.357,132 0.3% 1624

38 St Clair/Yonge 7,317 0.5% -9,905 0.7% 303

39 Steeles/Woodbine 8,283 0.3% -15,556 0.7% 282

40 Vaughan 227,210 1.3% 0.136,220 0.2% 2214

41 West Toronto Region 581,973 1.8% -101,737 0.3% 923

42 Whitby 222,646 3.3% -45,620 0.7% 2039


Page 20











































Supply & Demand TrendsGreater Toronto Retail

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2024 2,338,849 0.8% 0.6%1,716,867 1.4300,748,956

2023 2,332,831 0.8% 0.5%1,633,564 1.4298,410,107

2022 2,023,268 0.7% 0.5%1,603,477 1.3296,077,276

2021 1,662,242 0.6% 0.6%1,717,461 1.0294,054,008

2020 3,005,604 1.0% 1.1%3,216,474 0.9292,391,766

YTD 0 0% 0%72,709 0289,386,162

2019 1,489,103 0.5% 0.9%2,534,424 0.6289,386,162

2018 1,815,486 0.6% 1.5%4,333,875 0.4287,897,059

2017 1,221,142 0.4% 0.5%1,349,480 0.9286,081,573

2016 2,216,426 0.8% 1.3%3,808,601 0.6284,860,431

2015 2,112,536 0.8% -0.1%(147,673) -282,644,005

2014 1,908,279 0.7% 1.4%3,825,067 0.5280,531,469

2013 - - 1.8%4,915,956 -278,623,190

MALLS SUPPLY & DEMAND



2024 140,811 0.4% 0.2%82,925 1.734,142,816

2023 134,437 0.4% 0.2%75,493 1.834,002,005

2022 117,471 0.3% 0.2%54,498 2.233,867,568

2021 66,098 0.2% 0.2%61,625 1.133,750,097

2020 (295) 0% 0.3%95,573 -33,683,999

YTD 0 0% 0%14,064 033,684,294

2019 42,504 0.1% 0.9%288,174 0.133,684,294

2018 213,367 0.6% 2.2%752,486 0.333,641,790

2017 0 0% 0.5%171,145 033,428,423

2016 309,859 0.9% 1.5%503,652 0.633,428,423

2015 43,398 0.1% -2.6%(854,945) -33,118,564

2014 345,976 1.1% 0.8%263,333 1.333,075,166

2013 - - 2.1%700,408 -32,729,190


Page 21


POWER CENTER SUPPLY & DEMAND



2024 79,831 0.4% 0.2%50,926 1.620,552,376

2023 76,176 0.4% 0.2%47,084 1.620,472,545

2022 66,573 0.3% 0.1%26,546 2.520,396,369

2021 37,207 0.2% 0.3%54,844 0.720,329,796

2020 28,580 0.1% 0.8%165,126 0.220,292,589

YTD 0 0% 0%(4,350) -20,264,009

2019 81,098 0.4% -0.5%(95,129) -20,264,009

2018 73,619 0.4% 1.5%295,823 0.220,182,911

2017 243,507 1.2% 1.1%226,079 1.120,109,292

2016 53,449 0.3% 2.6%507,640 0.119,865,785

2015 107,216 0.5% -3.4%(675,261) -19,812,336

2014 138,485 0.7% 2.0%400,960 0.319,705,120

2013 - - 1.4%283,042 -19,566,635

NEIGHBORHOOD CENTER SUPPLY & DEMAND



2024 346,844 0.6% 0.4%223,391 1.657,645,267

2023 331,139 0.6% 0.4%204,120 1.657,298,423

2022 289,454 0.5% 0.3%143,731 2.056,967,284

2021 167,453 0.3% 0.4%215,627 0.856,677,830

2020 419,322 0.7% 0.9%522,796 0.856,510,377

YTD 0 0% 0%(4,103) -56,091,055

2019 457,601 0.8% 1.5%836,299 0.556,091,055

2018 287,101 0.5% 2.2%1,216,250 0.255,633,454

2017 408,736 0.7% 0.7%387,749 1.155,346,353

2016 500,827 0.9% 1.6%863,490 0.654,937,617

2015 730,154 1.4% 0.7%370,569 2.054,436,790

2014 645,722 1.2% 1.2%663,994 1.053,706,636

2013 - - 2.3%1,246,683 -53,060,914


Page 22


STRIP CENTER SUPPLY & DEMAND



2024 55,689 0.3% 0.1%20,827 2.716,395,793

2023 53,186 0.3% 0.1%18,134 2.916,340,104

2022 46,478 0.3% 0.1%9,043 5.116,286,918

2021 24,958 0.2% 0.2%28,418 0.916,240,440

2020 26,964 0.2% 1.1%184,509 0.116,215,482

YTD 0 0% 0.6%98,325 016,188,518

2019 112,120 0.7% 0.7%115,979 1.016,188,518

2018 25,435 0.2% 1.0%163,137 0.216,076,398

2017 35,899 0.2% 0.4%56,721 0.616,050,963

2016 36,980 0.2% 1.7%277,513 0.116,015,064

2015 44,324 0.3% -0.1%(14,949) -15,978,084

2014 104,616 0.7% 2.4%385,131 0.315,933,760

2013 - - 1.4%228,999 -15,829,144

GENERAL RETAIL SUPPLY & DEMAND



2024 1,667,029 1.0% 0.8%1,296,522 1.3167,111,274

2023 1,691,454 1.0% 0.8%1,250,028 1.4165,444,245

2022 1,462,711 0.9% 0.8%1,338,496 1.1163,752,791

2021 1,343,728 0.8% 0.8%1,334,672 1.0162,290,080

2020 2,452,361 1.5% 1.3%2,163,677 1.1160,946,352

YTD 0 0% 0%(32,147) -158,493,991

2019 795,780 0.5% 0.9%1,369,920 0.6158,493,991

2018 1,206,383 0.8% 1.2%1,913,553 0.6157,698,211

2017 519,923 0.3% 0.3%439,566 1.2156,491,828

2016 1,291,411 0.8% 1.0%1,605,194 0.8155,971,905

2015 1,162,817 0.8% 0.7%1,019,653 1.1154,680,494

2014 603,385 0.4% 1.3%2,008,352 0.3153,517,677

2013 - - 1.5%2,352,280 -152,914,292


Page 23


OTHER SUPPLY & DEMAND



2024 48,645 1.0% 0.9%42,276 1.24,901,430

2023 46,439 1.0% 0.8%38,705 1.24,852,785

2022 40,581 0.9% 0.6%31,163 1.34,806,346

2021 22,798 0.5% 0.5%22,275 1.04,765,765

2020 78,672 1.7% 1.8%84,793 0.94,742,967

YTD 0 0% 0%920 04,664,295

2019 0 0% 0.4%19,181 04,664,295

2018 9,581 0.2% -0.2%(7,374) -4,664,295

2017 13,077 0.3% 1.5%68,220 0.24,654,714

2016 23,900 0.5% 1.1%51,112 0.54,641,637

2015 24,627 0.5% 0.2%7,260 3.44,617,737

2014 70,095 1.5% 2.2%103,297 0.74,593,110

2013 - - 2.3%104,544 -4,523,015


Page 24

Rent & VacancyGreater Toronto Retail

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2024 - 1.2% 3.4%$30.64 6,419,895 2.1% 0.2%

2023 - 1.0% 2.1%$30.28 5,850,445 2.0% 0.2%

2022 - 0.7% 1.1%$29.98 5,202,734 1.8% 0.1%

2021 - 0.3% 0.4%$29.78 4,833,694 1.6% 0%

2020 - 0.2% 0.2%$29.69 4,913,790 1.7% -0.1%

YTD - -1.0% -1.0%$29.34 4,998,265 1.7% 0%

2019 - 0.1% 0%$29.64 5,070,974 1.8% -0.4%

2018 - 3.7% -0.1%$29.62 6,213,112 2.2% -0.9%

2017 - 2.8% -3.7%$28.56 8,740,888 3.1% -0.1%

2016 - 2.3% -6.3%$27.77 8,866,916 3.1% -0.6%

2015 - 1.7% -8.5%$27.13 10,459,091 3.7% 0.8%

2014 - 0.7% -10.0%$26.69 8,198,882 2.9% -0.7%

2013 - - -10.6%$26.50 10,116,628 3.6% -

MALLS RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 - 1.2% 3.5%$43.46 623,229 1.8% 0.2%

2023 - 1.0% 2.2%$42.93 565,969 1.7% 0.2%

2022 - 0.7% 1.2%$42.49 507,662 1.5% 0.2%

2021 - 0.3% 0.4%$42.19 445,286 1.3% 0%

2020 - 0.1% 0.1%$42.07 441,100 1.3% -0.3%

YTD - -1.1% -1.1%$41.54 522,591 1.6% 0%

2019 - 0.4% 0%$42.01 536,655 1.6% -0.8%

2018 - 3.8% -0.4%$41.85 820,284 2.4% -1.6%

2017 - 2.8% -4.0%$40.32 1,359,403 4.1% -0.5%

2016 - 2.5% -6.6%$39.22 1,530,548 4.6% -0.6%

2015 - 1.7% -8.9%$38.25 1,724,341 5.2% 2.7%

2014 - 0.4% -10.4%$37.62 825,998 2.5% 0.2%

2013 - - -10.8%$37.48 743,355 2.3% -


Page 25


POWER CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 - 1.1% 3.5%$24.88 787,969 3.8% 0.1%

2023 - 0.9% 2.3%$24.60 760,027 3.7% 0.1%

2022 - 0.7% 1.4%$24.38 731,821 3.6% 0.2%

2021 - 0.3% 0.7%$24.22 692,641 3.4% -0.1%

2020 - 0.4% 0.4%$24.15 710,718 3.5% -0.7%

YTD - -1.6% -1.6%$23.67 848,362 4.2% 0%

2019 - 0.7% 0%$24.05 844,012 4.2% 0.9%

2018 - 3.8% -0.7%$23.87 667,785 3.3% -1.1%

2017 - 2.7% -4.4%$23.00 889,989 4.4% 0%

2016 - 2.5% -6.9%$22.39 872,561 4.4% -2.3%

2015 - 2.0% -9.2%$21.84 1,326,752 6.7% 3.9%

2014 - 0.1% -10.9%$21.42 544,275 2.8% -1.4%

2013 - - -11.0%$21.40 806,750 4.1% -

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 - 1.2% 3.6%$25.63 1,319,937 2.3% 0.2%

2023 - 1.0% 2.4%$25.33 1,200,600 2.1% 0.2%

2022 - 0.7% 1.4%$25.08 1,077,637 1.9% 0.2%

2021 - 0.3% 0.7%$24.90 935,778 1.7% -0.1%

2020 - 0.3% 0.3%$24.82 985,783 1.7% -0.2%

YTD - -1.7% -1.7%$24.32 1,091,443 1.9% 0%

2019 - 0.5% 0%$24.73 1,087,340 1.9% -0.7%

2018 - 3.7% -0.5%$24.60 1,466,038 2.6% -1.7%

2017 - 2.9% -4.1%$23.72 2,395,187 4.3% 0%

2016 - 2.3% -6.8%$23.05 2,374,200 4.3% -0.7%

2015 - 1.7% -8.9%$22.52 2,736,863 5.0% 0.6%

2014 - 0.2% -10.5%$22.14 2,377,278 4.4% -0.1%

2013 - - -10.7%$22.09 2,395,550 4.5% -


Page 26


STRIP CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 - 1.2% 3.6%$24.35 332,017 2.0% 0.2%

2023 - 1.0% 2.4%$24.05 299,827 1.8% 0.2%

2022 - 0.7% 1.3%$23.80 267,354 1.6% 0.2%

2021 - 0.3% 0.6%$23.63 232,544 1.4% 0%

2020 - 0.3% 0.3%$23.56 237,227 1.5% -1.0%

YTD - -1.2% -1.2%$23.22 295,271 1.8% -0.6%

2019 - 0.2% 0%$23.49 393,596 2.4% -0.1%

2018 - 3.6% -0.2%$23.45 409,575 2.5% -0.9%

2017 - 2.9% -3.7%$22.63 547,277 3.4% -0.1%

2016 - 2.3% -6.4%$21.99 568,099 3.5% -1.5%

2015 - 1.5% -8.5%$21.50 808,632 5.1% 0.4%

2014 - 0.6% -9.9%$21.18 749,359 4.7% -1.8%

2013 - - -10.4%$21.05 1,029,874 6.5% -

GENERAL RETAIL RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 - 1.2% 2.9%$31.22 3,228,462 1.9% 0.2%

2023 - 1.0% 1.7%$30.85 2,901,808 1.8% 0.2%

2022 - 0.7% 0.7%$30.55 2,503,490 1.5% 0%

2021 - 0.2% 0.1%$30.35 2,421,826 1.5% 0%

2020 - 0.1% -0.2%$30.27 2,433,744 1.5% 0.2%

YTD - -0.8% -1.0%$30.02 2,130,346 1.3% 0%

2019 - -0.3% -0.3%$30.25 2,098,199 1.3% -0.4%

2018 - 3.7% 0%$30.33 2,719,077 1.7% -0.5%

2017 - 2.8% -3.6%$29.23 3,435,634 2.2% 0%

2016 - 2.3% -6.3%$28.42 3,352,967 2.1% -0.2%

2015 - 1.6% -8.4%$27.79 3,666,750 2.4% 0.1%

2014 - 1.0% -9.8%$27.35 3,523,586 2.3% -0.9%

2013 - - -10.7%$27.08 4,929,511 3.2% -


Page 27


OTHER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 - 1.2% 4.0%$25.66 128,281 2.6% 0.1%

2023 - 1.0% 2.8%$25.36 122,214 2.5% 0.1%

2022 - 0.7% 1.8%$25.12 114,770 2.4% 0.2%

2021 - 0.4% 1.1%$24.94 105,619 2.2% 0%

2020 - 0.6% 0.6%$24.83 105,218 2.2% -0.2%

YTD - -1.6% -1.6%$24.26 110,252 2.4% 0%

2019 - 1.1% 0%$24.67 111,172 2.4% -0.4%

2018 - 2.9% -1.1%$24.40 130,353 2.8% 0.4%

2017 - 2.9% -3.9%$23.71 113,398 2.4% -1.2%

2016 - 2.6% -6.6%$23.05 168,541 3.6% -0.6%

2015 - 1.4% -8.9%$22.46 195,753 4.2% 0.4%

2014 - 0.6% -10.2%$22.16 178,386 3.9% -0.8%

2013 - - -10.7%$22.03 211,588 4.7% -


Page 28

Sale TrendsGreater Toronto Retail

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2024 -- - -- 131- $414.77 5.2%

2023 -- - -- 131- $415.32 5.2%

2022 -- - -- 131- $416.82 5.1%

2021 -- - -- 133- $422.84 5.1%

2020 -- - -- 133- $423.95 5.1%

YTD $24.8 M11 0% $556.92$2,904,643 1312.7% $417.54 5.1%

2019 $2,454 M684 1.7% $576.86$4,268,130 1315.0% $416.40 5.1%

2018 $1,945 M630 2.0% $387.28$4,123,195 1275.2% $402.38 5.2%

2017 $2,540 M878 2.5% $464.83$3,991,569 1224.8% $386.18 5.1%

2016 $2,588 M1,022 2.7% $363.98$3,747,351 1195.4% $378.07 5.0%

2015 $2,117 M834 3.0% $337.70$3,746,566 1155.8% $366.37 5.1%

2014 $2,840 M755 2.4% $451.86$5,259,121 1086.1% $342.67 5.3%

2013 $1,721 M809 2.5% $335.42$3,778,026 1006.3% $317.68 5.6%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

MALLS SALES





2024 -- - -- 135- $387.43 5.1%

2023 -- - -- 135- $387.80 5.1%

2022 -- - -- 135- $389.02 5.1%

2021 -- - -- 137- $394.42 5.0%

2020 -- - -- 137- $395.02 5.0%

YTD -- - -- 135- $388.14 5.1%

2019 $1.2 M4 0.5% $2,781.61- 1355.8% $387.06 5.1%

2018 $0.9 M2 0% $2,965.52- 1296.2% $370.81 5.1%

2017 $252.6 M9 2.6% $351.19$249,000,000 1235.8% $354.53 5.1%

2016 $178.1 M24 2.9% $185.40$10,830,006 1205.8% $346.03 5.0%

2015 $123.5 M9 1.3% $528.63$121,382,587 1175.7% $335.25 5.0%

2014 $503.3 M19 1.7% $1,140.45$250,000,000 1093.7% $312.59 5.3%

2013 $594.6 M10 3.2% $561.51$148,546,136 1005.4% $287.36 5.6%




Page 29


POWER CENTER SALES





2024 -- - -- 134- $340.11 5.3%

2023 -- - -- 134- $340.81 5.2%

2022 -- - -- 135- $342.27 5.2%

2021 -- - -- 137- $347.30 5.1%

2020 -- - -- 137- $348.26 5.1%

YTD -- - -- 135- $342.58 5.2%

2019 $0 M1 0% -- 134- $341.64 5.2%

2018 $336.4 M18 7.2% $251.09$25,877,538 1286.1% $325.23 5.3%

2017 $53.8 M14 1.2% $381.50$17,771,667 1204.6% $304.30 5.3%

2016 $46.7 M9 1.3% $179.07$9,198,372 1176.5% $297.28 5.2%

2015 $29.4 M62 5.5% $279.05$9,800,000 1145.9% $288.95 5.2%

2014 $196.8 M2 2.4% $417.60$98,394,327 1076.5% $271.63 5.5%

2013 $1.4 M9 5.7% $445.27- 1005.3% $254.34 5.8%



NEIGHBORHOOD CENTER SALES





2024 -- - -- 133- $365.73 5.3%

2023 -- - -- 134- $366.13 5.3%

2022 -- - -- 134- $367.38 5.2%

2021 -- - -- 136- $372.46 5.2%

2020 -- - -- 136- $373.26 5.2%

YTD -- - -- 134- $367.25 5.2%

2019 $381.7 M59 1.9% $554.63$11,521,580 1346.7% $366.15 5.2%

2018 $110.9 M65 1.9% $193.66$6,180,755 1275.8% $348.25 5.3%

2017 $166.6 M87 2.1% $387.79$7,103,724 1215.3% $332.07 5.3%

2016 $311.2 M133 2.6% $238.43$10,298,785 1186.0% $323.66 5.2%

2015 $307.0 M120 3.5% $243.63$7,227,481 1155.8% $313.98 5.2%

2014 $224.5 M103 1.5% $307.54$6,898,475 1075.8% $294.24 5.5%

2013 $293.0 M113 2.7% $222.37$7,805,866 1006.1% $274.00 5.8%




Page 30


STRIP CENTER SALES





2024 -- - -- 131- $392.04 5.3%

2023 -- - -- 131- $392.37 5.3%

2022 -- - -- 132- $393.60 5.2%

2021 -- - -- 134- $399.05 5.2%

2020 -- - -- 134- $399.99 5.2%

YTD -- - -- 132- $393.86 5.2%

2019 $163.5 M38 2.5% $440.72$5,449,579 1315.3% $392.78 5.2%

2018 $118.2 M38 2.3% $432.04$4,466,551 1274.4% $380.46 5.3%

2017 $93.0 M49 2.1% $283.67$3,223,812 1225.0% $363.81 5.2%

2016 $208.6 M79 3.8% $348.24$3,922,684 1205.0% $357.18 5.1%

2015 $75.8 M41 2.7% $240.52$3,383,289 1156.0% $344.53 5.2%

2014 $149.3 M64 4.0% $251.05$3,155,461 1086.5% $321.66 5.4%

2013 $111.9 M59 2.6% $301.41$3,093,857 1006.1% $298.88 5.7%



GENERAL RETAIL SALES





2024 -- - -- 129- $451.38 5.2%

2023 -- - -- 129- $452.03 5.1%

2022 -- - -- 129- $453.72 5.1%

2021 -- - -- 131- $460.41 5.0%

2020 -- - -- 132- $461.80 5.0%

YTD $24.8 M11 0% $556.92$2,904,643 1302.7% $455.26 5.1%

2019 $1,906 M580 2.1% $597.15$3,733,245 1304.8% $454.03 5.1%

2018 $1,379 M498 1.9% $486.32$3,319,595 1265.1% $441.95 5.1%

2017 $1,970 M701 2.9% $513.24$3,396,801 1224.7% $426.41 5.0%

2016 $1,829 M765 2.7% $478.07$3,187,796 1195.1% $418.16 5.0%

2015 $1,557 M566 2.9% $364.23$3,174,902 1165.5% $405.12 5.0%

2014 $1,739 M542 2.7% $434.57$3,844,655 1086.1% $378.61 5.2%

2013 $684.3 M554 1.8% $303.13$1,806,262 1006.6% $350.56 5.5%




Page 31


OTHER SALES





2024 -- - -- 128- $337.39 5.4%

2023 -- - -- 128- $337.85 5.3%

2022 -- - -- 129- $338.97 5.3%

2021 -- - -- 130- $343.46 5.2%

2020 -- - -- 131- $343.65 5.2%

YTD -- - -- 128- $336.29 5.3%

2019 $0.7 M2 0% $665.48- 128- $335.77 5.3%

2018 $0.1 M9 0.2% $84.62- 122- $322.19 5.4%

2017 $4.0 M18 0.4% $477.35- 1165.9% $305.72 5.3%

2016 $14.7 M12 3.4% $92.30$1,532,439 1146.2% $298.85 5.2%

2015 $24.2 M36 2.3% $303.50$6,666,667 1115.7% $291.44 5.3%

2014 $27.3 M25 1.4% $585.72$4,900,000 106- $278.61 5.4%

2013 $35.4 M64 3.9% $291.96$7,683,419 100- $263.28 5.7%




Page 32

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