Office Dashboard Package Q2-2009

Office Market Dashboards

2009Colliers International | Greater Toronto Area Q2 | SECOND QUARTER

Table Of Contents

1 GTA Regional

2 GTA Central 3 Downtown 4 Financial Core 5 Downtown East6 Downtown West7 Downtown South8 Downtown North

9 GTA Midtown10 Yonge & St. Clair11 Airport West12 Airport East13 Airport Corporate Centre14 Sheridan

15 GTA North16 North Yonge Corridor17 Dufferin-Finch18 Yorkdale19 Vaughan20 Richmond Hill21 Yonge & Eglinton22 Yonge & Bloor

23 GTA West24 Oakville25 Mississauga City Centre26 Meadowvale27 Hurontario & Highway 40128 Cooksville29 Burlington30 Brampton31 Highway 427 & Bloor-Islington

32 GTA East33 Woodbine-Steeles34 Toronto East35 Pickering-Oshawa36 Markham37 Highway 404 & 40738 Duncan Mill39 Don Mills & Eglington40 Consumers Road41 Scarborough Town Centre

Greater Toronto AreaOffice Market Dashboard

REGIONAL INDICATORS MAP OF REGION

Q1 2009 Q2 2009 Trend

Office Inventory* 180,142,712 180,664,489

Net Absorption (432,214) 657,589

Vacancy Rate 5.5% 5.7%

Average Asking Net Rent $17.66 $17.58

Average Additional Rent $15.86 $15.94

AVAILABLE SPACE OPTIONS

AVAILABLE SUPPLY SPLIT

0 - 4k sf 4k - 10k sf 10k - 20k sf 20 - 50k sf 50k - 100k sf 100k sf +

# of units** 1626 664 406 333 53 24

** Counting smallest divisible units in existing buildings and buildings which are under construction.

RECENT TRANSACTIONS Q2 2009

Suite Sq. Ft. Landlord

505 16,985 Cadillac Fairview

600 16,630 The Last Minute Club

301 15,00090 Eglinton Ave

Holdings

GROSS RENT & AVAILABILITY BY BUILDING CLASS Date Address Price Vendor Purchaser Size $/PSF

6/18/2009 415 Yonge Street $32,100,000 Anthem

Properties

Crown Realty

Partners 191,880 $172.00

100 Wellington Street W

150 Ferrand Drive

*Office Inventory: For the purpose of this report, buildings with less than 10,000 sf of office space and buildings owned and occupied by the

government have not been included in the office inventory. There are 2045 office buildings surveyed in the GTA office region.

Q2-09

Number of units on the regional market by size brackets

Tenant

TOP Office Sale Transactions by Price

Office Region Dashboard: Greater Toronto Area

90 Eglinton Avenue E ThinData Inc.

TOP Office Lease Transactions by Size

Address

N/A

N/A

Available Direct80%

Available Sublease20%

Total Available Office Space: 15285487 sf

80,000,000 $70

Avail. Office Space Not Avail. Office Space Gross Rent

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

ua

re F

ee

t

Sublease Direct Sublease as % of Total Available

6/18/2009 415 Yonge Street $32,100,000 Properties Partners

191,880 $172.00

5/27/20096700 Century

Avenue$7,000,000

A Private

Individual Sanyo Co. 56,607 $124.00

6/15/200921 Randolph

Avenue$5,765,000

Don Valley

Storage Inc Canadian Red Cross 59,000 $98.00

OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES

18 MONTH TREND

TOP PROJECTS UNDER CONSTRUCTION BY SIZE

Address Sq. Ft. Est. Com.

155 Wellington

Street West1,223,891 Q2 2009

333 Bay Street 1,127,986 Q3 2009

25 York Street 780,000 Q3 2009

REGIONAL CHARACTERISTICS

Source: Colliers International, Q2 2009

RBC Dexia, Fairmont

Menkes

Brookfield Properties

Developer Anchor Tenant

Telus, Kinross,

Cadillac Fairview

KPMG, Goodmans,

Available Direct80%



$63.22

$34.55

$29.27

$23.43

-

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

$-

$10

$20

$30

$40

$50

$60

$70

Class AAA Class A Class B Class C

Sq. Ft.

Gross Rent $/Sq. Ft.


Note: Not available office space (blue) and available office space (yellow) add up to the total inventory of office space in the respective building class.

$17.58

5.7%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(5)

(3)

(1)

1

3

5

7

9

11

13

15

17

19

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate

Net Rent $/sf. / Absorption (100,000's)

Absorption Asking Net Rent Vacancy Rate

Manufacturing & Distribution

17%

Data,Publishing, Broadcasting Services 11%

Finance 27%

Professional Services 22%

Public Service & Private Sector

Services20%

Others3%

* The GTA is Canada's largest urban economic region in terms of size in population, economy andoffice space.* Built on strong foundations that include world-renowned educational and health institutions, adiversity of internationally competitive sectors and clusters, and a highly-skilled, well-educated andgrowing population.* GTA includes the City of Toronto plus & surrounding regional municipalities, which are comprised of25 local municipalities of which 11 have populations greater than 100,000 (as of 2008).* Over time Toronto has maintained its position as Canada's financial and industrial center.* Economic strength and dominance of the area is reflected in its concentration of corporateheadquarters.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

ua

re F

ee

t


Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we

Available Direct80%



$63.22

$34.55

$29.27

$23.43

-

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

$-

$10

$20

$30

$40

$50

$60

$70


Sq. Ft.




$17.58

5.7%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(5)

(3)

(1)

1

3

5

7

9

11

13

15

17

19

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




17%


Finance 27%



Services20%

Others3%

* The GTA is Canada's largest urban economic region in terms of size in population, economy andoffice space.* Built on strong foundations that include world-renowned educational and health institutions, adiversity of internationally competitive sectors and clusters, and a highly-skilled, well-educated andgrowing population.* GTA includes the City of Toronto plus & surrounding regional municipalities, which are comprised of25 local municipalities of which 11 have populations greater than 100,000 (as of 2008).* Over time Toronto has maintained its position as Canada's financial and industrial center.* Economic strength and dominance of the area is reflected in its concentration of corporateheadquarters.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

ua

re F

ee

t


Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.

MARKET INDICATORS MAP OF MARKET

Q1 2009 Q2 2009 Trend


Net Absorption 196,322 85,909




AVAILABLE SUPPLY SPLIT AVAILABLE SPACE OPTIONS


# of units** 717 317 144 127 0 1



Suite Sq. Ft. Landlord Tenant


301 15,000 90 Eglinton Ave

Holdings

500 13,091 N/A

GROSS RENT & AVAILABILITY BY BUILDING CLASS

Date Address Price Vendor Purchaser Size $/PSF

6/18/2009415 Yonge

$32,100,000 Anthem

Crown Realty Partners 191,880 $172

Q2-09

Number of units on the market by size brackets

ThinData Inc.

N/A 100 Wellington Street W

90 Eglinton Avenue E


Office Market Dashboard: GTA Central

85 Richmond Street W N/A


government have not been included in the office inventory. There are 724 office buildings surveyed in this market.


Address

35,000,000

40,000,000

$60

$70


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet

Direct Sublease Sublease as % of Total Available

6/18/2009415 Yonge

Street$32,100,000

Anthem

Properties Crown Realty Partners 191,880 $172


Avenue$5,765,000

Don Valley

Storage Inc Canadian Red Cross 59,000 $98

5/6/2009860 - 862

Richmond St W$4,356,000

City of

Toronto Allied Properties REIT 27,317 $159


18 MONTH TREND


Address Sq. Ft. Est. Com.155 Wellington

Street West1,223,891 Q2 2009

333 Bay Street 1,127,986 Q3 2009

25 York Street 780,000 Q3 2009

MARKET CHARACTERISTICS


RBC Dexia, Fairmont

Menkes


Anchor TenantDeveloper

Telus, Kinross,

Cadillac Fairview

KPMG, Goodmans,

$63.22

$36.54

$28.66

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

$-

$10

$20

$30

$40

$50

$60

$70

Class A Class B Class C

Sq. Ft.




$22.49

4.7%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

(3)

(1)

1

3

5

7

9

11

13

15

17

19

21

23

25

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




7%


Finance 33%



Services21%

Others3%

* Largest office market in the GTA with the lowest vacancy rate* GTA top annual rental rates of $70.39 are asked for at the Royal Bank Plaza* Market is in high demand by users looking for a prestige urban location and modern, state-of-the-art architecture* Limited parking, but great access to public transit and the PATH system, Toronto's underground walkway* Proximity to multiple amenities and services add convenience for employees and customers* Vacancy rates are fairly stable at a low value as this market is in high demand by companies looking to locate in this well located office market* Abundance of amenities are in walking distance in all three submarkets

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet


$63.22

$36.54

$28.66

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

$-

$10

$20

$30

$40

$50

$60

$70


Sq. Ft.




$22.49

4.7%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

(3)

(1)

1

3

5

7

9

11

13

15

17

19

21

23

25

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




7%


Finance 33%



Services21%

Others3%

* Largest office market in the GTA with the lowest vacancy rate* GTA top annual rental rates of $70.39 are asked for at the Royal Bank Plaza* Market is in high demand by users looking for a prestige urban location and modern, state-of-the-art architecture* Limited parking, but great access to public transit and the PATH system, Toronto's underground walkway* Proximity to multiple amenities and services add convenience for employees and customers* Vacancy rates are fairly stable at a low value as this market is in high demand by companies looking to locate in this well located office market* Abundance of amenities are in walking distance in all three submarkets

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend


Net Absorption 86,529 (49,185)







# of units** 506 255 101 119 0 1





GROSS RENT & AVAILABILITY BY BUILDING CLASS 500 13,091 N/A

1000 11,908 N/A

Q2-09

Number of units on the market by size brackets

Tenant

Office Market Dashboard: Downtown

401 Bay Street N/A




Address

N/A

N/A100 Wellington Street W

85 Richmond Street W

30,000,000 $70


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet


1000 11,908 N/A


6/18/2009 415 Yonge Street $32,100,000 Anthem

Properties

Crown Realty

Partners 191,880 $172


Avenue$5,765,000

Don Valley

Storage Inc

Canadian Red

Cross 59,000 $98

5/6/2009860 - 862

Richmond St W$4,356,000 City of Toronto

Allied Properties

REIT 27,317 $159


18 MONTH TREND


Address Sq. Ft. Est. Com.155 Wellington

Street West1,223,891 Q2 2009

333 Bay Street 1,127,986 Q3 2009

25 York Street 780,000 Q3 2009



KPMG, Goodmans,

RBC Dexia, Fairmont

Menkes



Telus, Kinross,

401 Bay Street N/A


Cadillac Fairview

$63.22 $45.54

$37.78

$28.20

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

$-

$10

$20

$30

$40

$50

$60

$70


Sq. Ft.




$24.26

4.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(3)

1

5

9

13

17

21

25

29

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate


Absorption Asking Net Rent Vacancy Rate Manufacturing & Distribution

6%


Finance 34% Professional

Services 24%


Services21%

Others3%

* Largest office market in the GTA with the lowest vacancy rate* GTA top annual rental rates are achieved in buildings located in this market* Market is in high demand by users looking for a prestige urban location and modern, state-of-the-artarchitecture* Limited parking, but great access to public transit and the PATH system, Toronto's undergroundwalkway* Proximity to multiple amenities and services add convenience for employees and customers

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$63.22 $45.54

$37.78

$28.20

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

$-

$10

$20

$30

$40

$50

$60

$70


Sq. Ft.




$24.26

4.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(3)

1

5

9

13

17

21

25

29

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate



6%



Services 24%


Services21%

Others3%

* Largest office market in the GTA with the lowest vacancy rate* GTA top annual rental rates are achieved in buildings located in this market* Market is in high demand by users looking for a prestige urban location and modern, state-of-the-artarchitecture* Limited parking, but great access to public transit and the PATH system, Toronto's undergroundwalkway* Proximity to multiple amenities and services add convenience for employees and customers

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



SUBMARKET INDICATORS MAP OF SUBMARKET

Q1 2009 Q2 2009 Trend AVAILABLE SPACE OPTIONS


Net Absorption (11,549) (55,215)


Average Asking Net Rent $27.82 $27.66 0 - 4k sf

Average Additional Rent $27.29 $27.31 4k - 10k sf

10k - 20k sf

AVAILABLE SUPPLY SPLIT 20 - 50k sf

50k - 100k sf

100k sf +




Corporation

500 13,091 N/A

1000 11,908 N/A


** Counting smallest divisible units in existing

buildings and buildings under construction.

TenantAddress

N/A

N/A

No transactions took place during this period.

0


N/A


government have not been included in the office inventory. There are 105 office buildings surveyed in this submarket. 70

128

Number of units

on the

submarket by

size brackets


85 Richmond Street W

Office Submarket Dashboard: Financial Core

401 Bay Street

# of units**


85

Q2-09

0

166

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet


GROSS RENT & AVAILABILITY BY BUILDING CLASS OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES

18 MONTH TREND TOP PROJECTS UNDER CONSTRUCTION BY SIZE


155 Wellington

Street West1,223,891 Q2 2009

333 Bay Street 1,127,986 Q3 2009

SUBMARKET CHARACTERISTICS




Cadillac Fairview

KPMG, Goodmans,

RBC Dexia, Fairmont


$63.22

$55.51

$44.94

$35.92

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

$-

$10

$20

$30

$40

$50

$60

$70


Sq. Ft.




$27.66

3.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

(20)

(16)

(12)

(8)

(4)

-

4

8

12

16

20

24

28

32

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




5%

Data,Publishing, Broadcasting Services

5%

Finance 47%



Services16%

Others2%

* Most dense office submarket in the GTA with one of the lowest vacancy rates* GTA top annual rental rates are achieved in buildings located in this market* Majority of tenants occupy 4,000 sf or less* Prestige urban location and modern, state-of-the-art architecture* Limited parking, but great access to public transit and the PATH system, Toronto's underground walkway* Proximity to multiple amenities and services add convenience for employees and customers

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$63.22

$55.51

$44.94

$35.92

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

$-

$10

$20

$30

$40

$50

$60

$70


Sq. Ft.




$27.66

3.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

(20)

(16)

(12)

(8)

(4)

-

4

8

12

16

20

24

28

32

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




5%


5%

Finance 47%



Services16%

Others2%

* Most dense office submarket in the GTA with one of the lowest vacancy rates* GTA top annual rental rates are achieved in buildings located in this market* Majority of tenants occupy 4,000 sf or less* Prestige urban location and modern, state-of-the-art architecture* Limited parking, but great access to public transit and the PATH system, Toronto's underground walkway* Proximity to multiple amenities and services add convenience for employees and customers

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend









# of units** 69 26 4 14 0 1




GROSS RENT & AVAILABILITY BY BUILDING CLASS 200 9,174 Alliance Entertainment

300 3,245 Tippin Capital

200 2,555 Tippin Capital

145 King Street E

N/A

Office Submarket Dashboard: Downtown East

105-109 King Street E

Q2-09

Address

N/A

N/A


government have not been included in the office inventory. There are 107 office buildings surveyed in this submarket.

105-109 King Street E

Number of units on the submarket by size brackets



Tenant

$32.50

$32.62

2,500,000

3,000,000

$30

$35


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



4/14/200971 Front Street

East$4,940,000

Front

Esplanade

Holdings

Pajelle Investments

Ltd. N/A N/A


18 MONTH TREND



125 Queen's

Quay East550,000 Q1 2010



TEDCO, Corus


Aecon

TOP Office Sale Transactions by Price$32.50

$32.62

$1.84

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$17.27

3.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

(2)

-

2

4

6

8

10

12

14

16

18

20

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




9%


Finance 7%



Services14%

Others10%

* Includes original 10 blocks of Toronto and historic buildings allow for remarkable office space features (Brick&Beam)* Northern part of submarket well connected to downtown & rest of the GTA through public transportation and Gardiner Expressway & Don Valley Parkway* With new residential high-rise developments (e.g. Corktown, Distillery District), the labour pool will increase, expand and diversify* George Brown College's third main Toronto campus will support growth of up to 4,000 new students per year and energize the new East Bay lakefront development by Fall 2011

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$32.50

$32.62

$1.84

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$17.27

3.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

(2)

-

2

4

6

8

10

12

14

16

18

20

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




9%


Finance 7%



Services14%

Others10%

* Includes original 10 blocks of Toronto and historic buildings allow for remarkable office space features (Brick&Beam)* Northern part of submarket well connected to downtown & rest of the GTA through public transportation and Gardiner Expressway & Don Valley Parkway* With new residential high-rise developments (e.g. Corktown, Distillery District), the labour pool will increase, expand and diversify* George Brown College's third main Toronto campus will support growth of up to 4,000 new students per year and energize the new East Bay lakefront development by Fall 2011

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend


Net Absorption -6,116 39,489







# of units** 188 77 18 8 0 0




GROSS RENT & AVAILABILITY BY BUILDING CLASS 400 5,750 Lipson & Doran Group

302 5,625 Doubledown Holdings

214 3,300 Humbold Properties


Tenant


Address

Up Inc.

Hambly & Woolley49 Bathurst Street

Office Submarket Dashboard: Downtown West

214 King Street W N/A



Q2-09


$41.45

$28.80

8,000,000

9,000,000

10,000,000

$35

$40

$45


0%

10%

20%

30%

40%

50%

60%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



5/6/2009860-862

Richmond St. W.$4,356,000

City of

Toronto Allied Properties REIT 27,317 $159


18 MONTH TREND





No construction took place during this period.


TOP Office Sale Transactions by Price$41.45

$28.80

$20.18

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45


Sq. Ft.




$21.64

8.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(3)

(1)

1

3

5

7

9

11

13

15

17

19

21

23

25

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate



13%


Finance 5%



Services16%

Others9%

* Offering all downtown location advantages but at lower rental prices than in the Financial Core -excellent options for those tenants whose operations do not require a core location* Good connections to public transit (streetcars along King St W and Queen St W) and easy access to Gardiner Expressway makes this submarket accessible to employees and customers.* With new residential high-rise development (e.g. Concord's CityPlace), the labour pool will increase, expand and diversify* Significant amount of former factory buildings have been converted into office buildings hosting information industry, art and design workspaces - aka Brick & Beam office space

0%

10%

20%

30%

40%

50%

60%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$41.45

$28.80

$20.18

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45


Sq. Ft.




$21.64

8.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(3)

(1)

1

3

5

7

9

11

13

15

17

19

21

23

25

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate



13%


Finance 5%



Services16%

Others9%

* Offering all downtown location advantages but at lower rental prices than in the Financial Core -excellent options for those tenants whose operations do not require a core location* Good connections to public transit (streetcars along King St W and Queen St W) and easy access to Gardiner Expressway makes this submarket accessible to employees and customers.* With new residential high-rise development (e.g. Concord's CityPlace), the labour pool will increase, expand and diversify* Significant amount of former factory buildings have been converted into office buildings hosting information industry, art and design workspaces - aka Brick & Beam office space

0%

10%

20%

30%

40%

50%

60%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend









# of units** 12 9 5 27 0 0





Address

No transactions were recorded during this period.


Office Submarket Dashboard: Downtown South




Tenant


Q2-09

0%

10%

20%

30%

40%

50%

60%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

ua

re F

ee

t




18 MONTH TREND



25 York Street 780,000 Q3 2009

18 York Street 650,000 Q1 2011

15 York Street 207,000 Q1 2010



N/A TBD

Menkes

PricewaterhouseCoopers

Cadillac Fairview

Great West Life


Developer

Telus, Kinross,

Anchor Tenant

$49.38

$31.88

$-

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

$-

$10

$20

$30

$40

$50

$60


Sq. Ft.




$22.28

3.2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

(3)

(1)

1

3

5

7

9

11

13

15

17

19

21

23

25

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




19%

Data,Publishing, Broadcasting Services 32% Finance

13%

Professional Services 23%Public Service &

Private Sector Services10%

Others3%

* Offering many downtown location advantages but at lower rental prices than in the Financial Core along the city's waters' edge* Good connections to public transit and easy access to Gardiner Expressway & DVP makes this submarket accessible to employees and customers.* Submarket is part of the Waterfront Revitalization project will continue to change the area into a more urban community in the years to come* With new residential high-rise development (e.g. Pier 27/Quay West), the labour pool will increase, expand and diversify

0%

10%

20%

30%

40%

50%

60%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

ua

re F

ee

t


Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate information becomes available. Colliers Macaulay

$49.38

$31.88

$-

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

$-

$10

$20

$30

$40

$50

$60


Sq. Ft.




$22.28

3.2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

(3)

(1)

1

3

5

7

9

11

13

15

17

19

21

23

25

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




19%


13%



Others3%

* Offering many downtown location advantages but at lower rental prices than in the Financial Core along the city's waters' edge* Good connections to public transit and easy access to Gardiner Expressway & DVP makes this submarket accessible to employees and customers.* Submarket is part of the Waterfront Revitalization project will continue to change the area into a more urban community in the years to come* With new residential high-rise development (e.g. Pier 27/Quay West), the labour pool will increase, expand and diversify

0%

10%

20%

30%

40%

50%

60%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

ua

re F

ee

t




Q1 2009 Q2 2009 Trend









# of units** 70 19 8 9 0 0




400 9,223 Milcan Enterprises

GROSS RENT & AVAILABILITY BY BUILDING CLASS 1422 626 Northam Realty

Q2-09Office Submarket Dashboard: Downtown North





229 Yonge Street

2 Carlton Street

TenantAddress

St Michael's Hospital

N/A

0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




6/18/2009415 Yonge

Street$32,100,000

Anthem

Properties Crown Realty 191,880 $172


18 MONTH TREND






No Construction took place during this period


$42.87 $36.55

$33.66

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50


Sq. Ft.




$18.71

2.4%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

(5)

-

5

10

15

20

25

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




1%


2%

Finance 17%

Professional Services

9%


Services69%

Others2%

* Offering all downtown location advantages but at lower rental prices than in the Financial Core* Great connections to public transit and road system makes this submarket accessible toemployees and clients/customers.* Great proximity to an educated and productive labour force* With new residential high-rise development, residential development will increase and expand anddiversify labour pool* Incorporates Toronto Discovery District a 2.5 square km research park with a highly concentratedmix of research, bio-medical companies, finance and business support services

0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$42.87 $36.55

$33.66

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50


Sq. Ft.




$18.71

2.4%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

(5)

-

5

10

15

20

25

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




1%


2%

Finance 17%


9%


Services69%

Others2%

* Offering all downtown location advantages but at lower rental prices than in the Financial Core* Great connections to public transit and road system makes this submarket accessible toemployees and clients/customers.* Great proximity to an educated and productive labour force* With new residential high-rise development, residential development will increase and expand anddiversify labour pool* Incorporates Toronto Discovery District a 2.5 square km research park with a highly concentratedmix of research, bio-medical companies, finance and business support services

0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend

Office Inventory* 17,014,763 17,014,763 AVAILABLE SPACE OPTIONS





10k - 20k sf

AVAILABLE SUPPLY SPLIT20 - 50k sf

50k - 100k sf

100k sf +



301 15,000 Madison Group

1100 4,588 Manulife Financial

2601 3,141 Oxford Properties


62

211



0

0

8

43

45 St Clair Avenue W

Tenant


N/A

ThinData Inc.90 Eglinton Avenue E

Q2-09Office Market Dashboard: GTA Midtown

2 Bloor Street W N/A




Address

Number of units

on the market by

size brackets

# of units**

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




4/15/2009327 Eglinton

Avenue East$1,200,000

A Private

Individual

The Cosmetic Surgery

Institute 2,329 $515


18 MONTH TREND






No construction occurred during this period

$38.70

$33.73

$29.42

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45


Sq. Ft.




$16.40

5.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(11)

(7)

(3)

1

5

9

13

17

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




9%



Services 24%


Services28%

Others2%

* Well established office market in a continuously densifying urban area consitsting of three office submarkets: Yonge-Bloor, Yonge-St.Clair and Yonge-Eglinton* Lower real estate costs than in Downtown Toronto* Vacancy rates are fairly stable at a low value as this market is in high demand by companies looking to locate in this well located office market* Great access to public transit and highly educated labour force* Abundance of amenities are in walking distance in all three submarkets

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$38.70

$33.73

$29.42

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45


Sq. Ft.




$16.40

5.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(11)

(7)

(3)

1

5

9

13

17

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




9%



Services 24%


Services28%

Others2%

* Well established office market in a continuously densifying urban area consitsting of three office submarkets: Yonge-Bloor, Yonge-St.Clair and Yonge-Eglinton* Lower real estate costs than in Downtown Toronto* Vacancy rates are fairly stable at a low value as this market is in high demand by companies looking to locate in this well located office market* Great access to public transit and highly educated labour force* Abundance of amenities are in walking distance in all three submarkets

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend









# of units** 33 10 2 2 0 0




1100 2,879 Manulife Financial



Address



Q2-09


N/A45 St. Clair Avenue W

Office Submarket Dashboard: Yonge & St. Clair




1,800,000

2,000,000

$40

$45


-5%

5%

15%

25%

35%

45%

55%

65%

75%

0

50,000

100,000

150,000

200,000

250,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



18 MONTH TREND








$39.87 $33.67

$31.79

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45


Sq. Ft.




$16.83

1.4%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

(1)

1

3

5

7

9

11

13

15

17

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




10%


8%

Finance 15%



Services41%

Others2%

* Smallest office submarket of the Midtown office market* Due to small total inventory submarket usually doesn’t have many space options available* Vacancy Rate remains below the 9% threshold and Rental costs are fairly stable due to this fact* Great access to public transit and proximity to local labour force* Most buildings in this submarket have been built between 1960-1990 with some of them being renovated in the 1990s

-5%

5%

15%

25%

35%

45%

55%

65%

75%

0

50,000

100,000

150,000

200,000

250,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$39.87 $33.67

$31.79

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45


Sq. Ft.




$16.83

1.4%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

(1)

1

3

5

7

9

11

13

15

17

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




10%


8%

Finance 15%



Services41%

Others2%

* Smallest office submarket of the Midtown office market* Due to small total inventory submarket usually doesn’t have many space options available* Vacancy Rate remains below the 9% threshold and Rental costs are fairly stable due to this fact* Great access to public transit and proximity to local labour force* Most buildings in this submarket have been built between 1960-1990 with some of them being renovated in the 1990s

-5%

5%

15%

25%

35%

45%

55%

65%

75%

0

50,000

100,000

150,000

200,000

250,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend






10k - 20k sf


50k - 100k sf

100k sf +







Address



0

0

Tenant

31

8

2

0





Q2-09

AVAILABLE SPACE OPTIONSNumber of units

on the

submarket by

size brackets

# of units**


Office Submarket Dashboard: Airport West

Not Avail. Office Space Avail. Office Space Gross Rent

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



18 MONTH TREND



75 Courtneypark

West70,721 Q3 2009



Anchor Tenant

Higgens Development N/A

Developer

$30.22 $25.27

$16.42

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$14.68

4.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(5)

-

5

10

15

20

25

30

35

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




38%


Finance 24%



Others1%

* Submarket contains Lester B. Pearson International Airport and an abundance of close-by hotels allowfor easy corporate travelling* Highly industrial area with great highway accessibility and exposure allowing great signageopportunities* Provides state-of-the-art facilities to businesses seeking to locate near Pearson International Airport* Lower real estate costs than in the core with just a 15 minute drive from downtownToronto.* Employess have access to 10 major universities and 11 technical colleges within commuting distance* Quick highway access to the North and West sides of the GTA* Close to large supply of affordable labour markets

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$30.22 $25.27

$16.42

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$14.68

4.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(5)

-

5

10

15

20

25

30

35

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




38%


Finance 24%



Others1%

* Submarket contains Lester B. Pearson International Airport and an abundance of close-by hotels allowfor easy corporate travelling* Highly industrial area with great highway accessibility and exposure allowing great signageopportunities* Provides state-of-the-art facilities to businesses seeking to locate near Pearson International Airport* Lower real estate costs than in the core with just a 15 minute drive from downtownToronto.* Employess have access to 10 major universities and 11 technical colleges within commuting distance* Quick highway access to the North and West sides of the GTA* Close to large supply of affordable labour markets

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend


Net Absorption (253,929) (85,422)






# of units** 45 71 35 10 2 1




202 2,841 A. Mantella & Sons

Limited

515 & 525 2,353 The Arcadia Group

21 2,100 N/A





Office Submarket Dashboard: Airport East




Address

Q2-09

Tenant

N/A

Igor Estrah

Penncorp Life Insurance

1 Greensboro Drive

135 Queen's Plate Drive

89 Galaxy Boulevard

Available Direct85%



2,500,000 $30


0%

10%

20%

30%

40%

50%

60%

70%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




18 MONTH TREND








Available Direct85%



$27.59 $24.66

$21.15

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$13.62

15.5%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

(35)

(30)

(25)

(20)

(15)

(10)

(5)

-

5

10

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




39%


Finance 7%



Services17%

Others3%

*Highly industrial area with great highway accessibility and exposure allowing great signage opportunities* Provides state-of-the-art facilities to businesses seeking to locate near Pearson International Airport - proximity to Lester B. Pearson International Airport and an abundance of close-by hotels allow for easy corporate travelling* Lower real estate costs than in the core with just a 15 minute drive from downtown Toronto. * Employess have access to 10 major universities and 11 technical colleges within commuting distance* Quick highway access to the North and West sides of the GTA* Close to large supply of affordable labour markets

0%

10%

20%

30%

40%

50%

60%

70%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



Available Direct85%



$27.59 $24.66

$21.15

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$13.62

15.5%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

(35)

(30)

(25)

(20)

(15)

(10)

(5)

-

5

10

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




39%


Finance 7%



Services17%

Others3%

*Highly industrial area with great highway accessibility and exposure allowing great signage opportunities* Provides state-of-the-art facilities to businesses seeking to locate near Pearson International Airport - proximity to Lester B. Pearson International Airport and an abundance of close-by hotels allow for easy corporate travelling* Lower real estate costs than in the core with just a 15 minute drive from downtown Toronto. * Employess have access to 10 major universities and 11 technical colleges within commuting distance* Quick highway access to the North and West sides of the GTA* Close to large supply of affordable labour markets

0%

10%

20%

30%

40%

50%

60%

70%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend








# of units** 64 32 35 29 5 3




410 6,787 H & R REIT

2-400 757 N/A


5025 Orbitor Drive


No transactions were recorded during this period

Q2-09

Office Submarket Dashboard: Airport Corporate

Centre





Tenant

N/A2810 Matheson Boulevard E

Address

N/A

Available Direct73%



2,500,000 $35


0%

10%

20%

30%

40%

50%

60%

70%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



18 MONTH TREND



5550 Explorer

Drive227,000 Q4 2010



N/A



HOOPP

Available Direct73%



$31.33 $27.14

$23.19

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$15.95

8.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(7)

(5)

(3)

(1)

1

3

5

7

9

11

13

15

17

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




40%


16%



Others0%

* Office Business Park with great highway accessibility and exposure allowing great signage opportunities* Provides state-of-the-art facilities to businesses seeking to locate near Pearson International Airport - proximity to Lester B. Pearson International Airport and an abundance of close-by hotels allow for easy corporate travelling* Lower real estate costs than in the core with just a 15 minute drive from downtown Toronto. * Top five employers are Accenture Inc., Baylis Medical Co., Carlson Marketing Group Canada, Chubb Security Systems, Citigroup* Employess have access to 10 major universities and 11 technical colleges within commuting distance* Centennial Park south of Eglington Ave W offers close-by golfing at Centennial Park Golf Centre

0%

10%

20%

30%

40%

50%

60%

70%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet


Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or withdrawal without notice. All numbers reported use the most accurate information available at the time

Available Direct73%



$31.33 $27.14

$23.19

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$15.95

8.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(7)

(5)

(3)

(1)

1

3

5

7

9

11

13

15

17

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




40%


16%



Others0%

* Office Business Park with great highway accessibility and exposure allowing great signage opportunities* Provides state-of-the-art facilities to businesses seeking to locate near Pearson International Airport - proximity to Lester B. Pearson International Airport and an abundance of close-by hotels allow for easy corporate travelling* Lower real estate costs than in the core with just a 15 minute drive from downtown Toronto. * Top five employers are Accenture Inc., Baylis Medical Co., Carlson Marketing Group Canada, Chubb Security Systems, Citigroup* Employess have access to 10 major universities and 11 technical colleges within commuting distance* Centennial Park south of Eglington Ave W offers close-by golfing at Centennial Park Golf Centre

0%

10%

20%

30%

40%

50%

60%

70%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet










10k - 20k sf


50k - 100k sf

100k sf +



100 15,000 N/A

201 1,645 N/A




Q2-09


Tenant

Office Submarket Dashboard: Sheridan




Address

N/A2381 Bristol Circle


2381 Bristol Circle Viridian Automation

Number of units

on the

submarket by

size brackets

# of units**

11

6



5

12

0

0

1,800,000

2,000,000 $35


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet


18 MONTH TREND



2699 Speakman

Drive99,478 4/1/2009



Anchor Tenant

GE Real Estate Atomic Energy Canada

Developer

$30.84 $17.03

$16.96

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$16.55

4.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

(4)

(2)

-

2

4

6

8

10

12

14

16

18

20

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




30%


4%

Finance 11%



Services7%

Others2%

* Well connected to several 400 series highways (401, 427, 410, 409, 407) and Lester B. Pearson International Airport; close commute to Hamilton's John C. Munro International Airport which is Canada's #1 freight airport.

* Availability of highway exposure sites with excellent signage opportunities.

* Lower real estate costs than in the core (City of Toronto)

* Great proximity to diversified suburban labour pool which is educated with 10 universities and 11 colleges within commuting distance, with Sheridan College located within the submarket.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet


Information contained herein has been obtained from the owners or other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. All properties subject to change or

withdrawal without notice. All numbers reported use the most accurate information available at the time of publishing, however we acknowledge that there may be marginal changes over time as more accurate

information becomes available.

$30.84 $17.03

$16.96

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$16.55

4.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

(4)

(2)

-

2

4

6

8

10

12

14

16

18

20

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




30%


4%

Finance 11%



Services7%

Others2%

* Well connected to several 400 series highways (401, 427, 410, 409, 407) and Lester B. Pearson International Airport; close commute to Hamilton's John C. Munro International Airport which is Canada's #1 freight airport.

* Availability of highway exposure sites with excellent signage opportunities.


* Great proximity to diversified suburban labour pool which is educated with 10 universities and 11 colleges within commuting distance, with Sheridan College located within the submarket.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet





Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.


Q1 2009 Q2 2009 Trend

Office Inventory* 15,372,154 15,372,154 AVAILABLE SPACE OPTIONS





10k - 20k sf

AVAILABLE SUPPLY SPLIT20 - 50k sf

50k - 100k sf

100k sf +



402 10,997Ontario Teachers

Pension Plan Board

326 16,630 RioCan REIT


4792 Highway

Office Market Dashboard: GTA North




Address



Number of units on

the regional market

by size brackets

# of units**

3

N/A4100 Yonge Street

700 Lawrence Avenue W

Q2-09

Tenant

29

19

18

37

122

New Heights Community

Health Centre


$36.57 9,000,000 $40


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet


5/5/20094792 Highway

No. 7 East$1,700,000 N/A Sanmayhia Inc 8,118 $209.00

4/30/2009292 Sheppard

Avenue West$1,100,000

Fair Group

Corporation

Aloris Precious Metals

Inc 3,499 $314.00


18 MONTH TREND





No construction took place during this quarer.


$36.57

$30.27

$21.37

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40


Sq. Ft.




$16.92

4.6%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

(17)

(13)

(9)

(5)

(1)

3

7

11

15

19

23

27

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




10%


3%

Finance 15%



Services17%

Others45%

* Smallest office market in the GTA with lowest vacancy and highest sublease rates, and highest net asking rates on average of suburban markets.* Strategically located in the GTA with easy access to the areas east, west, north and south of the GTA. * Market is surrounded by highways (including Highways 427, 407, and 400) and residents and local businesses are linked by a network of public transit operated by York Region Transit, GO Train and VIVA* Located adjacent to Buttonville Airport and a short drive to Pearson International Airport* Close to well-educated labour force

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$36.57

$30.27

$21.37

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40


Sq. Ft.




$16.92

4.6%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

(17)

(13)

(9)

(5)

(1)

3

7

11

15

19

23

27

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




10%


3%

Finance 15%



Services17%

Others45%

* Smallest office market in the GTA with lowest vacancy and highest sublease rates, and highest net asking rates on average of suburban markets.* Strategically located in the GTA with easy access to the areas east, west, north and south of the GTA. * Market is surrounded by highways (including Highways 427, 407, and 400) and residents and local businesses are linked by a network of public transit operated by York Region Transit, GO Train and VIVA* Located adjacent to Buttonville Airport and a short drive to Pearson International Airport* Close to well-educated labour force

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend






10k - 20k sf


50k - 100k sf

100k sf +



402 10,997 Ontario Teachers

Pension Plan Board


4/30/2009292 Sheppard

Avenue West$1,100,000

Fair Group

Corporation

Aloris Precious Metals

Inc 3,499 $314


Q2-09

Office Submarket Dashboard:

North Yonge Corridor




14




72


21

4100 Yonge Street

Address

N/A

8

0

Number of units

on the

submarket by

size brackets

# of units**

Tenant

3

Available Direct68%




0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet








Available Direct68%



$38.01

$33.16 $33.00

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

$30

$31

$32

$33

$34

$35

$36

$37

$38

$39


Sq. Ft.




$17.69

5.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

(14)

(10)

(6)

(2)

2

6

10

14

18

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Vacancy Rate




13%


6%

Finance 26%



Services33%

Others4%

* Traditionally tighter submarket with limited larger office space availabilities

* Yonge Subway and other public transit, great proximity to Hwy 401 makes this submarket in the North of the City of Toronto very accessible to employees and customers

* Continuing development of residential high-rise condominiums will increase and diversify local labour pool

0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



Available Direct68%



$38.01

$33.16 $33.00

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

$30

$31

$32

$33

$34

$35

$36

$37

$38

$39


Sq. Ft.




$17.69

5.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

(14)

(10)

(6)

(2)

2

6

10

14

18





13%


6%

Finance 26%



Services33%

Others4%

* Traditionally tighter submarket with limited larger office space availabilities

* Yonge Subway and other public transit, great proximity to Hwy 401 makes this submarket in the North of the City of Toronto very accessible to employees and customers

* Continuing development of residential high-rise condominiums will increase and diversify local labour pool

0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend


Net Absorption (250) (780)






# of units** 12 2 1 1 0 0







Office Submarket Dashboard: Dufferin-Finch




Address

Q2-09

Tenant





$30


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet







Anchor Tenant


Developer

$-

$24.89

$17.11

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$9.23

1.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

(9)

(4)

1

6

11

16

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate

Net Rent $/sf. / Absorption (1,000s)f



4%


7%

Finance 13%


9% Public Service & Private Sector

Services64%

Others3%

*Residential-Industrial submarket with easy access to large diverse labour pool.* Well serviced by both the TTC (Downsview Subway), Viva, York Region Transportation and the 400 series highways (400 & 407, minutes from the 401)*Submarket is adjacent to Downsview Airport, and 15 minutes from Lester B. Pearson International Airport.*York University is situated in this submarket, bringing over 60,000 students and staff into the submarket everyday (second largest single-day destination in the GTA after Pearson Airport).

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$-

$24.89

$17.11

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$9.23

1.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

(9)

(4)

1

6

11

16

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




4%


7%

Finance 13%


9% Public Service & Private Sector

Services64%

Others3%

*Residential-Industrial submarket with easy access to large diverse labour pool.* Well serviced by both the TTC (Downsview Subway), Viva, York Region Transportation and the 400 series highways (400 & 407, minutes from the 401)*Submarket is adjacent to Downsview Airport, and 15 minutes from Lester B. Pearson International Airport.*York University is situated in this submarket, bringing over 60,000 students and staff into the submarket everyday (second largest single-day destination in the GTA after Pearson Airport).

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet










10k - 20k sf


50k - 100k sf

100k sf +



326 1,788 RioCan REIT







Address


0

0

1

Q2-09

9

5

Office Submarket Dashboard: Yorkdale

Number of units

on the

submarket by

size brackets

# of units**

0


Tenant



700 Lawrence Avenue W New Heights Community

Health Centre

0%

5%

10%

15%

20%

25%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




18 MONTH TREND Address Sq. Ft. Est. Com.





$24.95

$27.00

$18.39

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

$-

$5

$10

$15

$20

$25

$30

$35

$40


Sq. Ft.




$11.67

2.8%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

(3)

(1)

1

3

5

7

9

11

13

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




18%


5%

Finance 27%


8%


Services40%

Others2%

*Residential-Industrial submarket with easy access to large diverse labour pool.* Well serviced by both the TTC (Downsview Subway), Viva, York Region Transportation and the 400 series highways (400 & 407, minutes from the 401)*Submarket is adjacent to Downsview Airport, and 15 minutes from Lester B. Pearson International Airport.* Submarket contains Oxford Properties' Yorkdale Shopping Centre: The 5th largest mall in Canada (1.4 million GLA), it attracts 400,000 customers per week with over $1,000/sf of sales (highest in Canada).

0%

5%

10%

15%

20%

25%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$24.95

$27.00

$18.39

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

$-

$5

$10

$15

$20

$25

$30

$35

$40


Sq. Ft.




$11.67

2.8%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

(3)

(1)

1

3

5

7

9

11

13

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




18%


5%

Finance 27%


8%


Services40%

Others2%

*Residential-Industrial submarket with easy access to large diverse labour pool.* Well serviced by both the TTC (Downsview Subway), Viva, York Region Transportation and the 400 series highways (400 & 407, minutes from the 401)*Submarket is adjacent to Downsview Airport, and 15 minutes from Lester B. Pearson International Airport.* Submarket contains Oxford Properties' Yorkdale Shopping Centre: The 5th largest mall in Canada (1.4 million GLA), it attracts 400,000 customers per week with over $1,000/sf of sales (highest in Canada).

0%

5%

10%

15%

20%

25%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend


Net Absorption 8,366 -9,223






# of units** 25 8 2 9 1 0






Q2-09


Office Submarket Dashboard: Vaughan





Address



Tenant

$35


0%

5%

10%

15%

20%

25%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet









$31.57 $24.10

$24.00

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$17.40

3.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

(8)

(6)

(4)

(2)

-

2

4

6

8

10

12

14

16

18

20

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




29%


0%

Finance 19%



Services17%

Others11%

* Vaughan has a resident labour force of more than 90,000 and is home to some 7,000 companies. More than half of Vaughan's residents have some post-secondary education.* Vaughan has the lowest Commercial and Industrial Property Taxes in the Greater Toronto Area.* Vaughan's telecommunications network is composed of state-of-the-art fibre optics and 100 percent digital switching.* With over 2,654.8 acres (1,073.7 hectares) of vacant employment land, Vaughan has the second largest inventory of vacant industrial/commercial land within the Greater Toronto Area. Approximately 28 percent of this vacant land is serviced and ready for development.* Area is serviced by multiple transportation routes including Highways 427, 407, and 400, as well as extensive public transportation lines.

0%

5%

10%

15%

20%

25%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$31.57 $24.10

$24.00

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$17.40

3.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

(8)

(6)

(4)

(2)

-

2

4

6

8

10

12

14

16

18

20

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




29%


0%

Finance 19%



Services17%

Others11%

* Vaughan has a resident labour force of more than 90,000 and is home to some 7,000 companies. More than half of Vaughan's residents have some post-secondary education.* Vaughan has the lowest Commercial and Industrial Property Taxes in the Greater Toronto Area.* Vaughan's telecommunications network is composed of state-of-the-art fibre optics and 100 percent digital switching.* With over 2,654.8 acres (1,073.7 hectares) of vacant employment land, Vaughan has the second largest inventory of vacant industrial/commercial land within the Greater Toronto Area. Approximately 28 percent of this vacant land is serviced and ready for development.* Area is serviced by multiple transportation routes including Highways 427, 407, and 400, as well as extensive public transportation lines.

0%

5%

10%

15%

20%

25%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet





Office Inventory* 639,823 639,823





10k - 20k sf


50k - 100k sf

100k sf +





Office Submarket Dashboard: Richmond Hill




Address

Q2-09

# of units**

1

28

Number of units

on the

submarket by

size brackets

4

1

0

0





Tenant


600,000 $35


0%

10%

20%

30%

40%

50%

60%

70%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet







$29.00 $22.50

$-

-

100,000

200,000

300,000

400,000

500,000

600,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$15.34

1.9%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

(11)

(9)

(7)

(5)

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




5%


1%

Finance 62%


6%


Services14%Others

12%

* Smallest office submarket in the GTA

* Strategically located in the GTA with easy access to the areas east, west, north and south of the GTA.

* Submarket is surrounded by highways and residents and local businesses are linked by a network of public transit operated by York Region Transit, GO Train and VIVA

* Located adjacent to Buttonville Airport and a short drive to Pearson International Airport

* Close to well-educated labour force

0%

10%

20%

30%

40%

50%

60%

70%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$29.00 $22.50

$-

-

100,000

200,000

300,000

400,000

500,000

600,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$15.34

1.9%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

(11)

(9)

(7)

(5)

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




5%


1%

Finance 62%


6%


Services14%Others

12%

* Smallest office submarket in the GTA

* Strategically located in the GTA with easy access to the areas east, west, north and south of the GTA.

* Submarket is surrounded by highways and residents and local businesses are linked by a network of public transit operated by York Region Transit, GO Train and VIVA

* Located adjacent to Buttonville Airport and a short drive to Pearson International Airport

* Close to well-educated labour force

0%

10%

20%

30%

40%

50%

60%

70%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend






10k - 20k sf


50k - 100k sf

100k sf +



301 15,00090 Eglinton Ave

Holdings

502 2,343 Davpart

504 1,5611881 Yonge Street

Holdings



88

21

18

1

0

0



Office Submarket Dashboard: Yonge & Eglinton




Address

Q2-09


Number of units

on the

submarket by

size brackets

# of units**

Tenant

Adgar Investments and

Development Inc.

Madison Group90 Eglinton Avenue E


1 Eglinton Avenue E

1881 Yonge Street

N/A

2,500,000 $40


0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



4/15/2009327 Eglinton

Avenue East$1,200,000

Private

Individual

The Cosmetic Surgery

Institute 2,329 $515


18 MONTH TREND







$35.65 $31.03

$29.35

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30

$35

$40


Sq. Ft.




$15.01

7.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

(15)

(11)

(7)

(3)

1

5

9

13

17

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




16%


8%

Finance 14%



Services29%

Others4%

* Lively urban area with a great mix of uses with lower real estate costs than in the core.* Several recent residential densification projects e.g. Minto Towers on Yonge Street will re-enforce great proximity to diversified labour pool.* Easy access to public transit (subway and buses).* Multiple amenities and services add convenience for employees and customers.* Node has been identified as an “Urban Growth Centre” by theProvincial Government’s Growth Plan for the Greater Golden Horseshoe - activities along those lines will re-energize this area so it will remain a vibrant and successful area of the city.

0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$35.65 $31.03

$29.35

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30

$35

$40


Sq. Ft.




$15.01

7.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

(15)

(11)

(7)

(3)

1

5

9

13

17

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




16%


8%

Finance 14%



Services29%

Others4%

* Lively urban area with a great mix of uses with lower real estate costs than in the core.* Several recent residential densification projects e.g. Minto Towers on Yonge Street will re-enforce great proximity to diversified labour pool.* Easy access to public transit (subway and buses).* Multiple amenities and services add convenience for employees and customers.* Node has been identified as an “Urban Growth Centre” by theProvincial Government’s Growth Plan for the Greater Golden Horseshoe - activities along those lines will re-energize this area so it will remain a vibrant and successful area of the city.

0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend









# of units** 90 31 23 5 0 0




GROSS RENT & AVAILABILITY BY BUILDING CLASS 2601 3,141 Oxford Properties

Q2-09Office Submarket Dashboard: Yonge & Bloor

Tenant




Address



N/A2 Bloor Street W

6,000,000 $45


-5%

5%

15%

25%

35%

45%

55%

65%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




18 MONTH TREND





Anchor Tenant



Developer

$41.69

$38.16

$29.42

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45


Sq. Ft.




$17.70

6.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(15)

(11)

(7)

(3)

1

5

9

13

17

21

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




6%


Finance 31%



Services22%

Others1%

* Largest Midtown office submarket in terms of total inventory and most occupied space* Highest real estate costs on average in the Midtown market but still less than in the core* Multiple residential condominium developments will increase and diversify labour force* Limited parking, but great access to public transit and the northern part of the PATH system, Toronto's underground walkway* Proximity to multiple amenities and services add convenience for employees and customers

-5%

5%

15%

25%

35%

45%

55%

65%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$41.69

$38.16

$29.42

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45


Sq. Ft.




$17.70

6.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(15)

(11)

(7)

(3)

1

5

9

13

17

21

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




6%


Finance 31%



Services22%

Others1%

* Largest Midtown office submarket in terms of total inventory and most occupied space* Highest real estate costs on average in the Midtown market but still less than in the core* Multiple residential condominium developments will increase and diversify labour force* Limited parking, but great access to public transit and the northern part of the PATH system, Toronto's underground walkway* Proximity to multiple amenities and services add convenience for employees and customers

-5%

5%

15%

25%

35%

45%

55%

65%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend








# of units** 379 160 140 104 17 12




100 15,000 N/A

441 8,058 Investors Group

121 7,741 Euromart Realty



5/27/20096700 Century

Avenue$7,000,000

A Private

Individual Sanyo Co. 56,607 $124

Regional Municipality Of Peel


Office Market Dashboard: GTA West

2550 Argentia Road N/A





Q2-09

2 County Court Boulevard

Tenant

N/A

Address

2381 Bristol Circle

Available Direct79%



$28.77

$25.13 20,000,000

25,000,000

$30

$35


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet


6/3/20092444 Hurontario

Street$3,500,000

CCSM

Incorporated P & S Ramlochan 13,300 $263


18 MONTH TREND



2465 Argentia

Road 250,000 Q1 2010

5550 Explorer 227,000 Q4 2010

2050 Derry Road

West125,700 Q1 2010



N/A

BMO

Great West Life

HOOPP


Shaw Communications Inc.

First Gulf Corporation & Sun Life

Available Direct79%



$28.77

$25.13

$20.75

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$14.91

6.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




35%


Finance 19%



Services14%

Others3%

* Well connected to several 400 series highways (401, 427, 410, 409, 407) and Lester B. Pearson International Airport; close commute to Hamilton's John C. Munro International Airport which is Canada's #1 freight airport.* Lower real estate costs than in the core (City of Toronto)* Great proximity to diversified suburban labour pool which is educated with 10 universities and 11 colleges within commuting distance.* Market area is home to 24.6% of the GTA office space and 43.5% of industrial inventory supported by a population of approximately 1.463 million.* Area is home to many top 100 companies, including: Deloitte & Touche LLP, Morguard Investments, and the Canadian headquarters of the Ford Motor Company.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



Available Direct79%



$28.77

$25.13

$20.75

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$14.91

6.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




35%


Finance 19%



Services14%

Others3%

* Well connected to several 400 series highways (401, 427, 410, 409, 407) and Lester B. Pearson International Airport; close commute to Hamilton's John C. Munro International Airport which is Canada's #1 freight airport.* Lower real estate costs than in the core (City of Toronto)* Great proximity to diversified suburban labour pool which is educated with 10 universities and 11 colleges within commuting distance.* Market area is home to 24.6% of the GTA office space and 43.5% of industrial inventory supported by a population of approximately 1.463 million.* Area is home to many top 100 companies, including: Deloitte & Touche LLP, Morguard Investments, and the Canadian headquarters of the Ford Motor Company.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend








# of units** 11 6 13 5 1 1




6 1,800 N/A




N/A871 Equestrian Court


Q2-09

Tenant


Address

Office Submarket Dashboard: Oakville




0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

300,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet





1315 North

Service Road109,250 Q3 2009




LPF Realty Inc. LIUNA

$29.10 $27.10

$23.03

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$16.39

6.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

(5)

(1)

3

7

11

15

19

23

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




27%


6%

Finance 24%



Services14%

Others2%

* Lease rates and property taxes in this submarket are competitive with other suburban locations* High amenity business parks and highway exposure characterize much of Oakville's office space and development sites* Strong and diversified economic base with over 260 national and international corporate headquarters (e.g. Ford Motor Company of Canada, Limited, The TDL Group Corp.,)* High quality local work force as 58% of residents have a post secondary education - within a one-hour drive, Oakville workers/employers have access to eight universities and eight technical colleges for formal or continuing education* Fully serviced by passenger rail service to Union Station in Downtown Toronto* There are two International airports within 30 minutes of Oakville : Lester B. Pearson International Airport and Hamilton's John C. Munro International Airport (Canada's number one freight airport)

0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

300,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




$29.10 $27.10

$23.03

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$16.39

6.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

(5)

(1)

3

7

11

15

19

23

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




27%


6%

Finance 24%



Services14%

Others2%

* Lease rates and property taxes in this submarket are competitive with other suburban locations* High amenity business parks and highway exposure characterize much of Oakville's office space and development sites* Strong and diversified economic base with over 260 national and international corporate headquarters (e.g. Ford Motor Company of Canada, Limited, The TDL Group Corp.,)* High quality local work force as 58% of residents have a post secondary education - within a one-hour drive, Oakville workers/employers have access to eight universities and eight technical colleges for formal or continuing education* Fully serviced by passenger rail service to Union Station in Downtown Toronto* There are two International airports within 30 minutes of Oakville : Lester B. Pearson International Airport and Hamilton's John C. Munro International Airport (Canada's number one freight airport)

0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

300,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet





Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.


Q1 2009 Q2 2009 Trend









# of units** 46 19 5 3 0 1




507 2,364 N/A


Calian Technology Services

Ltd.55 City Centre Drive


Q2-09


Office Submarket Dashboard: Mississauga City

Centre




Address0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet





18 MONTH TREND







No construction took place during this period

$32.42

$29.36

$-

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$17.07

6.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

(2)

-

2

4

6

8

10

12

14

16

18

20

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




15%


4%

Finance 35%



Services18%

Others1%

* This submarket represents the centre of the City of Mississauga where high urban density isencouraged* Well connected to Highway 400 series and Lester B. Pearson International Airport* Availability of highway exposure sites* Lower real estate costs than in the core (City of Toronto)* Great proximity to diversified labour pool which is fueled by multiple residential condominumdevelopments e.g. Parkside Village by Amacon Developments* Top 10 Employers are Baxter Corporation, Deloitte & Touche LLP, E D S Canada, EdulinxCanada Corporation, Morguard Investments, Personal Insurance Company of Canada/CertasDirect Insurance Company, Praxair Canada Inc., PricewaterhouseCoopers LLP, QuantumManagement Services Ltd. and Symcor Inc.

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$32.42

$29.36

$-

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$17.07

6.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

(2)

-

2

4

6

8

10

12

14

16

18

20

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




15%


4%

Finance 35%



Services18%

Others1%

* This submarket represents the centre of the City of Mississauga where high urban density isencouraged* Well connected to Highway 400 series and Lester B. Pearson International Airport* Availability of highway exposure sites* Lower real estate costs than in the core (City of Toronto)* Great proximity to diversified labour pool which is fueled by multiple residential condominumdevelopments e.g. Parkside Village by Amacon Developments* Top 10 Employers are Baxter Corporation, Deloitte & Touche LLP, E D S Canada, EdulinxCanada Corporation, Morguard Investments, Personal Insurance Company of Canada/CertasDirect Insurance Company, Praxair Canada Inc., PricewaterhouseCoopers LLP, QuantumManagement Services Ltd. and Symcor Inc.

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet










10k - 20k sf


50k - 100k sf

100k sf +



121 7,741 Euromart Realty

101 3,086 N/A


5/27/20096700 Century

Avenue$7,000,000

A Private

Individual Sanyo Co. 56,607 $124



Office Submarket Dashboard: Meadowvale




Q2-09



Address Tenant

Number of units

on the

submarket by

size brackets

N/A

6790 Century Avenue

27

23

13

44

2550 Argentia Road

# of units**

3

5

N/A

3,500,000 $35


0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet


18 MONTH TREND


Address Developer Sq. Ft. Anchor Tenant Est. Com.2465 Argentia

Road 250,000 Q1 2010

2050 Derry Road

West125,700 Q1 2010

2100 Derry Road

West107,445 Q2 2009



Volvo

First Gulf Corporation & Sun Life

Shaw Communications Inc.

Great West Life

Great West Life

BMO

$24.85 $27.58

$29.91

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$15.50

3.6%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

(3)

(1)

1

3

5

7

9

11

13

15

17

19

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




55%


5%

Finance 20%



Services6%

Others1%

* Well connected to Highway 400 series and close to international airport* Great proximity to labour pool* Numerous major corporations have recently located their offices, factories and research & development facilities into this submarket (e.g. GE Canada Inc., Microsoft, RBC Financial Group)* Lower commercial tax rates than in the core (City of Toronto)

0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$24.85 $27.58

$29.91

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$15.50

3.6%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

(3)

(1)

1

3

5

7

9

11

13

15

17

19

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




55%


5%

Finance 20%



Services6%

Others1%

* Well connected to Highway 400 series and close to international airport* Great proximity to labour pool* Numerous major corporations have recently located their offices, factories and research & development facilities into this submarket (e.g. GE Canada Inc., Microsoft, RBC Financial Group)* Lower commercial tax rates than in the core (City of Toronto)

0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet










10k - 20k sf


50k - 100k sf

100k sf +



101 4,540 Crown Realty Partners

0 3,154 N/A

B 2,950 Atlantis Realty


Q2-09

Tenant

Reliance Electric

Mitel Corporation135 Matheson Boulevard W


Hurontario & Hwy 401

Number of units

on the

submarket by

size brackets

# of units**

2

5

19

5

13

18


N/A





Address



244 Britannia Road E

440 Britannia Road E Available Direct

42%



$25.52 2,500,000 $30


0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



18 MONTH TREND



430 Courtneypark

Dr E48,439 TBD



Hallmark Design-Build Typhon Group Ltd


Available Direct42%



$25.52

$25.24

$20.00

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$13.91

2.3%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

(4)

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




44%


3% Finance 30%


7%Public Service & Private Sector

Services12%

Others4%

* Submarket is part of a diverse business community which includes many Fortune 500 headquarters and leading clusters in aerospace, automotive, biomedical, financial services, and information & communications technologies.* Provides companies with solid infrastructure in the heart of a major air, road and rail network.* Well educated talent pool, there are 10 universities and 11 colleges within commuting distance.

* Lower commercial tax rates than in the core (City of Toronto), competitive lease rates and land prices contribute to a business-friendly environment.

0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



Available Direct42%



$25.52

$25.24

$20.00

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$13.91

2.3%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

(4)

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




44%


3% Finance 30%



Services12%

Others4%

* Submarket is part of a diverse business community which includes many Fortune 500 headquarters and leading clusters in aerospace, automotive, biomedical, financial services, and information & communications technologies.* Provides companies with solid infrastructure in the heart of a major air, road and rail network.* Well educated talent pool, there are 10 universities and 11 colleges within commuting distance.

* Lower commercial tax rates than in the core (City of Toronto), competitive lease rates and land prices contribute to a business-friendly environment.

0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend








# of units** 23 7 5 0 0 0





GROSS RENT & AVAILABILITY BY BUILDING CLASS 6/3/20092444

Hurontario St $3,500,000

CCSM

Incorporated P & S Ramlochan 13,300 $263


Office Submarket Dashboard: Cooksville




Address Tenant


Q2-09



1,000,000 $35


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

50,000

100,000

150,000

200,000

250,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet









$29.14 $24.52

$18.00

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$12.41

5.9%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

(3)

(1)

1

3

5

7

9

11

13

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




42%


2%

Finance 9%



Services23%

Others8%

* This submarket represents the southern portion centre of the City of Mississauga where high urban density is encouraged

* Largely residential area with extensive park and golf course networks

* Well connected to Highway 400 series and Lester B. Pearson International Airport

* Availability of highway exposure sites


* Great proximity to diversified labour pool which is fueled by multiple residential condominum developments

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

50,000

100,000

150,000

200,000

250,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$29.14 $24.52

$18.00

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$12.41

5.9%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

(3)

(1)

1

3

5

7

9

11

13

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




42%


2%

Finance 9%



Services23%

Others8%

* This submarket represents the southern portion centre of the City of Mississauga where high urban density is encouraged

* Largely residential area with extensive park and golf course networks

* Well connected to Highway 400 series and Lester B. Pearson International Airport

* Availability of highway exposure sites


* Great proximity to diversified labour pool which is fueled by multiple residential condominum developments

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

50,000

100,000

150,000

200,000

250,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend









# of units** 61 28 20 7 1 0









Address



Q2-09


Office Submarket Dashboard: Burlington


0%

5%

10%

15%

20%

25%

30%

35%

40%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet








No construction occurred during this period.


No transactions were recorded during this period$27.06

$20.76

$17.86

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$14.64

8.5%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

(9)

(4)

1

6

11

16

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




31%


6%Finance 20%



Services14%

Others5%

* Located at the hub of the Golden Horseshoe with easy major highway access and close proximity to Hamilton's John C. Munro International Airport (Canada's number one freight airport)* Burlington's economy is largely driven by both the financial and the automotive sector* Resilient local economy that employs a variety of talent* Local post secondary college and university resources (e.g. McMaster University) are within commuting distance* Many head office operations, but also a competitive location for back office operations

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet


$27.06

$20.76

$17.86

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$14.64

8.5%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

(9)

(4)

1

6

11

16

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




31%


6%Finance 20%



Services14%

Others5%

* Located at the hub of the Golden Horseshoe with easy major highway access and close proximity to Hamilton's John C. Munro International Airport (Canada's number one freight airport)* Burlington's economy is largely driven by both the financial and the automotive sector* Resilient local economy that employs a variety of talent* Local post secondary college and university resources (e.g. McMaster University) are within commuting distance* Many head office operations, but also a competitive location for back office operations

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend


Net Absorption 4,449 0






# of units** 17 10 1 2 1 1




441 8,058 N/A

601 2,486 N/A

405 1,067 Investors Group






Office Submarket Dashboard: Brampton

Address Tenant





Ontario Realty Corporation

Q2-09

TQS Logistics

Regional Municipality Of Peel2 County Court Boulevard

Available Direct69%



1,600,000 $30


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




18 MONTH TREND



7900 Hurontario

Street40,000 Q2 2009





Private Company N/A

Available Direct69%



$27.26

$18.14

$19.21

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$11.96

1.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




19%


Finance 3%



Services23%

Others0%

* Small office submarket in size with a traditionally low vacancy rate.* 3rd largest population agglomeration in the Greater Toronto Area.* Sectors of strength inlcude automotive, food&beverage, telecommunications, advanced machinery & equipment and consumer packaging.* This submarket offers immediate highway access (Hwy 400-series) and proximity to airport.* Brampton Transit's new project AcceleRide will bring rapid transit services to the community and connect with surrounding urban centres and commuter links.* Local post secondary college: Sheridan Institute of Technology and Advanced Learning - 17 colleges and universities within a 80km radius.* Lower commercial tax rates than in the core (City of Toronto), competitive lease rates and land prices contribute to a business-friendly environment.* There is a fair amount of room for growth - many opportunities for design-build projects.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



Available Direct69%



$27.26

$18.14

$19.21

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$11.96

1.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




19%


Finance 3%



Services23%

Others0%

* Small office submarket in size with a traditionally low vacancy rate.* 3rd largest population agglomeration in the Greater Toronto Area.* Sectors of strength inlcude automotive, food&beverage, telecommunications, advanced machinery & equipment and consumer packaging.* This submarket offers immediate highway access (Hwy 400-series) and proximity to airport.* Brampton Transit's new project AcceleRide will bring rapid transit services to the community and connect with surrounding urban centres and commuter links.* Local post secondary college: Sheridan Institute of Technology and Advanced Learning - 17 colleges and universities within a 80km radius.* Lower commercial tax rates than in the core (City of Toronto), competitive lease rates and land prices contribute to a business-friendly environment.* There is a fair amount of room for growth - many opportunities for design-build projects.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet










10k - 20k sf


50k - 100k sf

100k sf +



612 1,241 Oxford Properties




Address



N/A3300 Bloor Street W

Q2-09

Tenant




Highway 427/Bloor-Islington




Number of units

on the

submarket by

size brackets

# of units**

1

0

2

27

28

70

Available Direct72%



2,500,000 $35

Avail. Office Space Not Avail. Office Space Gross RentData,Publishing,

Finance

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet








Available Direct72%



$30.15

$27.09

$6.60

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$12.50

4.7%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

(4)

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




23%


Finance 25%



Services20%

Others4%

* Less dense submarket between the Central Area of the GTA and the Suburbanmunicipalities of Mississauga and Brampton.

* Proximity to those denser areas, public transit lines (subway, GO Train, busroutes), access to several major highways routed through the submarket andproximity to the airport allows for easy in-and-out of the office and acceptablecommutes for employees and customers.

* Majority of the office building are located along Bloor Street and the Hwy 427corridor and were built prior 1992.

* Lower parking rates than in more dense office submarkets in the GTA.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



Available Direct72%



$30.15

$27.09

$6.60

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$12.50

4.7%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

(4)

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




23%


Finance 25%



Services20%

Others4%

* Less dense submarket between the Central Area of the GTA and the Suburbanmunicipalities of Mississauga and Brampton.

* Proximity to those denser areas, public transit lines (subway, GO Train, busroutes), access to several major highways routed through the submarket andproximity to the airport allows for easy in-and-out of the office and acceptablecommutes for employees and customers.

* Majority of the office building are located along Bloor Street and the Hwy 427corridor and were built prior 1992.

* Lower parking rates than in more dense office submarkets in the GTA.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend








# of units** 408 150 104 83 7 8





123A 6,610 Acura Technology

800 5,200 2034631 Ontario Inc.



Office Market Dashboard: GTA East

200 Consumers Road




Address

250 West Beaver Creek Road

150 Ferrand Drive

InCharge Debt Solutions

Canada


Q2-09


Tenant

Neo Post Canada Ltd

N/A

18,000,000 $30


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




18 MONTH TREND



11258 Woodbine

Avenue138,425 8/1/2009

220 Commerce

Valley Drive 103,256 Fall 2009



N/A

TD BANK


Honda Canada Inc

Metrus Properties


$28.40

$24.82

$18.96

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$12.96

8.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




21%


Finance 24%



Services17%

Others4%

*GTA East Market includes submarkets of Don Mills/Eglinton, Duncan Mills, Consumers Road, Scarborough Town Centre, Markham Town Centre, Pickering/Oshawa, Hwy 404/Hwy 407, Woodbine/Steeles, and Toronto East.*Serviced by multiple high-density transportation routes (401, 407, 404, DVP) and several public transit services (TTC, Go, Ajax Pickering TA, Oshawa Transit, Whitby Transit, York Region Transit)*Close proximity to suburban labour pool*Post-Secondary education campuses include University of Toronto - Scarborough, Seneca College - Newham, Durham College.*Major companies in this area inlude Celestica, IBM, Wrigley's Canada, Nestlé Canada, Mony Life, McDonald's Canada, Alcatel Canada Wire.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet



$28.40

$24.82

$18.96

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$12.96

8.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




21%


Finance 24%



Services17%

Others4%

*GTA East Market includes submarkets of Don Mills/Eglinton, Duncan Mills, Consumers Road, Scarborough Town Centre, Markham Town Centre, Pickering/Oshawa, Hwy 404/Hwy 407, Woodbine/Steeles, and Toronto East.*Serviced by multiple high-density transportation routes (401, 407, 404, DVP) and several public transit services (TTC, Go, Ajax Pickering TA, Oshawa Transit, Whitby Transit, York Region Transit)*Close proximity to suburban labour pool*Post-Secondary education campuses include University of Toronto - Scarborough, Seneca College - Newham, Durham College.*Major companies in this area inlude Celestica, IBM, Wrigley's Canada, Nestlé Canada, Mony Life, McDonald's Canada, Alcatel Canada Wire.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Sq

uare

Feet




Q1 2009 Q2 2009 Trend








# of units** 54 26 15 19 1 2




206 4,546 Blackwood Partners

235 997 N/A

109 451 IG Real Estate



Tenant



N/A

N/A


Address

Q2-09

155 Gordon Baker Road

7181 Woodbine Avenue


Woodbine-Steeles

700-780 Gordon Baker Road N/A



3,500,000 $30 Avail. Office Space Not Avail. Office Space Gross Rent

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




18 MONTH TREND







No transactions were recorded during this period.$28.33

$19.79 $19.48

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$12.13

6.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

(11)

(9)

(7)

(5)

(3)

(1)

1

3

5

7

9

11

13





14%


6%

Finance 38%



Services5%

Others5%

* Great access to Hwy 404/407, closeness to highways also offers highway signage opportunities.* Toronto Buttonville Municipal Airport is just minutes away to the North.* Lower real estate costs than in denser submarkets.* Toronto - Markham border runs from East to West through this area resulting in the fact that office building owners North of Steeles Ave E have to pay lower taxes than South of it.* The Seneca College of Applied Arts and Technology - Newham College is located in this submarket offering post-secondary education on a full and part-time basis.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet


$28.33

$19.79 $19.48

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$12.13

6.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

(11)

(9)

(7)

(5)

(3)

(1)

1

3

5

7

9

11

13





14%


6%

Finance 38%



Services5%

Others5%

* Great access to Hwy 404/407, closeness to highways also offers highway signage opportunities.* Toronto Buttonville Municipal Airport is just minutes away to the North.* Lower real estate costs than in denser submarkets.* Toronto - Markham border runs from East to West through this area resulting in the fact that office building owners North of Steeles Ave E have to pay lower taxes than South of it.* The Seneca College of Applied Arts and Technology - Newham College is located in this submarket offering post-secondary education on a full and part-time basis.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend








# of units** 20 5 0 4 0 0







Office Submarket Dashboard: Toronto East




Address

Q2-09

Tenant





2,000,000 $30


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



18 MONTH TREND TOP PROJECTS UNDER CONSTRUCTION BY SIZEAddress Sq. Ft. Est. Com.





$-

$25.48

$20.43

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$8.77

1.6%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




4%


1%

Finance 74%



Services17%

Others1%

*Submarket is primarily residential with extremely diverse areas such as GreekTown (Danforth), The Beaches, The Scarborough Bluffs, Chinatown East, Little India and The Portlands.*Area serviced by the Gardiner Expressway and the Don Valley Parkway on the Eastern border. Area is also serviced by the Bloor-Danforth Subway line, as well as multiple bus and streetcar routes allowing easy access to the Downtown and Financial Core.*Area will experience near-term economic benefits from Toronto's Waterfront redevelopment initiative, attracting new labour.*Construction of new Filmport facility will establish a film industry concentration on Toronto's waterfront.

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$-

$25.48

$20.43

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$8.77

1.6%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




4%


1%

Finance 74%



Services17%

Others1%

*Submarket is primarily residential with extremely diverse areas such as GreekTown (Danforth), The Beaches, The Scarborough Bluffs, Chinatown East, Little India and The Portlands.*Area serviced by the Gardiner Expressway and the Don Valley Parkway on the Eastern border. Area is also serviced by the Bloor-Danforth Subway line, as well as multiple bus and streetcar routes allowing easy access to the Downtown and Financial Core.*Area will experience near-term economic benefits from Toronto's Waterfront redevelopment initiative, attracting new labour.*Construction of new Filmport facility will establish a film industry concentration on Toronto's waterfront.

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend


Net Absorption 0 0






# of units** 7 1 2 1 1 0







Tenant

Office Submarket Dashboard: Pickering-Oshawa




Address

Q2-09





1,000,000 $25 Avail. Office Space Not Avail. Office Space Gross Rent

0%

10%

20%

30%

40%

50%

60%

70%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet









$20.95

$20.98

$-

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

$-

$5

$10

$15

$20

$25


Sq. Ft.




$11.84

2.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




15%


Finance 4%


6%


Services63%

Others1%

* This submarket is part of Durham Region and therefore the most eastern office submarket of the GTA with considerably lower real estate costs than in more central areas in the GTA.

* One of the smallest office submarkets with a very limited amount of space options for traditional office space users as key sectors in this area are advanced manufacturing, agri-business, energy and tourism.

* Area is home to large amount of skilled labour force.

* Large supply of land resources offers up design-build opportunities.

0%

10%

20%

30%

40%

50%

60%

70%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$20.95

$20.98

$-

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

$-

$5

$10

$15

$20

$25


Sq. Ft.




$11.84

2.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




15%


Finance 4%


6%


Services63%

Others1%

* This submarket is part of Durham Region and therefore the most eastern office submarket of the GTA with considerably lower real estate costs than in more central areas in the GTA.

* One of the smallest office submarkets with a very limited amount of space options for traditional office space users as key sectors in this area are advanced manufacturing, agri-business, energy and tourism.

* Area is home to large amount of skilled labour force.

* Large supply of land resources offers up design-build opportunities.

0%

10%

20%

30%

40%

50%

60%

70%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet










10k - 20k sf


50k - 100k sf

100k sf +




GROSS RENT & AVAILABILITY BY BUILDING CLASS 5/5/20094792 Highway

No. 7 East$1,700,000 N/A Sanmayhia Inc 8,118 $209


Number of units

on the

submarket by

size brackets

# of units**

0


2

Address

21

Q2-09Office Submarket Dashboard: Markham







5

12

3

Tenant

$25.14 1,800,000

2,000,000 $30


0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

300,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet


18 MONTH TREND



11258 Woodbine

Avenue138,425 8/1/2009



Honda Canada IncN/A


$25.44

$25.14

$18.40

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$14.17

4.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

-

2

4

6

8

10

12

14

16

18

20

22

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




14%


6%

Finance 38%



Services5%

Others5%

* Close to Hwy 400 series and a well developed road infrastructure make this submarket very accessible by car

* Lower real estate costs that in the City of Toronto

* Proximity to labour pool in suburban municipalities

* Buttonville airport is easily accessable

* High-Technology and Life Sciences are the two key business clusters in this area

* Seneca College recently opened their Markham campus, the first post-secondary educational research and training facility in Markham.

0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

300,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$25.44

$25.14

$18.40

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$14.17

4.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

-

2

4

6

8

10

12

14

16

18

20

22

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




14%


6%

Finance 38%



Services5%

Others5%

* Close to Hwy 400 series and a well developed road infrastructure make this submarket very accessible by car



* Buttonville airport is easily accessable

* High-Technology and Life Sciences are the two key business clusters in this area

* Seneca College recently opened their Markham campus, the first post-secondary educational research and training facility in Markham.

0%

10%

20%

30%

40%

50%

60%

70%

0

50,000

100,000

150,000

200,000

250,000

300,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet






Net Absorption -199,588 83,982




10k - 20k sf


50k - 100k sf

100k sf +



123A 6,610 Acura Technology

202 3,056 View Sonic Corp




Q2-09

Number of units

on the

submarket by

size brackets

# of units**

3

83

Tenant

Office Submarket Dashboard: Hwy 404 & Hwy 407




Address

44

0

32

33



250 West Beaver Creek Road Neo Post Canada Ltd



N/A100 Mural Street

$26.76 4,000,000

4,500,000 $30


Data,Publishing,

0%

10%

20%

30%

40%

50%

60%

70%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




220 Commerce

Valley Drive 103,256 Fall 2009



Metrus Properties TD BANK


$26.76

$24.70

$14.98

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$13.70

7.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(20)

(16)

(12)

(8)

(4)

-

4

8

12

16

20

24





31%


9%

Finance 16%



Services9%

Others3%

* Convenient access to Hwy 400 series and a well developed road infrastructure make this submarket very accessible by car



* Buttonville airport is located in the center of this submarket

* Most office space is concentrated in business parks located along Hwy 404 (e.g. Beaver Creak and Headford Business Park)

0%

10%

20%

30%

40%

50%

60%

70%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$26.76

$24.70

$14.98

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$13.70

7.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

(20)

(16)

(12)

(8)

(4)

-

4

8

12

16

20

24





31%


9%

Finance 16%



Services9%

Others3%

* Convenient access to Hwy 400 series and a well developed road infrastructure make this submarket very accessible by car



* Buttonville airport is located in the center of this submarket

* Most office space is concentrated in business parks located along Hwy 404 (e.g. Beaver Creak and Headford Business Park)

0%

10%

20%

30%

40%

50%

60%

70%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend








# of units** 12 5 1 10 0 0







Q2-09

Tenant



Office Submarket Dashboard: Duncan Mill






Address

2,000,000 $35


0%

5%

10%

15%

20%

25%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet









$29.16 $24.74

$-

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$13.91

11.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




23%


Finance 12%



Services28%

Others7%

* Submarket has second highest vacancy rate in the entire GTA next to Scarborough Town Centre at 13.8%* Great access to Don Valley Parkway which runs North-South through the submarket and Hwy 401 which represents the northern most border of this submarket* Extensive public transit coverage via bus connecting to TTC Subway along York Mills Road and Lawrence Avenue* Signage opportunities along the highway* Real Estate costs lower than in denser areas* Contains most expensive residential neighbourhood in Canada - The Bridle Path

0%

5%

10%

15%

20%

25%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$29.16 $24.74

$-

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$13.91

11.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

(3)

(1)

1

3

5

7

9

11

13

15

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




23%


Finance 12%



Services28%

Others7%

* Submarket has second highest vacancy rate in the entire GTA next to Scarborough Town Centre at 13.8%* Great access to Don Valley Parkway which runs North-South through the submarket and Hwy 401 which represents the northern most border of this submarket* Extensive public transit coverage via bus connecting to TTC Subway along York Mills Road and Lawrence Avenue* Signage opportunities along the highway* Real Estate costs lower than in denser areas* Contains most expensive residential neighbourhood in Canada - The Bridle Path

0%

5%

10%

15%

20%

25%

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend








# of units** 68 24 22 2 3 3







75 The Donway W

Q2-09

Tenant

Office Submarket Dashboard: Don Mills-Eglinton




Address




N/A

N/A150 Ferrand Drive

Available Direct79%



4,500,000 $30


0%

10%

20%

30%

40%

50%

60%

70%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



18 MONTH TREND








Available Direct79%



$28.10

$26.44

$21.02

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$12.15

12.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

(10)

(8)

(6)

(4)

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




30%


Finance 17%



Services23%

Others1%

* Great access to Don Valley Parkway which runs North-South through the submarket.* Convenient public transport to the TTC Subway along Eglinton and Don Mills Roads.* Major companies in this area inlude Celestica, IBM, Wrigley's Canada, McDonald's Canada, and Home Depot Head Office.* Real Estate costs lower than in denser areas.* Cadillac Fairview is developing Shops at Don Mills, a 450,000-sq.ft. community-based lifestyle centre on the SW corner of Lawrence Ave and Eglinton Ave E with 1,300 mid-rise residential units, retail and office space.

0%

10%

20%

30%

40%

50%

60%

70%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



Available Direct79%



$28.10

$26.44

$21.02

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

$-

$5

$10

$15

$20

$25

$30


Sq. Ft.




$12.15

12.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

(10)

(8)

(6)

(4)

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




30%


Finance 17%



Services23%

Others1%

* Great access to Don Valley Parkway which runs North-South through the submarket.* Convenient public transport to the TTC Subway along Eglinton and Don Mills Roads.* Major companies in this area inlude Celestica, IBM, Wrigley's Canada, McDonald's Canada, and Home Depot Head Office.* Real Estate costs lower than in denser areas.* Cadillac Fairview is developing Shops at Don Mills, a 450,000-sq.ft. community-based lifestyle centre on the SW corner of Lawrence Ave and Eglinton Ave E with 1,300 mid-rise residential units, retail and office space.

0%

10%

20%

30%

40%

50%

60%

70%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend








# of units** 74 25 9 2 0 0




800 5,200 2034631 Ontario Inc.

514 4,262 Amexon



Q2-09



200 Consumers Road InCharge Debt Solutions

1200 Sheppard Avenue E Edisoft Inc.

Office Submarket Dashboard: Consumers Road




Address Tenant

2,500,000 $35


0%

2%

4%

6%

8%

10%

12%

14%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



18 MONTH TREND








$29.95

$23.28

$19.51

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$12.30

8.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(10)

(8)

(6)

(4)

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




27%


9%

Finance 21%



Services9%

Others5%

* Comparably small submarket with budget-friendly real estate costs.* Excellent access to Hwy 400 series allows for easy in-and-out of the office by employees and customers.* Well served by TTC buses and the Sheppard Subway.* High profile location visible from Highway 401 and Highway 404.* With new residential development at the Concord Park Place and the Don Mills Centre labour pool will expand and diversify.* Fairview Mall offers a sufficient selection of amenities to employees.

0%

2%

4%

6%

8%

10%

12%

14%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$29.95

$23.28

$19.51

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$12.30

8.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

(10)

(8)

(6)

(4)

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




27%


9%

Finance 21%



Services9%

Others5%

* Comparably small submarket with budget-friendly real estate costs.* Excellent access to Hwy 400 series allows for easy in-and-out of the office by employees and customers.* Well served by TTC buses and the Sheppard Subway.* High profile location visible from Highway 401 and Highway 404.* With new residential development at the Concord Park Place and the Don Mills Centre labour pool will expand and diversify.* Fairview Mall offers a sufficient selection of amenities to employees.

0%

2%

4%

6%

8%

10%

12%

14%

0

100,000

200,000

300,000

400,000

500,000

600,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet




Q1 2009 Q2 2009 Trend









# of units** 69 15 10 10 0 0




209 1,290305 Milner Avenue

Inc.

GROSS RENT & AVAILABILITY BY BUILDING CLASS 518 956 Skyline International

Q2-09


Scarborough Town Centre




Address


Tenant

305 Milner Avenue Ashkar & Associates Inc.

55 Town Centre Court OM Mortgage Financial

Group

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet


GROSS RENT & AVAILABILITY BY BUILDING CLASS 518 956 Skyline International



18 MONTH TREND








Group

No transactions were recorded during this period.$31.35

$24.22

$24.81

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$14.13

12.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




4%


Finance 15%


7%


Services38%

Others4%

*Compared to the City of Toronto as a whole, industry in Scarborough is similar in all labour forcecategories, save for manufacturing which is higher in Scarborough, and professional, scientific andtechnical services which are lower.*Submarket is well serviced by both public transportation and the 400 series highways.*Notable companies that have their headquarters in Scarborough include Toyota Canada Inc., Eli LillyCanada Inc., Thomson Carswell, CTVglobemedia, Novopharm, Cinram, Honda Canada Inc., RoyalDoulton, SKF, Alfa Laval, President's Choice Financial, Aviva, Yellow Pages, and Telus.* Submarket is home to the University of Toronto - Scarborough campus, as well as many other post-secondary campuses.

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



$31.35

$24.22

$24.81

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

$-

$5

$10

$15

$20

$25

$30

$35


Sq. Ft.




$14.13

12.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

(2)

-

2

4

6

8

10

12

14

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Vacancy Rate




4%


Finance 15%


7%


Services38%

Others4%

*Compared to the City of Toronto as a whole, industry in Scarborough is similar in all labour forcecategories, save for manufacturing which is higher in Scarborough, and professional, scientific andtechnical services which are lower.*Submarket is well serviced by both public transportation and the 400 series highways.*Notable companies that have their headquarters in Scarborough include Toyota Canada Inc., Eli LillyCanada Inc., Thomson Carswell, CTVglobemedia, Novopharm, Cinram, Honda Canada Inc., RoyalDoulton, SKF, Alfa Laval, President's Choice Financial, Aviva, Yellow Pages, and Telus.* Submarket is home to the University of Toronto - Scarborough campus, as well as many other post-secondary campuses.

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Square Feet



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Office Dashboard Package Q2-2009

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