Colliers Dashboard

Office Market DashboardsQ 2

2009Colliers International | Greater Toronto Area

Greater Toronto Area

Office Market Dashboards

Q2 2009

1. GTA Regional

2. GTA Central

3. Downtown

4. Financial Core

5. Downtown East

6. Downtown West

7. Downtown South

8. Downtown North

9. GTA Midtown

10. Yonge & St. Clair

22. Airport West

23. Airport East

24. Airport Corporate Centre

25. Sheridan

26. GTA North

27. North Yonge Corridor

28. Dufferin-Finch

29. Yorkdale

30. Vaughan

31. Richmond Hill10. Yonge & St. Clair

11. Yonge & Eglinton

12. Yonge & Bloor

13. GTA West

14. Oakville

15. Mississauga City Centre

16. Meadowvale

17. Hurontario & Highway 401

18. Cooksville

19. Burlington

20. Brampton

21. Highway 427 & Bloor-Islington

31. Richmond Hill

32. GTA East

33. Woodbine-Steeles

34. Toronto East

35. Pickering-Oshawa

36. Markham

37. Highways 404 & 407

38. Duncan Mill

39. Don Mills & Eglinton

40. Consumers Road

41. Scarborough Town Centre

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

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

N/A

N/A100 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

RBC Dexia, Fairmont

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

Menkes

Brookfield Properties

Developer Anchor Tenant

Telus, Kinross,

Cadillac Fairview

KPMG, Goodmans,

Total Available Office Space: 15285487 sf

Available

Sublease

20%

Available Direct

80%

$63.22

$34.55

$29.27

$23.43

$-

$10

$20

$30

$40

$50

$60

$70

Class AAA Class A Class B Class C

Gross Rent $/Sq. Ft.

-

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

Sq. Ft.

Not Avail. Office Space Avail. Office Space Gross Rent

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%

(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

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Vacancy Rate

Absorption Asking Net Rent Vacancy Rate

Manufacturing &

Distribution

17%

Data,Publishing,

Broadcasting

Services

10%

Finance

28%

Professional

Services

22%

Public Service &

Private Sector

Services

20%

Others

3%

* The GTA is Canada's largest urban economic region in terms of size in population, economy and

office space.

* Built on strong foundations that include world-renowned educational and health institutions, a

diversity of internationally competitive sectors and clusters, and a highly-skilled, well-educated and

growing population.

* GTA includes the City of Toronto plus & surrounding regional municipalities, which are comprised of

25 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 corporate

headquarters.

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

Square

Feet

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Direct Sublease Sublease as % of Total Available

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

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


Telus, Kinross,

Cadillac Fairview

KPMG, Goodmans,

Q2-09

RBC Dexia, Fairmont

Menkes


Number of units on the market by size brackets

Anchor TenantDeveloper

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

ThinData Inc.

N/A 100 Wellington Street W

90 Eglinton Avenue E


$63.22

$36.54

$28.66

$-

$10

$20

$30

$40

$50

$60

$70

Class A Class B Class C


-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

Sq. Ft.


$22.49

4.7%

(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


-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

Vacancy Rate


Manufacturing &

Distribution

7%

Data,Publishing,

Broadcasting

Services

11%

Finance

33%

Professional

Services

25%

Public Service &

Private Sector

Services

21%

Others

3%

* 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

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

Square Feet

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%







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


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

King Lofts

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,

Q2-09

RBC Dexia, Fairmont

Menkes



Number of units on the market by size brackets

Tenant

Telus, Kinross,

Cadillac Fairview

Office Market Dashboard: Downtown

401 Bay Street N/A




Address

N/A


85 Richmond Street W


$28.20

$37.78

$45.54$63.22

$-

$10

$20

$30

$40

$50

$60

$70



-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

Sq. Ft.




$24.26

4.4%

(3)

1

5

9

13

17

21

25

29

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


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Vacancy Rate

Absorption Asking Net Rent Vacancy Rate Manufacturing &

Distribution

6%

Data,Publishing,

Broadcasting

Services

12%

Finance

35% Professional

Services

23%

Public Service &

Private Sector

Services

21%

Others

3%

* 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-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

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

Square

Feet

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


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.


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


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



** Counting smallest divisible units in existing

buildings and buildings under construction.

TenantAddress

N/A


85 Richmond Street W

Office Submarket Dashboard: Financial Core

401 Bay Street

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


85

KPMG, Goodmans,

Q2-09

RBC Dexia, Fairmont


0

166

128

Number of units

on the

submarket by

size brackets

# of units**

Cadillac Fairview

$63.22

$55.51

$44.94

$35.92

$-

$10

$20

$30

$40

$50

$60

$70



-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

Sq. Ft.




$27.66

3.5%

(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


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Vacancy Rate


Manufacturing &

Distribution

5%

Data,Publishing,

Broadcasting

Services

5%

Finance

47%

Professional

Services

25%

Public Service &

Private Sector

Services

16%

Others

2%

* 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

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

Square

Feet

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%







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


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



Office Submarket Dashboard: Downtown East

105-109 King Street E

Q2-09

TEDCO, Corus


Address

N/A

N/A145 King Street E

Aecon



Tenant

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

$32.50

$32.62

$1.84

$-

$5

$10

$15

$20

$25

$30

$35



-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

Sq. Ft.




$17.27

3.8%

(2)

-

2

4

6

8

10

12

14

16

18

20

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


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Vacancy Rate


Manufacturing &

Distribution

9%

Data,Publishing,

Broadcasting

Services

38%

Finance

7%

Professional

Services

22%

Public Service &

Private Sector

Services

14%

Others

10%

* 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

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

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%



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.



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


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.



Tenant


Address

Up Inc.

Hambly & Woolley49 Bathurst Street


Office Submarket Dashboard: Downtown West

214 King Street W N/A



Q2-09

488 Wellington Street W

$41.45

$28.80

$20.18

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45



-

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

Sq. Ft.




$21.64

8.5%

(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


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Vacancy Rate

Absorption Asking Net Rent Vacancy Rate Manufacturing &

Distribution

13%

Data,Publishing,

Broadcasting

Services

20%

Finance

6%

Professional

Services

36%

Public Service &

Private Sector

Services

16%

Others

9%

* 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

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

Square

Feet

0%

10%

20%

30%

40%

50%

60%







Q1 2009 Q2 2009 Trend









# of units** 12 9 5 27 0 0






18 MONTH TREND



25 York Street 780,000 Q3 2009

18 York Street 650,000 Q1 2011

15 York Street 207,000 Q1 2010



Tenant


N/A TBD

Menkes

PricewaterhouseCoopers

Address

Q2-09

Telus, Kinross,

Cadillac Fairview

Great West Life

No transactions were recorded during this period.



Office Submarket Dashboard: Downtown South





$49.38

$31.88

$-

$-

$10

$20

$30

$40

$50

$60



-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Sq. Ft.




$22.28

3.2%

(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


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Vacancy Rate


Manufacturing &

Distribution

19%

Data,Publishing,

Broadcasting

Services

32%Finance

13%

Professional

Services

23%Public Service &

Private Sector

Services

10%

Others

3%

* 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

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

0%

10%

20%

30%

40%

50%

60%







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


6/18/2009415 Yonge

Street$32,100,000

Anthem

Properties Crown Realty 191,880 $172


18 MONTH TREND





Q2-09Office Submarket Dashboard: Downtown North





229 Yonge Street

2 Carlton Street

TenantAddress

St Michael's Hospital


No Construction took place during this period


N/A

$42.87 $36.55

$33.66

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50


Gro

ss R

ent $/S

q. Ft.

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

Sq. Ft.




$18.71

2.4%

(5)

-

5

10

15

20

25

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

Net R

ent $/s

f. / A

bsorp

tion (10,0

00's

)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Vacancy R

ate


Manufacturing &

Distribution

1%

Data,Publishing,

Broadcasting

Services

2%

Finance

17%

Professional

Services

9%

Public Service &

Private Sector

Services

69%

Others

2%

* 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 to

employees and clients/customers.

* Great proximity to an educated and productive labour force

* With new residential high-rise development, residential development will increase and expand and

diversify labour pool

* Incorporates Toronto Discovery District a 2.5 square km research park with a highly concentrated

mix of research, bio-medical companies, finance and business support services

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

0%

10%

20%

30%

40%

50%

60%







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



4/15/2009327 Eglinton

Avenue East$1,200,000

A Private

Individual

The Cosmetic Surgery

Institute 2,329 $515


18 MONTH TREND






211



0

0

8

43

# of units**

Tenant


N/A

ThinData Inc.90 Eglinton Avenue E

62

45 St Clair Avenue W

Q2-09

No construction occurred during this period

Office Market Dashboard: GTA Midtown

2 Bloor Street W N/A




Address

Number of units

on the market by

size brackets

$38.70

$33.73

$29.42

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45


Gro

ss R

en

t $

/Sq

. F

t.

-

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

Sq

. F

t.




$16.40

5.5%

(11)

(7)

(3)

1

5

9

13

17

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

Ne

t R

en

t $

/sf.

/ A

bso

rptio

n (

10

,00

0's

)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Va

ca

ncy R

ate


Manufacturing &

Distribution

9%

Data,Publishing,

Broadcasting

Services

14%

Finance

23% Professional

Services

24%

Public Service &

Private Sector

Services

28%

Others

2%

* 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

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

Square

Feet

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%







Q1 2009 Q2 2009 Trend









# of units** 33 10 2 2 0 0




1100 2,879 Manulife Financial




18 MONTH TREND





Address



Developer

Q2-09

Anchor Tenant



N/A45 St. Clair Avenue W

Office Submarket Dashboard: Yonge & St. Clair




$39.87$33.67

$31.79

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45



-

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

Sq. Ft.




$16.83

1.4%

(1)

1

3

5

7

9

11

13

15

17

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


-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

Vacancy Rate


Manufacturing &

Distribution

10%

Data,Publishing,

Broadcasting Services

8%

Finance

15%

Professional Services

24%

Public Service &

Private Sector

Services

41%

Others

2%

* 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

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

-5%

5%

15%

25%

35%

45%

55%

65%

75%







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



4/15/2009327 Eglinton

Avenue East$1,200,000

Private

Individual

The Cosmetic Surgery

Institute 2,329 $515


18 MONTH TREND







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

$35.65 $31.03

$29.35

$-

$5

$10

$15

$20

$25

$30

$35

$40


Gro

ss R

en

t $

/Sq

. F

t.

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Sq

. F

t.




$15.01

7.0%

(15)

(11)

(7)

(3)

1

5

9

13

17

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

Ne

t R

en

t $

/sf.

/ A

bso

rptio

n (

10

,00

0's

)

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

Va

ca

ncy R

ate


Manufacturing &

Distribution

15%

Data,Publishing,

Broadcasting

Services

8%

Finance

14%

Professional

Services

30%

Public Service &

Private Sector

Services

29%

Others

4%

* 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

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

0%

10%

20%

30%

40%

50%

60%







Q1 2009 Q2 2009 Trend









# of units** 90 31 23 5 0 0




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



18 MONTH TREND





Anchor Tenant

Q2-09



Developer

Office Submarket Dashboard: Yonge & Bloor

Tenant




Address



N/A2 Bloor Street W

$41.69

$38.16

$29.42

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45



-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

Sq. Ft.




$17.70

6.1%

(15)

(11)

(7)

(3)

1

5

9

13

17

21

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


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Vacancy Rate


Manufacturing &

Distribution

6%

Data,Publishing,

Broadcasting

Services

20%

Finance

31%

Professional

Services

20%

Public Service &

Private Sector

Services

22%

Others

1%

* 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

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

Square

Feet

-5%

5%

15%

25%

35%

45%

55%

65%







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

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



2 County Court Boulevard

N/A

Regional Municipality Of Peel


Office Market Dashboard: GTA West

2550 Argentia Road N/A





2381 Bristol Circle

First Gulf Corporation & Sun Life

Q2-09

BMO

Great West Life

HOOPP


Tenant

N/A

Shaw Communications Inc.

Address


Available

Sublease

21%

Available Direct

79%

$28.77

$25.13

$20.75

$-

$5

$10

$15

$20

$25

$30

$35


Gro

ss R

ent $/S

q. Ft.

-

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

Sq. Ft.




$14.91

6.2%

(3)

(1)

1

3

5

7

9

11

13

15

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

Net R

ent $/s

f. / A

bsorp

tion (100,0

00's

)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Vacancy R

ate


Manufacturing &

Distribution

36%

Data,Publishing,

Broadcasting

Services

10%

Finance

19%

Professional

Services

19%

Public Service &

Private Sector

Services

14%

Others

2%

* 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

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

Square

Feet

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%




becomes available.



Q1 2009 Q2 2009 Trend








# of units** 11 6 13 5 1 1




6 1,800 N/A




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

1315 North

Service Road109,250 Q3 2009





N/A871 Equestrian Court


LPF Realty Inc.

Q2-09

LIUNA

Tenant


Address

Office Submarket Dashboard: Oakville




$29.10$27.10

$23.03

$-

$5

$10

$15

$20

$25

$30

$35



-

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

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.

$16.39

6.3%

(5)

(1)

3

7

11

15

19

23

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

Net Rent $/sf. / Absorption

(10,000's)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Vacancy Rate


Manufacturing &

Distribution

28%

Data,Publishing,

Broadcasting

Services

6%

Finance

24%

Professional

Services

27%

Public Service &

Private Sector

Services

13%

Others

2%

* 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

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

0%

10%

20%

30%

40%

50%

60%

70%







Q1 2009 Q2 2009 Trend









# of units** 46 19 5 3 0 1




507 2,364 N/A




18 MONTH TREND






Calian Technology Services

Ltd.55 City Centre Drive


No transactions were recorded during this period

Q2-09

No construction took place during this period


Office Submarket Dashboard: Mississauga City

Centre




Address

$32.42

$29.36

$-

$-

$5

$10

$15

$20

$25

$30

$35



-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Sq. Ft.




$17.07

6.8%

(2)

-

2

4

6

8

10

12

14

16

18

20

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


(10,000's)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Vacancy Rate


Manufacturing &

Distribution

15%

Data,Publishing,

Broadcasting

Services

4%

Finance

34%

Professional

Services

27%

Public Service &

Private Sector

Services

19%

Others

1%

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

encouraged

* 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 e.g. Parkside Village by Amacon Developments

* Top 10 Employers are Baxter Corporation, Deloitte & Touche LLP, E D S Canada, Edulinx

Canada Corporation, Morguard Investments, Personal Insurance Company of Canada/Certas Direct

Insurance Company, Praxair Canada Inc., PricewaterhouseCoopers LLP, Quantum Management

Services Ltd. and Symcor Inc.

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

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%













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


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



Office Submarket Dashboard: Meadowvale




Q2-09

BMO

Tenant

Number of units

on the

submarket by

size brackets

N/A

6790 Century Avenue

27

23

13

44




Address

2550 Argentia Road

Volvo

First Gulf Corporation & Sun Life

Shaw Communications Inc.

Great West Life

Great West Life

N/A

# of units**

3

5

$29.91

$27.58$24.85

$-

$5

$10

$15

$20

$25

$30

$35


Gro

ss R

ent $/S

q. F

t.

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Sq. F

t.




$15.50

3.6%

(3)

(1)

1

3

5

7

9

11

13

15

17

19

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

Net R

ent $/s

f. / A

bsorp

tion (

10,0

00's

)

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

Vacancy R

ate


Manufacturing &

Distribution

55%

Data,Publishing,

Broadcasting

Services

5%

Finance

20%

Professional

Services

13%

Public Service &

Private Sector

Services

6%

Others

1%

* 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

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

0%

10%

20%

30%

40%

50%

60%

70%













10k - 20k sf


50k - 100k sf

100k sf +



101 4,540 Crown Realty Partners

0 3,154 N/A

B 2,950 Atlantis Realty



18 MONTH TREND



430 Courtneypark

Dr E48,439 TBD



Hallmark Design-Build

Q2-09

Typhon Group Ltd

Tenant


Reliance Electric

Mitel Corporation135 Matheson Boulevard W

Office Submarket Dashboard:

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


Sublease

58%

Available Direct

42%

$25.52

$25.24

$20.00

$-

$5

$10

$15

$20

$25

$30



-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Sq. Ft.




$13.91

2.3%

(4)

(2)

-

2

4

6

8

10

12

14

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


(10,000's)

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

Vacancy Rate


Manufacturing &

Distribution

45%

Data,Publishing,

Broadcasting

Services

3%Finance

30%

Professional

Services

6%Public Service &

Private Sector

Services

12%

Others

4%

* 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

50,000

100,000

150,000

200,000

250,000

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

Square Feet

0%

10%

20%

30%

40%

50%

60%

70%







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




$29.14

$24.52

$18.00

$-

$5

$10

$15

$20

$25

$30

$35



-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

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.

$12.41

5.9%

(3)

(1)

1

3

5

7

9

11

13

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


(10,000's)

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

Vacancy Rate


Manufacturing &

Distribution

42%

Data,Publishing,

Broadcasting

Services

2%

Finance

9% Professional

Services

16%

Public Service &

Private Sector

Services

23%

Others

8%

* 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

50,000

100,000

150,000

200,000

250,000

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

Square Feet

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%







Q1 2009 Q2 2009 Trend









# of units** 61 28 20 7 1 0











Q2-09


Office Submarket Dashboard: Burlington




Address


No construction occurred during this period.



No transactions were recorded during this period$27.06

$20.76

$17.86

$-

$5

$10

$15

$20

$25

$30



-

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

Sq. Ft.




$14.64

8.5%

(9)

(4)

1

6

11

16

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


(10,000's)

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

Vacancy Rate


Manufacturing &

Distribution

30%

Data,Publishing,

Broadcasting

Services

7%Finance

20%

Professional

Services

24%

Public Service &

Private Sector

Services

14%

Others

5%

* 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

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

0%

5%

10%

15%

20%

25%

30%

35%

40%Direct Sublease Sublease as % of Total Available






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




18 MONTH TREND



7900 Hurontario

Street40,000 Q2 2009




Address Tenant



2 County Court Boulevard Ontario Realty Corporation


Private Company

Q2-09

N/A

TQS Logistics

Regional Municipality Of Peel2 County Court Boulevard

201 County Court Boulevard

Office Submarket Dashboard: Brampton




Total Available Office Space: 15285487 sfAvailable

Sublease

31%

Available Direct

69%

$27.26

$18.14

$19.21

$-

$5

$10

$15

$20

$25

$30



-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Sq. Ft.




$11.96

1.0%

(3)

(1)

1

3

5

7

9

11

13

15

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


-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Vacancy Rate


Manufacturing &

Distribution

19%

Data,Publishing,

Broadcasting

Services

51%

Finance

3%

Professional

Services

4%Public Service &

Private Sector

Services

23%

Others

0%

* 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

10,000

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%













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

Sublease

28%

Available Direct

72%

$30.15

$27.09

$6.60

$-

$5

$10

$15

$20

$25

$30

$35



-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Sq. Ft.




$12.50

4.7%

(4)

(2)

-

2

4

6

8

10

12

14

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


(10,000's)

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Vacancy Rate


Manufacturing &

Distribution

23%

Data,Publishing,

Broadcasting

Services

12%

Finance

26%

Professional

Services

15%

Public Service &

Private Sector

Services

20%

Others

4%

* 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

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

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%







Q1 2009 Q2 2009 Trend






10k - 20k sf


50k - 100k sf

100k sf +






18 MONTH TREND



75 Courtneypark

West70,721 Q3 2009






Address



0

0

Tenant

31

8

2

0



Anchor Tenant

Higgens Development

Q2-09

N/A

Developer

AVAILABLE SPACE OPTIONSNumber of units

on the

submarket by

size brackets

# of units**


Office Submarket Dashboard: Airport West

$30.22$25.27

$16.42

$-

$5

$10

$15

$20

$25

$30



-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

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.

$14.68

4.6%

(5)

-

5

10

15

20

25

30

35

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


(10,000's)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Vacancy Rate


Manufacturing &

Distribution

38%

Data,Publishing,

Broadcasting

Services

10%Finance

24%

Professional

Services

12%Public Service &

Private Sector

Services

15%

Others

1%

* Submarket contains Lester B. Pearson International Airport and an abundance of close-by hotels allow

for easy corporate travelling

* 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

* 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

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

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


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.



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




18 MONTH TREND








Office Submarket Dashboard: Airport East




Address

Q2-09

Tenant

1 Greensboro Drive

135 Queen's Plate Drive

89 Galaxy Boulevard



N/A

Igor Estrah

Penncorp Life Insurance


Available

Sublease

15%Available Direct

85%

$27.59 $24.66

$21.15

$-

$5

$10

$15

$20

$25

$30



-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Sq. Ft.




$13.62

15.5%

(35)

(30)

(25)

(20)

(15)

(10)

(5)

-

5

10

15

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


-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Vacancy Rate


Manufacturing &

Distribution

39%

Data,Publishing,

Broadcasting

Services

12%

Finance

7%

Professional

Services

22%

Public Service &

Private Sector

Services

17%

Others

3%

*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

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

0%

10%

20%

30%

40%

50%

60%

70%







Q1 2009 Q2 2009 Trend








# of units** 64 32 35 29 5 3




410 6,787 H & R REIT

2-400 757 N/A



18 MONTH TREND



5550 Explorer

Drive227,000 Q4 2010



Q2-09

HOOPP

Office Submarket Dashboard: Airport Corporate

Centre




5025 Orbitor Drive

Address

N/A

N/A





Tenant

N/A2810 Matheson Boulevard E


Available

Sublease

27%

Available Direct

73%

$31.33$27.14

$23.19

$-

$5

$10

$15

$20

$25

$30

$35



-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Sq. Ft.




$15.95

8.0%

(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


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Vacancy Rate


Manufacturing &

Distribution

40%

Data,Publishing,

Broadcasting

Services

12%Finance

16%

Professional

Services

22%Public Service &

Private Sector

Services

10%

Others

0%

* 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

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

0%

10%

20%

30%

40%

50%

60%

70%













10k - 20k sf


50k - 100k sf

100k sf +



100 15,000 N/A

201 1,645 N/A




18 MONTH TREND



2699 Speakman

Drive99,478 4/1/2009



Anchor Tenant

GE Real Estate

Q2-09

Atomic Energy Canada


Tenant

Developer

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

$30.84$17.03

$16.96

$-

$5

$10

$15

$20

$25

$30

$35



-

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

Sq. Ft.




$16.55

4.8%

(4)

(2)

-

2

4

6

8

10

12

14

16

18

20

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


(10,000's)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Vacancy Rate


Manufacturing &

Distribution

30%

Data,Publishing,

Broadcasting

Services

4%

Finance

11%

Professional

Services

46%

Public Service &

Private Sector

Services

7%

Others

2%

* 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

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

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%







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


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.

Anchor Tenant

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

Developer

New Heights Community

Health Centre


$36.57

$30.27

$21.37

$-

$5

$10

$15

$20

$25

$30

$35

$40



-

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

Sq. Ft.




$16.92

4.6%

(17)

(13)

(9)

(5)

(1)

3

7

11

15

19

23

27

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


0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Vacancy Rate


Manufacturing &

Distribution

10%

Data,Publishing,

Broadcasting

Services

3%

Finance

15%

Professional

Services

10%Public Service &

Private Sector

Services

17%

Others

45%

* 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

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

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%







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


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

Sublease

32%

Available Direct

68%

$38.01

$33.16$33.00

$30

$31

$32

$33

$34

$35

$36

$37

$38

$39



-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

Sq. Ft.




$17.69

5.8%

(14)

(10)

(6)

(2)

2

6

10

14

18

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


(10,000's)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Vacancy Rate


Manufacturing &

Distribution

13%

Data,Publishing,

Broadcasting

Services

6%

Finance

26%

Professional

Services

18%

Public Service &

Private Sector

Services

33%

Others

4%

* 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

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

0%

10%

20%

30%

40%

50%

60%







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

Anchor Tenant





Developer


$-

$24.89

$17.11

$-

$5

$10

$15

$20

$25

$30



-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Sq. Ft.




$9.23

1.9%

(9)

(4)

1

6

11

16

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

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

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Vacancy Rate


Manufacturing &

Distribution

4%

Data,Publishing,

Broadcasting

Services

7%

Finance

12%

Professional

Services

9%Public Service &

Private Sector

Services

65%

Others

3%

*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

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

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%













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

$24.95

$27.00

$18.39

$-

$5

$10

$15

$20

$25

$30

$35

$40



-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Sq. Ft.


$11.67

2.8%

(3)

(1)

1

3

5

7

9

11

13

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


(10,000's)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

Vacancy Rate


Finance

27%

Manufacturing &

Distribution

18%

Data,Publishing,

Broadcasting

Services

5%

Professional

Services

8%

Public Service &

Private Sector

Services

40%

Others

2%

*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

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

0%

5%

10%

15%

20%

25%







Q1 2009 Q2 2009 Trend


Net Absorption 8,366 -9,223






# of units** 25 8 2 9 1 0











Tenant

Q2-09




Office Submarket Dashboard: Vaughan





Address



$24.00

$24.10$31.57

$-

$5

$10

$15

$20

$25

$30

$35



-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Sq. Ft.




$17.40

3.6%

(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


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Vacancy Rate


Manufacturing &

Distribution

29%

Data,Publishing,

Broadcasting

Services

0%

Finance

19%

Professional

Services

24%

Public Service &

Private Sector

Services

17%

Others

11%

* 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

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

0%

5%

10%

15%

20%

25%








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



$29.00 $22.50

$-

$-

$5

$10

$15

$20

$25

$30

$35



-

100,000

200,000

300,000

400,000

500,000

600,000

Sq. Ft.




$15.34

1.9%

(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


-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Vacancy Rate


Manufacturing &

Distribution

5%

Data,Publishing,

Broadcasting

Services

1%

Finance

61%

Professional

Services

6%

Public Service &

Private Sector

Services

14%Others

13%

* 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

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

0%

10%

20%

30%

40%

50%

60%

70%







Q1 2009 Q2 2009 Trend








# of units** 408 150 104 83 7 8





123A 6,610 Acura Technology

800 5,200 2034631 Ontario Inc.




18 MONTH TREND



11258 Woodbine

Avenue138,425 8/1/2009

220 Commerce

Valley Drive 103,256 Fall 2009



Office Market Dashboard: GTA East

200 Consumers Road




Address

250 West Beaver Creek Road

150 Ferrand Drive

Metrus Properties


Tenant

Neo Post Canada Ltd

N/A

N/A

TD BANK

InCharge Debt Solutions

Canada



Q2-09

Honda Canada Inc


$28.40

$24.82

$18.96

$-

$5

$10

$15

$20

$25

$30



-

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

Sq. Ft.


$12.96

8.2%

(3)

(1)

1

3

5

7

9

11

13

15

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


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Vacancy Rate


Manufacturing &

Distribution

21%

Data,Publishing,

Broadcasting

Services

12%

Finance

23%

Professional

Services

23%

Public Service &

Private Sector

Services

17%

Others

4%

*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

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

Square

Feet

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%







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




18 MONTH TREND








N/A

N/A

TenantAddress

Q2-09


155 Gordon Baker Road

7181 Woodbine Avenue


Woodbine-Steeles

700-780 Gordon Baker Road N/A





$28.33

$19.79$19.48

$-

$5

$10

$15

$20

$25

$30



-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Sq. Ft.




$12.13

6.6%

(11)

(9)

(7)

(5)

(3)

(1)

1

3

5

7

9

11

13

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


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Vacancy Rate


Manufacturing &

Distribution

14%

Data,Publishing,

Broadcasting

Services

6%

Finance

38%

Professional

Services

32%

Public Service &

Private Sector

Services

5%

Others

5%

* 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

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

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%







Q1 2009 Q2 2009 Trend








# of units** 20 5 0 4 0 0







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





Office Submarket Dashboard: Toronto East




Address

Q2-09

Tenant





$-

$25.48

$20.43

$-

$5

$10

$15

$20

$25

$30



-

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

Sq. Ft.




$8.77

1.6%

(3)

(1)

1

3

5

7

9

11

13

15

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


(10,000's)

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

Vacancy Rate


Manufacturing &

Distribution

4%

Data,Publishing,

Broadcasting

Services

1%

Finance

75%

Professional

Services

2%Public Service &

Private Sector

Services

17%

Others

1%

*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

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

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%







Q1 2009 Q2 2009 Trend


Net Absorption 0 0






# of units** 7 1 2 1 1 0












Tenant

Office Submarket Dashboard: Pickering-Oshawa


government have not been included in the office inventory. There are 32 office buildings surveyed in GTA office


Address

Q2-09






$20.95

$20.98

$-

$-

$5

$10

$15

$20

$25



-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Sq. Ft.




$11.84

2.1%

(3)

(1)

1

3

5

7

9

11

13

15

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


(10,000's)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Vacancy Rate


Manufacturing &

Distribution

15%

Data,Publishing,

Broadcasting

Services

11%

Finance

4%

Professional

Services

6%

Public Service &

Private Sector

Services

63%

Others

1%

* 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

10,000

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

0%

10%

20%

30%

40%

50%

60%

70%













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


18 MONTH TREND



11258 Woodbine

Avenue138,425 8/1/2009



Q2-09

Honda Canada Inc

Number of units

on the

submarket by

size brackets

# of units**

0


N/A

2

Tenant


Address

21

Office Submarket Dashboard: Markham







5

12

3

$25.44

$25.14

$18.40

$-

$5

$10

$15

$20

$25

$30



-

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

Sq. Ft.




$14.17

4.5%

-

2

4

6

8

10

12

14

16

18

20

22

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


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Vacancy Rate


Manufacturing &

Distribution

14%

Data,Publishing,

Broadcasting

Services

6%

Finance

38%

Professional

Services

32%

Public Service &

Private Sector

Services

5%

Others

5%

* 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

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

0%

10%

20%

30%

40%

50%

60%

70%









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






220 Commerce

Valley Drive 103,256 Fall 2009



Metrus Properties

Q2-09

TD BANK

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





N/A100 Mural Street

250 West Beaver Creek Road Neo Post Canada Ltd

$26.76

$24.70

$14.98

$-

$5

$10

$15

$20

$25

$30


Gro

ss R

ent $/S

q. F

t.

-

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

Sq. F

t.


$13.70

7.4%

(20)

(16)

(12)

(8)

(4)

-

4

8

12

16

20

24

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

Net R

ent $/s

f. / A

bsorp

tion (

10,0

00's

)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Vacancy R

ate


Manufacturing &

Distribution

31%

Data,Publishing,

Broadcasting

Services

9%

Finance

16%

Professional

Services

32%

Public Service &

Private Sector

Services

9%

Others

3%

* Convenient access 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 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

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

0%

10%

20%

30%

40%

50%

60%

70%







Q1 2009 Q2 2009 Trend








# of units** 12 5 1 10 0 0











Q2-09

Tenant



Office Submarket Dashboard: Duncan Mill







Address


$29.16$24.74

$-

$-

$5

$10

$15

$20

$25

$30

$35



-

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

Sq. Ft.




$13.91

11.3%

(3)

(1)

1

3

5

7

9

11

13

15

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


(10,000s)f

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Vacancy Rate


Manufacturing &

Distribution

23%

Data,Publishing,

Broadcasting

Services

13%

Finance

12%

Professional

Services

18%

Public Service &

Private Sector

Services

27%

Others

7%

* 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

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

0%

5%

10%

15%

20%

25%







Q1 2009 Q2 2009 Trend








# of units** 68 24 22 2 3 3








18 MONTH TREND





75 The Donway W

Q2-09

Tenant


Office Submarket Dashboard: Don Mills-Eglinton




Address





N/A

N/A150 Ferrand Drive


Available

Sublease

21%

Available Direct

79%

$28.10

$26.44

$21.02

$-

$5

$10

$15

$20

$25

$30



-

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

Sq. Ft.




$12.15

12.1%

(10)

(8)

(6)

(4)

(2)

-

2

4

6

8

10

12

14

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


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Vacancy Rate


Manufacturing &

Distribution

31%

Data,Publishing,

Broadcasting

Services

16%

Finance

17%

Professional

Services

12%

Public Service &

Private Sector

Services

23%

Others

1%

* 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

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

0%

10%

20%

30%

40%

50%

60%

70%







Q1 2009 Q2 2009 Trend








# of units** 74 25 9 2 0 0




800 5,200 2034631 Ontario Inc.

514 4,262 Amexon



18 MONTH TREND






Q2-09



200 Consumers Road InCharge Debt Solutions

1200 Sheppard Avenue E Edisoft Inc.


Office Submarket Dashboard: Consumers Road




Address


Tenant

$29.95

$23.28

$19.51

$-

$5

$10

$15

$20

$25

$30

$35



-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Sq. Ft.




$12.30

8.2%

(10)

(8)

(6)

(4)

(2)

-

2

4

6

8

10

12

14

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


(10,000's)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Vacancy Rate


Manufacturing &

Distribution

27%

Data,Publishing,

Broadcasting

Services

9%

Finance

21%

Professional

Services

29%

Public Service &

Private Sector

Services

9%

Others

5%

* 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

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

0%

2%

4%

6%

8%

10%

12%

14%







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



18 MONTH TREND





Q2-09



Scarborough Town Centre




Address




Tenant

305 Milner Avenue Ashkar & Associates Inc.

55 Town Centre Court OM Mortgage Financial

Group

No transactions were recorded during this period.$31.35

$24.22

$24.81

$-

$5

$10

$15

$20

$25

$30

$35



-

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

Sq. Ft.




$14.13

12.5%

(2)

-

2

4

6

8

10

12

14

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


(10,000's)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Vacancy Rate


Manufacturing &

Distribution

5%

Data,Publishing,

Broadcasting

Services

32%

Finance

15%Professional

Services

7%

Public Service &

Private Sector

Services

37%

Others

4%

*Compared to the City of Toronto as a whole, industry in Scarborough is similar in all labour force

categories, save for manufacturing which is higher in Scarborough, and professional, scientific and

technical 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 Lilly

Canada Inc., Thomson Carswell, CTVglobemedia, Novopharm, Cinram, Honda Canada Inc., Royal

Doulton, 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

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

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%




becomes available.


Date post:	12-Mar-2016
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