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Office Region Dashboard: Greater Toronto Area REGIONAL INDICATORS

Q3-09

MAP OF REGION Q2 2009

Q3 2009

Trend

Office Inventory*

180,757,318

182,472,236

Net Absorption

322,920

(196,347)

Vacancy Rate

6.0%

5.9%

Average Asking Net Rent

$17.67

$17.69

Average Additional Rent

$15.90

$15.84

*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 2069 office buildings surveyed in the GTA office region.

AVAILABLE SPACE OPTIONS Number of units on the regional market by size brackets

AVAILABLE SUPPLY SPLIT Sublease

Direct

Sublease as % of Total Available

0 - 4k sf

4k - 10k sf

10k - 20k sf

20 - 50k sf

50k - 100k sf

100k sf +

1613

661

359

327

26

26

50%

18,000,000

Total Available Office Space: 15285487 sf

45%

16,000,000

40%

Square Feet

14,000,000

35%

12,000,000

Available Sublease 20%

10,000,000 8,000,000 6,000,000 4,000,000

RECENT TRANSACTIONS Q3 2009 TOP Office Lease Transactions by Size

30% 25%

Address

Suite

Sq. Ft.

15%

Available Direct 80%

10%

2,000,000

5%

0

0%

Q3 2008

Q4 2008

Q1 2009

Q2 2009

Avail. Office Space

Not Avail. Office Space

121 King Street W

Suite 1550

21,834

Standard Life

N/A

155 Gordon Baker Rd

Suite 401

21,289

Blackwood Partners

Dyadem International

5 Park Home Ave

Suite 300

17,912

GE Real Estate

Vale Inco Ltd

TOP Office Sale Transactions by Price

Q3 2009

GROSS RENT & AVAILABILITY BY BUILDING CLASS Gross Rent

$70

80,000,000

$60

70,000,000

$62.98

Date

Address

Price

Vendor

Purchaser

Size

$/PSF

9/1/2009

Commerce West

$82,250,000

Trangslobe

Whiterock REIT

441,693

$187.00

9/1/2009

McMurtry-Scott Building

$25,400,000

H&R REIT

Dundee REIT

221,950

$229.00

7/31/2009

110 Yonge Street

$21,750,000

CREIT

Bayfield Realty

150,323

$289.00

60,000,000

$50

OCCUPIED SPACE BY MAJOR BUSINESS CATEGORIES

40,000,000 $30

$23.01

$35.00

Sq. Ft.

50,000,000 $40

20,000,000

$10

10,000,000

$Class A

Class B

Class C

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.

Manufacturing & Distribution 18%

18 MONTH TREND Absorption

Asking Net Rent

9.0%

17

$17.69

15 13

TOP PROJECTS UNDER CONSTRUCTION BY SIZE

8.0% 7.0%

11

5.9% 6.0%

7 5.0%

5 3

4.0%

1

Q3 2008

Q4 2008

-5

Q1 2009

Q2 2009

Q3 2009

3.0% 2.0%

-7 -9

1.0%

-11 -13

0.0%

Vacancy Rate

9

Q2 2008

Public Service & Private Sector Services 20%

Others 3%

Vacancy Rate

19

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

Professional Services 22%

Class AAA

-3

Finance 26%

Data,Publishing, Broadcasting Services 11%

30,000,000

$28.48

$20

-1

Tenant

Landlord

20%

Q2 2008

Gross Rent $/Sq. Ft.

# of units**

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

Address

Developer

Sq. Ft.

Anchor Tenant

Est. Com.

25 York Street

Menkes

780,000

Telus, Kinross,

Q3 2009

18 York Street

Great West Life

650,000

PricewaterhouseCoopers

Q1 2011

2465 Argentia Road

First Gulf Corporation & Sun Life

250,000

BMO

Q1 2010

REGIONAL CHARACTERISTICS * 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.

Source: Colliers International, Q3 2009 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.


GTA Office Market Region Dashboard Q3 2009