2014 4 booklet gma industrial submarket dashboards by Colliers International

Industrial Market Dashboard Greater Montreal Area

2014 Q4 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Population of over 3,957,700 which is approximately half of the total population of the province of Québec • Second largest city in Canada • Its economy is mainly focused on service-based businesses, which employ 81% of the population • RECENT Concentration of high-tech businesses SALES • Montréal has one of the world's largest inland container port • The Montréal island is a major industrial and commercial hub strategically located in the heart of the Québec CityWindsor corridor, Canada’s largest market. Rail lines to the east and south of the city serve eastern Canada and the northeastern U.S.

Indicators

2014 Q3

2014 Q4

4.2%

4.0%

6.1%

2.9%

1.3%

13,446,232

12,827,507

Net Absorption (SF)

1,087,644

1,020,393

Under Construction (SF)

1,182,668

781,000

New Supply (SF)

233,490

401,668

Average Sale Price (PSF)

$69.92

$69.20

Average Weighted Asking Rent 5

$5.34

$5.38

Vacancy Rate1 Availability Rate

Proportion of Sublease

Total Vacant (SF) 4

Trend*

q tu q q q q p q p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND

Sales Transaction Volume ($)

RECENT LEASE TRANSACTIONS

# of Sales Transactions

Absorption

$300

100

Total Vacancy Rate

Asking rent

10.0

9.0

$200

Millions

$150

Absorption (Millions SF)

1.5

8.0

7.0

6.0

$5.38 5.0

0.5

4.0 4.0%

$100 30

3.0

$50

2.0

2013 Q3

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q1

2014 Q2

2014 Q3

2014 Q4 1.0

2013 Q4

-0.5

0.0

Asking Net Rent ($) / Vacancy (%)

$250

1690, rue Eiffel

Enercon Services Canada Inc.

141,524 SF

8100, boul. Cavendish

Intramodal Warehouses Inc.

114,596

11000, boul. Parkway

Cryopak

96,145

165, boul. Hymus

Vitesse Transport

76,800

905, ch. de la Rivière-du-Nord

Bell Helicopter Textron Canada Ltd.

58,485

115, boul. Hymus

Chameleon Transportation Systems

50,161

RECENT SALES TRANSACTIONS 1777, rue Carrie-Derick

TVA Group

487,789

1701, rue Carrie-Derick

TVA Group

331,287

180, ch. du Tremblay

Choice Properties REIT

315,961

4801, rue Leckie

TVA Group

169,449

1601, rue Dickson

Bank of Montreal

164,525

9000, rue Pierre-Bonne

9306-2891 Québec Inc.

130,514

1. Vacancy rate: The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may not be available for lease or sublease. This is physical vacancy. It is not determined by whether or not a tenant is paying rent on the space. 2. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease, sublease or for sale and may or may not be vacant. 3. Proportion of sublease: The ratio of vacant space available for sublease over the total vacant space. 4. Net absorption: The net change in physically occupied space between the current measurement period and the last measurement period. Net absorption can be either positive or negative. Preleasing activity is not included in net absorption calculations because pre-leasing does not involve any change in occupancy. 5. Average Weighted Asking Rent: The average asking rent for all buildings in an industrial market or submarket weighted by the total amount of available square footage in the building .

2014 Q4

Colliers International, 2014 Q4 This document has been prepared by Colliers International (Quebec) Inc. for advertising and general information only. Colliers International (Quebec) Inc. makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy, and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International (Quebec) Inc. excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liabilities for loss and damages arising there from. This publication is the copyrighted property of Colliers International (Quebec) Inc. and /or its licensor(s) © 2014 . All rights reserved.

Industrial Market Dashboard West Island

2014 Q4 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• The ever-growing West Island market is made up of a multitude of boroughs and cities such as Dorval, Pointe-Claire, and Dollarddes-Ormeaux, to name a few • Easy access to green spaces, free parking and great amenities • Close proximity to the P.E.T. International Airport , Laval and to the Ontario and U.S.A. borders • Access to Highways 20 and 40, 20 minutes to downtown, RECENT SALES accessible public transit • Diversified economy, highly-educated bilingual work force • The dynamic West Island Economic Development Corporation provides the necessary support to big and small businesses • The West Island, diverse in culture and industry, offers an ideal, progressive business environment, poised to nurture innovation and growth

Indicators

2014 Q3

2014 Q4

5.8%

6.5%

9.5%

10.2%

0.0%

2,452,952

2,709,764

Net Absorption (SF)

179,912

-256,812

Under Construction (SF)

296,000

$105.87

$83.28

$5.10

$5.26

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

New Supply (SF) Average Sale Price (PSF) Average Weighted Asking Rent5

Trend*

p p tu p q tu tu q p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

0.4

Millions

$50

Absorption

10.0

9.0 14

0.3

8.0 12

$35 10

$30

$25

Absorption (Millions SF)

$40 0.2

6.5%

6.0

0.1 $5.26 5.0 0

2013 Q3

$20

7.0

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

4.0

6 -0.1

$15

3.0

2.0

$10

-0.2 1.0

-0.3 $0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

0.0

Asking Net Rent ($) / Vacancy (%)

$45

165, boul. Hymus

Vitesse Transport

76,800 SF

115, boul. Hymus

Chameleon Transportation Systems

50,161

200-290, av. du Voyageur

Emballages Avantis

29,501

9701-9715, ch. de la Côte-de-Liesse

Nettoyeurs ZRO Inc.

21,600

1780, 55e Avenue

Groupe Qualinet Inc.

14,235

150, av. Voyageur

Allstar Distribution

12,000

RECENT SALES TRANSACTIONS 2900, av. André

Investissements 200 Rue Carter Limitée

110,704

26, boul. Hymus

PROREIT

87,913

10500, av. Ryan

Nobel REIT Limited Partnership

55,330

1175, rte Transcanadienne

Les Immeubles Nivico Inc.

46,537

1355, boul. Hymus

Consultation Financière Nassr Ltée

40,250

16839-16849, boul. Hymus

9309-4092 Québec Inc.

34,784

2014 Q4

Industrial Submarket Dashboard Baie d'Urfé Ste-Anne-de-Bellevue

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The industrial hub, developed in the 60s, now includes over 80 companies • Baie-d'Urfé's industrial sector is delimited to the North by the Trans-Canada Highway (40) to the South by the Remembrance Highway (20), to the West by the Macdonald College campus in Sainte-Anne-de-Bellevue and to the East by the western limit of the City of Beaconsfield RECENT SALES • It is also serviced by CN and CP railways which connect Montréal to Ontario and Western Canada • The northern part of the city between Highways 20 and 40 is an industrial park • Access to green spaces • Baie-D’Urfé and Sainte-Anne-de-Bellevue are accessible by public transit by means of the Vaudreuil-Hudson commuter train as well as by means of six STM bus lines and 23 shared taxibus stops

Indicators

2014 Q3

2014 Q4

10.7%

11.3%

15.1%

15.5%

0.0%

614,959

652,809

Net Absorption (SF)

47,684

-37,850

Under Construction (SF)

296,000

Average Sale Price (PSF)

$56.81

Average Weighted Asking Rent5

$4.95

$4.94

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

New Supply (SF)

Trend*

p p tu p q tu tu tu q

* change over previous quarter

18-MONTH TREND SALES TRANSACTION VOLUME Absorption Sales Transaction Volume ($)

Total Vacancy Rate

Asking rent

# of Sales Transactions 150

16.0

3 14.0

11.3%

12.0

50 10.0

8.0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4 6.0

-50 $4.94

4.0

-100 2.0

-150

0.0

Asking Net Rent ($) / Vacancy (%)

100

$4 Absorption (Thousands SF)

Millions

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

Industrial Submarket Dashboard Kirkland

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Kirkland is primarily a residential community, with a commercial core, and an industrial park straddling the Trans-Canada Highway (Autoroute 40) • At the crossroads of Canada's major highways and only minutes to the U.S. interstate system RECENT SALES • At the heart of the most active rail corridor in Canada • A major distribution centre for Eastern Canada • Kirkland provides quick access to Montréal's P.E.T. International Airport, to the port, as well as one of the most active railway corridors in the country, not to mention its proximity to essential services

Indicators

2014 Q3

2014 Q4

0.6%

2.4%

0.0%

26,233

19,475

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$63.25

$5.25

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Weighted Asking Rent5

Trend*

tu tu tu tu q tu tu tu tu

* change over previous quarter

18-MONTH TREND SALES TRANSACTION VOLUME RECENT LEASE TRANSACTIONS Absorption Sales Transaction Volume ($)

Total Vacancy Rate

Asking rent

# of Sales Transactions 25

16869, boul. Hymus

Olympia Performance

8,700 SF

16877, boul. Hymus

Phoenix Vending

2,533

9309-4092 Québec Inc.

34,784

7.0

2 20

Absorption (Thousands SF)

$5.25

5.0

5 4.0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-5

3.0

-10 2.0

-15 -20

1.0 $1

-25 0.6% -30

0.0

Asking Net Rent ($) / Vacancy (%)

Millions

6.0 15

RECENT SALES TRANSACTION 16839-16849, boul. Hymus

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

Industrial Submarket Dashboard Pointe-Claire

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Strategically located and well served by a modern transportation network, such as the AMT bus service and the CP rail service • Pointe-Claire has been able to maintain its local identity while adapting to the demands of an urban RECENT SALES contemporary lifestyle • In 2011, Pointe-Claire celebrated 100 years as a Municipal corporation under the name of the City of Pointe-Claire • The city has shopping centers, yacht clubs, swimming teams and much more to offer

Indicators

2014 Q3

2014 Q4

8.2%

9.3%

14.1%

15.4%

0.0%

1,169,237

1,330,215

15,578

-160,978

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$61.91

$54.34

Average Weighted Asking Rent5

$5.05

$5.46

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

p p tu p q tu tu q p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

Absorption

# of Sales Transactions

Asking rent

250

Millions

$30

Total Vacancy Rate

9.3%

10.0 9.0

200

$25

8.0

5 $20 4

$15 3 $10

Absorptiion (Thousands SF)

150

7.0 100 $5.46

6.0 5.0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

4.0

-50 3.0

-100 $5

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2.0

-150

1.0

-200

0.0

Asking Net Rent ($) / Vacancy (%)

165, boul. Hymus

Vitesse Transport

76,800 SF

115, boul. Hymus

Chameleon Transportation Systems

50,161

200-290, av. du Voyageur

Emballages Avantis

29,501

150, av. Voyageur

Allstar Distribution

12,000

200-290, av. du Voyageur

Emballages Avantis

11,691

45, boul. Hymus

Equipment Sales and Service

10,460

RECENT SALES TRANSACTIONS 26, boul. Hymus

PROREIT

87,913

245, boul. Hymus

Place Hymus Inc.

26,866

2014 Q4

Industrial Submarket Dashboard Dollard-des-Ormeaux

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Commercial activities are concentrated on the north-south axis of des Sources and Saint-Jean Boulevards. As for industrial locations, they are located along Brunswick and Saint-Régis Boulevards, close to the City's southern border along Highway 40 • The civic centre houses skating rinks, indoor pools, an amphitheatre and much more • The city's urban planning department is at the service of developers who are interested in establishing a business in the city

Indicators

2014 Q3

2014 Q4

2.0%

2.1%

4.1%

0.0%

47,651

50,344

32,171

-2,693

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$5.50

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Weighted Asking Rent5

Trend*

p tu tu p q tu tu tu tu

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTION

Sales Transaction Volume ($)

# of Sales Transactions

Absorption

Total Vacancy Rate

Asking rent

135, av. Labrosse

SB Simpson

3,916 SF

6.0

Millions

$5.50

Absorption (Thousands SF)

25 4.0

3.0 2.1%

10 2.0 5

1.0 0

2013 Q3 $0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-5

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4 0.0

Asking Net Rent ($) / Vacancy (%)

5.0 $4

Industrial Submarket Dashboard Dorval

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Bordering on Saint-Louis Lake, Pointe-Claire, Dollard-desOrmeaux, Saint-Laurent and Lachine • Dorval enjoys a diversified economy as evidenced by its various types of commercial and industrial establishments • The dominant feature of the City remains the Pierre-ElliottTrudeau International Airport, which gives Dorval a definite edge in terms economic development RECENTofSALES • The city has become, over the years, the meeting place of more than 25,000 people who come daily to work for the many firms located in its strategically located industrial parks • Dorval meets the needs and expectations of its residents with a complete range fo services and activities as well as an outstanding quality of life which make it a great place to live and work

Indicators

2014 Q3

2014 Q4

3.9%

4.3%

5.9%

6.5%

0.0%

594,872

650,163

65,004

-55,291

Under Construction (SF)

New Supply (SF)

$132.52

$96.32

$5.32

$5.14

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Sale Price (PSF) Average Weighted Asking Rent5

Trend*

p p tu p q tu tu q q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS Absorption

# of Sales Transactions

Asking rent

Millions

$35

Total Vacancy Rate

6.0

$30

$5.14

6 $20

$15

Absorption (Thousands SF)

7 $25

40 4.3%

4.0

3.0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-20 2.0

3 $10

5.0

-40

2 1.0 -60

$5 1

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-80

0.0

Asking Net Rent ($) / Vacancy (%)

Sales Transaction Volume ($)

9701-9715, ch. de la Côte-de-Liesse

Nettoyeurs ZRO Inc.

21,600 SF

1780, 55e Avenue

Groupe Qualinet Inc.

14,235

679-701, av. Meloche

North Star Engineering Products

10,451

9236, ch. de la Côte-de-Liesse

Kristal Education

9,066

10105-10915, ch. de la Côte-de-Liesse

Top Canada Pharmaceuticals Inc.

8,402

104, av. Lindsay

B2C International Inc.

5,325

RECENT SALES TRANSACTIONS 2900, av. André

Investissements 200 Rue Carter Limitée

110,704

10500, av. Ryan

Nobel REIT Limited Partnership

55,330

1175, rte Transcanadienne

Les Immeubles Nivico Inc.

46,537

1355, boul. Hymus

Consultation Financière Nassr Ltée

40,250

2225-2251, ch. Saint-François

Carrara Holdings Inc.

25,769

1350, boul. Hymus

Équipement Drym Ltée

15,508

2014 Q4

Industrial Market Dashboard Lachine

2014 Q4 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Just off of Highway 20 with bus and commuter train services • Land used for industrial activities occupies nearly 50% of the total size of the borough • Industrial activity Lachine is located on four main areas: The Old Lachine Canal and the surrounding area (a sector in redevelopment), the area north of Highway 20, the Norman area (a sector restructuration), and the Yards of the Canadian Pacific RECENTin SALES • Lachine is also known for its abundant parks, bicycle paths, water access (Lachine Canal), its rich cultural History (presence of numerous 19th century working class homes) as well as many museums and unique works of art • Lachine is home to over 60 companies subsidiaries of foreign companies, which are among the largest employers in the district. THey include Rolls Royce and UPS

Indicators

2014 Q3

2014 Q4

5.8%

6.3%

9.7%

9.5%

0.0%

1,187,781

1,275,031

671,168

-87,250

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$70.05

$79.03

Average Weighted Asking Rent5

$4.48

$4.52

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

p q tu p q tu tu p p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

800

Millions

$35

Absorption

10.0

700

9.0

600

8.0

500

7.0

$25

$20 4 $15

$10 2

Absorption (Thousands SF)

6.3% 400

6.0

300

5.0 $4.52

200 100

4.0 3.0

2.0

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-100

1.0

-200

0.0

Asking Net Rent ($) / Vacancy (%)

$30

5447, rue François-Cusson

Transit Nord-Plus Inc.

14,000 SF

1700, Claire Crescent

Advanced Composite Specialities

11,596

1100, Claire Crescent

We Tune Mécanique

7,330

1692, Claire Crescent

Kosher Cannabis

3,805

1968, Claire Crescent

Galaxie Plastique

2,893

4605-4645, rue Fairway

Unisync Group Limited

2,184

PROREIT

58,145

RECENT SALES TRANSACTION 10100 à 10280, ch. de la Côte-de-Liesse

Industrial Market Dashboard Saint-Laurent

2014 Q4 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

•• A community that continues to thrive, Saint-Laurent today encompasses the largest industrial hub in Québec and is renowned for its aeronautic, life sciences and information technologies industrial clusters •• Among the communities' numerous advantages are its ideal geographic location and major highway network, complemented by two métro stations and three train stations, the latter serving the RECENT SALES Montréal—Deux-Montagnes commuter line giving easy access to downtown •• There are approximately 19.9 million square feet of industrial land to be developed located in the Technoparc and industrial areas •• Boasting approximately 4900 businesses and 106,000 jobs, Saint-Laurent is the second largest employment hub in the GMA

Indicators

2014 Q3

2014 Q4

3.0%

2.9%

4.9%

4.4%

0.2%

1.3%

2,140,693

2,098,197

Net Absorption (SF)

680,885

137,520

Under Construction (SF)

495,024

400,000

New Supply (SF)

200,000

95,024

Average Sale Price (PSF)

$102.25

$65.99

$5.23

$5.14

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Average Weighted Asking Rent5

Trend*

q q p q q q q q q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Availability Rate

Asking rent

Millions

$100

Absorption

7.0

$90 20

$70 $60

$50

$40

Absorption (Millions SF)

$80

6.0

0.6

5.0 $5.14

0.4

4.0

2.9%

0.2

3.0

$30

2.0 2013 Q3

$20

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

5 -0.2

1.0

-0.4

0.0

$10 $0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

Asking Net Rent ($) / Vacancy (%)

0.8

8100, boul. Cavendish

Intramodal Warehouses Inc.

114.596 SF

129, montée de Liesse

Distex M&M Inc.

28,228

125, boul. Montpellier

In Sport Fashions

23,423

378, rue Isabey

Footwear Imports

14,568

9600-9704, aut. Transcanadienne

C.Y.G. International

13,548

6520-6620, rue Abrams

Micanan Systems Inc.

11,955

RECENT SALES TRANSACTIONS 850-852, rue McCaffrey

Sunrise Properties Ltd

125,808

965, rue Reverchon

Nobel REIT

114,265

3015, rue Brabant-Marineau

Immocorpo Inc.

62,040

4900, Fisher

Gestion Linmat Inc.

19,990

7785, ch. de la Côte-de-Liesse

7763808 Canada Inc.

17,142

7544, ch. de la Côte-de-Liesse

C.H.O. Amérique Inc.

11,731

Industrial Market Dashboard Midtown

2014 Q4 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• In addition to well-established hospitals and those in expansion, the McGill University Health Centre now under construction, the biotechnology research institute, the medical faculty and pharmacy school of Université de Montréal, there are almost 650 health and social services establishments in the borough. They employ thousands of professionals • Contains one of the most sought-after resdential neighbourhoods, Notre-Dame-De-Grâce (NDG) • Numerous educational facilities, including one of Concordia University's campuses and several private high schools • Good connections to public transit, train, métro and bus lines

Indicators

2014 Q3

2014 Q4

3.4%

3.6%

4.3%

1.8%

0.9%

2,232,624

2,249,718

66,656

-17,094

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$33.28

$62.41

Average Weighted Asking Rent5

$6.78

$6.67

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

p p q p q tu tu p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS # of Sales Transactions

Total Vacancy Rate

Asking rent

0.35

Millions

$120

Absorption

8.0 $6.67

0.3

7.0

$100

25 $80 20 $60

Absorption (Millions SF)

30 0.25

6.0 0.2 5.0

0.15 4.0 3.4%

0.1

15 3.0 0.05

$40 10

2.0 0 2013 Q3

$20

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-0.05

1.0

-0.1

0.0

Asking Net Rent ($) / Vacancy (%)

Sales Transaction Volume ($)

6767, boul. Léger

FASLRS Liquide Tout

37,963 SF

1605, rue Louvain

Chabad Lubavitch

17,940

8772, boul. Pie-IX

Bédard Ressources Inc.

15,800

5627, rue Ferrier

Domestic Converters

10,454

8156, ch. Devonshire

Sherwin Williams

8,500

2026, 32e Avenue

Red Planet Group

8,265

RECENT SALES TRANSACTIONS 1777, rue Carrie-Derick

TVA Group

487,789

1701, rue Carrie-Derick

TVA Group

331,287

1601, rue Dickson

Bank of Montreal

164,525

9000, rue Pierre-Bonne

9306-2891 Québec Inc.

130,514

5430, ch. de la Côte-de-Liesse

Groupe Dynamite Inc

112,536

2170, av. Pierre-Dupuy

TVA Group

69,889

2014 Q4

Industrial Submarket Dashboard LaSalle

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• An industrial sector located five minutes away from downtown Montréal • One of the main commercial centres on the island of Montréal • A dynamic business community with advantageous taxation • Good public transportation of bus and métro service • Easy access to highways 20, 15 and the Mercier and Champlain bridges • The manufacturing sector, with its 5,660 jobs, account for 21.5% of employment in the district. Retail ranks second with 4,735 jobs, or 18% of the total

Indicators

2014 Q3

2014 Q4

2.4%

3.1%

2.6%

6.5%

305,680

307,707

12,000

-2,027

Under Construction (SF)

New Supply (SF)

$100.22

$35.50

$4.91

$4.90

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Sale Price (PSF) Average Weighted Asking Rent5

Trend*

p q q p q tu tu q q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

6.0

$9 5.0

$4.90

4.0

3.0

2.4%

2.0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-10

1.0

-20

0.0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

Asking Net Rent ($) / Vacancy (%)

30 $8

Absorption (Thousands SF)

Millions

$10

Absorption

RECENT SALES TRANSACTION 9000, rue Elmslie

Entreprise Forlini

21,125 SF

2014 Q4

Industrial Submarket Dashboard Town of Mount Royal

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The Town of Mount Royal industrial sector represents almost 40% of the Town’s area and its closest neighbours are the Cité scientifique de Montréal and the current Blue Bonnets Hippodrome site, and it also gives out onto Côte-de-Liesse Road and the Décarie Expressway. Approximately ten kilometres from P.E.T. International Airport and fifteen kilometres away from the Port of Montreal • Minutes from downtown, strategically located in the centre of the island of Montreal, Town of Mount Royal has access to major Highways (15, 40) • Easy access to buses and metro stations and commuter train to downtown Montréal • Large numbers of amenities, including a shopping center, professional services and educational institutions • The heart of a major network of bilingual resources • Lots of green spaces and activities • The overall industrial sector has already been densely built; from this point on, set-up projects involve more of a re-conversion of existing stock than choosing a vacant lot • Large-scale employers include Ericsson Canada, Kraft Canada, Lise Watier, Britton Electric Company, and several more

Indicators

2014 Q3

2014 Q4

4.0%

3.7%

4.2%

5.0%

2.1%

0.0%

491,882

450,500

-13,803

41,382

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$61.54

$5.56

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Weighted Asking Rent5

Trend*

q p q q p tu tu tu tu

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

200

5627, rue Ferrier

Domestic Converters

10,454 SF

8156, ch. Devonshire

Sherwin Williams

8,500

8.0

Millions

$12

Absorption

Absorption (Thousands SF)

150 3

$5.56

6.0

5.0

100 3.7%

4.0

3.0

$4 2.0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4 1.0

-50 $0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

0.0

Asking Net Rent ($) / Vacancy (%)

7.0

$10

RECENT SALES TRANSACTIONS 5430, ch. de la Côte-de-Liesse

Groupe Dynamite Inc

112,536

5780-5790, rue Paré

9307-8178 Québec Inc.

42,925

5445-5455, rue Paré

Gestion 5445 Paré Inc.

21,808

2014 Q4

Industrial Submarket Dashboard Montréal - Centre West

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The Montreal West End is made up of boroughs such as Côte Saint-Luc, Hampstead, Côte-des-Neiges, Outremont to name a few • Outremont is an upscale neighbourhood containing large brick homes, fancy shops and a smattering of public buildings • Public transportation includes trains, bus and metro stations • Lots of parks and green space in all of the boroughs • The borough of Outremont enjoys a very central location in the heart of the island of Montreal. The socio-economic profile of the population is in itself an excellent business opportunity for entrepreneurs who operate in the area of goods and services • The Côtes-des-Neiges—Notre-Dame-de-Grâce is the most populous district of the city of Montréal is home to over 165,000 people, or 10% of the population of the city's total

Indicators

2014 Q3

2014 Q4

3.5%

3.7%

3.5%

4.6%

0.6%

0.0%

1,435,062

1,491,511

68,459

-56,449

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$31.97

$62.94

Average Weighted Asking Rent5

$7.56

$7.35

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

p p q p q tu tu p q

* change over previous quarter

SALES TRANSACTION VOLUME

Sales Transaction Volume ($)

18-MONTH TREND RECENT LEASE TRANSACTIONS

# of Sales Transactions

Millions

$100

Absorption

Total Vacancy Rate

Asking rent

200

9.0

$90

8.0

$80 25

$70

$60 20 $50 15 $40

$30

Absorption (Thousands SF)

$7.35

100

7.0

6.0

5.0

50 3.7%

3.0 2013 Q3

4.0

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4 2.0

$20 5

-50 1.0

$10 $0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-100

0.0

Asking Net Rent ($) / Vacancy (%)

150

6767, boul. Léger

FASLRS Liquide Tout

37,963 SF

1605, rue Louvain

Chabad Lubavitch

17,940

8772, boul. Pie-IX

Bédard Ressources Inc.

15,800

2026, 32e Avenue

Red Planet Group

8,265

6744-6848, rue Jarry Est

Cryopak

7,321

6600, rue Saint-Urbain

The Cardboard Box Project

4,545

RECENT SALES TRANSACTIONS 1777, rue Carrie-Derick

TVA Group

487,789

1701, rue Carrie-Derick

TVA Group

331,287

1601, rue Dickson

Bank of Montreal

164,525

9000, rue Pierre-Bonne

9306-2891 Québec Inc.

130,514

2170, av. Pierre-Dupuy

TVA Group

69,889

5655, rue de Marseille

PROREIT

65,584

Industrial Market Dashboard North Area

2014 Q4 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Includes areas such as Blainville, Boisbriand, Sainte-Thérèse, Rosemère and Laval • Boisbriand is home to 8 industrial parks and nearly 400 businesses which employ over 6,000 people • Industries present on the North Shore include agri-food, high tech, automotive, plastics and construction • New (25) built to link Montréal and Laval RECENThighway SALES • Laval has a diverse economy and has been one of the strongest economies in Québec, with investments totaling over 1 billion dollars for the past 6 years • Since 1981, Blainville has had an industrial park that currently houses more than a hundred companies • The municipality has offered companies a prestigious business park directly accessible from exits 25 and 28 of Highway 15. This zone offers prestigious firms in the technological sector excellent visibility

Indicators

2014 Q3

2014 Q4

4.1%

3.2%

6.0%

6.1%

4.1%

7.0%

1,435,937

1,133,572

Net Absorption (SF)

159,604

609,009

Under Construction (SF)

306,644

New Supply (SF)

33,490

306,644

Average Sale Price (PSF)

$68.37

$79.58

Average Weighted Asking Rent5

$5.32

$5.55

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Trend*

q p p q p q p p p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

$50

Absorption

Total Vacancy Rate

Asking rent

700

6.0

Millions

$5.55 $45 600

$35

$30

$25

$20

500

4.0 400 3.2%

3.0

300 2.0

$15

200

$10

1.0

100

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

0.0 2014 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

Asking Net Rent ($) / Vacancy (%)

5.0

20 Absorption (Thousands SF)

$40

905, ch. de la Rivière-du-Nord

Bell Helicopter Textron Canada Ltd.

58,485 SF

2591, rue Debray

The Hillman Group

34,638

2745, av. Francis-Hugues

Roy Livraison Specialisee Inc.

30,505

3103, rue Joseph-A-Bombardier

Systemex Technologies Inc.

10,500

4536, rue Louis-B.-Mayer

Med Express Ind.

10,128

905, rue Michelin

Megalab Inc.

8,420

RECENT SALES TRANSACTIONS 2025, boul. Dagenais Ouest

Lessard Group Inc.

126,665

1648, rue Notre-Dame

9311-2993 Québec Inc.

25,000

31, rue des Menuisiers

9311-3173 Québec Inc.

23,328

456, rue Bourque

9093-1767 Québec Inc.

22,000

14599, boul. du Curé-Labelle

9279-7091 Québec Inc.

20,000

825, rue Salaberry

Pascal Plouffe, Hubert Plouffe

7,550

Industrial Submarket Dashboard Laval

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Easy access to Montréal with the new metro extension into Laval • New highway (25) built to link Montréal and Laval • Université de Montréal has expanded into Laval in the Cité de Savoir • Home to the Laval Technopole International Business Centre, Laval has a diverse economy and has been one of the strongest economies in Québec, with investments totaling over 1 billion dollars for the past 6 years • Laval also has a booming industrial sector capable of meeting diverse business needs with its City of Biotechnology and Human Health, Laval Science and High Technology Park and multiple industrial parks

Indicators

2014 Q3

2014 Q4

4.8%

3.7%

6.4%

6.5%

5.1%

8.8%

1,167,898

903,176

123,777

264,722

New Supply (SF)

33,490

Average Sale Price (PSF)

$85.97

$76.46

Average Weighted Asking Rent5

$5.45

$5.74

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF) Under Construction (SF)

Trend*

q p p q p tu q q p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS Absorption

# of Sales Transactions

Asking rent

300

Millions

$35

Total Vacancy Rate

7.0

250

$30

6.0

$5.74

12 $20

$15

Absorption (Thousands SF)

14 $25

200 5.0 150 4.0

3.7% 100 3.0 50

2.0

$10

0 2013 Q3

4 -50

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4 1.0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-100

0.0

Asking Net Rent ($) / Vacacny (%)

Sales Transaction Volume ($)

2591, rue Debray

The Hillman Group

34,638 SF

2745, av. Francis-Hugues

Roy Livraison Specialisee Inc.

30,505

3103, rue Joseph-A-Bombardier

Systemex Technologies Inc.

10,500

4536, rue Louis-B.-Mayer

Med Express Ind.

10,128

905, rue Michelin

Megalab Inc.

8,420

1455, rue Berlier

9206-8188 Québec Inc.

7,652

RECENT SALES TRANSACTIONS 2025, boul. Dagenais Ouest

Lessard Group Inc.

126,665

825, rue Salaberry

Pascal Plouffe, Hubert Plouffe

7,550

3001, rue Bergman

9310-0634 Québec Inc.

5,665

1266, rue Saint-Nicolas

9217-7443 Québec Inc.

3,342

72, 69e Avenue

Manutention S.M. Inc.

1,360

2014 Q4

Industrial Submarket Dashboard North Shore

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Includes areas such as Blainville, Boisbriand, SainteThérèse and Rosemère •Boisbriand is home to 8 industrial parks and nearly 400 businesses which employ over 6,000 people • Industries present on the North Shore include agri-food, high tech, RECENT SALES automotive, plastics and construction • The Town of Boisbriand welcomes to its territory companies from the most wide-ranging fields of activity. A thriving industrial centre, Boisbriand has effectively harmonized its industrial planning policies with the requirements and needs of the firms

Indicators

2014 Q3

2014 Q4

2.5%

2.1%

5.0%

5.3%

0.0%

268,039

230,396

Net Absorption (SF)

35,827

344,287

Under Construction (SF)

306,644

Average Sale Price (PSF)

$51.57

$84.58

Average Weighted Asking Rent5

$4.79

$4.85

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

New Supply (SF)

Trend*

q p tu q p q p p p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Millions

$25

Absorption

Total Vacancy Rate

Asking rent

0.4

7.0

0.35

6.0

$20

Absorption (Millions SF)

0.3

5.0 $4.85

0.25

$15

$10

4.0

0.2

3.0

0.15 4 2.0

2.1%

0.1

$5 2

1.0

0.05

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

0.0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

Asking Net Rent ($) / Vacancy (%)

905, ch. de la Rivière-du-Nord

Bell Helicopter Textron Canada Ltd.

58,485 SF

607, boul. Iberville

Les Poêles et Foyers Keystone

3,608

609, boul. Iberville

Charpente FMA

3,152

613, boul. Iberville

M 3 Intergration

2,997

1605, rue Louvain

International Inc.

1,623

611, boul. Iberville

Cuisine 2001

1,418

RECENT SALES TRANSACTIONS 1648, rue Notre-Dame

9311-2993 Québec Inc.

25,000

31, rue des Menuisiers

9311-3173 Québec Inc.

23,328

456, rue Bourque

9093-1767 Québec Inc.

22,000

14599, boul. du Curé-Labelle

9279-7091 Québec Inc.

20,000

Industrial Market Dashboard East End

2014 Q4 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Development of an East Island Greenbelt due to presence of mature forests along Highway 40 • Proximity to Québec City and its many tourist attractions • New residential developments in areas such as Pointe-aux-Prairies and Pointe-aux-Trembles Public • The long-awaited Train de l’Est should facilitate travel to the downtown area

Indicators

2014 Q3

2014 Q4

5.3%

4.4%

7.1%

6.9%

7.6%

0.7%

3,041,287

2,552,317

-99,560

488,970

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$75.76

$90.93

Average Weighted Asking Rent5

$4.80

$4.88

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q q q q p tu tu p p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS # of Sales Transactions

Total Vacancy Rate

Asking rent

0.6

Millions

$25

Absorption

6.0

$4.88

0.5

$15 8

6 $10

Absorption (Millions SF)

$20 10

0.4 4.4%

4.0 0.3

0.2

3.0

0.1 2.0 4

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4 1.0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

11000, boul. Parkway

Cryopak

96,145 SF

6565, boul. Couture

Tilmar International

9,661

6789, place Pascal-Gagnon

D-Bar Paysagement

4,189

6787, place Pascal-Gagnon

Hydro-Québec

4,110

6187, place Pascal-Gagnon

Les Sols de Montréal

3,872

5.0

-0.1

-0.2

0.0

Asking Net Rent ($) / Vacancy (%)

Sales Transaction Volume ($)

RECENT SALES TRANSACTIONS 6518-6520, rue Magloire

9304-7512 Québec Inc.

21,121

11480, rue Ontario Est

9300-3259 Québec Inc.

5,664

10837, place Moisan

Gestion Distefano Inc.

4,184

10610, av. l'Archevêque

Construction Brisol Inc.

2,852

6700, rue Louis-Sicard

Paysagiste Légaré

2,800

10625-10625A, av. Georges-Pichet

Réparation D’Asphalte XPS Inc.

2,716

Industrial Submarket Dashboard Saint-Léonard

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Located in the East of the island along Highway 40 • Saint-Léonard is economically attractive to companies and investors because of its geographical location, making it a highly strategic road transportation hub • Saint-Léonard also has many parks and green spaces for playing and relaxing • With over 72,000 inhabitants, Saint-Léonard is by far the most populated sector in the East End of Montréal

Indicators

2014 Q3

2014 Q4

3.9%

3.6%

5.8%

4.5%

0.9%

0.0%

570,728

524,346

-40,845

46,382

Under Construction (SF)

New Supply (SF)

$165.97

$77.34

$4.39

$4.48

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Sale Price (PSF) Average Weighted Asking Rent5

Trend*

q q q q p tu tu q p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

$12

Absorption

Total Vacancy Rate

Asking rent

100

5.0

Millions

$4.48

6565, boul. Couture

Tilmar International

9,661 SF

6789, place Pascal-Gagnon

D-Bar Paysagement

4,189

6787, place Pascal-Gagnon

Hydro-Québec

4,110

6187, place Pascal-Gagnon

Les Sols de Montréal

3,872

4.5

Absorption (Thousands SF)

4.0 3

60 3.6% 40

3.0

2.5 2.0

0 2013 Q3

3.5

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4 1.5

-20 1.0

-40

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-60

0.5 0.0

Asking Net Rent ($) / Vacancy (%)

$10

RECENT SALES TRANSACTIONS 6518-6520, rue Magloire

9304-7512 Québec Inc.

21,121

6700, rue Louis-Sicard

Paysagiste Légaré

2,800

2014 Q4

Industrial Submarket Dashboard Anjou

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The borough is located in the eastern end of the island and is traversed by Highways 40 (Metropolitan) and 25 (Louis-Hippolyte-Lafontaine) • Anjou contains the large Les Galeries d'Anjou shopping mall • 30 minutes to Downtown or to the P.E.T. International airport • The Haut-Anjou is characterized by high-end residential complexes and while the Bas-Anjou became the most densely populated area following its development during the 1950s and 1960s.

Indicators

2014 Q3

2014 Q4

4.0%

3.6%

5.0%

4.0%

2.3%

2.6%

798,066

720,171

-36,602

77,895

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$63.66

Average Weighted Asking Rent5

$4.39

$4.63

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q q p q p tu tu tu p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTION

Sales Transaction Volume ($)

# of Sales Transactions

$10

Absorption

Total Vacancy Rate

11000, boul. Parkway

Asking rent

100

Cryopak

96,145 SF

5.0 4.5

4.0

3.5

3.6% 40

3.0 20 2.5

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

2.0

-20 1.5

-40 $2

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

1.0

-60

0.5

-80

0.0

Asking Net Rent ($) / Vacancy (%)

Absorption (Thousands SF)

Millions

$4.63

2014 Q4

Industrial Submarket Dashboard Montreal-East

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Kknown for its oil refineries where Shell converts its Montréal-East refinery to a fuels terminal for North America and the large Lafarge limestone quarry

Indicators

2014 Q3

2014 Q4

7.2%

5.6%

10.0%

10.9%

12.3%

0.0%

1,672,493

1,307,800

-22,113

364,693

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$24.90

$108.02

Average Weighted Asking Rent5

$5.18

$5.17

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q p q q p tu tu p q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND

Sales Transaction Volume ($)

Absorption

# of Sales Transactions

Asking rent

400

Millions

$14

Total Vacancy Rate

8.0

7.0

$12

6 $8

Absorption (Thousands SF)

7 $10

6.0

5.6% 200 $5.17

100

5.0

4.0

3.0 0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4 2.0

2 -100 1.0

$2 1

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

-200

0.0

Asking Net Rent ($) / Vacancy (%)

300

RECENT SALES TRANSACTIONS 11480, rue Ontario Est

9300-3259 Québec Inc.

5,664 SF

10837, place Moisan

Gestion Distefano Inc.

4,184

10610, av. l'Archevêque

Construction Brisol Inc.

2,852

10625-10625A, av. Georges-Pichet

Réparation D’Asphalte XPS Inc.

2,716

10140, boul. Henri-Bourassa Est

Les Immeubles Pandolfini Inc.

2,012

10017, av. de London

9182-1645 Québec Inc.

1,588

2014 Q4

Industrial Market Dashboard South Shore

2014 Q4 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Cities include Longueuil (the largest on the South Shore), Brossard and Châteauguay, Candiac, La Prairie, Boucherville, Saint-Hubert and Saint-Bruno. • Located on the Southern Shore of the St.Lawrence river • Home to Quartier DIX30, a new shopping and living district • Home also to the training facility for the Montréal Canadiens, Montréal's National Hockey League Team • Longueuil became the third most important city in Québec and a major economic centre in the metropolitan region, with 9 industrial parks, and 11,000 businesses within the city limits Many major companies from various sectors have facilities in this market: Transcontinental, Danone, Sandoz, Groupe Robert, Distribution GPF Inc.

Indicators

2014 Q3

2014 Q4

3.0%

2.6%

5.7%

4.8%

5.9%

2.5%

954,958

808,908

Net Absorption (SF)

100,147

146,050

Under Construction (SF)

170,000

Average Sale Price (PSF)

$72.41

$71.87

Average Weighted Asking Rent5

$5.54

$5.50

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

New Supply (SF)

Trend*

q q q q p tu tu q q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

200

6.0

$5.50 $35

150 10

8 $25

$20

$15

100 4.0 50

3.0 2013 Q3

-50

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4 2.6% 2.0

4 -100

$10

1.0

2 -150

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-200

0.0

Asking Net Rent ($) / Vacancy (%)

$30

5.0 Absorption (Thousands SF)

Millions

$40

Absorption

1690, rue Eiffel

Enercon Services Canada Inc.

141,524 SF

1280, rue Nobel

V. Boutin Express Inc.

42,672

2109, boul. Fernand-Lafontaine

Exide Technologies Canada Corp.

34,572

2107, boul. Fernand-Lafontaine

Aleees Eco Ark Canada Corp.

23,523

3400, boul. Losch

Publisac

16,500

3400, boul. Losch

Publisac

15,000

RECENT SALES TRANSACTIONS 180, ch. du Tremblay

Choice Properties REIT

315,961

4801, rue Leckie

TVA Group

169,449

1470, rue Joliot-Curie

Gestion Isabelle Robert Inc.

9,882

2530, ch. du Lac

9308-2527 Quebec Inc.

4,810

106-820, boul. Guimond

Gestion A. Et S. Leclerc Inc.

3,500

652, boul. Guimond

9232-0571 Québec Inc.

3,301

Industrial Submarket Dashboard Brossard

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Brossard is the commercial hub of the South Shore, most businesses located along Taschereau boulevard • Large shopping centre such as Champlain Mall, Place Portobello and the lifestyle centre Quartier DIX30 • Brossard is the most ethnically diverse municipality in Québec RECENT SALES • Many parks are scattered throughout the city connecting to other areas of the city by about 37 km of biking paths • Brossard's service and retail sectors fuel the economy while its industrial park has a mixture of light and medium industry

Indicators

2014 Q3

2014 Q4

3.3%

3.7%

4.2%

5.6%

0.0%

116,497

129,019

3,212

-12,522

170,000

Average Sale Price (PSF)

$79.20

Average Weighted Asking Rent 5

$6.80

$4.78

Vacancy Rate1 Availability Rate

Proportion of Sublease

Total Vacant (SF) 4

Net Absorption (SF) Under Construction (SF) New Supply (SF)

Trend*

p p tu p q tu tu tu q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

8.0

7.0

Absorption (Thousands SF)

20 3

6.0 15 5.0 $4.78 10

3.7%

4.0

5 3.0 0

2013 Q3 1

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q1

2014 Q2

2014 Q3

2014 Q4

2.0 -5

2013 Q4

-10

1.0

-15

0.0

Asking Net Rent ($) / Vacancy (%)

Millions

Absorption

2014 Q4

Industrial Submarket Dashboard Saint-Hubert

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• Saint-Hubert is the borough of Longueuil which has a wide array of commercial, industrial and agricultural enterprises • The aerospace industry is arguably the most important of these industry sectors • RECENT Pratt SALES & Whitney Canada designs and manufactures jet engines at the plant near Saint-Hubert airport • The Canadian Space Agency has its head office in the borough • The École nationale d'aérotechnique, a school that teaches aeronautics is located in the borough • Access to Highway 10 and the Jacques-Cartier bridge

Indicators

2014 Q3

2014 Q4

0.8%

0.4%

5.5%

5.0%

0.0%

45,190

23,538

28,370

21,652

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$57.21

$60.82

Average Weighted Asking Rent5

$8.19

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q q tu q q tu tu p tu

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

Total Vacancy Rate

Asking rent

9.0 $8.19

8.0

7.0

6.0

5.0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-10

4.0

-20

3.0

-30

2.0

-40

1.0

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-50

0.4%

0.0

Asking Net Rent ($) / Vacancy (%)

Absorption (Thousands SF)

Millions

Absorption

3400, boul. Losch

Publisac

16,500 SF

3400, boul. Losch

Publisac

15,000

3325-3335, 1ère rue

Les Installations en Chauffage SM Inc.

5,950

3400, boul. Losch

Distribution Express MT Inc.

3,750

4500, rue Kimber

Industrie Orkan Inc.

3,600

4600, rue Kimber

Prisma Scene

2,400

Placement Intéret Plus JP Inc.

3,009

RECENT SALES TRANSACTION 2670, rue Désautels

Industrial Submarket Dashboard Longueuil

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• A thriving economy, based largely on cutting edge technology • Offers a whole range of commercial services, from prestige brand name companies to corner stores • Access to public transportation (buses and metro) • Minutes from downtown across the Jacques-Cartier bridges • The city of Longueuil has approximately 11,000 companies that are spread across all sectors of economic activity, but mainly the service sector dominates with nearly 80% of the workforce • Bordered by the St. Lawrence Seaway, the area is located near the port of Montreal (less than 15 km), which allows companies to connect to the U.S. Midwest markets and Europe

Indicators

2014 Q3

2014 Q4

3.2%

2.6%

5.3%

4.3%

16.7%

7.4%

337,591

273,597

62,302

63,994

Under Construction (SF)

New Supply (SF)

$115.78

$76.42

$4.69

$6.10

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Sale Price (PSF) Average Weighted Asking Rent5

Trend*

q q q q p tu tu q p

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

# of Sales Transactions

$18

Absorption

Total Vacancy Rate

Asking rent

7.0

Millions

$6.10 60

$16

$12

$10 3 $8

Absorption (Thousands SF)

$14

5.0 20 4.0

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-20

3.0

-40 2.6%

2.0

-60

$4 1

1.0

-80

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-100

0.0

Asking Net Rent ($) / Vacancy (%)

6.0

2109, boul. Fernand-Lafontaine

Exide Technologies Canada Corp.

34,572 SF

2107, boul. Fernand-Lafontaine

Aleees Eco Ark Canada Corp.

23,523

715, boul. Delage

Équipement d'Essai Aerospatial

4,974

792, boul. Guimond

Praxis Sports Inc.

4,765

926, place Trans-Canada

Les Distributions Nivek Inc.

2,640

894, rue Jean-Neveu

Publications Balsam Inc.

1,403

RECENT SALES TRANSACTIONS 4801, rue Leckie

TVA Group

169,449

2530, ch. du Lac

9308-2527 Quebec Inc.

4,810

106-820, boul. Guimond

Gestion A. Et S. Leclerc Inc.

3,500

652, boul. Guimond

9232-0571 Québec Inc.

3,301

205-822, boul. Guimond

Balcon Techno Fibres 2010 Inc.

1,727

Industrial Submarket Dashboard Boucherville

2014 Q4 MAP OF SUBMARKET

SUBMARKET CHARACTERISTICS

SUBMARKET SNAPSHOT

• The industrial section of Boucherville covers the western part of the city; from Highway 20 all the way to Longueuil, this section is divided into 3 industrial parks • Boucherville is in close proximity to Saint-Bruno, which has a well-developed industrial park • Access to Highways 30, 10 and 20 • Boucherville is part of an region known as the Montérégie, which has one of the fastest growing populations of all of Québec • The Montérégie area has the highest percentage of manufacturing jobs in the province; close to ¼ of all manufacturing related to consumer products is performed in the Montérégie • The industrial park Boucherville is among the largest in Québec. In this space of about 7 km², there are over 575 companies that employ over 23,000 people

Indicators

2014 Q3

2014 Q4

3.8%

3.2%

6.6%

5.0%

0.0%

455,680

382,754

6,263

72,926

Under Construction (SF)

New Supply (SF)

Average Sale Price (PSF)

$72.69

$69.42

Average Weighted Asking Rent5

$5.48

$5.17

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Trend*

q q tu q p tu tu q q

* change over previous quarter

SALES TRANSACTION VOLUME

18-MONTH TREND RECENT LEASE TRANSACTIONS

Sales Transaction Volume ($)

Absorption

# of Sales Transactions

Asking rent

150

Millions

$25

Total Vacancy Rate

1690, rue Eiffel

Enercon Services Canada Inc.

141,524 SF

1280, rue Nobel

V. Boutin Express Inc.

42,672

6.0

$5.17

5.0

$15

$10

Absorption (Thousands SF)

$20

4.0

3.2%

3.0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-50

2.0

-100

1.0

-150

0.0

1 $5

0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

Asking Net Rent ($) / Vacancy (%)

100

RECENT SALES TRANSACTIONS 180, ch. du Tremblay

Choice Properties REIT

315,961

1470, rue Joliot-Curie

Gestion Isabelle Robert Inc.

9,882

Industrial Market Dashboard Vaudreuil

2014 Q4 MAP OF MARKET

MARKET CHARACTERISTICS

MARKET SNAPSHOT

• Vaudreuil is 30 kilometers West of Montréal and shares a border with the province of Ontario • Vaudreuil-Soulanges' population has been on the rise since the 1990s and is now over 135,000 people while its main city, Vaudreuil, is inhabited by RECENT SALES over 32,000 • The city of Vaudreuil is strategically located at the junction of highways 20, 40 ,540, and 30, which makes the city a logistics crossroad • Vaudreuil-Dorion is composed of seven industrial parks bordered by major roads and railways

Indicators

2014 Q3

2014 Q4

3.2%

2.2%

5.6%

19.6%

0.0%

30,602

97,941

-8,350

Under Construction (SF)

New Supply (SF)

$6.50

$7.08

Vacancy Rate

Availability Rate

Proportion of Sublease Total Vacant (SF) 4

Net Absorption (SF)

Average Weighted Asking Rent

Trend*

q p tu tu q tu tu p

* change over previous quarter

18-MONTH TREND RECENT LEASE TRANSACTIONS Total Vacancy Rate

Asking rent

0.12

10.0

0.1

9.0

Absorption (Millions SF)

0.08

8.0 $7.08

0.06

7.0

0.04

6.0

0.02

5.0

4.0 2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q3

2014 Q4

-0.02

-0.04

3.0

2.2%

Asking Net Rent ($) / Vacancy (%)

Absorption

440, rue Aimé-Vincent

Stemtech Canada Inc.

4,150 SF

420-460, rue Aimé-Vincent

Services de Transport FLS Inc.

4,014

2.0

-0.06

1.0

-0.08

0.0