Page 1

Office Market Dashboard Greater Montréal Area

2013 Q2 MARKET SNAPSHOT

MAP OF MARKET

Indicators Office Inventory*

2013 Q2

73,784,424

74,025,768

1

-118,951

-644,234

2

5.8%

6.7%

9.0%

10.2%

$15.86

$15.55

$12.14

$12.44

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

p q p p q p

*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 547 office buildings surveyed in the Montreal office region.

AVAILABLE SUPPLY SPLIT Direct Avail

800

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

700 SF (10,000's)

*Population of over 3,824,200 which is approximately half the population of the province of Quebec *GMA has the highest population in the province of Quebec *Second largest city in Canada *Economy is largely focused on service based business, which employ 81% of the population *Concentration of high-tech businesses

Sublease % of Total Avail.

600 500 400

300 200 100 0

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space

Not Avail. Office Space

Gross Rent

$40

2013 Q2

4,000

$35

3,500

$34.29

Vacancy Rate

Asking Net Rent

1,200

$15.55

1,000 800 Thousands (SF)

16

14

600

12

400

10

200 (200)

18

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

6.7%

8

2013 Q2

6

(400)

4

(600)

2

(800)

0

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Asking Net Rent ($) / Vacancy Rate (%)

Absorption

Gross Rent $/SF

$30

18-MONTH TREND

6

3,000

$25

2,500 $23.07

$20

2,000

$16.81

$15 $10

1,500 1,000

$5

SF (10,000's)

Sublease Avail

MARKET CHARACTERISTICS

500

$-

0 Class A

Class B

Class C

Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class. Quoted asking rents are based on a 5 year deal with TI's of $25.00 Class A, $20.00 Class B & C.

RECENT LEASE TRANSACTIONS 5445-5455, de Gaspé

Pied Carré

208,424 SF

225, Chabanel O.

Mode Corwik

86,166

2-3, Place Ville Marie

VIA Rail Canada

67,413

1717, René-Lévesque E.

Astral Media Radio inc.

65,508

5, Place Ville Marie

Ordre des CGA

48,000

Deloitte Tower

26 storeys

495,069

MERCK Building

8 storeys

300,000

Place Laval V

14 storeys

260,000

UNDER CONSTRUCTION

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Market Dashboard Downtown

2013 Q2 MARKET SNAPSHOT

MAP OF MARKET

Indicators Office Inventory*

2013 Q2

49,428,581

49,331,103

1

-97,793

-193,746

2

4.5%

4.7%

7.3%

8.5%

$18.02

$18.37

$13.23

$13.60

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

q q p p p p

*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 265 office buildings surveyed in the Downtown office region.

AVAILABLE SUPPLY SPLIT Sublease Avail

MARKET CHARACTERISTICS

Direct Avail

450

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

400 350

SF (10,000's)

*Home to numerous AAA buildings with quality tenants. *Presence of three major universities, McGill, UQAM and Concordia. *Shopping district, restaurants, theatres and museums abound. *Many of the office towers in this market were built in the 1960's through to the 1980's with very few newer towers having been built in the last 10 years. *Total inventory: just under 50 million square feet.

Sublease % of Total Avail.

300 250 200 150

100 50 0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS 6

Avail. Office Space $45

2013 Q2

Not Avail. Office Space

Gross Rent 2,500

$41.46

$40

2,000

$35

Asking Net Rent

$18.37

18

300

16

200 Thousands (SF)

20

14 12

100

10 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

(100)

6 4

(200) 4.7%

(300)

8

2

0

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

$25.77

$25

1,500

$20 $16.81

$15 $10

1,000 500

SF (10,000's)

Vacancy Rate

Asking Net Rent ($) / Vacancy Rate (%)

Absorption

400

Gross Rent $/SF

$30

18-MONTH TREND

$5 $-

0 Class A

Class B

Class C

Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class. Quoted asking rents are based on a 5 year deal with TI's of $25.00 Class A, $20.00 Class B & C.

RECENT LEASE TRANSACTIONS 2-3, Place Ville Marie

VIA Rail Canada

67,413 SF

1717, René-Lévesque E.

Astral Media Radio inc.

65,508

5, Place Ville Marie

Ordre des CGA

48,000

1, Place Ville Marie

Banque Royale du Canada

45,462

700, Wellington

Morgan Stanley Services Canada Corp.

32,482

Deloitte Tower

26 storeys

495,069

Aimia Tower

35 storeys

234,476

L'Avenue

8 storeys

140,000

UNDER CONSTRUCTION

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard Downtown Core

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators

2013 Q1

2013 Q2

Office Inventory*

33,668,264

33,668,264

Net Absorption1

8,748

-173,994

Vacancy Rate2

4.6%

5.1%

8.1%

9.5%

$18.82

$19.11

$14.79

$14.19

3

Availability Rate

Average Weighted Asking Rent

4

5

Average Additional Rent

Trend

tu q p p p q

*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 127 office buildings surveyed in the Downtown Core office region.

AVAILABLE SUPPLY SPLIT Sublease % of Total Avail.

350

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

SF (10,000's)

300 250

200 150 100 50

0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space

Vacancy Rate

$19.11

Thousands (SF)

20

200 15 100 10 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

(100)

5

5.1%

(200)

0

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Asking Net Rent ($) / Vacancy Rate (%)

25

300

6

2,000

$42.00

$35

1,800 1,600

$30

1,400

$40

Asking Net Rent

400

Gross Rent

$45

2013 Q2

18-MONTH TREND Absorption

Not Avail. Office Space

$25

1,200 1,000

$25.03

$20

$17.39

$15

800 600

$10

400

$5

200 0

$Class A

Class B

SF (10,000's)

Direct Avail

Gross Rent $/SF

Sublease Avail

SUBMARKET CHARACTERISTICS *The Downtown Core, with the largest inventory of office space, offers a highly-skilled and welleducated labour pool. *The Core is home to many of the leading professional office users. *Limited parking, but quick access to public transit such as the metro, bus, train station and the PATH system, Montreal's underground walkway. *Easy access to major highways, namely the 720, 20 and 15. 20 minutes to P.E.T. airport. *Amenities and services such as restaurants, shopping, banking and workout facilities add convenience for employees and customers. *Total inventory: just over 33.6 million square feet.

Class C

Note: Not available office space (light blue) and available office space (dark blue) add up to the total inventory of office space in the respective building class. Quoted asking rents are based on a 5 year deal with TI's of $25.00 Class A, $20.00 Class B & C.

RECENT LEASE TRANSACTIONS 2-3, Place Ville Marie

VIA Rail Canada

67,413 SF

5, Place Ville Marie

Ordre des CGA

48,000

1, Place Ville Marie

Banque Royale du Canada

45,462

895, de la Gauchetière O.

Adacel Inc.

26,000

1250, René-Lévesque O.

Pavillion Global

15,039

Deloitte Tower

26 storeys

495,069

Aimia Tower

35 storeys

234,476

L'Avenue

8 storeys

140,000

UNDER CONSTRUCTION

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard Downtown East

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory*

2013 Q2

5,961,956

5,961,956

1

-2,195

-282

2

1.0%

1.0%

1.9%

3.0%

$13.30

$11.23

$10.54

$12.61

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

tu p tu p q p

*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 30 office buildings surveyed in the Downtown East office region.

AVAILABLE SUPPLY SPLIT Direct Avail

*Quartier des Spectacles, Montréal's cultural heart, featuring 1 square mile with over 80 cultural venues. *Home to one of Montréal's largest French universities, Université de Québec à Montréal. *Numerous popular restaurants, clubs and shops. *Total inventory: just under 6 million square feet.

Sublease % of Total Avail.

20 18 16 14 12 10 8 6 4 2 0

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space

Not Avail. Office Space

Gross Rent

$35

2013 Q2

$30

300

250

$28.75

Vacancy Rate

Asking Net Rent

20

16

15

14 12

Thousands (SF)

10 $11.23 5

10 8

-

(5)

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

4

(10) (15)

6

2 1.0%

0

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Asking Net Rent ($) / Vacancy Rate (%)

Absorption

Gross Rent $/SF

$25

18-MONTH TREND

6

200

$23.77 $20

$19.63

150

$15

100

$10

SF (10,000's)

SF (10,000's)

Sublease Avail

SUBMARKET CHARACTERISTICS

50

$5

$-

0 Class A

Class B

Class C

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

RECENT LEASE TRANSACTIONS 1717, René-Lévesque E.

Astral Media Radio inc.

65,508 SF

533, Ontario E.

Le Bon Dieu Dans La Rue

4,049

888, de Maisonneuve E.

Videotron s.e.n.c.

1,870

533, Ontario E.

AGRTQ Ressources

1,854

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard Downtown West

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory*

2013 Q2

2,630,035

2,552,035

1

-28,660

-24,185

2

6.7%

4.8%

7.2%

7.1%

$15.74

$16.20

$11.60

$11.60

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

q p q q p tu

*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 28 office buildings surveyed in the Downtown West office region.

AVAILABLE SUPPLY SPLIT Direct Avail

25

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

20

SF (10,000's)

*Home to Montréal's largest English universities, Concordia University *Access to green spaces, namely areas such as Westmount Park and Murray Hill Park in Westmount, one of Montréal's most upscale residential areas. *Proximity to shopping district, Alexis Nihon mall. *Public transit is abundant, with access to multiple bus and metro lines. *Total inventory: just over 2.6 million square feet.

Sublease % of Total Avail.

15

10 5 0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space

Not Avail. Office Space

$40

2013 Q2

120 $35.40

$35

100

Vacancy Rate

Asking Net Rent

Thousands (SF)

60

$16.20

18

50

16

40

14

30

12

20

10

10

8

(10)

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

4

(20) (30) (40)

6

4.8%

2 0

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Asking Net Rent ($) / Vacancy Rate (%)

Absorption

Gross Rent $/SF

$30

18-MONTH TREND

6

Gross Rent

$29.39

80

$25

$26.49

$20

60

$15

40

$10

SF (10,000's)

Sublease Avail

SUBMARKET CHARACTERISTICS

20

$5

$-

0 Class A

Class B

Class C

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

RECENT LEASE TRANSACTIONS 1, Place Alexis Nihon

Mtl Children's Hospital Foundation

9,256 SF

1500, Atwater

Wowwee Holdings inc.

3,148

2, Place Alexis Nihon

OMS! Merchant Services Canada inc.

2,191

2, Place Alexis Nihon

Target Canada Co.

1,250

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard Old Montreal

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory* 1

Net Absorption

2

Vacancy Rate

3

Availability Rate

Average Weighted Asking Rent

4

5

Average Additional Rent

2013 Q1

2013 Q2

7,168,326

7,148,848

-75,686

4,715

5.9%

5.6%

8.3%

8.9%

$15.85

$15.77

$9.41

$9.49

Trend

q p q p q p

*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 82 office buildings surveyed in the Old Montreal office region.

Sublease Avail

SUBMARKET CHARACTERISTICS

Direct Avail

Sublease % of Total Avail.

70

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

SF (10,000's)

60

50 40 30

20 10 0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

*Booming area as young couples and families move in due to an explosion in the condo market in this submarket and an abundance of hip restaurants, bars and art galleries. *Proximity to the waterfront, highway 720 and the metro system. *Historic buildings converted into office space and condos. *Home to a new multimedia building, CitĂŠ du multimedia. *Total inventory: just over 7 million square feet.

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space

Not Avail. Office Space

Gross Rent

$45

2013 Q2

400 $40.34

$40

350

$35

300

Absorption

Vacancy Rate

Asking Net Rent 18

$15.77

60

Thousands (SF)

40

14

20

12

-

(20)

16

10 2012 Q1

2012 Q2

2012 Q3

(40)

2012 Q4

2013 Q1

2013 Q2 5.6%

8 6

(60)

4

(80)

2

(100)

0

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Asking Net Rent ($) / Vacancy Rate (%)

80

Gross Rent $/SF

$30

18-MONTH TREND

6

250

$27.51

$25

$21.89

$20

200

150

$15

$10

100

$5

50

$-

SF (10,000's)

AVAILABLE SUPPLY SPLIT

0 Class A

Class B

Class C

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

RECENT LEASE TRANSACTIONS 700, Wellington

Morgan Stanley Services Canada Corp.

32,482 SF

111, Duke

AbiBow Canada inc.

8,153

500, Place d'Armes

Fromagerie Bel Canada inc.

6,989

Centre de commerce mondial

Groupe Lacasse

4,946

500, Place d'Armes

Boro, Polnicky, Lighter, Avocats

4,573

Colliers International, 2013 Q2 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) Š 2013 . All rights reserved.


Office Market Dashboard Montréal Suburbs

2013 Q2 MARKET SNAPSHOT

MAP OF MARKET

Indicators Office Inventory*

2013 Q2

24,355,843

24,694,665

1

-21,158

-450,488

2

8.6%

10.8%

12.4%

13.5%

$13.57

$13.09

$10.97

$11.43

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

p q p p q p

*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 282 office buildings surveyed in the Suburb office region.

AVAILABLE SUPPLY SPLIT Direct Avail

Sublease % of Total Avail.

400

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

SF (10,000's)

350 300

250 200

150 100

50 0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space $30

2013 Q2

Not Avail. Office Space

1,400 $21.64

Vacancy Rate

Asking Net Rent 16

600 Thousands (SF)

400

$13.09

14

10.8%

12 10

200

8 -

2012 Q1

2012 Q2

2012 Q3

(200)

2012 Q4

2013 Q1

2013 Q2

6 4

(400)

2

(600)

0

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Asking Net Rent ($) / Vacancy Rate (%)

800

Gross Rent $/SF

$20

Absorption

1,600

$27.90

$25

18-MONTH TREND

6

Gross Rent

1,200

1,000

$15

800 600

$10

400 $5

SF (10,000's)

Sublease Avail

MARKET CHARACTERISTICS *Includes Baie D'Urfé, Beaconsfield, Kirkland, Pierrefonds, Dollard-des-Ormeaux, Pointe-Claire, Dorval, St-Laurent, Lachine, Cote-St-Luc, Hampstead, LaSalle, Verdun, Montreal West, Westmount, Ahuntsic, St-Leonard, Montreal North, Montreal East, Anjou, Pointe-aux-Trembles and Riviere-des-Prairies. *Public transit includes commuter trains, subway and buses. *Labour pool includes bilingual population. *Education facilities include numerous colleges and universities such as Concordia, McGill, Université de Montréal. *Major companies include many pharmaceutical firms, Bombardier Aerospace, CGI, CAE, Molson, Alcan and Domtar.

200

$-

0 Class A

Class B

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

RECENT LEASE TRANSACTIONS 5445-5455, de Gaspé

Pied Carré

208,424 SF

225, Chabanel O.

Mode Corwik

86,166

101, Marcel-Laurin

UPS

40,000

8550, Newman

CLSC LaSalle

37,985

Place Basile-Patenaude

Ville de Montréal

35,642

MERCK Building

8 sotreys

300,000

Place Laval V

14 storeys

260,000

SSQ Tower

13 storeys

216,000

UNDER CONSTRUCTION

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard West Island

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory*

2013 Q2

2,825,224

2,763,713

1

-81,925

32,455

2

14.9%

13.8%

17.0%

15.1%

$12.64

$12.53

$10.94

$12.37

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

q p q q q p

*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 35 office buildings surveyed in the West Island office region.

AVAILABLE SUPPLY SPLIT Direct Avail

Sublease % of Total Avail.

60

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

SF (10,000's)

50 40 30

20 10 0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space

Not Avail. Office Space

$30

250 $27.64

2013 Q2 $25

200

18-MONTH TREND Absorption

Vacancy Rate

Asking Net Rent

20

15

Thousands (SF)

-

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

(20)

14

13.8%

(40)

13

(60) (80)

(100)

$12.53

12 11

Asking Net Rent ($) / Vacancy Rate (%)

16

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Gross Rent $/SF

$20

40

6

Gross Rent

$19.66

150

$15 100 $10

50

$5 $-

SF (10,000's)

Sublease Avail

SUBMARKET CHARACTERISTICS *The ever growing West Island submarket is made up of a multitude of boroughs and cities such as Dorval, Pointe-Claire, Dollard-des-Ormeaux, to name but a few. *Easy access to green spaces, free parking and great amenities. *Close proximity to the Pierre Elliot Trudeau airport( P.E.T.), Laval and to the Ontario and U.S.A. borders. *Access to highways 20 and 40. 20 minutes to Downtown. Accessible public transit. *Diversified economy, highly educated bilingual work force. *Dynamic West Island Economic Development Corporation that provides the support necessary to big and small businesses.

0 Class A

Class B

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

RECENT LEASE TRANSACTIONS 1425, Transcanadienne

Amec Americas Ltd.

33,760 SF

275, Kesmark

Electro Scientific Industries

10,117

9641, Côte-de-Liesse

Kativik School Board

9,200

455, Fénélon

Camp Systems Internatinal Inc.

5,000

455, Fénélon

Indegene Aptilon Services Inc.

3,647

MERCK Building

8 sotreys

300,000

1675, Transcanadienne

3 storeys

70,000

UNDER CONSTRUCTION

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard Saint-Laurent

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory*

2013 Q2

4,134,230

4,134,230

1

-440

-210,350

2

7.3%

12.4%

12.2%

15.4%

$12.24

$13.35

$13.74

$13.44

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

tu q p p p q

*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 48 office buildings surveyed in the St. Laurent office region.

AVAILABLE SUPPLY SPLIT Direct Avail

70

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

60

50

SF (10,000's)

*Offering a great variety of office types and locations. Newer office towers are in close proximity to highway 40. *Access to highways 40 and 13 in a matter of minutes from any location in St-Laurent. *Pierre Elliot Trudeau airport is partialy located in St-Laurent at the western border. *Public transit, including two commuter trains and two metro stations, cover most of the territory. *Recent housing developments have brought renewal to parts of Marcel-Laurin and Côte-Vertu. Total inventory: just over 4 million square feet.

Sublease % of Total Avail.

40 30

20 10 0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space $30

Not Avail. Office Space

350

$28.23

2013 Q2

300

$25 $21.80

250

Absorption

Vacancy Rate

Asking Net Rent 16 $13.35 12.4%

Thousands (SF)

50 (50)

14 12 10

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

8

(100)

6

(150)

4

(200)

2

(250)

0

Asking Net Rent ($) / Vacancy Rate (%)

150

100

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Gross Rent $/SF

$20

18-MONTH TREND

6

Gross Rent

200 $15

150 $10

100

$5

SF (10,000's)

Sublease Avail

SUBMARKET CHARACTERISTICS

50

$-

0 Class A

Class B

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

RECENT LEASE TRANSACTIONS 101, Marcel-Laurin

UPS

40,000 SF

6320-6380, Côte-de-Liesse

Fédération des Caisses Desjardins

17,681

7150, Albert-Einstein

Genetec Inc.

16,113

Trans-Canada Business Park

OCE

14,000

6320, Côte-de-Liesse

Maroline Distributing Inc.

10,724

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard Centre West

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory*

2013 Q2

6,549,251

6,857,763

1

89,263

-154,230

2

7.0%

9.3%

11.5%

11.7%

$15.17

$12.82

$14.12

$14.12

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

p q p p q tu

*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 68 office buildings surveyed in the Centre West office region.

AVAILABLE SUPPLY SPLIT

90

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

80 70 SF (10,000's)

*Future home to the McGill University Health Center, Super Hospital, to open its doors in 2014. *Contains one of the most sought after residential neighbourhoods, Notre-Dame-DeGrâce (NDG). *Numerous educational facilities, including one of Concordia University's campuses and several private high schools. *Good connections to public transit - train, metro and bus lines. *Easy access to highways 15 and 40. *Total inventory: just over 6 million square feet.

Sublease % of Total Avail.

60 50

40 30 20

10 0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space

$25

Vacancy Rate

Asking Net Rent

400

18

Thousands (SF)

Asking Net Rent ($) / Vacancy Rate (%)

16

300

14

200

$12.82

12

9.3%

10

100

8

-

6 2012 Q1

2012 Q2

(100) (200)

2012 Q3

2012 Q4

2013 Q1

2013 Q2

4

2 0

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

6

Gross Rent

$26

2013 Q2

18-MONTH TREND Absorption

Not Avail. Office Space

350 300

$24.92

$24

250

$23

200

$22

150

$21

100 $20.98

$20

SF (10,000's)

Direct Avail

Gross Rent $/SF

Sublease Avail

SUBMARKET CHARACTERISTICS

50

$19

0 Class A

Class B

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

RECENT LEASE TRANSACTIONS 8550, Newman

CLSC LaSalle

37,985 SF

4700, de la Savane

The Toronto-Dominion Bank

35,000

8550, Newman

Douglas Hospital

8,042

4700, de la Savane

Silkan Solutions inc.

3,636

4700, de la Savane

Pare-Buchan Street Development Inc.

2,350

Colliers International, 2013 Q2 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) Š 2013 . All rights reserved.


Office Submarket Dashboard Laval

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory* Net Absorption

1

Vacancy Rate2 Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

2013 Q1

2013 Q2

3,167,407

3,334,553

12,245

63,596

5.4%

8.2%

8.0%

9.7%

$11.63

$11.65

$12.21

$12.35

Trend

p p p p p p

*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 40 office buildings surveyed in the Laval office region.

AVAILABLE SUPPLY SPLIT Direct Avail

Sublease % of Total Avail.

35 30 SF (10,000's)

*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. *Total inventory: just over 3 million square feet.

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

25 20 15 10 5 0

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space

$26

14 $11.65

12 10

8.2%

8 6 4

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

2

0

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Gross Rent $/SF

Asking Net Rent Asking Net Rent ($) / Vacancy Rate (%)

Thousands (SF)

90 80 70 60 50 40 30 20 10 (10) (20)

6

180 160

18-MONTH TREND Vacancy Rate

Gross Rent

2013 Q2

140

$25

Absorption

Not Avail. Office Space

$24.92

120 100

$24

80

$23.22 $23

60 40

SF (10,000's)

Sublease Avail

SUBMARKET CHARACTERISTICS

20 $22

0 Class A

Class B

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

RECENT LEASE TRANSACTIONS 2550, Daniel-Johnson

Groupe Le Corre & Associés

13,588 SF

4455, aut. Laval O.

BSN Medical Inc.

4,854

3080, le Carrefour

Stewart Title Guaranty Co.

4,405

2550, Daniel-Johnson

April Canada Inc.

4,064

1435, St-Martin O.

Dr. Jean St-Hilaire

2,557

Place Laval V

14 storeys

260,000

3055, St-Martin O.

6 storeys

99,400

UNDER CONSTRUCTION

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard South Shore

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory*

2013 Q2

2,855,914

2,855,914

1

20,513

-18,779

2

5.9%

6.6%

8.6%

8.7%

$14.56

$14.15

$10.86

$10.92

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

tu q p p q p

*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 47 office buildings surveyed in the South Shore office region.

AVAILABLE SUPPLY SPLIT Direct Avail

Sublease % of Total Avail.

30 25 SF (10,000's)

*Cities include Longueuil (the largest on the South Shore), Brossard, Boucherville, StHubert and Chateauguay. *Home to Quartier Dix 30, a new shopping and living district. *Home also to the training facility for the Montréal Canadians, Montréal's National Hockey League Team. *New office buildings springing up, including the OACIQ's headquarters. *Total inventory: just over 2.5 million square feet.

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

20

15 10 5

0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space $30

Not Avail. Office Space

180

$28.28

2013 Q2

160

$25 $22.73

Absorption

Vacancy Rate

Asking Net Rent 16 $14.15

80

12

60 Thousands (SF)

14

10

40 6.6%

20

8 6

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013 Q2

4

(20)

2

(40)

0

Asking Net Rent ($) / Vacancy Rate (%)

100

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Gross Rent $/SF

$20

18-MONTH TREND

6

Gross Rent

140 120

100

$15

80

$10

60 40

$5

SF (10,000's)

Sublease Avail

SUBMARKET CHARACTERISTICS

20

$-

0 Class A

Class B

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

RECENT LEASE TRANSACTIONS 9975-9995, Catania

Le Holding Angelcare inc.

13,029 SF

2035, Victoria

Joron Veilleux

4,142

2035, Victoria

De Soi à l'Emploi

3,373

2035, Victoria

Airclaims International

2,320

2035, Victoria

Dr. Claude Charette

1,806

UNDER CONSTRUCTION SSQ Tower

13 storeys

216,000

630 boul. Clairevue O.

3 storeys

27,000

2255 boul. Fernand-Lafontaine

4 storeys

26,693

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard Centre East

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory*

2013 Q2

3,448,997

3,373,672

1

-58,372

-137,232

2

11.9%

14.0%

13.9%

18.1%

$13.87

$13.58

$10.94

$12.01

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

q q p p q p

*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 29 office buildings surveyed in the Centre East office region.

Sublease Avail

SUBMARKET CHARACTERISTICS

Direct Avail

Sublease % of Total Avail.

70

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

SF (10,000's)

60 50 40 30 20 10 0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

*Home to TOHU, the Cirque du Soleil school and performing centre. *Uniprix Stadium, which hosts sporting events such as the Rogers Cup. *Chabanel district, which used to house the garment industry, is now under full conversion and many industrial spaces are being converted into office space. *Total inventory: just under 3.5 million square feet.

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space

Not Avail. Office Space

$35

2013 Q2

250

$30

200

$29.96

Vacancy Rate

Asking Net Rent

14.0% $13.58

20 -

Thousands (SF)

(20)

2012 Q1

2012 Q2

2012 Q3

(40)

2012 Q4

2013 Q1

2013 Q2

15 14 13

12

(60)

(80)

11

(100)

10

(120)

(140) (160)

9 8

Asking Net Rent ($) / Vacancy Rate (%)

Absorption

40

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Gross Rent $/SF

$25

18-MONTH TREND

6

Gross Rent

$22.79

$20

150

$15

100

$10 50

$5 $-

SF (10,000's)

AVAILABLE SUPPLY SPLIT

0 Class A

Class B

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

RECENT LEASE TRANSACTIONS 5445-5455, de Gaspé

Pied Carré

208,424 SF

225, Chabanel O.

Mode Corwik

86,166

Place Basile-Patenaude

Ville de Montréal

35,642

9494, St-Laurent

Creations GSL

29,123

225, Chabanel O.

Lori Michaels

25,336

2 storeys

60,000

UNDER CONSTRUCTION 4200, Molson

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.


Office Submarket Dashboard East Island

2013 Q2 SUBMARKET SNAPSHOT

MAP OF SUBMARKET

Indicators Office Inventory*

2013 Q2

1,374,820

1,374,820

1

-2,442

-26,388

2

12.5%

14.4%

21.6%

21.8%

$13.36

$13.24

$13.74

$13.64

Net Absorption Vacancy Rate

2013 Q1

Availability Rate

3

Average Weighted Asking Rent

Average Additional Rent

4

5

Trend

tu q p p q q

*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 15 office buildings surveyed in the East Island office region.

AVAILABLE SUPPLY SPLIT Sublease % of Total Avail.

35 30 SF (10,000's)

*Development of an East Island Greenbelt due to presence of mature forests along Autoroute 40. *Proximity to Québec City and its many tourist attractions. *New residential developments in areas such as Rivière-des-Prairies and Pointe-auxTrembles. *Total inventory: just over 1.3 million square feet.

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

25 20 15 10 5 0 2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

GROSS RENT & AVAILABILITY BY BUILDING CLASS Avail. Office Space $30

Absorption

Vacancy Rate

Asking Net Rent 15 14.4%

30

14

20 Thousands (SF)

15

$13.24

10

14

13 -

2012 Q1

2012 Q2

2012 Q3

(10)

2012 Q4

2013 Q1

2013 Q2

13 12

(20)

12

(30)

11

Asking Net Rent ($) / Vacancy Rate (%)

40

Gross Rent

6

120

$27.73

2013 Q2

18-MONTH TREND

Not Avail. Office Space

$25

100

$20

80

$15

$13.49

60

$10

40

$5

20

$-

SF (10,000's)

Direct Avail

Gross Rent $/SF

Sublease Avail

SUBMARKET CHARACTERISTICS

0 Class A

Class B

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

1. 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. 2. 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. 3. Availability rate: The amount of available space divided by the building inventory base. Available space is space that is available for lease or sublease and may or may not be vacant. 3. Average Weighted Asking Rent: The average asking rent per square foot for buildings in an office market or submarket weighted by the total amount of square footage in the building. 4. Additional Rent comprises of operating costs and property taxes, per square foot per year. 5. Gross Rent: Obtained when adding additional rent to the net rent.

Colliers International, 2013 Q2 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) © 2013 . All rights reserved.

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