Net Absorption

This Quarter 12-Month Absorption

5-Year Annual Average

Vacancy
This Quarter Year-over-Year

Asking Net Rent

This Quarter* Year-over-Year

*weighted average

Development/Sales
Under Construction Sale Price (avg.)

New Supply
 Weighted Average Asking Net Rates ($PSF) By Market | Q3 2018 – Q3 2019

$50
AAA A AAA Downtown 11%
$40
C Midtown 7%
B A
$30
B C A
A A GTA N/E 0%
$20 B C B B C
C
GTA W -3%
$10
GTA Total -1%
$0
Downtown Midtown GTA N/E GTA W GTA Total

By Square Feet Leased Q3 2018 – Q3 2019

FIRE | Financial Services,

Insurance and Real Estate 10 bps 20 bps 0 bps
TAMI | Technology, Advertising, Downtown Midtown GTA N/E
Media and Information 1.3% Q3’19 1.4% Q3’19 4.2% Q3’19
FIRE & TAMI
represent 57% of HEG | Healthcare, Education and
Government
all leases in Q3
ACE | Accountants, Consultants, 20 bps 10 bps
Engineers
GTA W GTA Total
Legal
8.6% Q3’19 4.1% Q3’19
Other

Vacancy Rate Net Absorption New Supply

Vacancy vs. Net Absorption and New Supply

Forecast
2,000,000 9.0%

4.7%
1,500,000
Net Absorption / New Supply (SF)

4.1% 6.0%

1,000,000
Vacancy %

3.0%
500,000

0.0%
0

-500,000 -3.0%
Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19f Q1'20f Q2'20f Q3'20f Q4'20f Q1'21f Q2'21f Q3'21f

Colliers Canada | GTA Office Market Report | Q3 2019 collierscanada.com/research P.2

 Availability Rate

Sublease Avail.

Net Absorption
Total Inventory

Weighted Avg.

Weighted Avg.
Vacancy Rate

Rents ($PSF)
# of Buildings

Asking Gross

Construction
Rent ($PSF)

New Supply
Asking Net
Market

Prop. of

Under
(SF)

(SF)

(SF)

(SF)
Financial Core All 105 37,559,421 2.1% 3.9% 15.9% 168,603 $37.93 $68.13 0 3,736,717
Downtown East All 73 7,000,224 1.6% 2.6% 31.3% 13,457 $28.30 $51.34 0 1,221,167
Downtown North All 136 22,014,791 0.5% 1.2% 22.5% -11,367 $31.21 $53.58 0 207,097
Downtown South All 23 7,136,932 0.2% 1.6% 26.3% 6,152 $41.45 $69.69 0 1,425,716
Downtown West All 159 18,099,035 0.7% 1.7% 36.1% -13,628 $35.94 $51.93 0 1,579,580
Downtown All 496 91,810,403 1.3% 2.5% 21.0% 163.217 $36.45 $63.65 0 8,170,277
Yonge - Bloor All 76 10,896,257 1.0% 2.7% 24.0% 25,428 $27.74 $50.37 0 101,509
Yonge - St. Clair All 30 3,299,852 0.9% 2.0% 12.6% -1,800 $22.73 $44.88 0 0
Yonge - Eglinton All 71 6,818,288 2.2% 2.8% 44.2% -2,562 $18.74 $37.20 0 0
Toronto West All 48 2,745,603 1.3% 1.5% 0.0% 2,861 $20.73 $28.63 0 63,000
Midtown All 225 23,760,000 1.4% 2.5% 27.4% 23,927 $24.17 $44.26 0 164,509
Don Mills - Eglinton All 69 6,446,775 5.0% 5.4% 12.4% -50,635 $13.45 $29.29 0 0
Duncan Mill All 45 3,224,172 9.3% 11.3% 15.5% 8,621 $16.78 $31.69 0 0
Consumers Road All 47 6,063,203 6.4% 8.9% 10.8% 3,733 $14.29 $32.44 0 0
Woodbine/Steeles All 75 6,891,935 5.7% 7.2% 1.4% 31,403 $15.20 $29.43 0 0
Toronto East All 24 1,962,820 2.5% 2.6% 0.0% -28,901 $27.43 $43.32 0 0
Central East All 259 24,588,905 5.9% 7.4% 9.2% 22,023 $15.29 $31.14 0 0
Yorkdale All 15 1,595,394 2.7% 2.7% 0.0% -6,155 $14.00 $38.73 0 0
Dufferin - Finch All 59 4,125,703 12.9% 3.5% 0.0% -52,593 $11.82 $26.90 0 0
North Yonge Corridor All 57 10,651,585 4.8% 7.3% 2.7% 77,620 $21.10 $41.93 0 0
Central North All 131 16,372,682 4.1% 5.9% 2.2% 18,872 $19.56 $39.83 0 0
Vaughan All 84 5,245,929 2.8% 4.2% 6.8% 24,029 $19.74 $31.70 0 181,973
Richmond Hill All 12 864,067 0.2% 0.5% 0.0% 0 $15.14 $24.34 0 65,804
Hwy 404 - Hwy 407 All 139 11,494,999 4.2% 7.6% 27.8% -35,891 $16.34 $30.16 0 0
Markham Town Centre All 38 3,281,418 8.0% 7.0% 47.1% -34,500 $12.53 $22.84 0 0
GTA North All 273 20,886,413 4.3% 7.5% 30.6% -46,362 $16.09 $28.74 0 247,777
Scarborough Town Centre All 89 8,368,800 5.3% 8.4% 32.3% -8,619 $12.61 $29.74 0 0
Pickering - Oshawa All 60 4,904,392 4.9% 5.5% 0.6% -2,937 $12.47 $24.30 0 0
GTA East All 149 13,273,192 5.2% 7.3% 23.5% -11,556 $12.56 $27.77 0 0
GTA North / East All 812 75,121,192 4.9% 7.1% 16.8% -17,023 $15.92 $31.79 0 247,777
130,880
Airport Corporate Centre All 81 6,686,493 7.8% 11.0% 20.1% 65,550 $16.18 $31.99 0

Airport East All 73 5,080,574 15.9% 20.6% 1.8% -23,917 $13.58 $25.56 0 0
Airport West All 73 6,567,597 3.9% 4.1% 10.9% 24,745 $17.53 $32.41 0 60,580
Brampton All 61 4,540,385 1.4% 1.5% 12.5% 5,171 $15.94 $29.97 0 0
Burlington All 75 4,758,540 7.3% 9.2% 4.6% -48,484 $16.18 $29.39 0 0
Cooksville All 36 2,122,918 5.3% 6.0% 0.0% -256 $16.04 $31.89 0 0
Hwy 401 - Hurontario All 65 5,451,658 10.5% 14.4% 19.0% 25,724 $15.46 $29.22 0 0
Hwy 427 - Bloor - Islington All 72 5,717,796 10.0% 11.3% 8.4% 13,252 $16.21 $34.58 0 0
Meadowvale All 92 7,922,661 11.0% 13.7% 15.0% 73,150 $17.93 $31.53 0 0
Mississauga City Centre All 35 4,463,349 7.1% 8.5% 6.8% 9,856 $17.41 $35.37 0 0
Oakville All 73 4,254,583 8.5% 8.6% 4.8% -32,278 $18.35 $31.18 0 331,311
Sheridan - Winston All 57 3,921,639 11.0% 12.5% 4.7% 4,378 $19.36 $32.43 0 25,000
GTA West All 793 61,488,193 8.5% 10.5% 10.2 119,891 $16.43 $30.73 0 547,771
GTA Total All 2,326 252,179,788 4.1% 5.8% 15.0% 290,012 $19.51 $36.49 0 9,130,334

Colliers Canada | GTA Office Market Report | Q3 2019 collierscanada.com/research P.3

 Notable Lease Transactions
Tenant Address Area Market Lease Type

Allstate Insurance 3600 Steeles Avenue East 140,000 SF Central East - Woodbine/Steeles Head Lease

Amazon 18 York Street 132,000 SF Central Downtown - Downtown South Head Lease

Spaces 25 Ontario Street 102,020 SF Central Downtown - Downtown East Head Lease

CHSI 5110 Creekbank Road 101,616 SF Suburban West - Airport West Head Lease

GE Canada Inc. 1919 Minnesota Court 75,000 SF Suburban West - Meadowvale Head Lease

Achievers 99 Atlantic Avenue 57,000 SF Central Downtown - Downtown West Head Lease

Quadrangle 8 Spadina Avenue 48,000 SF Central Downtown - Downtown West Head Lease

Notable Developments

Address – Building Name Class Area Est. Comp. Owner/Developer Building Status

25 King Street West - Commerce Court North AAA 1,759,953 SF Q3 2020 QuadReal Property Group Pre-Leasing

141 Bay Street – CIBC Square II AAA 1,431,388 SF Q3 2023 Ivanhoe Cambridge / Hines Pre-Leasing

100 Queens Quay - LCBO Tower A 546,892 SF Q4 2021 Menkes Developments Under Construction

5400 Explorer Drive A 330,000 SF Q3 2021 Polaris Capital Partners Pre-Leasing

155 Queens Quay E.– Waterfront Innovation Cntr. A 283,000 SF Q4 2021 Menkes Developments Under Construction

500 Lakeshore Blvd. W. – The West Block A 160.989 SF Q1 2020 Wittington Properties Ltd. Under Construction

360 Oakville Place Drive A 139,000 SF Q3 2020 Creekbank Developments Limited Under Construction

5050 Satellite Drive - Spectrum Square II A 130,880 SF Q4 2019 Healthcare of Ontario Pension Plan Under Construction

Notable Investment Transactions

Address Area Purchase Price Purchaser Purchaser Profile

415 Yonge Street 192,036 SF $124,000,000 415 Yonge Holding Ltd. Private Investor

30 Eglinton Avenue West 164,731 SF $70,900,000 Crown Realty Partners & Plaza Partners Private Investor

2323 Yonge Street 67,367 SF $54,100,000 Minett Capital Private Investor

6 Adelaide St. E. & 113 Yonge St. 54,439 SF $45,500,000 Dream Office REIT Public Investor

302 Bay Street 55,479 SF $41,184,000 Campus Living Centres Private Investor

2476 Argentia Road 101, 710 SF $38,140,000 Concert Properties Ltd. Private Investor

225 Duncan Mill Road 155,872 SF $26,650,152 AZVB Inc. Private Investor

220 King Street West 24,968 SF $25,000,000 Dream Office REIT Public Investor

Colliers Canada | GTA Office Market Report | Q3 2019 collierscanada.com/research P.4

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