METRO VANCOUVER INDUSTRIAL MARKET

Transcription

1 Research & Forecast Report METRO VANCOUVER INDUSTRIAL MARKET Second Quarter 6

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3 Table of Contents Metro Market Overview... Market Summaries... North... 3 Burnaby & New Westminster... 4 Tri-Cities... 5 Richmond Langley... 9 Abbotsford, Chilliwack & Ridge-Meadows... Glossary & Forecast Assumptions... Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International

4 Metro Market Overview Market Overview s economy is anticipated to lead the country in real GDP growth over the next several years. The Conference Board of Canada reports growth of 3.% for 6 and an average growth of 3.% between - for context, Toronto is expected to grow by 6% in 6 and 5% between and The growth in Western Canada s largest city is largely fueled by rising housing costs and large non-residential projects. Most notably is the continued work on Seaspan s $8-billion federal shipping contract supporting growth in the manufacturing sector, which is expected to expand by 4.% following 5 s growth of 3.3%. In this quarter the world saw the people of Britain vote in favour of leaving the European Union, adequately referred to as Brexit by the media. While the impact to the different global economies is yet to be known, TD Economics notes that Canada is not immune to effects of the Brexit. That said, TD Economics reassures that the economic impact, albeit minimal, should only be a temporary setback on the Canadian economy. Since the announcement, TD Economics anticipates that the Bank of Canada will keep the overnight interest rate at.5% into 8. The Metro industrial market continues to see vacancy decline as demand for industrial product remains strong with year over year vacancy going from 3.3% to.5%. Net absorption slowed this quarter to 644,6 SF relative to the previous quarter s net absorption of,4,454 SF; in addition, year over year net absorption declined from,,8 SF in Q 5. However, the general trend is positive net absorption with strong demand for space with a dwindling supply of available inventory as well as developable land. investors are looking to strata product to find opportunities with the potential to lease once purchased. Some notable planned infrastructure changes include the removal of the Dunsmuir and Georgia viaducts as well as the development of the. Paul s Hospital site, which has created significant interest in the rathcona neighbourhood of. The George Massey Tunnel replacement project has received some recent criticism from the Metro mayors; however, construction is expected to begin in with the process to obtain bids for the work underway. Source: Conference Board of Canada Market Indicators Relative to prior period Q 5 Q 6 Trend VACANCY 3.3%.5% YTD NET ABSORPTION (SF),96,9,69,3 YTD NEW SUPPLY (SF),695,68 34,334 UNDER CONSTRUCTION (SF),954,8 5,35,549 AVERAGE ASKING NET RENT* $8. $8.64 *rage Asking Net Rent is calculated using a weighted average Q 6 Vacant Space by Property Size (SF),,,5,,, 5, Richmond Burnaby New Westminster Market and Forecast Langley Coquitlam Port Coquitlam Ridge-Meadows North Bulk/Logistic (>,) Large (3,-,) Mid (5,-3,) Small (-5,) Abbotsford Chilliwack Port Moody,5, Investment Market 4.5% Investment product is becoming increasingly scarce as the owner-user market continues to strengthen with low interest rates facilitating the purchase power of business owners; in addition, owner-users are incentivized to purchase with the desire to hedge against rising lease rates in the face of limited supply and strong demand, fueling a robust strata sales market. However, some 3.5% 5%.5%.5%,5, 5, -5, Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International

5 th 6B Indicative of the strong demand for space in, The Kent Fraser Business Park completed construction this quarter and is now fully leased; the building totals to 3,4 SF. The vacancy rate modestly increased to % up from.4% the previous quarter; however, year over year vacancy has remained on a downward trend. > > The development of strata and flex industrial/office product in continues to gain momentum. > > There is significant interest in the rathcona neighbourhood as major changes to the area are planned for the future, including the removal of the Georgia and Dunsmuir Viaducts as well as the development of the new. Pauls Hospital site. > > Off-market transactions are becoming increasingly common. > > PC Urban s Intra Urban strata project has largely sold out with only a handful of available units in building B. Summary atistics Q 5 Q 6 Trend Vacancy Rate 3.5% % YTD Net Absorption (SF) -48,53 88,9 YTD New Supply (SF) 65,6 3,4 Under Construction (SF) 84,39 54,648 Weighted rage Asking Net Rent ($/SF) $9. $3. Historical Performance and Forecast University of British Columbia Wesbrook Mall NW SW W 4th W th VANCOUVER INTERNATIONAL Crown Point Grey Dunbar YVR Airport No. Blenheim English Bay Railway st W Broadway W 6th Macdonald Sea Island Centre Moncton. C.P.R. Templeton Grant McConachie Wy SEA Granville Aberdeen Lansdowne Brighouse City Centre Burrard Olympic Village Bridgeport The Crossing udios Lougheed Hwy Burrard Inlet Gramercy Film Productions Inc West Georgia reet, Floor 3 Direct Tap - 3. Units -5, 8385 Fraser reet King Edward Granville adium/chinatown Yaletown/ Roundhouse Broadway/ City Hall Oakridge/4st Langara/ 49th Waterfront Main N Kent MITCHELL Lonsdale Quay VCC/Clark Broadway E th Commercial E Broadway Renfrew South Fraser Perimeter Road Direct 6,946 Direct 35, A Nanaimo 9th Direct 8,93 North Notable Lease Notable Sale New Supply Richmond Blundell Francis Williams Robertson Inglewood Fulton No. 5th Cornwall W Boulevard Arbutus Russ Baker Wy eveston Hwy Dyke WESTHAM Gilbert Westham Island Lions Gate Bridge Granville reet Davie Denman Pacific W 33rd W 49th Oak W th Garden City No. 4 port Wy Bridgeport Shell Twigg Pl E 4st W 5th W 5th Arthur Laing Bridge No. 3 Taylor Wy ighway W th King Edward W 4st Oak Bridge Cambie Main lvd 5th W 3th Welch Harbourside Dr Harbourside Pl Cambie B Alderbridge Wy Westminster Hwy Fell Gre at Northern Wy No. 5 E 33rd Fraser 3 Larson W Esplanade SE Fraser - Thruway George Massey Tunnel W Arthur Dr 53rd Chesterfield Clark Dr Knight Knight Bridge Lonsdale Georges W 3rd E 3rd 4 A 5 No. 6 34B E Keith Commercial Dr E 9th E Grand Blvd E Esplanade Nanaimo Elliot No. McGill Dundas Venables st 64th Lynn Valley R Brooksbank E Hastings reet Earles Renfrew 49th E Kerr Hopcott Tyne Rupert Joyce Boundary Eton Gilmore Patterson 9 Vantage Wy 36th No. 8 Main Rupert Iron Workers Memorial Bridge Lillooet Grandview Hwy Kent S Blundell TILBURY 6 W side Dr Nelson Grange Metrotown Imperial Rumble Huston 6th E side D 8th No. 9 BOUNDARY BAY Berkley Old Dollarton Gilmore Willingdon Hyannis Dr Mt Seymour Pkwy Dollarton Hwy Parker Brentwood Deer Lake Pkwy Nelson Royal Oak Holdom Curtis Sperl Burnaby L Burnaby Royal Oak Byrne Holdom Sprott Gilley T E North Fraser W Clive 4.5% 4.% 3.5% 3.% 5% %.5%.%.5%.% Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 3 Q 3 Q 3 Q3 3 Q4 4 Q* 4 Q 4 Q3 4 Q4 5 Q 5 Q 5 Q3 5 Q4 6 Q 6 Q 6 Q3F 6 Q4F QF 3,,, -, -, -3, BC FERRIES TERMINAL TSAWWASSEN Causeway B Notable Sale Transactions 4. Lazy Gourmet - 5 East Pender reet Shift Health Paradigms Ltd Clarke Drive 6. 5nd th 6th st Andrew Sheret Holdings Ltd East st nue (LAND) 56th Point Roberts 6th CANADA U.S.A. Boundary Bay $,35, 6,4 $,5, 3,85 $3,65, 3 ADDRESS NAME DEVELOPMENT CLASSIFICATION DEVELOPER/APPLICANT EXPECTED COMPLETION A E Pender reet - Speculative - Lease,63 New City Contracting Ltd. Q B. 88 Laurel reet IntraUrban Business Park Speculative - rata, PC Urban Q4 Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International

6 th 6B North North s industrial market continues to lack new supply; Q3 3 was the most recent quarter that saw new supply come to market. Rental rates have continued on a upward trend reflecting the strong demand and limited options available. > > There is virtually no available product in the, SF to 5, SF range and what does become available is absorbed quickly. > > Harbourview Projects Corp. s East Esplanade project, a strata titled office and light industrial development, has been approximatley 9% pre-sold in the range of $48 PSF with more recent sales trading over $5 PSF. The flex industrial/ office units range from 966 SF to 4,46 SF. > > The lack of available product for lease in combination with strong demand has continued the upward trend in rental rates. On the sales front, there are a growing number of listings with some owners opting to take advantage of the strong seller s market. Summary atistics Q 5 Q 6 Trend Vacancy Rate %.8% YTD Net Absorption (SF) 36,6 53, YTD New Supply (SF) Under Construction (SF), Weighted rage Asking Net Rent ($/SF) $3.5 $4.4 Historical Performance and Forecast 4.5% 4.% 3.5% 3.% 5% %.5%.%.5%.% Wesbrook Mall NW SW W 4th Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 3 Q 3 Q 3 Q3 3 Q4 4 Q* 4 Q 4 Q3 4 Q4 5 Q 5 Q 5 Q3 5 Q4 6 Q 6 Q 6 Q3F 6 Q4F QF W th Crown Point Grey Dunbar YVR Airport No. Blenheim West Railway st W Broadway W 6th,, 8, 6, 4,, -, -4, -6, -8, -, Macdonald Moncton Sea Island Centre Granville Blundell Francis Williams Robertson Queens Mathers Templeton Grant McConachie Wy SEA Upper Inglewood Fulton No. 5th Cornwall W Boulevard Arbutus Russ Baker Wy eveston Hwy Aberdeen Lansdowne Brighouse Richmond Dyke WESTHAM Levels Gilbert Westham Island Southborough Dr Lions Gate Bridge Granville reet Davie Denman Pacific City Centre W 33rd W 49th Oak Burrard Olympic Village Capilano Lake King Edward Yaletown/ Roundhouse Broadway/ City Hall N Kent MITCHELL Burrard Inlet Bridgeport Granville Waterfront adium/chinatown Main Lonsdale Quay W 5th W 5th W th Arthur Laing Bridge No. 3 Taylor Wy evens Dr Highway W th King Edward W 4st Oak Bridge Garden City Cambie VCC/Clark Broadway E th Commercial E Broadway Renfrew Nanaimo 9th Arc teryx Equipment Inc Dollarton Highway No. 4 Capilano Edgemont Blvd 5th W 3th Welch Harbourside Dr Harbourside Pl Cambie Alderbridge Wy North Rupert Joyce Gilmore Brentwood Holdom Sperling/ Burnaby Lake Burnaby Oakridge/4st E 4st Notable Lease Notable Sale Patterson New Supply Langara/ 49th 49th E Metrotown Imperial Royal Oak Westminster Hwy Main Bridgeport Shell Fell Gre at Northern Wy Twigg Pl E 33rd No. 5 Fraser Delbrook Larson W Esplanade SE Fraser - Thruway George Massey Tunnel Hopcott Mt Seymour Pkwy Edmonds Renewal, The above land sale is now a build-to-suit project for Papertech by PC Urban. W Arthur Dr Chesterfield Clark Dr Knight Knight Bridge Lonsdale Georges W 3rd E 3rd No. 6 34B E Keith Commercial Dr Braemar E 9th E Grand Blvd E Esplanade Nanaimo Elliot No. McGill Dundas Venables st 64th Lynn Valley Brooksbank E Hastings reet Earles Renfrew Kerr Tyne Boundary Eton Vantage Wy 36th No. 8 Main Rupert Lillooet Grandview Hwy Kent S Blundell Notable Sale Transactions A PC Urban - -9 East st Iron Workers Memorial Bridge TILBURY W side Dr Nelson Grange Rumble Huston 6th E side Dr Berkley Old Dollarton Gilmore 8th Willingdon No. 9 Hyannis Dr Dollarton Hwy Parker Deer Lake Pkwy Nelson Royal Oak Byrne Holdom Sprott Curtis Gilley Mt Seymour Sperling Deep Cove Derwent A Gerald Trans Canada Highway Queensborough Bridg Cliveden nd 6th Lake City Way Prod Univ NEW WESTMINSTER e Alex Fraser Bridge Wy $,35,.6 (Ac) Annacis Highway Barnet Highwa Winston ewardson Wy ANNACIS Nordel Wy Simon F Univers Gaglardi W th 6th Quee Kitso B port Wy 53rd 5nd 56th ADDRESS NAME DEVELOPMENT CLASSIFICATION 6th DEVELOPER EXPECTED COMPLETION A. 35 & 3 East Esplanade East Esplanade Speculative - rata th, Harborview Projects Corp. Q Causeway 6th Point Roberts Boundary Bay st 3 Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International

7 6B Burnaby & New Westminster 5th W 3th Welch Harbourside Dr Harbourside Pl Lonsdale Quay Burrard Waterfront Granville City Centre is considerable construction set to complete in the short-term, adium/chinatown Yaletown/ Roundhouse including Building 3 of Oxford Properties Cornwall Queensborough Main Olympic Village VCC/Clark Logistics Park (45 Boyne reet, New Westminster). Building Broadway/ Broadway City Hall 3 comprises,383 SF of high-cube distribution space E th Wesbrook Mall NW W 4th W th Oakridge/4st Langara/ 49th > > Approximately.3 million square feet of new supply is under N Kent MITCHELL Templeton Sea Island Centre YVR Airport Bridgeport Bridgeport bend Business Park as well as Adera s Eastlake Campus. SEA Aberdeen Cambie Richmond Vacancy Rate %.% Crown Point Grey Alderbridge Wy Lansdowne a Q4 completion. Conwest s 33 NFW is sold out. Brighouse Dunbar No. Blenheim Railway Macdonald Moncton Granville Blundell Francis Williams Robertson No. W Boulevard Arbutus Grant McConachie Wy Russ Baker Wy Dyke Gilbert Westham Island Davie Denman Pacific W 33rd W 49th Oak Garden City Cambie No. 4 Shell Twigg Pl E 4st W 5th W 5th Main Larson Fraser W Esplanade The Burnaby and New Westminster industrial markets are experiencing a period of extreme low vacancy. However, there SW W Broadway W 6th Lions Gate Bridge Granville reet T W th Gre at Northern Wy planned for completion in September 6; currently there is King Edward 3,9 SF of available space. King Edward W 4st E 33rd construction, all of which are speculative projects; approximately 86, square feet of this space is expected to complete in the W th next 6 months in Burnaby and New Westminster. SE > > Major projects include Oxford s Queensborough Logistics Park and Arthur Laing Bridge A Fell > > rata remains in high demand: Beedie s Crescent Business Centre completely presold with Crescent Business Centre planned for Oak Bridge Westminster Hwy Summary atistics Q 5 Q 6 Trend eveston Hwy YTD Net Absorption (SF) 6,86 396,4 YTD New Supply (SF) 39,6, Under Construction (SF) 58,8,393,43 Weighted rage Asking Net Rent ($/SF) No. 3 $.9 $8.3 WESTHAM Historical Performance and Forecast 6.% No. 5 Fraser - Thruway George Massey Tunnel W Arthur Dr Chesterfie Clark Dr Knight Knight Bridge Lonsdale A Georges W 3rd E 3rd No. 6,, 34B E Keith Commercial Dr E Grand Blvd E Esplanade Commercial E Broadway Renfrew Nanaimo Elliot No. McGill Dundas st Nanaimo 64th Brooksbank E Hastings reet Venables Earles Mounta Renfrew 9th 49th E Kerr Hopcott Tyne Rupert Joyce Boundary Eton Gilmore Patterson Metrotown Imperial Rumble 9 Vantage Wy 36th No. 8 Main Rupert Iron Workers Memorial Bridge Grange 8th Mt Seymour Pkwy Parker Brentwood Deer Lake Pkwy Royal Oak Holdom Sperling/ Burnaby Lake Burnaby 5 Nelson Royal Oak Byrne Edmonds Sim Video International bend Court Lillooet Grandview Hwy Kent S Blundell TILBURY W side Dr Nelson E Berkley Old Dollarton Huston 6th Gilmore Willingdon No. 9 is Dr Dollarton Hwy Holdom Sprott M Curtis Gilley Sperling Deep Cove Derwent A Gerald Trans Canada Highway Queensborough Bridg Cliveden 9A 6th Lake City Way NEW WESTMINSTER nd C e Alex Fraser Bridge Wy Annacis Highway Winston Nordel Wy Simon Fraser University Gaglardi Wy ewardson Wy ANNACIS 3. 3 A B 4 6 D Barnet Highway th Production Way/ University Lougheed 6th Queens th New Westminster Columbia Kitson Pkwy Bedwell Bay Sapperton Lougheed North Columbia Scott th Braid Port Moody Clarke Patullo Bridge Burquitlam Fraser Scott 9nd 8 5 ation Como Lake Blue Mountain 6th Newton Gatensbury Scott April Gateway Sunnyside Central th King George Notable Lease Notable Sale New Supply Ames Tile & one - 45 Boyne reet, New West Western One Rentals & Sales Byrne Road, Burnaby 8th 3nd 6th United Blvd Ioco. Johns Direct 8,8 Direct 6,34 Direct 55, East Heritage Mountain Blvd Port Moody Centre Port Moody Centre Linton Austin Inlet C Coquitlam Hartley King George Highway Grosvenor Colebrook Brunette A 4th th 44th 6t n 68t 5.% 4.% 3.% %.%.% Causeway B Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 3 Q 3 Q 3 Q3 3 Q4 4 Q* 4 Q 4 Q3 4 Q4 5 Q 5 Q 5 Q3 5 Q4 6 Q 6 Q 6 Q3F 6 Q4F QF QF port Wy,, 8, 5nd 6, 4,, th -, -4, 6th st 53rd 56th Point Roberts 6th Boundary Bay Notable Sale Transactions Polar Bear Services Inc Lowland Drive Anderson Brothers Trucking Ltd Merritt. Undisclosed - 85 North Fraser Way Bayview 4th $4,65, 3, White Rock 8th Cres cent $,85, 4,66 Over Asking $5,95, (List Price) 3, 8th A North Bluff ADDRESS NAME DEVELOPMENT CLASSIFICATION DEVELOPER EXPECTED COMPLETION A. 33 North Fraser Way, Burnaby 33 NFW Speculative - rata,34 Conwest Group of Companies Q3 6 B. 88 North Fraser Way, Burnaby Crescent Business Centre Speculative - rata,4 Beedie Development Group Q3 6 C. 45 Boyne reet, New Westminster Queensborough Logistics Park - Building 3 Speculative,383 Oxford Properties Group Q3 6 D. 855/836 Wiggins. & 59 bend Dr. bend Business Park (Bldg & 4) Speculative 3,3 Oxford Properties Group Q3 Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International 4

8 th 6B Mariner Wy th R AL Crown YVR Airport Point Grey Dunbar West Mathers Inglewood E 9th The Port Fulton Moody industrial market continues to have no vacant Granville City Centre adium/chinatown Venables Parker Curtis Yaletown/ Roundhouse Cornwall Main Olympic Village st VCC/Clark Brentwood Gilmore Holdom Broadway/ Broadway Commercial City Hall E Broadway E th Renfrew Rupert rising rental rates due to the lack of available existing options Sperling/ Burnaby Lake King Sprott Edward Nanaimo supply of developable industrial land. 9th E 33rd Deer Lake Pkwy Joyce > > The new supply of construction will be much welcomed to help Oakridge/4st E 4st Burnaby alleviate the pressure of demand for new space, if only for the Patterson Langara/ 49th 49th E Metrotown short term. Imperial Royal Oak Alderbridge Wy Lansdowne YTD Net Absorption (SF) 4,59 6,65 9.% 6.% 5.% 4.% 3.% %.%.% BC FERRIES TERMINAL TSAWWASSEN N Kent MITCHELL Templeton Sea Island Centre Bridgeport Summary atistics Bridgeport Q 5 Q 6 Trend SEA Aberdeen Cambie Brighouse Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 3 Q 3 Q 3 Q3 3 Q4 4 Q* 4 Q 4 Q3 4 Q4 5 Q 5 Q 5 Q3 5 Q4 6 Q 6 Q 6 Q3F 6 Q4F QF QF A 6th North and strong demand; this trend will continue with the dwindling No. Blenheim Railway st W Broadway W 6th Moncton Tri-Cities Macdonald Granville Blundell Richmond Under Construction (SF) 69,4 Francis Williams Robertson Upper Queens No. 5th W Boulevard Arbutus Dyke Levels Grant McConachie Wy Russ Baker Wy Gilbert Westham Island Southborough Dr Lions Gate Bridge Granville reet Taylor Wy Davie Denman Pacific W 33rd W 49th Oak W 5th W 5th W th Arthur Laing Bridge evens Dr Highway Oak Bridge Garden City Causeway Cambie No. 4 B Capilano Edgemont Blvd Main Shell port Wy Fell Fraser Twigg Pl Delbrook Larson 5nd Gre at Northern Wy SE George Massey Tunnel Arthur Dr 53rd th Chesterfield W Esplanade W Clark Dr Knight Knight Bridge Lonsdale Georges 56th Point Roberts No. 6 34B Braemar space and no new construction underway. However, in 5th W 3th Coquitlam, Beedie Development Group has a new project in Welch Harbourside Harbourside Pl Dr planning called Fraser Mills, offering space for lease with units Lonsdale Quay ranging from,4 SF to 4,38 SF. Port Coquitlam also has more strata warehouse space under construction by Conwest in the Dominion Triangle with pricing in the range of $35 to McGill Eton $45 PSF. Burrard Waterfront W 3rd E 3rd E Keith Commercial Dr E Grand Blvd E Esplanade Nanaimo Elliot Boundary Bay No. 64th Lynn Valley Brooksbank Dundas E Hastings reet Renfrew Kerr South Fraser Perimeter Road Tyne Boundary Vantage Wy 36th No. 8 Main Rupert Hopcott Lillooet Grandview Hwy Kent S Blundell W side Dr Nelson Grange Rumble E side Dr 8th BOUNDARY BAY Berkley Old Dollarton Huston 6th No. 9 Hyannis Dr Mt Seymour Pkwy Dollarton Hwy > > This quarter saw the trend of further lowering vacancy and W th King Edward W 4st Vacancy Rate 9%.5% Westminster Hwy Fraser - Thruway Earles YTD New Supply (SF) 85,896 eveston Hwy No. 3 Weighted rage Asking Net Rent ($/SF) WESTHAM No. 5 Iron Workers Memorial Bridge TILBURY $.66 $8.49 Historical Performance and Forecast 6th Gilmore Willingdon Nelson Royal Oak Byrne 4, 3,,, Holdom Gilley -, -, Mt Seymour Sperling Edmonds Deep Cove Derwent A Gerald Trans Canada Highway Queensborough Bridg Cliveden nd 9A 6th Lake City Way NEW WESTMINSTER e Alex Fraser Bridge Wy Annacis Highway Winston Nordel Wy 9 Gaglardi Wy ewardson Wy ANNACIS Barnet Highway Simon Fraser University th India Production Way/ University Lougheed 6th Queens th Sapperton Lougheed Braid Port Moody Clarke Burquitlam Fraser Como Lake Gatensbury April Sunnyside C.P.R. Port Moody Centre Port Moody Centre Inlet Centre Coquitlam Central Lincoln Coquitlam Central Lafarge Lake - Douglas th Columbia Scott New th Westminster Gateway Notable Lease Notable Sale New Supply Kitson Pkwy Bedwell Bay North Columbia Patullo Bridge Scott th Scott 5 Bayview 4th ation Blue Mountain 6th 8th Central th King George 8th 6th Cres cent Ioco East Linton White Rock Heritage Mountain Blvd Austin Coquitlam Colebrook 44th North Bluff Landsdowne Dr 48th 6th 6 48th Panorama Dr A 9nd 8 Newton. Johns United Blvd 3nd Hartley King George Highway 3 Grosvenor Brunette 4th th Port Mann Bridge 5nd 5nd Johnson Port Coquitlam 56th Pinetree Wy Shaughnessy Mary Hill Bypass Weatherhaven Global Resources Ltd. -. Hartley nue, Coquitlam Notable Sale Transactions 3. Undisclosed - 4 Fawcett Road, Coquitlam Undisclosed - 3 Fawcett Road, Coquitlam Buena Vista 6th 6th Port Coquitlam S Fraser Perimeter 6th Woodland Pipeline Shaughnessy Pitt DOUGLAS 8 Direct 3,845 Broadway 4th 68th 68th Coast Meridian Prairie Woolridge Cedar Dr 5 Pacific Highway 6th 6th Pacific Highway $4,9,,45 $5,, 4,5 ADDRESS NAME DEVELOPMENT CLASSIFICATION DEVELOPER EXPECTED COMPLETION st CANADA CANADA U.S.A. U.S.A. A. 5 Sherling Place, Port Coquitlam s Edge Business Park - Building C Speculative - rata 34,39 Conwest Group of Companies Q4 6/Q B. 5 Sherling Place, Port Coquitlam s Edge Business Park - Building D Speculative - rata 6,66 Conwest Group of Companies Q4 6/Q C. Fraser Mills, Coquitlam Fraser Mills - Building and Speculative - Lease,966 Beedie Group Q-Q C A,B Burns Pitt Meadows 9nd Campbell PITT MEADOW Harvie 84th 84th 6th Boundary Fraser BARNSTON 88th 4 5 Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International

9 6B Richmond k Mall SW Richmond s vacancy rate continues to compress due to persistent strong demand in combination with a lack of supply of available buildings to purchase or lease; the shortage of supply also extends to developable land. Subsequently, there is upward pressure on sale prices and lease rates. > > Building B of Sun Life Financial s Gateway Pacific Business Centre at 368 Worster Court is currently ready for tenant fixturing and slated for occupancy in July 6. The multitenant facility, totaling 9,6 SF, is the final of three buildings comprising the 5-acre park managed by Bentall Kennedy. > > On the leasing front there is exceptionally strong demand for small to mid-bay product and flex industrial/office space in the 3, SF to 5, SF range with little to no available supply. > > 333 Jacombs Road. a 6,856 SF fully leased retail-oriented industrial building, sold this quarter for $, above asking price at $36 per square foot; this sale is indicative of the overall trend of escalating prices in the face of limited options for owner-users or investors. Summary atistics Q 5 Q 6 Trend Crown Dunbar W 6th YVR Airport Blenheim Sea Island Centre C.P.R. Aberdeen Bridgeport Cambie Broadway/ City Hall King Edward Oakridge/4st Langara/ 49th N Kent Alderbridge Wy Lansdowne 9 No. Railway Macdonald Moncton Grant McConachie Wy SEA Brighouse Granville Blundell Francis Williams Robertson No. W Boulevard Arbutus Russ Baker Wy eveston Hwy MITCHELL Templeton Richmond Dyke WESTHAM Gilbert Granville reet Westham Island W 33rd W 49th Oak W th Garden City No. 4 Bridgeport Twigg Pl Broadway Commercial E Broadway E th Renfrew Rupert Nanaimo 9th E 33rd E 4st W 5th W 5th Arthur Laing Bridge No. 3 W th King Edward W 4st Oak Bridge Cambie Westminster Hwy Main 5 Fraser Knight SE 4 Shell No. 5 Fraser - Thruway No. 6 No. George Massey Tunnel W Knight Bridge A 3 Nanaimo Elliot Earles 49th E Kerr Grandview Hwy No. 8 Rupert Hopcott South Fraser Perimeter Road Deer Lake Pkwy Joyce Tyne Boundary Kent S Blundell Vantage Wy Grange Patterson Metrotown Imperial Rumble 8th Nelson No. 9 TILBURY Huston 6th Notable Lease Notable Sale New Supply B 6 Sperling/ Burnaby Lake Sprott Burnaby Nelson Royal Oak Byrne Royal Oak Gilley Trans Can Edmonds Loug Kings Queensborough Cliveden Derwe Vacancy Rate 3.5%.% Arthur Dr 64th YTD Net Absorption (SF) 5,69 68,9 YTD New Supply (SF) Under Construction (SF) 84,3 44,956 Weighted rage Asking Net Rent ($/SF) $8.3 $8.6 Historical Performance and Forecast 34B. 3. Causeway B port Wy 5nd th st 53rd Fairway Recycle Group Inc. - Twigg Place (LAND) Conglom Inc Mitchell Road Lesley owe Fine Foods - 6th 39 Bridgeport Road 56th Point Roberts 6th Boundary Bay 36th Direct 4. (Ac) Renewal 35,4 Renewal,344.% 6.% 5.%, 6, 5, 4, Notable Sale Transactions 4.% 3.% %.%.% Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 3 Q 3 Q 3 Q3 3 Q4 4 Q* 4 Q 4 Q3 4 Q4 5 Q 5 Q 5 Q3 5 Q4 6 Q 6 Q 6 Q3F 6 Q4F QF QF 3,,, -, -, -3, Concord International Lands Ltd Jacombs Road Road Investments - 9 Twigg Place (LAND) Ken Hanna Holdings Ltd McCartney Way $6,8, 6,856 $6,, 68 (Ac) $3,65, 63,55 ADDRESS NAME DEVELOPMENT CLASSIFICATION DEVELOPER/APPLICANT EXPECTED COMPLETION A. 368 Worster Court Gateway Pacific Business Centre - Building B Speculative 9,6 Sun Life Financial Q3 6 B. 6 Blundell Road Hopewell Distribution Centre Phase IV Speculative 33,54 Hopewell Development Corp. Q Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International 6

10 6B projects on the horizon in the short term. However, a major opportunity currently available is the Logistics Granville Centre, No. Railway Moncton Grant McConachie Wy SEA Blundell Francis Williams Robertson Russ Baker Wy Vacancy is extremely low with no speculative development No. Dyke Gilbert Westham Island W th Arthur Laing Bridge which offers acres (Phase ) of serviced development land. port Logistics Centre is located directly adjacent Richmondto Port of s port Terminal, and immediately south of iport (3 4B reet) with unparalleled access to Roberts Bank Terminal. eveston Hwy > > iport, comprised of 5 acres, is set to break ground on construction in July 6 with Phase I providing 453, SF of tier- distribution centre space slated for completion in Q4 > > Given the lack of available inventory, at least in the short-run, WESTHAM there is upward pressure placed on rental rates resulting from strong demand for space in the market. > > The Crossing udio Ltd. leased space at 4-44 Derwent Way for additional studio space - historically it has been uncommon to see film companies in the /Annacis area. Summary atistics Q 5 Q 6 Trend Vacancy Rate 5.%.6% YTD Net Absorption (SF) 48,5 46,8 YTD New Supply (SF) 95,45 49,65 Under Construction (SF) 6,6 585,8 Weighted rage Asking Net Rent ($/SF) $.46 $.58 No. 3 Oak Bridge Garden City Causeway Cambie No. 4 B N Kent MITCHELL Alderbridge Wy Westminster Hwy port Wy Bridgeport Shell Twigg Pl No. 5 Fraser - Thruway 5nd th 6th st George Massey Tunnel W Arthur Dr 53rd Knight Bridge 34B 56th Point Roberts No. 6 6th A E Boundary Bay No. 64th Hopcott South Fraser Perimeter Road 9 Vantage Wy 36th No. 8 Kent S Blundell TILBURY Nelson Huston 6th 8th No. 9 BOUNDARY BAY Roy Byrne SOUTHERN RAILWAY Gilley. Kintetsu World Express Ebury Place Leon s Furniture Limited - 99 Vantage Way Queensborough Bridg,3 4 B A Cliveden Derwent WESTMINSTER e Alex Fraser Bridge Wy Annacis Highway ewardson Wy ANNACIS Nordel Wy 9 Queens th B.N.R. Kitson Pkwy Notable Lease Notable Sale New Supply 5 Direct 4,93 Direct 9,4 Patullo Bridge Scott th Scott 9nd 8 5 Bayview 4th Newton ation 56th 8th 8th 8 6 Historical Performance and Forecast 3. The Crossing udios Ltd Derwent Way Direct 55,3.% 9.% 8.%.% 6.% 5.%,, 8, 6, 4,, Notable Sale Transactions 4. Bella Bella Investment Group Ltd Ebury Place $5,9, 34,893 4.% 3.% % -, 5. Nordel 3 Holdings Inc Nordel Court $5,83,5 4,9.% -4,.% -6, Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 3 Q 3 Q 3 Q3 3 Q4 4 Q* 4 Q 4 Q3 4 Q4 5 Q 5 Q 5 Q3 5 Q4 6 Q 6 Q 6 Q3F 6 Q4F QF Series Series3 Series ADDRESS NAME DEVELOPMENT CLASSIFICATION DEVELOPER/APPLICANT EXPECTED COMPLETION A. 945 Road Tilbury Distribution Centre Speculative 89, Great-West Life Assurance Company Q B reet TAS Refrigerated Distribution Centre Built-to-Suit 65, Prism Construction Ltd. Q Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International

11 6B th 3rd SW Crown Dunbar Richmond nd - Phase I) strata units are all either sold or under WESTHAM A contract with recent sales at $45 PSF, demonstrating the strong demand for strata space and causing Beedie to trigger BOUNDARY BAY 36th 34B BC FERRIES TERMINAL TSAWWASSEN King Edward Oakridge/4st Langara/ 49th George Massey Tunnel CANADA U.S.A. Nanaimo 9th South Fraser Perimeter Road Joyce Patterson Metrotown Deer Lake Pkwy Alderbridge Wy Lansdowne However, of the total amount of space completing construction 9 Brighouse in the next 6 months only Granville 9,49 SF is speculative, with the Blundell No. Blenheim Railway Macdona Moncton Blundell Francis Williams Tyne Boundary Vantage Wy Imperial Rumble pressure on lease rates as well as strata prices have continued. Robertson No. W Boulevard Arbutus Grant McConachie Wy Russ Baker Wy Dyke Gilbert Granville reet Westham Island King Edward W 33rd W 4st W 49th Oak SE W th N Kent In 5 there was,4,368 SF of MITCHELL net absorption of industrial VANCOUVER INTERNATIONAL Templeton Sea Island Centre YVR Airport Bridgeport Bridgeport SEA SF of net absorption with approximately,5, SF under Aberdeen Cambie Garden City port Wy expected to continue given concerns of rising B lease rates with th Summary atistics Q 5 Q 6 Trend Causeway No. 4 Shell Twigg Pl E 4st W 5th W 5th Oak Bridge space in ; currently, in Q 6 there has been 4,689 Arthur Laing Bridge Cambie Main E 33rd Fraser 5nd 6th st W Arthur Dr 53rd Knight Knight Bridge 56th Point Roberts No. 6 6th Nanaim Elliot Boundary Bay No. 49th E 64th Kerr No. 8 Rupert S Hopcott Kent S construction and set to complete in the next 6 months. remaining being build-to-suit. eveston Hwy No. 3 Westminster Hwy Fraser - Thruway ingsway Earles > > With a lack of developable land and continued strong net absorption figures, vacancy continues to compress. In addition, upward > > Beedie Development s Twin Creeks Business Centre (9353 Nelson Huston their Phase II. The development of strata is a trend that is diminishing supply and a low interest rate environment. Vacancy Rate 3% % YTD Net Absorption (SF) 389,59 4,689 YTD New Supply (SF) 6,53,9 Under Construction (SF) 86,46,5,34 Weighted rage Asking Net Rent ($/SF) No. 5 $.83 $.9 Historical Performance and Forecast 4.% 3.5% 3.% 5% %.5%.% TILBURY 6th Grange 8th No. 9 Nelson,,,, 8, 6, 4,, Burnaby Royal Oak Byrne Sprott Royal Oak Gilley Trans Canada Highway Edmonds Queensborough Bridg Cliveden Derwent NEW WESTMINSTER e nd Alex Fraser Bridge Wy 9A Annacis Highway Winston 6th Nordel Wy 9 ewardson Wy ANNACIS th Production Way/ University Lougheed 6th Queens th Columbia New Westminster N.R. Kitson Pkwy Sapperton Lougheed North Scott th Braid Fraser Scott 9nd 8 5 Mud Bay Bayview 4th ation 6th 8th Gatensb Scott Gateway Central th King George 8th 3nd 6th Cres cent Coquitlam A Linton Hartley Colebrook White Rock Austin Grosvenor 4th th SOUTHERN RAILWAY CANADA U.S.A.. 3. Columbia Patullo Bridge Blue Mountain Newton A 4 United Blvd King George Highway Brunette 44th Mariner Port Mann Bridge 48th 6th th 5nd 5nd Mary Hill Bypass S Fraser Perimeter 56th Shaughnessy th th 6th B,C 6th 6th 68th B.C. RAIL 5 6th Pitt Meadows Campbell PITT MEADOWS Boundary Fraser Wy Pitt Meadows Hammond North Bluff 6th Notable Lease Buena Vista Notable Sale New Supply Pitt DOUGLAS 8 gsway Broadway 4th Ministry of Technology, Innovation, and Citizens Services - 58 nue Oval International - Unit 8, 934 nue Canadian Jerky Ltd. - Unit, 33 9st reet Notable Sale Transactions Private Investor - 8 3nd reet Motera Holdings Corp. - Unit 3, 9353 nd 68th Woolridge Pacific Highway 6th Pacific Highway 9nd Harvie 84th 84th BARNSTON 88th 9nd 9nd 9nd Harris Dewdney Trunk Colebrook th Direct,5 Direct,64 Direct 4, $,45, 6,3 $,63,335 8,3 3 5 Golden Ears Bridge Logan 53rd 3rd 6th Maple Meadows 8th Douglas Cr Grade Cr 8th th 8th 8th Neaves 4 Laity Glover Langley 6th 6th Topham 6th LA AIR.5%.% -, -4, 6. Private Investor th nue (LAND) $6,3, 4.89 (Ac) Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 3 Q 3 Q 3 Q3 3 Q4 4 Q* 4 Q 4 Q3 4 Q4 5 Q 5 Q 5 Q3 5 Q4 6 Q 6 Q 6 Q3F 6 Q4F QF QF. Madison Enterprises Inc th reet $,6,,4 ADDRESS NAME DEVELOPMENT CLASSIFICATION DEVELOPER EXPECTED COMPLETION A. 94 5th nue Bridgeview Drive Business Centre SPEC 39,9 Sandhurst Group Q4 6 B nue Sun Processing Ltd. Distribution Centre Built-to-Suit 64,6 Wales McLelland Q3 6 C nue arline Windows Ltd. Production Facility Built-to-Suit 466, Krahn Engineering Ltd. Q3 6 Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International 8

12 6B th 3rd 88th Fraser - Thruway t 5th arine Dr an Wy 5nd George Massey Tunnel W Arthur Dr 53rd h Knight Knight Bridge 56th Point Roberts No. 6 34B 6th Elliot Boundary Bay No. Burnaby NEW WESTMINSTER White Rock 5nd Mary Hill Bypass S Fraser Perimeter 4th 4th During this quarter some significantly large blocks of th th inventory were leased including ANNACIS,9 SF at 46 A 9nd nue. No new projects came to market and no projects 8 8 are currently under construction. Despite some availabilities, Blundell lease rates are overall on an upward trend. TILBURY Huston 6th 6th 6 > > Beedie Development s Parkland Business Centre, located in Kitson Pkwy 64th Earles 49th E Kerr Tyne Boundary Grange Imperial Rumble Langley No. 8 Hopcott Kent S Vantage Wy Nelson 6th 8th No. 9 Nelson Royal Oak Byrne Gilley Queensborough Bridg Cliveden Derwent e Alex Fraser Bridge Wy Annacis Highway 6th ewardson Wy Nordel Wy th range from approximately 5, SF up to 6, SF. 6th Queens th Nort Columbia Patullo Bridge Scott th Scott 5 Bayview 4th ation 6th Newton 8th 8th United Blvd 3nd Cres cent Hartley King George Highway Colebrook Grosvenor Gloucester Estates, has seen strong demand with four strata units remaining available; sizes range from 5,436 SF to,43 SF and are listed at $ PSF. > > There is significant available lease inventory in Gloucester including space at 45 5nd nue, 5 5th nue, 36th 496 5th nue and 6596 Gloucester Way; available sizes 44th North Bluff 48th 48th 5nd 56th Buena Vista Summary atistics Q 5 Q 6 Trend Port Mann Bridge Sha th th 6th 6th DOUGLAS 6th 68th 68th Woolridge Pacific Highway 6th 6th Pacific Highway Pitt Meadows 9nd Harvie 84th 84th 6th Campbell Boundary Fraser Wy BARNSTON 88th 9nd 9nd 9nd Hammond Colebrook th Golden Ears Bridge Logan 53rd 3rd 6th 8th Douglas Cr Grade Cr 8th th 8th 8th 4 Laity Glover Langley 6th 6th Topham 6th 6th LANGLEY Dewdney Trunk Haney th Telegraph Tr 4th 8 4th Haney Bypass Wilson Cr th HWY BYPASS Old Yale Glover 3nd 3nd 6th 4th Albion Ferry MCMILLAN 4th 4th Brown th nd Telegraph Tr 48th 48th SOUTHERN Trans Canada Highway Fraser 56th 56th 56th th RAILWAY th 64th Aldergrove - Bellingham Highway 3 64th th VIA RAIL 4 3 Downes Notable Lease Notable Sale New Supply 8th Duke Townshipline Lefeuvre 8th CRESCENT McTavish Bradner Wilson Satchell Boundary Hayward S Ross 96th Vacancy Rate 9% 3.% YTD Net Absorption (SF) 634,44-9, YTD New Supply (SF) 64,9 Under Construction (SF) 86,5 Weighted rage Asking Net Rent ($/SF) $8.4 $8.63 Historical Performance and Forecast. 3. Film Industry - 46 A, Bradner Cold orage - Unit D, 98 98th reet Cascadia Windows - Units 8-, 535 5th. Direct,9 Direct 36,58 Direct 36,69 8.% 8,.% 6.% 5.% 4.%, 6, 5, 4, 3,, Notable Sale Transactions 4. Maxim Merchandising Ltd. - Unit A5, 555 reet $,86,.6 3.%, %.% -, -,.% -3, Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 3 Q 3 Q 3 Q3 3 Q4 4 Q* 4 Q 4 Q3 4 Q4 5 Q 5 Q 5 Q3 5 Q4 6 Q 6 Q 6 Q3F 6 Q4F QF QF There are no notable construction projects at this time. 9 Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International

13 cis Highway 36th Blundell TILBURY 6B Huston G e nd ANNACIS Columbia New Westminster Kitson Pkwy 9nd 8 Newton Scott Gateway Central th King George 6th 4th th North Bluff 6th 6 th th Buena Vista 8 4th 9nd 6th BARNSTON Boundary th 53rd 4 Haney th HWY BYPASS Mariner Wy 6th MCMILLAN nd th th th Downes CRESCENT McTavish Boundary 88th 4 Harris ABBOTSFORD INTERNATIONAL Huntington MATSQUI Clearbrook th 4 Marshall 3rd 4th th Mission City 6th A Dewdney Trunk Page Fore Clayburn 44 Vye Dale Boundary Dawson Campbell Wells Line Fireclay Atkinson No. 3 No. 4 No. 5 W Yale Sinclair Yarrow Central Peters Luckakuck Wy S Sumas Watson Keith Wilson Promontory st Bailey HOG FAIRFIE Chilliwack Central Prairie Central No. 6 No. 8 Hopcott Kent S Vantage Wy Georges way unnel Nelson 6th Braemar eith 3rd Commercial Dr th A CANADA U.S.A. E 9th E Grand Blvd E Esplanade 8th No. 9 Byrne Commercial E Broadway Renfrew Nanaimo Elliot Boundary Bay No. McGill Dundas st Nanaimo 64th Lynn Valley Brooksbank E Hastings reet Venables Earles Renfrew 9th 49th E Kerr Queensborough Bridg WESTMINSTER Lake Abbotsford, Chilliwack & Ridge-Meadows Cliveden Derwent Alex Fraser Bridge Wy Annacis Highway Nordel Wy The trend of positive net absorption continued in Chilliwack and Abbotsford this quarter with 4,55 SF of net absorption; vacancy remains extremely low at.%, down from.% in Q 5. In contrast, Maple Ridge and Pitt Meadows North experienced negative absorption totaling to -8,866 SF; Langley subsequently there was a rise in the vacancy rate from.4% in Q 5 to % in Q 6. ewardson Wy Queens th Patullo Bridge Scott th Scott 5 Bayview 4th ation 8th 8th 3nd Cres cent King George Highway Colebrook Grosvenor White Rock 44th 48th 48th 5nd 5nd 56th 6th Perimeter 6th 6th 68th 68th Eton A > > Golden Ears Business Park has had significant interest and Simon Fraser preleasing with Building available August Port, Moody Centre 6, Building Lincoln Parker Curtis University. Johns Coquitlam Central Port Moody Centre Inlet Centre Coquitlam Central 5 available October, 6 and Building 6 available Brentwood Gilmore Holdom Burquitlam Como Lake Rupert September, 6 totaling to 453, SF currently under Port Sperling/ Coquitlam Burnaby Lake Lake City Way Production Way/ University construction. Deer Lake Pkwy > > This quarter saw very strong purchase activity Coquitlam by owner users Joyce at Highway Burnaby Business Park, Chilliwack and is now sold out. Braid Metrotown Sapperton > > Abbotsford Imperial International Airport has approximately 5 acres of Royal Oak DOUGLAS Rumble land immediately available for airside and groundside development. th Columbia > > Planning is underway for a proposed business Scott park located on New th nd Westminster Gateway the Seabird Island Reserve near Chilliwack. South Fraser Perimeter Road Tyne Boundary Patterson Summary atistics 9 Pacific Highway 6th 6th Pacific Highway Harvie 84th 84th Campbell 88th Fraser Wy 9nd 9nd 9nd Colebrook th Golden Ears Bridge Logan 3rd Abbotsford & Chilliwack 6th 8th Douglas Cr Grade Cr 8th 8th 8th Glover 6th 6th Topham 6th Telegraph Tr 8 4th y Bypass Wilson Cr Old Yale Glover 3nd 4th 4th Brown 4th th Telegraph Tr Trans Canada Highway A Maple Ridge & Pitt Meadows Q 5 88th Q 6 Q 5 Q 6 8 Vacancy Rate.%.%.4% % YTD Net Absorption (SF) 46,58 4,55 44,3-8,866 Newton Vantage Wy 36th No. 8 Main Rupert Hopcott Iron Workers Memorial Bridge Lillooet Grandview Hwy Kent S Blundell TILBURY W side Dr Nelson E side Dr YTD New Supply (SF) 5,3 Indian Arm Under Construction (SF) 53, 3, 453, Abbotsford & Chilliwack BOUNDARY BAY 5% Berkley Old Dollarton Huston 6th 6% 4% 3% % % % Gilmore Grange 8th Willingdon No. 9 Hyannis Dr Mt Seymour Pkwy Dollarton Hwy Nelson Royal Oak Byrne SOUTHERN RAILWAY Holdom Sprott Gilley Mt Seymour Sperling Edmonds Deep Cove Gerald Trans Canada Highway Queensborough Bridg Cliveden Derwent NEW WESTMINSTER e Alex Fraser Bridge Wy 9A Annacis Highway Winston 6th ewardson Wy ANNACIS Barnet Highway Nordel Wy 9 Gaglardi Wy th 6th Queens th B.N.R. Lougheed Kitson Pkwy Bedwell Bay Lougheed North Columbia Fraser Mud Bay Port Moody Clarke Patullo Bridge Scott th Scott 5 4th ation Bayview Blue Mountain 9nd 6th 8th Central th King George 8th Gatensbury 6th April Sunnyside United Blvd 3nd Cres cent C.P.R. White Rock Ioco East Linton Hartley King George Highway Heritage Mountain Blvd Austin Grosvenor Colebrook Brunette 4th th North Bluff Landsdowne Dr 48th 6th 6 Panorama Dr Q Q3 Q4 Q Q Q3 Q4 Q Q Q3 Q4 3 Q 3 Q 3 Q3 3 Q4 4 Q* 4 Q 4 Q3 4 Q4 5 Q 5 Q 5 Q3 5 Q4 6 Q 6 Q 6 Q3F 6 Q4F QF 44th Port Mann Bridge 48th 5nd 5nd Johnson Buntzen 48th SOUTHERN RAILWAY B.N.R. 56th, 56th Lafarge Lake - Douglas Port Coquitlam 56th Pinetree Wy Shaughnessy Mary Hi l Bypass Buena Vista 6th 6th 6th Woodland Pipeline S Fraser Perimeter 3, 5,, 5, 5, -5, -, CANADA U.S.A. 64th Aldergrove - Bellingham Highway Pitt -, -5, Shaughnessy 68th Broadway 4th 68th Coast Meridian B.C. RAIL Prairie 8th Duke Townshipline 5 Pacific Highway 6th Lefeuvre Woolridge Cedar Dr 8th Burns Bradner 6th Pacific Highway Wilson Satchell Hayward Ross 96th Peardonville Pitt Meadows 9nd Campbell 34th PITT MEADOWS Harvie 84th 84th 6th Boundary Mt. Lehman Fraser Wy 88th BARNSTON 9nd 9nd 9nd Keystone Mission C.P.R. A Harris Abbotsford 3th Wren Clay Hurd Tyler King Dewdney Trunk Gladwin 38th South Fraser Way Cedar nd Ferguson Wy st Richards side McCallum Ferndale C.P.R. Mission-abbotsford Highway ave Lake Old Yale Bell Sumas Way Old Clayburn McMillan ave Lake Farms Farms Hatzic Lake raiton Eagle Whatcom Newton Lower Sumas Mtn Sumas Mtn South Upper Sumas Mountain Trans Canada Hwy Cole Hawkins Pickle Nicomen Island Trunk McDermott North Parallel South Parallel. Richardson McNeil Dewdney Trunk B,C Pitt Meadows Hammond Golden Ears Bridge Pitt Lake Maple Meadows th 8th Neaves Laity Euclid Admixture Canada Ltd. - Unit, 955 Airport Way th Logan 53rd 3rd 8th Douglas Cr 8th Glover Notable Sale 4 Transactions Colebrook Grade Cr AutoCanada Langley - 35 & 359 Automall Drive Abbotsford orage McCallum Road, Abbotsford Redco Investments Ltd. - 6th th reet, Maple Ridge 6th 8th 3 6th 6th Topham 6th 6th LANGLEY 44 th Dewdney Trunk Port Haney th Telegraph Tr 4th 8 4th Wilson Cr Haney Bypass th HWY BYPASS Old Yale Glover 3nd 3nd Marion Powerhouse Dixon Albion Ferry 4th Brown Johnson Nicomen Island Trunk Interprovincial Hwy Maple Ridge 4th th nd Telegraph Tr Boundary Chadsey Athey Fraser Industrial Wy Sumas Prairie No Hopedale Chilliwack Mtn Lickman W Yale CHILLIWACK Vedder Mountain Wolfe Cultus Lake Wellington Direct 4,3 SOUTHERN Not disclosed 4th Fraser RAILWAY 6,5 on 3.45 (Ac) $3,8, th Fern Cr 48th Trans Canada Highway $4,, 5,95 56th 56th 56th th Notable Lease Notable Sale New Supply MCMILLAN th 64th Aldergrove - Bellingham Highway 3 64th 4 Vedder Young Chilli w ack Chilliwack Lake Hope Trans Canada Hwy th VIA RAIL Downes Prest 8th Banford Duke Townshipline Lefeuvre 8th E Yale CRESCEN ISL McT ADDRESS NAME DEVELOPMENT CLASSIFICATION DEVELOPER EXPECTED COMPLETION A. 95 & Queen reet - Speculative 9,8 Teck Construction Q/Q3 6 B. 955 Airport Way Golden Ears Business Park Phase II - Building Speculative 3,3 Onni Group Q3 6 C. 955 Airport Way Golden Ears Business Park Phase II - Building 6 Speculative 5, Onni Group Q4 6 Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International

14 Glossary Availability: The amount of available space and available space to be delivered to the market within six months, divided by the market s inventory base including those future deliveries. Available space is space that is available for lease, sublease, or user sale and may or may not be vacant. Bulk/Logistics Space: Warehouse space in excess of, square feet with dock loading and minimum ceiling heights of 4 feet. Net Absorption: The net change in physically occupied space between the current measurement period and the last measurement period. It can either be positive or negative. 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, sublease, or sale. This is physical vacancy. It is not determined whether a tenant is paying rent on the space. Weighted rage Asking Net Rent: The dollar amount requested by landlords for direct available space, not including subleases, expressed in dollars per square foot, per annum. Forecast Assumptions Absorption was calculated using moving averages of historical absorption data and supplemented with incoming new speculative and build-to-suit developments. Research & Forecast Report Second Quarter 6 Metro / Industrial Colliers International

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16 554 offices in 66 countries on 6 continents United ates: 53 Canada: 34 Latin America: 4 Asia Pacific: 3 EMEA: $5 billion in annual revenue billion square feet under management 6, professionals and staff MARKET CONTACT: Kirk Kuester Executive Managing Director Brokerage kirk.kuester@colliers.com Curtis Scott Manager, Market Intelligence curtis.scott@colliers.com REGIONAL AUTHORS: Scott Sutherland Market Intelligence Coordinator CONTRIBUTORS: Sean Bagan John Boer* Chris Brewster Darren Cannon* Vito DeCicco* Malcolm Earle* Randy Heed* Ewen Johnston Craig Kincaid-Smith* Greg Lane* Andrew Lord* Adam Mitchell efan Morissette Chris Morrison* uart Morrison* Roy Pat Todd Scarlett* Matt Smith* James arke Don Viner *Personal Real Estate Corporation Colliers International Granville reet, 9th Floor, BC Canada About Colliers International Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 6, skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for consecutive years, more than any other real estate services firm. collierscanada.com Copyright 6 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. *Personal Real Estate Corporation.