RENTAL RATES 700, , , , , , , , ,000. Metro Vancouver Office Vacancy Summary (Mid-Year 2014)

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1 Metro Vancouver Office Market Report Mid-Year 214 Vacancy rate June 3, % Vacancy rate December 31, % 12.% 1.% ABSORPTION (DEMAND) 8.% 6.% 4.% 2.%.% 8.4% 246, , % 64,19 7.% -158,95 7.8% 9.7% -83, % 273, Mid F Vacancy VACANCY (SUPPLY) Metro Vancouver - Vacancy and Absorption RENTAL RATES 12-month projection based on 1-year average absorption and known absorption in new inventory 7, 6, 5, 4, 3, 2, 1, -1, -2, Delivery of new inventory inflates Metro Vancouver office market vacancy as deal velocity increases moderately Metro Vancouver s office vacancy hit a nine-year high at mid-year 214, powered by more than 1.1 million square feet (msf) of new inventory delivered in the past 12 months and moderate leasing activity that resulted in slowing negative absorption for the region as a whole in the first half of 214. Metro Vancouver recorded two consecutive years of first-half negative absorption for the first time since Avison Young started tracking the market in Regional absorption was negative 83,689 sf in the first half of 214 compared with negative 179,98 sf in the first six months of 213. Metro Vancouver s vacancy rate of 9.7% at mid-year 214 was also partially inflated due to a number of buildings that were delivered in the first half in select submarkets, which prelease tenants had yet to occupy by mid-year and, hence, the buildings were subsequently considered vacant. All of these factors obscured some improvements in Metro Vancouver s office market compared with six to 12 months earlier as it is set to undergo its most radical reshaping in decades, particularly in the Downtown core. Despite almost 2, sf of negative absorption Downtown and approximately 49, sf in neighbouring Yaletown from January 1 to June 3, 214, more than 172, sf of positive absorption in Broadway and Burnaby in the same period combined to helped offset Downtown s impact on the region. Sublease vacancy in Metro Vancouver also declined to its lowest point since year-end 212. New Westminster recorded mild six-month positive absorption (9,79 sf) despite a significant jump in vacancy due to the delivery of the tenantless Anvil Centre Office Tower. Richmond, Surrey and the North Shore posted very moderate negative continued on back page DISTRICT INVENTORY (SF) Metro Vancouver Office Vacancy Summary (Mid-Year 214) VACANCY RATE (%) Downtown 21,315,394 1,145, ,816 1,368, % -199,848 Yaletown 2,29, ,321 23,69 135,39 6.7% -48,756 Broadway 6,942, ,927 35, ,211 7.% 115,396 Burnaby 9,592,817 1,148,384 37,27 1,185, % 56,925 Richmond 4,2,538 66,294 41, , % -2,523 Surrey 2,749,69 553,174 84, , % -6,894 New Westminster 1,688, , , % 9,79 North Shore 1,477,58 121,978 11,17 133,85 9.% -7,68 49,996,212 4,49, ,499 4,864, % -83,689 Partnership.Performance. I 1

2 Downtown Metro core vacancy highest since 25 / SAF Vacancy with Space Availability Factor (SAF) and Absorption: 12.% 373, % 1.% 3.4% 8.% 1.9% 3.3% 6.% 2.6% 6.4% 53,846 7, % 5.7% 4.% 3.9% 3.9% -199,848 2.% -27,56 5, 4, 2.2% 3, 2, 7.9% 49,219 1, -1, -2, -3, Telus Garden is scheduled for delivery in the third quarter and counts Telus (189,5 sf ), Amazon.com Inc. (157, sf ), Capstone Mining (22,5 sf ) and Bull Housser (67,) as tenants. Oxford Properties MNP Tower will come online by the end of the year. Tenants include: MNP (56, sf ), CBRE (28, sf ), Atimi Software (24, sf ), Dassault Systemes (24, sf ), Silver Wheaton (16, sf ), Regus (16, sf ), Vertex One (16, sf ), Maclean Law (8, sf ), Intrinsic Venture Corp. (8, sf ) and HRA Group (5, sf )..% Mid F -4, Vacancy Absorption SAF* Space Availability Factor 12-month projection based on 1-year average absorption and 1-year average SAF Downtown office vacancy continued to trend higher and shift towards a balanced market at mid-year 214 as vacancy reached its highest point - 6.4% - since mid-year 25. A number of factors were behind the increase, including the removal of 475 Howe Street from inventory as construction on the new Exchange office tower commenced, CMHC s relocation and downsizing, and ICBC vacating 885 Dunsmuir Street. While there were a number of notable occupancies, including Ping Identity, ITC Construction and Lindsay LLP at 564 Beatty as well as Bennett Jones LLP at the Guinness Tower, it was numerous smaller vacancies across buildings in all classes that contributed to Downtown s rising vacancy. The ongoing downturn in the fortunes of mining and exploration companies continued to impact the market. While supply constraints lingered in select class AAA and A properties, the trend in vacancy rates is favourable to tenants and the space availability factor (SAF) indicates that more quality space may be coming available in the next 12 to 18 months. Large-block lease opportunities of 25, sf or larger continue to manifest in the market. Sublease vacancy declined slightly from year-end 213 and was lower in each building class except class A, where vacant sublease space increased by approximately 14%. Reasonable deal velocity in the first six months of 214 was supported by announcements that Sony Pictures Imageworks and Microsoft Canada would make substantial lease commitments at 725 Granville Street. While both companies were already present in Metro Vancouver (primarily Yaletown), the moves effectively represent new tenancies and pure positive absorption in the Downtown submarket. (The positive absorption attributable to leases in new Downtown buildings is not recorded until the space is occupied.) ICBC, CMHC, Postmedia Group, Heenan Blaikie and Cressey all returned space to the market either by downsizing or departing the market altogether. Negative absorption has occurred in the Downtown market for the past four consecutive sixmonth periods and has been accelerating since mid-year 213. Space Availability Factor (SAF) SAF refers to head lease or sublease space that is being marketed but is not physically vacant, and new supply that is nearing completion and available for lease. The space availability factor, or SAF, increased to 4.2% (885,85 sf) at mid-year 214, its highest point since mid-year 22 when the indicator reached 6.1% (1,155,672 sf). Hence, the actual amount of space currently being marketed (occupied and vacant) in the Downtown core is 1.6% or approximately 2.25 msf. 2 I Microsoft Canada and Sony Pictures Imageworks both made substantial lease commitments to 725 Granville Street in the first half of 214. Recent Lease Deals Mid-Year 214 Microsoft Canada 725 Granville Street 146, Sony Pictures Imageworks 725 Granville Street 74, Allstream (renewal) 175 West Cordova Street 67, Tetra Tech Inc. 885 Dunsmuir Street 5, Miller Thomson LLP 725 Granville Street 48, Bentall Kennedy (renewal/expansion) Bentall 4 44, Odlum Brown Ltd. (renewal/expansion) PwC Place 35, Corus Entertainment (renewal) TD Tower 33,7 CMHC FortisBC Centre 29, Knight Piésold Consulting (renewal) 75 West Pender Street 28, Bennett Jones LLP Guinness Tower 24,5 AMEC Americas Ltd. (renewal) 1133 Melville Street 24, National Bank Financial (renewal) Park Place 21, Long View (renewal/expansion) Park Place 17, PWGSC (renewal) Park Place 17, Wesgroup Properties Bentall 4 16,6 Silver Wheaton Corp. MNP Tower 16, AltaGas Ltd. (renewal) Oceanic Plaza 14,8 PBI Actuarial Consultants Ltd. (renewal/expansion) Bentall 1 12,5 Unbounce Marketing Solutions Inc. (sublease) 717 West Pender Street 12, Leith Wheeler Investment Counsel Ltd. (renewal) Commerce Place 11,5 GWL Realty Advisors Vancouver Centre 1, Partnership.Performance.

3 Downtown First-half negative absorption highest since 29 Also scheduled for delivery by year s end is Cadillac Farivew s redevelopment of 725 Granville Street. The refurbished department store will house Microsoft Canada (146, sf), Sony Pictures Imageworks (74, sf) and Miller Thompson (48, sf). The first of two office developments for Aquilini Development and Construction are also planned to be finished by the end of 214. The west tower, located at 89 West Georgia adjacent to Rogers Arena, will consist of 16, sf of office space in a mixed-use tower that also includes rental apartments. The NHL s Vancouver Canucks are occupying approximately 17,67 sf. The east tower, which is planned to have approximately 7, sf of office space, is scheduled for completion in the first quarter of 217. Two more large office towers will follow in the first half of 215 with the delivery of Bentall Kennedy s 745 Thurlow project and Manulife Financial s development at 98 Howe Street. SNC Lavalin (21, sf ) and McCarthy Tetrault (72, sf ) are occupying the majority of 745 Thurlow. BGC Engineering (65, sf ) and Jarvis McGee Rice (6, sf ) have made prelease commitments to 98 Howe Street. Century Group s five-storey office/retail development, the Orimdale Block, is scheduled for delivery in spring 215 and has no prelease commitments. An additional 48, sf of office space is being leased in the residential podium of Telus Garden. Credit Suisse-backed The Exchange, a 36,-sf, 31-storey office tower that incorporates the old Vancouver Stock Exchange building at 475 Howe Street, remains without an anchor tenant. The building is scheduled for completion in the first quarter of 217. Burrard Gateway, which will incorporate a 13,-sf office tower and a commercial podium with 1, sf of office space as part of larger residential development, is set to start construction in mid-215 with delivery scheduled for mid-217. Several other office towers are proposed for 217 and beyond, including new projects from Bentall Kennedy, Oxford Properties, Morguard, GWL Realty Advisers and Cadillac Fairview. Developments categorized as proposed primarily remain at the rezoning stage and are entirely contingent on market conditions and the securing of significant prelease commitments. Office rental rates have softened during the past six to 12 months and that is likely to continue, particularly if increases in Downtown vacancy persists. Landlords will likely need to raise leasing inducements to achieve budgeted rates or lower their rental-rate expectations. While there is unlikely to be a dramatic movement in rental rates, net effective rates will likely decline as leasing inducements increase and/or net rental rates decrease. Downtown is anticipated to continue its swing to a balanced state. While no dramatic changes to market fundamentals are anticipated, some landlords may become aggressive trying to fill current or pending large-block vacancies and introduce short-term measures that may impact rates. Tech companies as well as digital media firms have been a catalyst for increased Downtown office leasing activity in the first half of 214. It remains to be seen if competitors, suppliers or clients will also establish offices downtown. The SAF would suggest that the vacancy rate will likely increase as tenants physically occupy new buildings and vacancies emerge in existing inventory, but overall vacancy is not expected to increase dramatically. Recent significant leasing activity by tech and digital media firms bodes well for the market as it moves methodically to a balanced state despite the presence of several substantial lease assignments that remain unfulfilled in the market. No dramatic changes are expected to prevailing market fundamentals despite elevated vacancy and SAF levels. Developer Building SF Prelease SF Prelease % Completion Westbank Projects/ Telus Oxford Properties Aquilini Development and Construction Cadillac Fairview Bentall Kennedy Telus Garden, 51 West Georgia Street (mixed use) MNP Tower, 121 West Hastings Street 89 West Georgia Street (mixed use) 725 Granville Street (office/retail) 745 Thurlow Street (office/retail) 477,185 (office) 444,9 93% Q ,25 (office) 197,57 75% Q , (office) (west tower) 29, (office) (redevelopment) 17,67 17% Q , 91% Q , (office) 282, 77% Q2 215 Manulife Financial 98 Howe Street 25, 71, 28% Q2 215 Century Group Westbank Projects/ Telus Aquilini Development and Construction Credit Suisse AG/ SwissReal Group Canada Jim Pattison Developments/ Reliance Properties Carrera Management Corp. Ormidale Block, 151 West Hastings Street (office/retail) Telus Garden (podium), TBD 8 Griffiths Way (mixed use) The Exchange, 475 Howe Street Burrard Gateway, 129 Burrard Street (mixed use) 35,6 % Q ,5 % Q , (office) (east tower) % Q , (office) % Q , (office including tower & podium) % Q Granville Street 35, - - Serracan Properties 51 Seymour Street 68,25 (office) - - Morguard 61 West Hastings Street 215, (office) - - GWL Realty Advisors 753 Seymour Street 336, - - Bentall Kennedy 19 West Pender Street 415, (office) - - Oxford Properties 1133 Melville Street 5, - - Cadillac Fairview Canadian Metropolitan Properties Corp. 61 West Cordova Street 75 Pacific Boulevard 356, - - TBD - - SIX MONTHS SAF (SF) SAF (%) AVERAGE NET RENTAL RATE (PSF) AAA 3,596, ,564 34,64 173,24 4.8% -4, ,73 4.1% $28 - $46 $47 - $68 A 7,65,87 339,726 95,15 434, % -43, , % $22 - $4 $39 - $62 B 6,829,25 418,862 67, , % -37, ,62 3.1% $18 - $36 $32 - $54 C 3,283, ,697 25, , % -77,698 92,73 2.8% $15 - $26 $27 - $42 Total 21,315,394 1,145, ,816 1,368, % -199, ,85 4.2% - - Partnership.Performance. 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4 Yaletown Shifting tenant mix opens up rare opportunity Vacancy with Space Availability Factor (SAF) and Absorption: / SAF 12.% 1.% 8.% 6.% 4.% 2.%.% 1.9% 5.1% 181,33 4.% 4.3% 39,47.5% 6,785 5.% 3.% 4.% 19, % 6.7% -48, % 24,85 5.4% Mid F 2, 15, 1, 5, -5, -1, Vacancy Absorption SAF* Space Availability Factor 12-month projection based on 1-year average absorption, seven-year average SAF and known absorption in new inventory Scanline VFX will occupy 33,97 sf at 855 Homer Street in the second half of 214. Vacancy rose to its highest point since year-end 29 as tenants shifted in the market due in part to expansion and consolidation requirements. Sublease availability also re-emerged with three large blocks of space that are currently occupied but are being marketed as available. Class A vacancy increased due to the addition of 128 Hamilton to class A inventory after the building s extensive redevelopment. The former 18,-sf, class C building was expanded to 24, sf with the basement now considered functional office space. Class B vacancy increased largely due to the 33,97 sf of space at 855 Homer Street that is currently vacant but will be occupied by Scanline VFX in the second half of 214. Class C vacancy tightened due to the former BC Hydro space at 788 Beatty Street being leased to Axiom Zen, and Big Bad Boo Studios occupying 5,14 sf at 135 Cambie Street. First-half negative absorption of 48,756 sf was the highest since midyear 29 with class A and B premises accounting for the lion s share. Microsoft Canada leased up 18,54 sf at 84 Cambie Street. Three large blocks of space currently occupied but being marketed as available could significantly impact absorption should they be successfully leased/subleased as the case may be. They include 2, sf at 91 Mainland, 22, sf at 111 Hamilton Street and 17,4 sf at 1128 Homer Street. Recent Lease Deals Mid-Year 214 Scanline VFX 855 Homer Street 33,97 Microsoft Canada 84 Cambie Street 18,54 Avigilon Corp. (expansion) 858 Beatty Street 15,5 Axiom Zen 788 Beatty Street 1,39 Big Bad Boo Studios 135 Cambie Street 5,14 The Carros Group 1152 Mainland Street 3,83 Gen-Game Technology Corp. 185 Homer Street 2,52 No new construction is currently planned for Yaletown. Rental rates are expected to remain flat in the near term with small pockets of space anticipated to be leased up given Yaletown s tenant mix. Large-block opportunities will provide options for larger tenants who may have previously been unable to secure space in Yaletown and who have now met their size requirements. The migration of tech and digital media companies to the adjacent Downtown submarket has demonstrated the growing importance of the tech industry to Vancouver s office leasing market. While the maturation of the tech segment and its growth potential have led many companies to head Downtown in order to find the floorplates necessary to support ongoing operations, Yaletown remains a top choice for start-up companies of all types. Despite SAF opportunities, vacancy is anticipated to tighten in the next six to 12 months given there is no new construction slated for the area and Yaletown s continuing popularity with an assortment of tenant types. There are currently opportunities in the market that have been absent since 29/1. SAF (SF) SAF (%) AVERAGE NET RENTAL RATE (PSF) A 576,938 6,848 6, % -16,36 39, % $29 - $35 $42 - $49 B 998,357 27,471 23,69 5,54 5.1% -36,14 33,27 3.3% $24 - $28 $36 - $41 C 453,949 24,2 24,2 5.3% 3,78.% $19 - $23 $29 - $34 Total 2,29, ,321 23,69 135,39 6.7% -48,756 72, % I Partnership.Performance.

5 Vancouver - Broadway New federal government tenant boosts absorption At mid-year 214, vacancy spiked to its highest point since 25 due to the delivery of Broadway Tech Centre 6, which is primarily leased by Golder Associates, but is vacant and will not be occupied until the second half of 214. Pockets of large-block class A vacancy emerged at 2955 Virtual Way and 1333 West Broadway. Class C vacancy tightened primarily due to Hootsuite leasing approximately 28, sf on East 5th Avenue. Overall deal velocity remained slow but the deals completed were generally for larger tenants. Sublease vacancy inched up from 12 months earlier, but tightened when compared with six months ago due to a number of mid-sized deals. The Broadway office market recorded first-half positive absorption of almost 116, sf, the most since the first half of 26. This absorption was largely the result of the Canada Border Services Agency occupying all 85, sf of class A space at 153 Main Street when it was delivered in the first half. Meanwhile, ING vacated 33, sf at 2955 Virtual Way and Central 1 Credit Union returned 11, sf at 1441 Creekside, which was leased by Cardiome Pharma. MEC s new headquarters is under construction with occupancy set for October 214. Construction on the office component of PCI Group s Marine Gateway development is underway with approximately 55% of the 14-storey building preleased to Westport Innovations. The office building is set for completion in fall 215. Phase two of Blackwood Partners Renfrew Business Centre remains under construction. The seven-storey building, which does not yet have a tenant, is set for delivery in the fourth quarter of 215. Three additional office developments are on the sidelines awaiting prelease commitments, including BlueSky Properties 9,-sf building, phase two of Rize Alliance s Containers development on Terminal Avenue, and an office development at the Centre for Digital Media at Great Northern Way Campus. Cressey will proceed with the Fifth, a 73,- sf mixed-use building located in Mount Pleasant. Discovery Parks remains engaged with plans for its two-phase, 393,5-sf office development. Bentall Kennedy s Broadway Tech Centre East development is in the rezoning and development permit process with the City of Vancouver. Vacancy and Absorption Graph 1.% 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 2,47 5.2% 4.6% 34, , % 5.1% -16,768 7.% 115, % 59, Mid F 25, 2, 15, 1, 5, -5, Vacancy Absorption 12-month projection based on 1-year average absorption and known absorption in new inventory AVERAGE NET RENTAL RATE (PSF) A 4,85,39 319,41 32, , % 99,838 $24 - $3 $38 - $45 B 2,133,345 92,644 2,549 95, % -2,435 $18 - $25 $32 - $39 C 723,993 36,873 36, % 17,993 $15 - $19 $27 - $33 Total 6,942, ,927 35, ,211 7.% 115, Rental rates are expected to hold stable in 214 as muted deal activity contributes to an increase in vacancy. Small to mid-sized tenants waiting for opportunities to secure space may trigger an increase in deal activity ahead of a likely rise in vacancy at mid-215 if more preleasing commitments are not secured. The relaxation of zoning requirements in Mount Pleasant will fuel new office development in the area and provide upward pressure on lease rates. Broadway Tech Centre 6, one of two new large office buildings delivered in the first half of 214, is also almost 1% leased. Developer Building SF Completion Mountain Equipment Co-op 177 Great Northern Way (phase 1) 121, Q4 214 PCI Group/Triovest Marine Gateway (mixed use), 45 SW Marine Drive 25, (office) Q3 215 Blackwood Partners/AIMCo Renfrew Business Centre phase II (2665 Renfrew Street) 161,61 (office) Q4 215 BlueSky Properties Broadway Commercial, 988 West Broadway Centre for Digital Media, 1933 Fraser Street 78,38 (office) Awaiting prelease commitment Awaiting prelease commitment Awaiting prelease commitment Awaiting prelease commitment Partnership.Performance. I 5 GNW Trust 6,36 Cressey Development Group Fifth, 38 West 5th Avenue 49,5 (office) Rize Alliance Bentall Kennedy Discovery Parks Canada TBD Yuanheng Holdings Ltd. Westbank Development/ Ivanhoé Cambridge Containers (phase II), 428 Terminal Avenue 33 East Broadway (five buildings) 198 Foley Avenue (87 Great Northern Way) 61 Terminal Avenue (auto dealership and/or office complex) 1395 West Broadway 146, 962,3 393,5 (two buildings) 18, 2, (office/retail) Oakridge Centre redevelopment 424,26 (office) Recent Lease Deals Mid-Year 214 Hootsuite 111 East 5th Avenue 28, Brooks Corning 38 West 2nd Avenue 15, Cactus Restaurants Ltd. 55 West Broadway 13,6 Cardiome Pharma Corp Creekside Drive 1,97 Paragon Testing Enterprises (sublease) 2925 Virtual Way 8,61 PHSA (expansion) 177 West 7th Avenue 8,55 Century High School 1788 West Broadway 8,16 Treloar Physiotherapy Clinic 555 West 8th Avenue 7,77

6 Burnaby New supply nudges vacancy upwards Vacancy and Absorption Graph 14.% 13.2% 248, % 12.% 12.4% 212,72 1.% 8.% 1.6% 9.1% 7.8% 56,925 65,51 6.% 4.% 2.% -114, ,781.% Mid F 12-month projection based on 1-year average absorption. 3, 25, 2, 15, 1, 5, -5, -1, -15, -2, Rental rates have been under downward pressure and rising vacancy is likely to extend that trend. With activity flat and more space set to return to the market at the end of the year (such as Golder Associates), landlords are going to have to be competitive and get creative as tenants will have numerous strong options to consider. Significantly larger prelease commitments in Solo District and greater-than-average annual absorption will be required within the next 12 to 18 months if another spike in vacancy is to be moderated when Solo District s 23, sf of office space is delivered to the market at the end of 215. Burnaby s office leasing market was quiet in the first half of 214. Vacancy rose as anticipated due to the delivery of Metrotower III in the first half of 214. The rise in vacancy was tempered somewhat by Stantec immediately occupying 65, sf when the building was completed. Hemmera will occupy its new space in the second half of the year. Approximately 317, sf remain vacant. Many quality options exist for tenants. Golder Associates will vacate more than 113, sf in Willingdon Park by the end of 214. While there were no large leases signed in the first half of 214, there were also no notable vacancies. Vacant sublease availability remained very limited. However, 3777 Kingsway, which is currently occupied but available as Telus seeks to sublease the space as it prepares to relocate to Downtown Vancouver, is offering more than 71,2 sf (almost double the vacant sublease space available). With no new office construction other than Solo District (which is set to deliver in about 18 months) underway in the market, vacancy is anticipated to remain elevated and increase further at year-end. Class A absorption in the first half of 214 offset negative absorption in class B and C premises and provided the strongest first half of positive absorption since 212. Kiewit Corp. occupied 1, sf at 435 Still Creek Drive, while E-Comm leased 15, sf. Negative absorption in class B was due in large part to PWGSC vacating 29,5 sf at 4259 Canada Way. With Ivanhoé Cambridge s Metrotower III completed in the first half of 214, adding another 411, sf to Burnaby s class A office inventory, the only other significant office development currently under construction is Appia Group s Solo District at Willingdon Avenue and Lougheed Highway. Phase two of Solo District, which is still under grade, includes 12 floors and 23, sf of office space in a 54-storey mixed-use tower. CMW Insurance has agreed to lease 2, sf to date. Office space will be delivered to tenants in late 215 or early 216. Burnaby s newest office tower, Metrotower III, was completed in the first half of 214; while Stantec has moved in, Hemmera are fixturing. Recent Lease Deals Mid-Year 214 International Forest Products Ltd. 472 Kingsway 27, CMW Insurance 225 Willingdon Avenue 2, Allied Vision Technologies Canada Inc Canada Way 18, Ultra Sonic 365 Gilmore Way 16, E-Comm 435 Still Creek Drive 15, Traction on Demand Inc.(expansion) 27 Production Way 12, Thales Group 3555 Gilmore Way 11,77 Commonwealth of Learning 471 Kingsway 11, Lungpacer Medical Inc. 851 & 862 Commerce Court 6,48 Developer Building SF Completion Appia Group SOLO District (phase II) 23, (office) Q4 215 Kingswood Capital Discovery Place Business Park, phase III 5, Awaiting prelease commitment Sears Canada 475 Kingsway Two office towers Shape Properties Brentwood Town Centre One/two office towers AVERAGE NET RENTAL RATE (PSF) A 6,574,78 79,692 3, , % 91,329 $18 - $26 $32 - $4 B 2,81, ,316 5,63 196, % -28,378 $13 - $17 $26 - $3 C 937,68 166,376 1,2 167, % -6,26 $1 - $13 $22 - $25 Total 9,592,817 1,148,384 37,27 1,185, % 56, I Partnership.Performance.

7 Richmond Market recovery stalls after three years of tightening vacancy The proposed Global Education City development has been substantially revised, according to City of Richmond staff. After more than three years of declining vacancy, Richmond s office market recovery appears to have slowed. Vacancy remained stable at 15.4% at mid-year 214 (the same as year-end 213), the lowest since year-end 28. Class A vacancy rose compared with six and 12 months ago. Class B vacancy continued to tighten, while class C vacancy was volatile down significantly from mid-year 213 but higher than year-end 213. Limited deal activity has been primarily restricted to existing Richmond tenants located in business parks. The Richmond market recorded very slight negative absorption in the first six months of 214 the first time since mid-year 211 that the submarket has recorded negative absorption in the first half. Overall, a number of organizations, including Evident Point Software, Move Inc., Steve Nash Sports Club, Stork Craft and the BC francophone school board were involved in a range of transactions in the municipality s two primary business parks, Airport Executive Park and Crestwood Corporate Centre. Construction Sea Island Business Park is no longer under active consideration by the Vancouver International Airport Authority as the proposal is being reviewed as part of the airport authority s update of its 2-year master plan. The marketing of office space in Ampar Ventures yet-to-be-approved Ampri International Gateway Centre, which includes a 12-storey, 15,-sf office tower component, may begin in the next 12 months. The proposed development has received third reading but is awaiting completion of all the rezoning conditions and, as a result, a development permit has not yet been issued for the three-phase hotel/office development proposed on Bridgeport Road near the Oak Street Bridge. The rezoning application for the proposed Global Education City, which had suggested a nine-storey office and campus building on Sea Vacancy and Absorption Graph 3.% 25.% 2.% 15.% 1.% 5.%.% Developer Building SF Completion Ampar Ventures Ltd. New Continental Properties Inc. Westmark Development Group 24.6% -146,554 1, % 19.3% 11,73 Recent Lease Deals Mid-Year 214 BC Francophone school board Commerce Parkway 24,45 Pinchin Environmental (renewal) Commerce Parkway 14,89 Vaisala Canada Inc Commerce Parkway 12, Stork Craft Manufacturing Inc Riverside Way 1, Usana Canada Co. (renewal/expansion) Commerce Parkway 8,54 Evident Point Software Corp. (expansion) 3751 Shell Road 3,39 Ampri International Gateway Centre (office/hotel) 15.4% 167,121 Global Education City (832, 834 & 844 Bridgeport Way; and 8311 & 8351 Sea Island Way 41, 412, 4126, 414, 418 & 422 Garden City Road and 9131, 9151 & 9191 Odlin Road -2, % 37, % Mid F Vacancy Absorption 12-month projection based on 1-year average absorption. 15, (office) 1, (office/campus) 71,77 (office/ commercial) 2, 15, 1, 5, -5, -1, -15, -2, Island Way, a 15-storey dormitory building as well as a six-level parkade and amenity building, has been substantially revised and remains in process, according to city staff. GBL Architects has submitted a rezoning application on behalf of Westmark Development Group for a yet-to-be named mixed-use development at Garden City Road and Odlin Road that includes 71,7 sf of office/commercial use. Rental rates are likely to remain flat with limited activity, and landlords will be required to compete more strongly in order to attract and retain Richmond tenants. Vacancy is not anticipated to tighten further with many tenants renewing with minimal expansion requirements. The continuing lack of new construction and ongoing delay of those projects that have been proposed highlight the market has not yet fully recovered from 28/9 and remains in digestion mode. AVERAGE NET RENTAL RATE (PSF) A 2,895, ,681 33, , % -18,59 $16 - $2 $ $3.5 B 972,346 53,6 53,6 5.5% 23,44 $12 - $14 $22 - $24 C 332,936 18,13 8,319 26, % -7,454 $9 - $12 $ $19.5 Total 4,2,538 66,294 41, , % -2, Partnership.Performance. I 7

8 Surrey Vacancy remains highest in Metro Vancouver Vacancy and Absorption Graph 25.% 85, % 23.6% 1, 2.% 5, 15.% 1.% -47, % 11.5% -6, % -6, , Leasing opportunities are available in the newly upgraded Surrey Central Business Park. Surrey s office market vacancy climbed to 23.2% at mid-year 214 currently the highest rate in Metro Vancouver. Three vacant buildings being added to inventory - the new Southpointe 99 development (which is 4% preleased but will not be occupied until the second half) along with Surrey s former city hall (which will be partly occupied by Crown counsel in 215) and the former RCMP building on 56th Avenue along with additional vacancies in Surrey Central Business Park and Guildford Office Park drove office vacancy to its highest point since year-end 23. Small tenants also continued to downsize or relocate and deal velocity was minimal. A range of options remain for tenants large and small. Developer Building SF Completion PCI Group/Triovest Bosa Properties King George Station, 99 King George Boulevard (office/retail), phase one Gateway Place, th Avenue (office/retail) 164, (office) 61,3 (office) Q4 215 Q2 216 Century Group 3 Civic Plaza (mixed use) 5, Q1 217 Landview Construction GTC Professional Building, rd Street 13,7 Awaiting prelease commitment Circadian Projects 9677/9681 King George Boulevard 178, Recent Lease Deals Mid-Year 214 PWGSC th Avenue 32,29 PWGSC th Avenue 18, Lafarge Canada Inc. (renewal) nd Street 13,2 Health Tech Connex th Street 12, Industry Canada (renewal) th Avenue 1,4 CEFA nd Street 9, Allnorth Consultants Ltd. (renewal) th Street 8,2 PrimeTime Living (sublease) nd Street 5,1 5.%.% 2.5% -137, Mid F Vacancy Absorption 12-month projection based on 1-year average absorption and known absorption in new inventory -1, -15, Slight positive absorption in class A and C premises in the first half of 214 was offset by negative absorption of class B space as the RCMP vacated its final building in Surrey Central Business Park. Slight negative absorption overall in the first half marked an improvement compared with the two previous years. Phase one of Southpointe 99 was completed in the first half of 214. The four-storey, 55,-sf building is occupied by Innovative Fitness (1, sf), KNV Chartered Accountants (5,5 sf) as well as other health and wellness practitioners. Approximately 33, sf remains available. Construction is progressing well on Coast Capital s new head office at 99 King George Boulevard. The nine-storey, 19,-sf building features 164, sf of office space as well as retail premises. Coast Capital has leased 112, sf and will also open a retail branch on the ground floor. The building is scheduled to be delivered in the fourth quarter of 215. Construction will kick off this summer on phase one of Bosa Properties Gateway Place, a four-storey, 1,-sf building composed of 61,3 sf of office space and 38, sf of retail premises (which includes Shoppers Drug Mart and Nesters Market). Phase two will consist of two 32-storey residential towers. Construction has started on 3 Civic Plaza, which will include 5, sf of office space. Kwantlen Polytechnic University has acquired 3, sf for a new campus. Delivery is scheduled for the first quarter of 217. Rental rates will come under increasing pressure as vacancy rises and options for tenants proliferate. With additional space anticipated to be returned to the market for sublease this year and new construction scheduled to deliver an additional 164, sf of office space in 215 (112, sf has been preleased), vacancy is not anticipated to tighten. Landlords will need to be competitive and creative in order to attract and retain tenants who increasingly have a wide range of options. AVERAGE NET RENTAL RATE (PSF) A 1,865, ,557 72, , % 1,478 $16 - $22 $3 - $36 B 678, ,73 11, , % -26,73 $13 - $15 $26 - $28 C 24,629 39,544 39, % 9,331 $11 - $13 $23 - $25 Total 2,749,69 553,174 84, , % -6, I Partnership.Performance.

9 New Westminster Class A availability spikes with delivery of vacant office tower Vacancy and Absorption Graph 25.% 178,35 2, 2.% 2.8% 15, 15.% 1.% 5.% 9.7% 15, % 52, % 9, % 14.3% 31,515 1, 5,.% -33, Mid F Vacancy Absorption -5, Large-block lease opportunity remains in building two at the Brewery District. Vacancy jumped to its highest point since 26 with the delivery of the vacant 137,-sf Anvil Centre Office Tower in the first half of 214. With only minimal deal velocity in the 1,-sf to 2,5-sf range, office vacancy is expected to remain elevated, particularly in class A assets, which now have a 24.3% vacancy rate. While vacancy in class B and C premises remained stable and less than 1%, a significant anchor tenant from outside the submarket will most likely be necessary to break the back of class A vacancy, which is currently the highest class A vacancy in Metro Vancouver. Of the three new office buildings completed since 212 Brewery District (phase two), Queens Park West and the Anvil Centre Office Tower approximately 174, sf (or 46%) of new class A space remains vacant. Available (but occupied) sublease space remains in short supply with just 9,375 sf. Mild positive absorption of slightly more than 9, sf in the first half of 214 marks the second lowest tally since the first half of 27. With minimal deal activity anticipated, absorption is expected to remain negligible. The merger of CJP Architects practice in New Westminster into Kasian Architecture Interior Design and Planning resulted in 5, sf being vacated at Sixth Street. Construction on the Anvil Centre Office Tower was completed in the first half of 214. The nine-storey, 137,-sf office tower remains vacant. The development, originally known as Merchant Square, was sold in early 214 by the City of New Westminster for $36.5 million to month projection based on 1-year average absorption and known absorption in new inventory Developer Building SF Completion Bentall Kennedy Adjacent to Braid Street SkyTrain station (part of mixed-use development) Recent Lease Deals Mid-Year 214 Up to 4, (office) Willowbrae Childcare Academy 8 McBride Boulevard 8, Fraser River Pile & Dredge Inc. 62 Royal Avenue 2,38 Seymour Evancic Gardner & Associates 55 Sixth Street 2,21 Fraser Health 61 Sixth Street 1,77 Forge and Smith 62 Royal Avenue 1,57 Columbia Street, a partnership jointly owned by Kingswood Capital and Duke Holdings. Rental rates are forecast to come under pressure due to the high availability of class A space in the New Westminster submarket. Landlords will have to be aggressive to secure quality tenants with deal flow anticipated to be slow in the second half of 214. The majority of activity has been limited to local tenants less than 2,5 sf and that is forecast to continue. Until class A vacancy is reduced in a meaningful way, rental rate growth will be difficult to achieve and inducements likely necessary to retain quality tenants. The significant oversupply of class A space as well as healthy vacancy in class B and C properties will provide tenants with a wide range of options for some time to come and will likely delay any further development of office space for the foreseeable future. AVERAGE NET RENTAL RATE (PSF) A 78, , , % 9,71 $19 - $24 $3 - $38 B 7,684 67,151 67, % -8,214 $14 - $16 $26 - $28 C 27,774 15,641 15, % 7,592 $11 - $12 $19 - $2 Total 1,688, , , % 9, Partnership.Performance. I 9

10 North Shore Office market steady as demand moderates 1.% Vacancy and Absorption Graph 9.5% 9.% 8.5% 8.% 7.5% 7.% 8.1% -2, % -56,772-8, % 8.5% 16,128-7,68 9.% 5,24 8.3% Mid F Vacancy Absorption 12-month projection based on 1-year average absorption and known absorption in new inventory 2, 1, -1, -2, -3, -4, -5, -6, -7, Recent Lease Deals Mid-Year 214 Vancouver Shipyards Capilano Business Park 12,41 North Shore Law LLP (renewal) 171 West Esplanade 8,94 Family Services of the North Shore 1111 Lonsdale Avenue 6,82 Waterfront Business Centre 145 Chadwick Court 5,24 Parson Brinckerhoff (expansion) Capilano Business Park 4,38 epact Network Ltd. 255 West 1st Street 3,22 Package Apparel Inc. 26 West Esplanade 3,1 Movéo Sport & Rehabilitation Centre 1133 Lonsdale Avenue 2,8 Sperling Hansen Associates (renewal) Keith Business Centre 2,5 McLeod Medical (expansion) 11 West 16th Street 2,33 VendTek Systems Inc. Harbourside Corporate Centre 2,25 Developer Building SF Completion Wesgroup Properties/ BlueShore Financial Onni Group 125 Lonsdale Avenue (mixed use) Centreview, 138 Lonsdale Avenue (mixed use) 6, (office/retail) Q ,8 (office) Q4 217 Polygon 255 West 1st Street & 26 West Esplanade 44,3 (office/retail) Polygon has plans for a new mixed-use office/retail/residential development on West Esplanade. Vacancy rose slightly from year-end 213 with restrained deal flow in the first half of 214 leading to previous vacancies not being absorbed; however, vacancy still remained lower than a year ago. Class A vacancy remained tight at 5.3% with class B vacancy rising compared with six and 12 months ago. Sublease availability rose to its highest point since mid-year 211 as new opportunities emerged. The North Shore s stable but small office market with limited activity led to slight negative absorption in the first half of 214. Absorption (and vacancy) can be impacted dramatically by a handful of leases or vacancies due to the market s size. Small pockets of vacant space scattered across the market and sublease opportunities emerging in the market contributed to the negative absorption in the first half. BlueShore Financial s new 6,-sf head office/retail development Concert Properties 81 Harbourside Drive (mixed use) 21, (office) on the North Shore remains under construction as its completion date was pushed to the third quarter of 214. With the majority of retail space on the ground floor leased, BlueShore Financial will occupy the office portion. Onni Group s Centreview office/retail development at 138 Lonsdale will offer four floors of office space totalling 78,8 sf atop ground-level retail. Construction commenced in mid-214 with completion scheduled for year-end 217. Polygon s plans for a mixed-use development fronting West Esplanade calls for 44,3 sf of office/retail space (15, sf of space has been allocated for lease to non-profits at reduced rental rates). Increased activity is inevitable as economic conditions and local business confidence continues to improve. Until recently there has been little to no urgency from tenants in the marketplace, but with no new office product coming to the market for at least the next 24 months and activity increasing, vacancy is expected to tighten and rental rates to stabilize. The imminent redevelopment of Esplanade Centre (255 West 1st Ave and 26 West Esplanade) will result in the loss of 1, sf of office space, but will restore 44,287 sf of commercial and office space when complete. With this in mind, tenants will be forced to relocate in 215, which is anticipated to further elevate leasing activity and reduce vacancy in the short term. AVERAGE NET RENTAL RATE (PSF) A 793,13 38,641 3,5 42, % -2,65 $2 - $27 $31 - $43 B 481,395 51,844 7,67 59, % -4,16 $15 - $19 $23 - $31 C 23,172 31,493 31, % -258 $13 - $16 $19 - $26 Total 1,477,58 121,978 11,17 133,85 9.% -7, I Partnership.Performance.

11 Special Feature Traditional Downtown Vancouver office leasing drivers being redefined in new economy With the provincial government focused on extracting and shipping natural resources in the hinterlands, the transformation of Downtown Vancouver s office leasing market since 211 has highlighted the evolving nature of the new economy emerging in the metropolitan core. To gain a better understanding of what, or more appropriately, who has driven demand in Vancouver s Downtown office market, Avison Young reviewed the most significant leasing transactions (greater than 1, sf) that have transpired in the core since 211. Avison Young identified which industries were most prevalent in terms of deal volume and total space leased. Since 211, which marked the kickoff of the most significant development cycle in the Downtown core since the early 199s, leasing activity Downtown has exceeded 1.3 million square feet (msf) annually, peaking with more than 1.74 msf leased in 213. For the purposes of this analysis, leasing activity includes new lease deals, renewals, expansions and sublease agreements. Tight downtown office vacancy which was 3.9% at year-end 211 and 212 before rising to 5.7% at year-end 213 was also linked to a lack of new supply. From 211 to 213, just 173,5 sf of new space was added to the Downtown office inventory, partly as a result of developers curtailing projects in the wake of the global economic downturn. Zoning bylaws (that the City of Vancouver has since addressed) had also impacted office development in the core, particularly as land costs rapidly escalated, and residential development began muscling out office towers. Resilient levels of downtown leasing activity subsequent to 29 combined with the lack of new supply permitted landlords to maintain and increase rental rates thanks to tightening vacancy and limited tenant options, which rapidly propelled the Vancouver office market past the downturn. High rates were also attractive to developer pro formas. While many other North American core office markets struggled with rising vacancy and declining rental rates and leasing activity, Vancouver s Downtown office vacancy climbed to just 5.5% at year-end 29 (from an eye-popping 2.5% at year-end 28) before slipping to 5.2% at year-end 21 and then settling at sub 4% for the subsequent two years. Downtown Vancouver s office market resiliency and stability (and firm rental rates) in 21 were enough to trigger the development cycle currently underway that will deliver almost 1.8 msf to inventory in 214/15 with an additional 67, sf scheduled for delivery in 217. Another half dozen towers are also proposed. Avison Young has found that more than 7% of all downtown Vancouver leasing activity (by square footage) occurred in four industries, which generated approximately 62% of the total number of lease transactions since 211. According to Avison Young s analysis, financial services and accounting (FS&A) firms have been responsible for more than 25% of all leasing activity in terms of total square footage in the Downtown core since 211. More than 5, sf in FS&A leasing activity was completed in 212 alone. FS&A firms 8% 7% 13% 6% 2%2% 4% Downtown Vancouver Leasing Activity (based on total sf leased) Since 211 (>1, sf) 16% 26% 16% led all other industries from 211 to 213 in terms of total square footage leased, but slipped to second place behind tech and digital media (T&DM) firms in first half of 214. FS&A firms also led in terms of the number of lease deals completed since 211 with slightly more than 2% of total deal volume. T&DM firms became the second largest source of demand with approximately 16% of Downtown office leasing activity since 211. More than three-quarters of T&DM leasing activity in the past four years has occurred since 213. Leasing activity related to T&DM companies accounted for approximately 16% of the total number of Downtown office deals completed since 211. Architecture, engineering and construction (AE&C) firms have leased almost the same amount of space since 211 representing approximately 16% as T&DM companies, but was more active in 211 and 212 and has since faded while remaining integral to the downtown office leasing market. AE&C firms have been involved in 13% of the lease deals completed in the Downtown core since 211. Financial Services & Accounting (FS&A) Tech & Digital Media (T&DM) Architecture, Engineering & Construction (AE&C) Legal Services Natural Resources & Energy (NR&E) Government Real Estate The last of the four primary drivers of Downtown office leasing activity since 211 are legal firms. Law firms represent almost 14% of the total square footage leased in that time period and, while activity peaked in 212, have remained consistently active into 214. Law firms were party to approximately 16% of the lease deals completed in the Downtown core since 211. Education Three other tenants political and Professional Services government-related organizations, Other real estate firms and natural resources & energy (NR&E) companies were responsible for between 5% and 1% each of the total square footage leased Downtown since 211. Despite the much reduced profile of NR&E companies in the Downtown Vancouver office leasing market (in terms of square footage), they were involved in approximately 13% of total deal volume, comparable to both legal services and AE&C firms. Education, professional services and others comprised less than 5% each of the total square footage leased since 211 and, when combined, were involved in approximately 9% of total deals. Future leasing demand will need to be generated by industries and companies that are not currently in the market. The traditional corporate drivers of leasing activity in Vancouver legal services, AE&C and FS&A firms have virtually all expanded, moved or renewed since 211 and are unlikely to contribute much more growth in this current cycle. T&DM companies have proven to be the market s saving grace and will be counted on to remain a primary consumer of new and old space alike if Downtown Vancouver is to remain a balanced office market. This evolving and diversifying industry segment will be key to the continued vitality of the core. NR&E firms, the corporate bedrock that much of the Downtown office market was built on, will likely remain a secondary player during this current cycle with future success tied to the province s efforts to launch a nascent LNG industry and an upturn in the global commodities cycle. Vancouver s Downtown office market is being redefined for the 21st century. The question is what economic forces will ultimately reshape it. Partnership.Performance. I 11

12 continued from page 1 absorption of just 16,5 sf for all three submarkets combined. New tenants occupying recently completed buildings in the Broadway and Burnaby submarkets resulted in positive absorption despite increasing vacancy. The historical correlation between declining vacancy and positive absorption has been disrupted and that will continue until the end of 215 as this development cycle works through the list of projects currently slated for construction. The delivery of new Downtown office towers starting in the second half with the majority of the space preleased will boost absorption but vacancy is likely to continue to rise as space is returned to the market and blocks of vacancy in the new buildings remain unoccupied. As of mid-year 214, vacancy in Metro Vancouver rose to 9.7% (the highest vacancy since mid-year 25) from 7.8% at year-end 213 and 7.5% 12 months earlier. Downtown vacancy rose to 6.4% (the highest vacancy registered since 25) from 5.7% at year-end 213. Vacancy in all three of the submarkets that constitute Vancouver proper Downtown and Broadway (Yaletown is the other) rose compared with six and 12 months earlier. This upward trend has also been recorded in other Canadian metro cores in 214. Overall suburban vacancy climbed to 12.6% at mid-year 214 (the highest suburban vacancy rate since mid-year 24) from 1.1% at mid-year 213. It should be noted that the suburban vacancy rate was also partially inflated due to a number of buildings that were delivered in select submarkets that tenants had yet to occupy by mid-year. Vacancy increased or remained stable in all Metro Vancouver submarkets. Surrey, New Westminster and Burnaby all recorded significant rises in vacancy but for different reasons. The delivery of the partially preleased Metrotower III in Burnaby led to vacancy climbing to 12.4% from 9.1% six months earlier. Meanwhile, the delivery of the vacant Anvil Centre Office Tower in New Westminster pushed vacancy to 16.1% from 9.3% at year-end 213. In Surrey, existing buildings were added to inventory and amplified an existing trend favouring increased office vacancy that had been underway since year-end 212. The Richmond office submarket remained stable, which marked an end to the slow but steady recovery underway since year-end 21. Significant amounts of new construction in the suburbs were delivered in the first half of 214, including Metrotower III, the Anvil Centre Office Tower, Broadway Tech Centre 6 and Central. More than 9, sf of office space still remains under construction in the suburbs, including Marine Gateway, phase two of Renfrew Business Centre, Solo District, Gateway Place and 99 King George Boulevard. As of mid-year 214, there was more than 1.7 msf of new product under construction Downtown, with the first deliveries scheduled for the end of 214. Telus Garden, MNP Tower, 725 Granville Street and 89 West Georgia will be the first new office developments to be completed. Three additional developments 745 Thurlow, 98 Howe Street and 151 West Hastings are planned for 215. Developers have added more than 1 msf to Metro Vancouver s office inventory since mid-year 213. In total, there was more than 2.7 msf of office product under construction in Metro Vancouver at mid-year 214. Sublease vacancy in the 5-msf Metro Vancouver office market slipped to 9.4% of overall vacancy at mid-year 214, the lowest point since year-end 212. The record level of sublease vacancy in Metro Vancouver was 28%, which was set at mid-year 29. Year-over-year sublease vacancy increased in Yaletown, Richmond, Burnaby, Broadway and the North Shore submarkets and declined in Downtown and Surrey. Vacant Sublease Space Square Feet 8, 7, 6, 5, 4, 3, 2, 1, 79,87 37, ,21 182,18 299, , , ,684 48,936 24, , , Mid-214 For more information please contact: Michael Keenan, Principal & Managing Director Direct Line: michael.keenan@avisonyoung.com Andrew Petrozzi, Vice-President, Research (BC) Direct Line: andrew.petrozzi@avisonyoung.com Sherry Quan, Principal & National Director of Communications & Media Relations Direct Line: sherry.quan@avisonyoung.com Avison Young Office Leasing Team Nicolas Bilodeau nicolas.bilodeau@avisonyoung.com Robin Buntain robin.buntain@avisonyoung.com Fergus Cameron fergus.cameron@avisonyoung.com Gordon Cawley gordon.cawley@avisonyoung.com Matthew Craig matthew.craig@avisonyoung.com Caitlin Cramb caitlin.cramb@avisonyoung.com Bill Elliott bill.elliott@avisonyoung.com Glenn Gardner glenn.gardner@avisonyoung.com Mark Hannah mark.hannah@avisonyoung.com Darrell Hurst darrell.hurst@avisonyoung.com James Lewis james.lewis@avisonyoung.com Avison Young Commercial Real Estate Inc. # W. Georgia Street Box 1119 Royal Centre Vancouver, BC V6E 3P3, Canada avisonyoung.com Jason Mah jason.mah@avisonyoung.com 214 Avison Young (Canada) Inc. All rights reserved. David MacFayden david.macfayden@avisonyoung.com Justin Omichinski justin.omichinski@avisonyoung.com Brian Pearson brian.pearson@avisonyoung.com Leeanna Petrik leeanna.petrik@avisonyoung.com Dan Smith dan.smith@avisonyoung.com Josh Sookero josh.sookero@avisonyoung.com Terry Thies terry.thies@avisonyoung.com Matt Venner matt.venner@avisonyoung.com Matt Walker matt.walker@avisonyoung.com Ian Whitchelo ian.whitchelo@avisonyoung.com E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (B.C.) Inc. Metro Vancouver Downtown