The Next Wave. Coming Soon! - Downtown Vancouver s Next Development Cycle. Bonus Feature Downtown Fringe Now Also Included.

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1 The Next Wave Coming Soon! - s Next Development Cycle Bonus Feature Downtown Fringe Now Also Included May 2018 v9

2 The Next Wave (and Fringe) Office Development Completed (2015) (1,794,000 Square Feet) Telus Garden & Podium 525, Thurlow 377,000 MNP Tower 263, Howe Street 223, Granville 300,000 Rogers Arena, West Tower 106,000 Recently Completed The Exchange 369,000 (December 2017) Due to be Completed in the Next One, Two, Three, Four.. Years 365 Great Northern Way, 402 Dunsmuir, Burrard Place, 320 Granville, 400 W Georgia, Vancouver Centre II

3 1 The Exchange 475 Howe Street Location Financial Core (Howe/Pender) Building Class AAA Project Type Office Tower Number of Floors/Parking 30/164 stalls Average Floor plate (SF) 11,000 13,000 Total Office Area (SF) 369,000 Estimated Completion Date Q Environmental Rating LEED Platinum Estimated Rental Rates $42.00/ $21.00 est. Owner/Developer Swissreal & Credit Suisse Status Completed December 2017 Comments/Commitments: prime location, good views on some floors/sides, raised floors, ceiling tiles with radiant heating/cooling panels - National Bank (45K SF including retail), Executive Group of Companies/Hotel (110K SF ), Hyperwallet (22.5K SF), Smythe Accounting (28K SF), Lindt (retail)

4 2 Great Northern Way Redevelopment 365 Great Northern Way Vancouver/City Location False Creek Flats (Downtown East) Building Class AA Project Type Office Low Rise Number of Floors/Parking 7/215 stalls Average Floor plate (SF) 23,000 Total Office Area (SF) 161,087 Estimated Completion Date June 2018 Environmental Rating LEED Gold Estimated Rental Rates TBD + $16.75 Owner/Developer Low Tide/PCI Status Under Construction Comments/Commitments: Premium quality office building 10\15 minute walk from SkyTrain in quickly evolving but still untested False Creek Flats area of Vancouver by one of the region s leading developers, with rooftop terrace and multiple amenities - 72% preleased - Samsung, Regus/Spaces, Finning Int l, Blackbird Interactive

5 3 Amazon Place 402 Dunsmuir Street Location Building Class Project Type Number of Floors/Parking Financial Core (Dunsmuir/Homer) AAA Office Mid-Rise 9/251 (shared) Average Floor plate (SF) 16,300 Total Office Area (SF) 147,000 Estimated Completion Date Q Environmental Rating Estimated Rental Rates Owner/Developer Status LEED Gold N/A CPPIB & Oxford Properties Demolition underway Comments/Commitments: low/mid-rise office, experienced development team, good size floorplates, capitalizing on CBD shifting east Amazon to occupy entire building, 1,000 employees

6 4 Burrard Place Tower B 1290 Burrard Street Location Building Class Project Type Number of Floors/Parking Downtown South (Burrard/Drake) AA Mixed Use 13/252 Stalls (shared) Average Floor plate (SF) 11,000-15,000 Total Office Area (SF) 150,000 Estimated Completion Date Q Environmental Rating Estimated Rental Rates Owner/Developer LEED Gold $37.00/$39.00 net Pattison Group & Reliance Properties Status Groundbreaking ceremony Feb 14/18 Comments/Commitments: part of mixed-use development, midrise office, views of False Creek, on bus transit (not Skytrain), non-financial core location no commitments

7 5 Maker Exchange 488 Railway Street Vancouver/City Location Railtown (Downtown East) Building Class A Project Type Office Low Rise Number of Floors/Parking 7/160 stalls Average Floor plate (SF) 12,188 to 27,500 Total Office Area (SF) 152,000 Estimated Completion Date Q Environmental Rating TBD Estimated Rental Rates TBD + $14.00 Owner/Developer Omicron & Rendition Status DP approved with conditions Comments/Commitments: New I-4 zoning (Creative Products Manufacturing, Digital Entertainment & Information Communication Technology Design, School, Production or Rehearsal Studios), Rooftop deck, balconies, views of N. Shore - no commitments, pre-leasing

8 6 Speculative 601 West Hastings Street Location Building Class Project Type Number of Floors/Parking Financial Core (Hastings/Seymour) AA Office Tower 25/102 Stalls Average Floor plate (SF) 8,100 Total Office Area (SF) 190,000 Estimated Completion Date Q Environmental Rating Estimated Rental Rates Owner/Developer LEED Gold TBD Greystone/PCI Status Rezoned, demo 4/18 Comments/Commitments: premier office development immediately adjacent to 333 Seymour, multiple transit options, small floorplates, water views from top floors no commitments

9 7 625 West Hastings Street 619/675 West Hastings Street Location Building Class Project Type Number of Floors/Parking Financial Core (Hastings/Granville) AA Office Tower 28/58 Stalls Average Floor plate (SF) 5,500 Total Office Area (SF) 120,000 Estimated Completion Date Q Environmental Rating Estimated Rental Rates Owner/Developer Status TBD TBD Uptown Property Group Rezoning application submitted Comments/Commitments: boutique office building, small floorplates, prime location with views and on transit, sister property to Royal Bank Building (675 Hastings) No commitments

10 8 Speculative 400 West Georgia Street Location Financial Core East (Georgia/Homer) Building Class AAA Project Type Office Tower Number of Floors/Parking 24/174 Stalls Average Floor plate (SF) 15,000 16,000 Total Office Area (SF) 350,000 Estimated Completion Date Q Environmental Rating Platinum Estimated Rental Rates TBD Owner/Developer Westbank/Allied REIT Status Rezoning app approved 2/18, demo 4/18 Comments/Commitments: eastern fringe of financial core, limited mountain views, good size floorplates, creative & unconventional design, modualar construction, proximity to Yaletown anchor tenant TBA

11 9 Bosa Waterfront Centre 320 Granville Street Location Financial Core (Granville/Cordova) Building Class AAA Project Type Office Tower Number of Floors/Parking 30/258 Stalls Average Floor plate (SF) 12,000 13,000 Total Office Area (SF) 376,000 Estimated Completion Date Q Environmental Rating LEED Gold Estimated Rental/Sales Rates $50.00/$2,000+ per SF Owner/Developer Bosa Development Status Demolition underway April 2018 Comments/Commitments: premier location adjacent to bus, Skytrain, Seabus, Westcoast Express, experienced developer, premier water views, average-to-good sized floorplates no lease commitments, bottom half pre-sold

12 10 Vancouver Centre II 753 Seymour Street Location Financial Core (Georgia/Seymour) Building Class AAA Project Type Office Tower Number of Floors/Parking 33/586 Stalls above & below grade Average Floor plate (SF) 8,000-15,700 Total Office Area (SF) 373,000 Estimated Completion Date Mid-2021 Environmental Rating Platinum Estimated Rental Rates $ Owner/Developer GWL Realty Advisors/HOOPP Status Ground breaking ceremony Oct 11/17 Comments/Commitments: twin structure to existing Scotia Tower, prime location with access to multiple transit options, good sized floorplates, one of only 5 LEED Platinum buildings, rooftop deck anchor tenant TBA

13 11 Pre-leasing 1133 Melville Street Location Financial Core (Melville/Thurlow) Building Class AAA Project Type Office Tower Number of Floors/Parking 34/257 Stalls Average Floor plate (SF) 13,926 23,315 Total Office Area (SF) 487,000 Estimated Completion Date Q Environmental Rating Platinum (net zero carbon) Estimated Rental Rates TBD Owner/Developer CCPIB & Oxford Properties Status Rezoning application approved 4/17/18 Comments/Commitments: prime financial core location, experienced development team, mountain views, large floorplates EY (mid-floors, 69K SF est.)

14 12 Pre-leasing 1090 West Pender Street Location Financial Core (Pender/Thurlow) Building Class AAA Project Type Office Tower Number of Floors/Parking 31/486 Stalls Average Floor plate (SF) 14,700 Total Office Area (SF) 415,921 Estimated Completion Date 2022 Environmental Rating LEED Gold Estimated Rental Rates TBD Owner/Developer Bentall Kennedy, Prime CDN Fund Status DP Application Approved, demo 10/18 Comments/Commitments: notice given to existing tenants out by July 31 st, prime financial core location, large floorplates, mountain/water views, ability to draw tenants from existing buildings no commitments, pre-leasing

15 13 The Post 349 West Georgia Street Location Building Class Project Type Number of Floors Parking Financial Core/East (Georgia/Hamilton) AAA Office Mid-Rise with Retail /16 (podium plus towers) TBD Average Floor plate (SF) 37,000 Total Office Area (SF) 550, ,000 Estimated Completion Date 2022 Environmental Rating Estimated Rental Rates Owner/Developer Gold N/A QuadReal/Bentall Kennedy Status Amazon announcement Apr. 30/18 Comments/Commitments: twin mid-rise towers, experienced development team, largest mixed-use heritage development downtown, very large floorplates, 200K SF of retail will house 3,000 Amazon employees in 416K SF

16 14 Waterfront (Twisty) Tower 555 West Cordova Street Location Financial Core (Cordova/Seymour) Building Class AAA Project Type Office Tower Number of Floors/Parking 26/unknown Average Floor plate (SF) 15,000 Total Office Area (SF) 408,000 Estimated Completion Date Environmental Rating Estimated Rental Rates Owner/Developer Status TBD TBD TBD Cadillac Fairview On hold, design pending Comments/Commitments: experienced development team, unparalleled views, proximity to transit, large floorplates, ability to pull tenants from existing buildings no commitments

17 15 Speculative Retail & Office 151 & 157 Water Street Location Gastown (Water/Cambie) Building Class A Project Type Heritage Office & Retail Number of Floors/Parking 7/unknown Average Floor plate (SF) 10,000-14,000 Total Office Area (SF) ~100,000 Estimated Completion Date Environmental Rating Estimated Rental Rates Owner/Developer Status TBD TBD TBD Low Tide Properties TBA Comments/Commitments: redevelopment/expansion of heritage property, target tenants to include design, digital media, technology no commitments

18 The Next Wave (and Fringe) Office Construction Completions 2017/2022 1,600,000 3,300,000* Square Feet /2022 1,400,000 1,200, W Georgia The Maker 320 Granville Amazon 3 1,000, , ,000 The Exchange Great Northern Way 625 W Hastings Vancouver Centre II 1133 Melville 400, ,000 Preleased 402 Dunsmuir 601 W Hastings Burrard Place 1090 W Pender Leased * Not including 555 W. Cordova, 155 Water Street or Creative Energy/Westbank s 300K SF Central Steam Plant Redevelopment NB = 3.6 million square feet (MSF), = 2.1 MSF, = 1.9 MSF, 2015 = 1.8 MSF

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20 For more information, please contact: Ross Moore Senior Vice President Occupier Advisory Services ext. Disclaimer: Information contained herein has been obtained from sources deemed reliable. While every 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 presentation.