Industrial Insight Report. Greater Toronto Area Q3 2016

Transcription

1 Industrial Insight Report Greater Toronto Area

2 Table of Contents Greater Toronto Area Overview 1 Greater Toronto Area Map 2 Submarkets GTA West 3 GTA North 5 GTA Central 7 GTA East 9 Statistics 11 Contacts 12 JLL Greater Toronto Area Industrial Insight

3 Pricing Demand Supply Market Update Greater Toronto Area Vacancy levels sink to record lows despite sustained speculative construction Lease activity Leasing activity in the Greater Toronto Area (GTA) accelerated in the third quarter with 4.2 million square feet of net, bringing the year to date total net close to 10 million square feet. There were 17 lease transactions greater than 100,000 square feet in the third quarter, almost double the number in the second quarter. Although the Milton / Halton Hills region in the GTA West has 4.3 million square feet of available recently completed or currently under construction, demand has yet to catch up with supply with only two significant lease transactions recorded in the quarter. The rapid pace of speculative development in this region has inflated vacancy and availability rates and should not be taken as a true indicator of this node s viability. Rents Currently at $6.11 per square foot, average net rental rates remain on the rise with the GTA West and North submarkets providing most of the thrust. Sales and Construction Market prices continue to increase across the GTA with 60 user sales recording a 4.9 percent increase over the previous quarter with an average price per square foot of $127. The 24 investment sales of the quarter reached price parity with user sales with an average price per square foot of $127, a 13.4 percent increase over the previous quarter, highlighting the difficulty of sourcing industrial investment opportunities in the GTA. Development activity remains strong across the GTA with 3,247,053 square feet of speculative and 2,478,665 square feet of build to suit construction activity underway. There is a further 5,305,339 square feet of planned speculative development on track to begin construction over the next two quarters. Economic outlook The Ontario provincial government is currently in the process of reviewing their Proposed Growth Plan for the Greater Golden Horseshoe, which is designed to intensify land use and will freeze development lands not currently in municipal official plans*. Although the final plan has not yet been released, it is clear that the plan will constrict an already extremely tight industrial land market and shift future development even more to in-fill redevelopment. Transportation and warehousing employment is set to rise by 10.0 percent across Ontario in and is forecast to rise over the longer term as well**. Manufacturing continues to face crosscurrents, although Canada s food manufacturing industry should reach record profits of $4.3 billion in ***. Key market indicators 12-month rent growth 2.3% Arrows represent change from prior quarter Net new supply, net, vacancy 5,000,000 4,000,000 vacancy 3,000,000 2,000,000 1,000,000 0 sf Average rental rate $6.20 $6.00 $5.80 $5.60 $5.40 Net new supply 2,257 Net RECENT SALES COMPARABLES (sorted by square feet) Buyer Seller Location Municipality Size Date Price / sf Stackpole International Panattoni 2400 & 2430 Royal Windsor Drive Mississauga 292, $90 OTT Capital Corporation Wrigley Canada Company 1123 Leslie Street North York 226, $ Ontario Inc Ontario Inc 165 Milner Avenue Scarborough 168, $99 RECENT LEASE COMPARABLES (sorted by square feet) Tenant Landlord Location Municipality Size Royal Light & Door Oxford Properties 91 Royal Group Crescent Vaughan 442,410 Royal Light & Door Oxford Properties 30 Royal Group Crescent Vaughan 289,697 Crosslinks Transit Solutions Orlando 1100 Caledonia Road North York 280,000 *Ontario Ministry of Municipal Affairs -- Shaping Land Use In The Greater Golden Horseshoe **Ontario Chamber of Commerce Ontario Economic Update *** Conference Board of Canada Canadian Industrial Outlook: Canada s Food Manufacturing Industry inventory 779,451,128 vacancy 2.2% availability 3.1% net 4,239,138 YTD net 9,900,514 Average rental rate (nnn) $ % 4.0% 3.0% 2.0% 1.0% 0.0% $6.11 JLL Greater Toronto Area Industrial Insight Page 1

4 Property Clock GTA North GTA West GTA Central Peaking market Rising market Falling market Bottoming market GTA East MARKET STATISTICS Property type Warehouse / Distribution inventory vacancy availability total net YTD total net Average net rent ($ psf) Under construction YTD 482,577, % 3.6% 3,842,459 8,396,311 $6.16 5,858, ,813 3,860,061 Manufacturing 216,790, % 2.1% 386,233 1,063,374 $ ,285 Industrial 777,722, % 3.1% 4,239,138 9,900,514 $6.11 5,858, ,813 4,007,344 JLL Greater Toronto Area Industrial Insight Page 2

5 Pricing Demand Supply GTA West Lease activity Leasing activity has surged heading into the fourth quarter with continued strong net and 11 leases greater than 100,000 square feet recorded in the third quarter. Milton, the site of sustained speculative construction, saw two leases in recently delivered buildings: GENCO leased 234,217 square feet at Triovest s 95 Market Drive, leaving 172,268 square feet available in the existing building, with construction of an additional 275,600 square foot expansion proposed to begin in Prologis leased out 70,402 square feet of 8449 Lawson Road to RockTenn and are reportedly in talks with a second tenant for the remaining 102,995 square feet. Rents While this region does contain some of the highest rent locations in the GTA including Brampton, Mississauga, and Oakville, the average asking rate is still inflated by the asking rents of recent speculative construction. There are 4.3 million square feet of available recently completed or under construction industrial buildings greater than 100,000 square feet in the GTA West with an average asking rate of $6.58 per square foot. Sales and Construction The largest sale of the quarter was the sale of 2400 & 2430 Royal Windsor Drive to the tenant Stackpole International from Panattoni for $26.25 million in September of this year, after Panattoni had purchased the building in March of for $19 million. There were 29 user sales with an average price per square foot of $124 and eight investor sales with an average price per square foot of $130. On the construction front there are currently 13 projects underway, nine on a speculative basis which represent 2.3 million square feet and four build-to-suit projects which represent 2.2 million square feet. There is a further 4.7 million square feet of planned development in the GTA West, of which 2.5 million square feet will be in Halton Hills and Caledon, including 672,224 square feet which will be added under the building expansion development charge exemption loophole. Economic outlook The GTA West region is set to continue as the focal point of industrial development and leasing activity in the GTA with developers and investors alike still hungry for land with a 3-5 year development horizon. Key market indicators 12-month dollar change 1.5% Arrows represent change from prior quarter Net new supply, net, vacancy 6,000,000 4,000,000 2,000,000 sf 0-2,000,000 Average rental rate $6.30 $6.20 $6.10 $6.00 $5.90 $5.80 $5.70 inventory 346,352,753 vacancy 2.9% availability 3.7% net 3,626,603 YTD net 6,700,581 Average rental rate (nnn) $6.23 Net new supply vacancy 2,257 Net RECENT SALES COMPARABLES (sorted by square feet) Buyer Seller Location Municipality Size Date Price / sf Stackpole International Panattoni Development Company 2400 & 2430 Royal Windsor Drive Mississauga 292, $90 East & West Inc Ontario Ltd. 255 Orenda Road Brampton 168, $51 Alphabet Self Storage GWL 7045 Millcreek Drive Mississauga 167, $94 RECENT LEASE COMPARABLES (sorted by square feet) Tenant Landlord Location Municipality Size SCI Logistics AMB Millcreek 6580 Millcreek Drive Mississauga 249,634 Genco Triovest 95 Market Drive Milton 234,217 Revlon KingSett Capital 1590 South Gateway Road Mississauga 195, % 4.0% 3.0% 2.0% 1.0% 0.0% $6.23 JLL Greater Toronto Area Industrial Insight Page 3

6 SUBMARKET CHARACTERISTICS Higher ratio of bulk distribution and warehousing space when compared to other GTA industrial markets 1 Home to Pearson International Airport and access to all major transportation arteries 2 CN Rail s proposed intermodal logistics hub is undergoing environmental review in Milton 3 Second largest population base in the GTA after the City of Toronto 4 SUBMARKET STATISTICS Property type inventory vacancy availability total net YTD total net Average net rent ($ psf) Under construction YTD Warehouse / Distribution 246,658, ,030,373 6,359,740 $6.27 4,493, ,213 2,622,750 Manufacturing 70,399, , ,044 $ Industrial 346,352, ,626,603 6,700,581 $6.23 4,493, ,213 2,622,750 JLL Greater Toronto Area Industrial Insight Page 4

7 Pricing Demand Supply GTA North Lease activity The GTA North vacancy rate is now at 1.7 percent, a year over year 120 basis point decrease. Net this quarter has been primarily of warehousing and distribution facilities in the Markham and Vaughan municipalities, while manufacturing facilities have seen the opposite trend with 341,125 square feet of negative net. There are currently 11 properties greater than 100,000 square feet available in this node, of which six are potential manufacturing buildings, with four available for sub-lease. Rents Beyond record low vacancy rates, the higher net rents in this node can be partially attributed to the larger proportion of small to mid-bay multi-tenant buildings which typically trade at a rental premium. Sales and Construction The largest sale in the GTA North was the Sun Life sale of Viceroy Road in Vaughan to developer Berkshire Axis for a total consideration of $18 million. Berkshire Axis plans to convert the three buildings into industrial condos starting in the second quarter of The GTA North region continues to record the highest average prices across the GTA with 11 user sales recording an average price per square foot of $149, and seven investment sales with an average price per square foot of $138. With eight speculative construction projects and one build-to-suit expansion underway, there is a total of 850,094 square feet of current construction underway of which 534,147 square feet are set to deliver by the end of. Of this total construction, 566,094 square feet are speculative developments which have a pre-leased rate of 57.6 percent, highlighting the tightness of the GTA North Market. Economic outlook The GTA North has 1.2 million residents and over 50,000 businesses, including 500 foreign companies, making it the second largest business hub in the province of Ontario after the City of Toronto*. Manufacturing currently employs 78,000 people in the region, primarily in niche value-add manufacturing areas. The manufacturing sector is decreasing as the region shifts to a more service based economy, with the key economic clusters in the region being ICT, Life Sciences, Clean Technology, Finance & Insurance, Construction, and Agri- Food**. Key market indicators 12-month dollar change 2.5% Arrows represent change from prior quarter Net new supply, net, vacancy 2,000,000 Net new supply Net 1,500,000 vacancy 1,000, ,000 sf 0-500,000 Average rental rate $8.00 $6.00 $4.00 $2.00 $0.00 inventory 163,058,963 vacancy 1.7% availability 2.8% net 348,171 YTD net 2,014,262 Average rental rate (nnn) $6.12 RECENT SALES COMPARABLES (sorted by square feet) Buyer Seller Location Municipality Size Date Price / sf OTT Capital Corporation Wrigley Canada Company 1123 Leslie Street North York 226, $153 2,257 Berkshire Axis Development Sun Life Viceroy Road Vaughan 152, $118 DH Property Group Investors Group 8551 Weston Road & 10 Westcreek Drive Vaughan 98, $159 RECENT LEASE COMPARABLES (sorted by square feet) Tenant Landlord Location Municipality Size Royal Light & Door Oxford Properties 91 Royal Group Crescent Vaughan 442,410 Royal Light & Door Oxford Properties 30 Royal Group Crescent Vaughan 289,697 Concore Harwin Developments 160 Royal Crest Court Markham 44, % 3.0% 2.0% 1.0% 0.0% $6.12 *York Region Information for Investors **York Region -- Economic Development Action Plan to 2019 JLL Greater Toronto Area Industrial Insight Page 5

8 SUBMARKET CHARACTERISTICS Higher ratio of Flex, R&D, and Manufacturing industrial product compared to other GTA industrial markets 1 The bulk of industrial buildings in this market are located in Vaughan, Richmond Hill, and Markham 2 Both CN Rail and CP Rail have intermodal yards located in Vaughan 3 Industrial development charges in this node are the highest in the GTA, with an average price of $25.55 persquare-foot 4 SUBMARKET STATISTICS Property type Warehouse / Distribution inventory vacancy availability total net YTD total net Average net rent ($ psf) Under construction YTD 99,234, ,192 1,539,113 $ ,094 95,600 1,004,046 Manufacturing 44,057, (341,925) (99,883) $ Industrial 163,058, ,171 2,014,262 $ ,094 95,600 1,004,046 JLL Greater Toronto Area Industrial Insight Page 6

9 Pricing Demand Supply GTA Central Lease activity The number of leasing transactions in this submarket increased by 3.8 percent year over year and by 29.5 percent quarter over quarter. However, the average lease size on a square foot basis decreased by 67.8 and 61.3 percent respectively over the same periods, reflecting decreasing size requirements in the region. Crosslinx Transit Solutions, the construction consortium that has partnered with Metrolinx and Infrastructure Ontario to deliver the Eglinton light rail project, accounted for the largest lease transaction in the quarter with 280,000 square feet of warehouse space in 1100 Caledonia Road, North York. Rents Rental rates vary significantly depending on the type and quality of the industrial facility in question, from lows of $3.25 per square foot for dated low clear height warehouse space to highs of $6.95 per square foot for new or newer distribution space. Food grade and public refrigerated warehouse facilities trade at a significant premium to this due to the limited supply and significant capital investments involved in these buildings. Sales and Construction There were nine market sales in each of the three major GTA Central municipalities, namely Etobicoke, North York, and Scarborough. Across the node as a whole there were 20 user sales with an average price per square foot of $119 and nine investment sales with an average price per square foot of $118. There are 467,549 square feet of industrial developments underway in the GTA Central submarket, 143,835 square feet of which is industrial condominium development. Although the vast majority of big box speculative development is in the GTA West, Prologis is bucking the trend with their Tapscott Industrial Business Park in Scarborough. The 46.6 percent pre-leased 1261 Tapscott Road project is set to deliver this December with construction of 1271 Tapscott Road set to complete in Economic outlook Despite the age and functional obsolescence of many of the industrial buildings in the GTA Central region, its strategic location, access to a vast labour pool, and the availability of public transit make this region highly attractive to many users. GTA Central is the second largest and the fastest growing food and beverage sector in North America with more that 1,100 food and beverage production establishments*. Key market indicators 12-month dollar change (0.34%) Arrows represent change from prior quarter Net new supply, net, vacancy 1,500,000 1,000, ,000 sf 0-500,000 Average rental rate $8.00 $6.00 $4.00 $2.00 $0.00 inventory 218,449,884 vacancy 1.5% availability 2.5% net 128,122 YTD net 396,105 Average rental rate (nnn) $5.95 Net new supply vacancy 2,257 Net RECENT SALES COMPARABLES (sorted by square feet) Buyer Seller Location Municipality Size Date Price / sf Ontario Inc Ontario Inc 165 Milner Avenue Scarborough 168, $99 Maxxmar Window Fashions Maple Leaf Foods 150 Bartor Road Toronto 100, $60 33 Commander Holding Inc. Matt Properties Ltd. 33 Commander Boulevard Scarborough 99, $71 RECENT LEASE COMPARABLES (sorted by square feet) Tenant Landlord Location Municipality Size Crosslinks Transit Solutions Herefordshire Capital Corporation 1100 Caledonia Road North York 280,000 PCL Construction Ontario Inc 161 The West Mall Etobicoke 78,087 Lock Up Props Inc Davpart Inc 50 Akron Road Unit A Etobicoke 40, % 3.0% 2.0% 1.0% 0.0% $5.95 * Labour Force Survey 2013 JLL Greater Toronto Area Industrial Insight Page 7

10 SUBMARKET CHARACTERISTICS Older industrial inventory with lower clear heights and constrained shipping yards 1 The majority of industrial product is concentrated in Etobicoke and Scarborough 2 Higher ratio of small and midsized manufacturing 3 Vast labour pool and public transit amenities 4 SUBMARKET STATISTICS Property type Warehouse / Distribution inventory vacancy availability total net YTD total net Average net rent ($ psf) Under construction YTD 114,835, (91,098) (12,313) $ ,549-20,779 Manufacturing 78,204, , ,418 $ ,283 Industrial 218,449, , ,105 $ , ,062 JLL Greater Toronto Area Industrial Insight Page 8

11 Pricing Demand Supply GTA East Lease activity Leasing activity picked up speed in the third quarter with 477,181 square feet of lease transactions, a percent increase over the previous quarter and a 20.0 percent increase compared with the same quarter last year. While this increase is in line with a general increase of leasing activity across the GTA, the GTA East submarket remains characterized by relatively small lease sizes, with only nine of the 33 lease transactions recorded this quarter greater than 10,000 square feet. The largest lease transaction in this node for the quarter was Inteva Corporation, expanding by 163,761 square feet in their existing space at 1555 Wentworth Street in Whitby, to lease the remainder of the space in the building. Rents Average asking rental rates in this node are the lowest across the GTA and have a tendency to fluctuate due to the small inventory of the market. Rental rate growth in this node is forecasted to remain limited heading into 2017 as low vacancy rates in this node can be attributed to lack of industrial inventory and new speculative construction rather than to demand. Sales and Construction There were only two market sales in the GTA East in the third quarter, both of which were in Ajax. Both buildings are manufacturing facilities built prior to 1990 that were sold vacant to users. The only industrial construction in the GTA East are Dancor s two industrial condominium buildings at 2055 Forbes Drive totaling 46,582 square feet. The second building is 80.0 percent complete with only one unit still available and construction has just begun on the third building which is completely pre-leased. Economic outlook Key sectors in the GTA East region are Energy, Transportation & Automotive Manufacturing, and BioScience & Agriculture. While the GTA East region provides 30.0 percent of energy generation for the province of Ontario, this sector is unlikely to grow as electricity demand growth for the province is predicted to be effectively flat over the next decade*. With General Motors Canada s commitment to maintain 16.0 percent of its North American production in Canada expiring this year and their Oshawa plant facing an uncertain future with no product slated for it beyond 2019, the Automotive Manufacturing sector in the GTA East looks set to contract**. Key market indicators 12-month dollar change 2.2% Arrows represent change from prior quarter Net new supply, net, vacancy 800,000 Net new supply Net 600,000 vacancy 400, ,000 sf 0-200,000 Average rental rate $6.00 $4.00 $2.00 $0.00 inventory 51,525,692 vacancy 2.4% availability 3.2% net 100,152 YTD net 789,566 Average rental rate (nnn) $5.10 2, % 6.0% 4.0% 2.0% 0.0% $5.10 RECENT SALES COMPARABLES (sorted by square feet) Buyer Seller Location Municipality Size Date Price / sf Material Handling Systems of Durapaint Industries 432 Monarch Avenue Ajax 34, $94 Canada Pristine Property Management Ltd Atlas Tag Company of Canada 381 Westney Road South Ajax 8, $158 RECENT LEASE COMPARABLES (sorted by square feet) Type Landlord Location Municipality Size Expansion in Place Crawmet Corporation 1555 Wentworth Street Whitby 153,761 New Lease KingSett Capital 1635 Tricont Avenue Whitby 44,200 New Lease Morguard 1845 Clements Road Pickering 39,440 * IESO Ontario Supply/Demand Balance to 2035 ** Financial Post What does the future hold for GM s Oshawa plant? JLL Greater Toronto Area Industrial Insight Page 9

12 SUBMARKET CHARACTERISTICS Low velocity market for both lease and sale activity 1 Majority of industrial product is located within ten kilometers North and South of Highway Smallest submarket in the GTA by industrial inventory 3 Industrial development charges in this node are the lowest in the GTA, with an average price of $13.88 persquare-foot 4 SUBMARKET STATISTICS Property type Warehouse / Distribution inventory vacancy availability total net YTD total net Average net rent ($ psf) Under construction YTD 21,849, , ,771 $ , ,486 Manufacturing 24,128, , ,795 $ Industrial 51,525, , ,566 $ , ,486 JLL Greater Toronto Area Industrial Insight Page 10

13 Greater Toronto Area Industrial Statistics Property type inventory vacancy availability total net YTD total net Average direct asking rent ($ psf) Under construction YTD Brampton Warehouse / Distribution 69,842, ,807,308 3,152,466 $ , ,840 Manufacturing 19,422, , ,407 $ Industrial 92,094, ,066,061 3,594,017 $ , ,840 Burlington Warehouse / Distribution 15,682, , ,935 $ ,749 Manufacturing 3,531, ,673 (74,625) $ Industrial 23,736, ,861 8,676 $ ,749 Etobicoke Warehouse / Distribution 30,416, , ,563 $ Manufacturing 31,547, (447,061) (220,516) $ Industrial 65,416, (398,040) 151,396 $ Milton / Halton Hills Warehouse / Distribution 20,371, , ,409 $6.59 1,851, ,213 2,296,499 Manufacturing 3,297, , , Industrial 24,243, , ,010 $6.59 1,851, ,213 2,296,499 Mississauga Warehouse / Distribution 116,088, ,544 1,798,601 $ , Manufacturing 34,668, ,446 (82,565) $ Industrial 170,019, ,267 1,716,036 $ , Oakville Warehouse / Distribution 15,591, (47,380) (17,601) $ Manufacturing 5,956, ,089 (40,677) $ Industrial 23,690, (75,621) (71,072) $ Vaughan Warehouse / Distribution 60,741, ,509 1,222,933 $ ,099 45, ,946 Manufacturing 24,549, (200,784) 391,240 $ Industrial 94,892, ,302 1,614,173 $ ,099 45, ,946 GTA West Warehouse / Distribution 246,658, ,030,373 6,359,740 $6.27 4,493, ,213 2,622,750 Manufacturing 70,399, , ,044 $ Industrial 346,352, ,626,603 6,700,581 $6.23 4,493, ,213 2,622,750 GTA North Warehouse / Distribution 99,234, ,192 1,539,113 $ ,094 95,600 1,004,046 Manufacturing 44,057, (341,925) (99,883) $ Industrial 163,058, ,171 2,014,262 $ ,094 95,600 1,004,046 GTA Central Warehouse / Distribution 114,835, (91,098) (12,313) $ ,549-20,779 Manufacturing 78,204, , ,418 $ ,283 Industrial 218,449, , ,105 $ , ,062 GTA East Warehouse / Distribution 21,849, , ,771 $ , ,486 Manufacturing 24,128, , ,795 $ Industrial 51,525, , ,566 $ , ,486 JLL Greater Toronto Area Industrial Insight Page 11

14 About JLL JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit About JLL Research JLL s research team delivers intelligence, analysis, and insight through market-leading reports and services that illuminate today s commercial real estate dynamics and identify tomorrow s challenges and opportunities. Our 415 professional researchers track and analyze economic and property trends and forecast future conditions in over 75 countries, producing unrivalled local and global perspectives. Our research and expertise, fueled by real-time information and innovative thinking around the world, creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions. For further information, visit Office locations: TORONTO 199 Bay Street, Suite 4610 Toronto, ON M5L 1G3 Tel: Fax: TORONTO NORTH 251 Consumers Road, Suite 900 Toronto, ON M2J 4R3 Tel: Fax: MISSISSAUGA 110 Matheson Blvd W, Suite 107 Mississauga, ON L5R 4G7 Tel Fax MONTRÉAL 1, Place Ville Marie, Suite 3838 Montréal, QC H3B 4M6 Tel Fax OTTAWA 275 Slater Street, Suite 1004 Ottawa, ON K1P 5H9 Tel Fax EDMONTON Street NW, Suite 502 Edmonton, AB T5J 3G1 Tel Fax CALGARY 301-8th Avenue SW, Suite 500 Calgary, AB T2P 1C5 Tel Fax VANCOUVER 355 Burrard Street, 14 th Floor Vancouver, BC V6C 2G6 Tel Fax For more information, please contact: Thomas Forr Research Manager thomas.forr@am.jll.com Eric Sweeney Associate eric.sweeney@am.jll.com Ben Wedge Industrial Research Coordinator ben.wedge@am.jll.com Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of Jones Lang LaSalle. The information contained in this document has been compiled from sources believed to be reliable. Jones Lang LaSalle or any of their affiliates accept no liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be placed on the information contained in this document. *Sales Representative