Vancouver Office Market Report Q4 2014_email

Accelerating success.

Metro VancouverOffice MarketReportFourth QuArtEr 2014

office market summary

MetRO VancOuVeR

Historical Performance and forecast

market overview

The vacancy rate fell by 0.6 percent as Metro Vancouver continues to absorb the wealth of new supply entering the market with more than 1.2 million square feet of office space completed in 2014. Absorption was high this quarter at 351,864 square feet as the new MEC headquarters and Broadway Tech Centre 6 both entered the market with the majority of space occupied. The Broadway Corridor submarket showed particular strength with its vacancy rate falling from an already low 4.3 percent to 3.3 percent due to its ability to meet the requirements of technology and digital media businesses. While Langley, Richmond and the North Shore also showed decreases in vacancy rates, this is in part occurring from partially vacant buildings being demolished for other uses.

With release dates being pushed to early 2015 for buildings such as TELUS Garden and MNP Tower, more than 1.1 million square feet of office space is expected to enter the Downtown market. As a result, this quarter has provided an extended time for landlords to work to lease the backfill of space left from tenants moving to the new buildings and for tenants to weigh their options between renewals and finding new space. When taking into consideration the almost 6.2 million square feet of space currently available for lease and the 1.85 million square feet of tenant requirements, it is not surprising that net effective rental rates are decreasing with landlords offering higher inducements to mitigate losses from the limited amount of tenants in the market.

Sublease activity remained strong this quarter with availability increasing to 13.4 percent of total available space from 12.6 percent last quarter. As tenants look to enhance the efficiency of their space, they often find that they are carrying surplus space and look to sublease that surplus. Although availability has risen, there continues to be interest from tenants in subleasing space as there were several transactions this quarter for spaces ranging from 500 square feet to 22,000 square feet.

cUrrent tenant reqUirements

Tenant demand strengthened this quarter, increasing by over 200,000 square feet. Technology and digital media remains the highest number of businesses seeking space with requirements ranging from 5,000 square feet to 130,000 square feet. While requirements for space Downtown dominates demand at 40 percent of space required, other tenants are weighing their options between markets with 25 percent of space being sought with no preferred submarket location.

1,856,000 Square Feet

Technology & Digital Media

Consumer Goods

Professional Services

Insurance

Architectural/Engineering

Other*

* Other includes entertainment & leisure, logistics, education, government, accounting, legal services, health services, energy & natural resources and financial services.

(2,000,000)

(1,500,000)

(1,000,000)

(500,000)

-

500,000

1,000,000

1,500,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4

Net Absorption (SF) New Supply (SF) Vacancy Rate (%)

tenant reqUirements december 2014

investment market

Overseas private capital and institutional investors continue to drive the Metro Vancouver investment market keeping it stable through to the end of 2014. While office building sales slowed this quarter, strata office grew as more investors (and not just owner-users) purchased strata units. This is exemplified by Orca West Developments’ Neelu Bachra Centre at 550 West Broadway which sold 82 of its 137 strata units this quarter with many being actively marketed for lease after purchase. These strata units attracted prices averaging $867 per square foot, $300 per square foot higher than comparable projects.

2014 q3 2014 q4 trend

Office Inventory* (SF) 54,613,065 54,661,599

Net Absorption (SF) 18,463 351,864

Vacancy Rate 9.6% 9.0%

Average Asking Net Rent** $22.23 $22.57

Average Additional Rent $13.30 $13.56

*There are 761 office buildings surveyed in Metro Vancouver ** Average Asking Net Rent is calculated using a weighted average

27.77%

14.87%

9.02%7.92%

6.36%

34.05%

The Metro Vancouver market ended 2014 on a subdued note as it contemplates the evolving real estate landscape. With more than 3.2 million square feet of office space under construction and changes to the way space is used, landlords are gradually adapting to tenant requirements for more efficient and quality space.

market sUmmaries

Vancouver – Downtown 1

Vancouver – Broadway Corridor 2

North Shore 3

Burnaby 4

New Westminster 5

Richmond 6

Surrey 7

Langley 8

glossary 9

forecast assUmPtions 11

table of

cOntents

FOURTH QUARTER 2014


VancOuVeR – dOwntOwn

The Vancouver Downtown market steadily awaits the release of more than 1.7 million square feet of office space in 2015. While vacancy rates remain stable, availability rates are discretely rising, increasing from 8.4 percent to 9.5 percent this quarter with many spaces occupied until early 2015. This, along with increasing inducements to secure tenants, reveals gradual adaptations beneath the surface of the market that are expected to heighten in 2015.

◊ Bentall Kennedy’s 745 Thurlow, delivering 365,000 square feet of office space in the second quarter of 2015, is now 92 percent preleased with RBC Dominion Securities securing 27,700 square feet and Roper Greyell 16,800 square feet this quarter.

◊ Spaces for sublease are rising, particularly in B class buildings where space available for sublease increased by 57 percent. This is in line with tenants’ demand for more efficient, quality space that aging buildings are unable to provide.

GeorgeWainborn

Park

Granville

City Centre

Yaletown/Roundhouse

Waterfront

Burrard

Stadium/Chinatown

1A

1A

99

99

99

1A

Alberni St

Haro St

May & LorneBrown Park

Barclay St

Nelson St

Comox St

Pendrell StDavie StBurnaby St

Harwood St

W. Georgia St

Alberni StHaro St

Comox St

W. Georgia St

Nicola

St

Carde

ro St

Bidwell

St

Denman

St

Gilford

StChilco

StPark Ln

Lagoon Dr

Jervi

s St

Bute St

Brough

ton St

Nicola

StCarde

ro StBidw

ell St

Brough

ton St

Thurl

ow St

Burrard

St

Hornby

St

Howe S

tGran

ville

St

Seymou

r St

Richard

s St

Homer

St

Bute St

Thurl

ow St

Burrard

St

Hornby

St

Seymou

r St

Richard

s St

Homer

St

Hamilto

n St

Hamilto

n St

Granvil

le Brid

ge

Burrard Bridge

Mainlan

d St

Cambie

St

Beatty

St

Cambie Bridge

Expo

Blvd

Melville St

Dunsmuir StW. Georgia StRobson St

Smithe StNelson StHelmcken St

St.Paul’sH

Davie StDrake St

Paci�c Blvd

Beach Ave

Paci�c Blvd

Paci�c B

lvd

Pender St

Hastings St

Cordova St

Canada

PlaceCanada Pl

E. Commissioner

Water St

Pender St

Keefer St

Pender St

Expo BlvdGeorgia Viad

Dunsmuir Viad

Abbott St

Carrall St

Columbia St

1 Ave

1 Ave

2 Ave

1 Ave1 Ave

Point Grey Rd

2 Ave2 Ave

3 Ave3 Ave3 Ave

Quebec StQuebec St

Cypress St

Maple St

Vine St

Balsam St

Larch St

Trafalgar St

Stephens St

Yew St

W. Commissioner St

Beach Ave

Beach Ave

SunsetBeach

ScienceWorld

Olympic Village

English Bay

Coal Harbour

VanierPark

Lost Lagoon

Beaver Lake

DevonianHarbour Park

Stanley Park

HarbourGreen Park

GranvilleIsland

Powell StStanley Park Causeway

Stanley Park Dr

Stanley P

ark Dr

Pipeline Rd

Stanley Park Dr

N Lagoon Dr

Stanley Park Dr

Avison Way

False Creek

Kitsalano Beach

BC PlaceStadium

RogersArena

David LamPark

Cartwright Street

Johnston Street

Old B

ridge

Stre

et

Bidwell

St

Pendrell St

Pendrell St

notable lease transactions

tenant tyPe address aPProX.size (sf)

1. RGN Management Renewal 666 Burrard Street 34,000

2. RBC Dominion Securities Headlease 745 Thurlow Street 27,700

3. Coho Data Sublease 1110 Hamilton Street 22,000

trends and HigHligHts

2014 q3 2014 q4 trend


Net Absorption (SF) (53,524) 10,101




UPcoming new sUPPly address class floors total office area (sf) develoPer

A. MNP Tower - 1021 W. Hastings Street AAA 33 270,000 Oxford / CPP

B. TELUS Garden - 510 W. Georgia Street AAA 22 450,000 TELUS / Westbank

C. 745 Thurlow Street AAA 20 365,000 bcIMC / Bentall Kennedy

D. Manulife Building - 980 Howe Street AAA 15 250,000 Manulife

E. The Exchange - 475 Howe Street AAA 30 400,000 Credit Suisse

F. 725 Granville Street A 4 280,000 Cadillac Fairview

notable sale transactions

PUrcHaser Price address aPProX.size (sf)

4. 411 Dunsmuir Inc.(Share Sale) $34,300,000 411 Dunsmuir Street 55,414

Notable Lease Notable Sale New Supply


*There are 224 office buildings surveyed in the Downtown region ** Average Asking Net Rent is calculated using a weighted average

(400,000)

(200,000)

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4


4

A

BD

CE

F

12

3

2


VancOuVeR - BROadway cORRidOR

Broadway Corridor has transformed into a market of choice for a diverse range of businesses beyond the traditional health uses. Availability rates remain the lowest in Metro Vancouver at 3.8 percent, as new supply is not expected to deliver until late 2015. Landlords can expect vacancy rates to continue to decrease over the next few quarters while maintaining strong rental rates, especially for improved space.

◊ MEC’s 143,251-square-foot head office completed at 1077 Great Northern Way, exemplifying the intensification of land use in the area.

◊ Due to strong demand for well-improved spaces, shell spaces are sitting longer on the market resulting in an increase in landlord improvements to secure tenants quickly.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.

University of British Columbia

1

1

1

CANADAU.S.A.

Sout

h Fr

aser

Per

imet

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oad

17A

10

99

91

91

99

99

99

7A

7

7

7

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91A

99A

15

17

10

13

1A

1111

11

1A

9

9

7

7

17

7

7

17

17

VANCOUVERINTERNATIONAL

AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT

ABBOTSFORD INTERNATIONAL

AIRPORT

Albion Ferry

Burquitlam

Kyle-Queens Port Moody Ioco-MorayFalcon

LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport

VancouverCity Centre

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew

Gilmore BrentwoodTown Centre

Holdom

Sperling/Burnaby Lake

Lake City WayProduction Way/University

Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds

22nd StNewWestminster

ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford

George Massey Tunnel

Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave

S Fraser Perimeter Rd

Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd

Heritage Mountain Blvd

Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave

Marine DrNorth Blu� Rd

128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave64

th S

t

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy

W 70th Ave N Kent AveSE Marine Dr

Twigg Pl

Sprott StWinston StRu

pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave

W 57th Ave W 57th Ave

49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr

Cornwall StPoint Grey Rd

Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw

yE Esplanade Main St W Riverside Dr

E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd

Harbourside DrHarbourside Pl

Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd

Trans Canada Highway

Lougheed Highway

Simon FraserUniversity

Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge

Queensborough Bridge

Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd

Watson Rd Promontory Rd

Chilliwack Central Rd

1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd

Chi l l iw ackRiver Rd

Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South

Nicomen Island Trunk Rd


John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd

Upper Sumas Mountai n Rd

Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way

Mission-abbotsford Highw

ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay

Richmond Annacis Highway

Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave


2014 q3 2014 q4 trend






UPcoming new sUPPly address class floors total office area (sf) develoPerA. Marine Gateway - 450 SW Marine Drive A 14 249,817 PCI Group

B. Broadway and Oak - 988 W. Broadway A 8 82,000 BlueSky Properties

C. Renfrew Business Centre A 6 160,000 Blackwood Partners

D. 7 East 6th Avenue A 2 12,000 Rendition Development



*There are 127 office buildings surveyed in the Broadway Corridor region ** Average Asking Net Rent is calculated using a weighted average



1. Nerd Corps Entertainment Renewal 2285 Clark Drive 20,345

2. Nerd Corps Entertainment Headlease 1256 East 6th

Avenue 18,207

(400,000)

(300,000)

(200,000)

(100,000)

-

100,000

200,000

300,000

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4



vendor Price address aPProX.size (sf)

3. Orca West Developments Ltd. $45,383,551 Neelu Bachra Centre

550 West Broadway52,036

(82 strata units)

A

B 3 1&2D C

FOURTH QUARTER 2014


nORth shORe

The North Shore market continues to be driven by smaller tenants with demand primarily centered in Lower Lonsdale with its proximity to transit. With tenants typically limited to local businesses, interest in strata office space will impact demand as some tenants choose to exit the leasing market and become owner-users. We expect vacancy rates to remain stable, hovering around 6.0 percent for 2015.

◊ Dollarton Business Park Building C is now 70 percent sold, with many units purchased by owner-users.

◊ New developments such as Wallace & McDowell’s at 149 Lonsdale and Polygon’s West Quay development at 225 West 1st Street and 260 West Esplanade, which is anticipated to begin construction mid-2015, will include some strata office, offering urban options outside of business parks.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

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CANADAU.S.A.

CANADAU.S.A.


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AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave16

0th

St16

0th

St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave


tenant tyPe address aPProX. size (sf)

1. Anaid Entertainment Inc. Renewal 889 Harbourside Drive 3,500

2. The Flight Shops Inc. New Deal 221 West Esplanade Street 3,000

2014 q3 2014 q4 trend


Net Absorption (SF) 4,787 (72,590)





A. 1308 Lonsdale Avenue A 4 80,000 Onni Group of Companies




*There are 63 office buildings surveyed in the North Shore region **Average Asking Net Rent is calculated using a weighted average

(100,000)

(50,000)

-

50,000

100,000

150,000

200,000

250,000

300,000

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4


There were no significant sale transactions this quarter in the North Shore submarket.


1

A

2

4


BuRnaBy

Burnaby’s fourth quarter remained apathetic with slow deal activity. While there has been a spark of attention from businesses in other suburbs such as Richmond, especially in the technology and digital media industries, this does not offset the decrease in activity from previous quarters and landlords will continue to offer incentives to attract tenants.

◊ Broadway Tech Centre 6 was completed this quarter with 135,000 square feet of space preleased to Golder Associates.

◊ Novadaq Technologies took the leap from Richmond to Burnaby, preleasing 30,000 square feet of space in Eastlake Business Park Phase I, expected to complete in the first quarter of 2015.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.


1

1

1

CANADAU.S.A.

Sout

h Fr

aser

Per

imet

er R

oad

17A

10

99

91

91

99

99

99

7A

7

7

7

7

91A

99A

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17

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9

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7

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17


AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd AveCa

mbi

e St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave



1. Tekmira Pharmaceuticals Renewal 8900 Glenlyon

Parkway 50,000

2. Novadaq Technologies New Deal 8335 Eastlake Drive 30,000

3. Allied Vision Technologies New Deal 4621 Canada Way 18,000


2014 q3 2014 q4 trend







A. SOLO District Office A 12 230,000 Appia Group

B. Renfrew Centre - 2665 Renfrew Street A 7 161,611 AIMCo/Blackwood Partners

C. Eastlake Campus - 8335 Eastlake Drive Flex up to 3 138,671 Adera

D. Silver - 4832 & 4394 Beresford Street A 2 10,200 Intracorp



(800,000)

(600,000)

(400,000)

(200,000)

-

200,000

400,000

600,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4


*There are 138 office buildings surveyed in the Burnaby region ** Average Asking Net Rent is calculated using a weighted average


PUrcHaser Price address aPProX. size (sf)

4.. Manulife Financial(Share Sale) $80,000,000 3383 Gilmore Way 146,537

A

1

4

D

23

C

B

FOURTH QUARTER 2014


new westMinsteR

New Westminster experienced a quiet quarter as the market remains stable with no significant changes in vacancy and rental rates. Due to a lack of large tenant activity, small changes in absorption took place in the B class market. We expect this trend to continue as the market is lethargic in absorbing new supply.

◊ Demand for new supply is soft as the recently released Anvil Centre remains vacant and ready for tenants.

◊ Appealing rental rates encourage some demand from technology and digital media firms showing a change from the steady presence of medical tenants in the market.

CapilanoLake

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BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th AveSc

ott R

d12

0th

St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

tMarine Dr

15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave



2014 q3 2014 q4 trend






UPcoming new sUPPly



*There are 40 office buildings surveyed in the New Westminster region ** Average Asking Net Rent is calculated using a weighted average

(200,000)

(150,000)

(100,000)

(50,000)

-

50,000

100,000

150,000

200,000

250,000

300,000

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4


notable sale transactions There were no significant sale transactions this quarter in the New Westminster submarket.

There are no approved new office developments for the New Westminster submarket.

There were no significant lease transactions this quarter in the New Westminster submarket.

6


RichMOnd

The Richmond market saw an uptake in activity this quarter with several large transactions occurring in the business parks. Technology and digital media businesses continue to drive demand with consumer goods, health care and logistics industries close behind. This, along with some interest from tenants in other submarkets, has led to a decrease in vacancy rates, which are expected to remain fairly stable in 2015.

◊ Of note is Cooledge Lighting’s lease at Crestwood Corporate Centre Four, which marks an interest from tenants in other submarkets relocating to Richmond.

◊ The planned demolition of 5600 Parkwood Way for the expansion of the Richmond Auto Mall in 2015 indicates changes in land to a new highest and best use.

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LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

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RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Pear

donv

ille R

d

King Rd

Ros

s R

d29

6th

St

328t

h S

t

320

th S

t

304t

h S

tM

t. Le

hman

Rd C

lear

broo

k R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bel

l Rd

56th Ave

Clayburn Rd

Riv

ersi

de R

d

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Gla

dwin

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ced

ar S

t

Farm

s R

d

Spr

att R

d

Sta

ve L

ake

Rd

Hur

d S

t

Wre

n S

tC

lay

St

Dewdney Trunk Rd

Keystone Ave

Tyle

r

Wils

on S

t

Hay

war

d St

Duke

Rd

280

th S

t

80th Ave

McTavish Rd

Sat

chel

l St

Harris Rd

Townshipline Rd

Downes Rd

Bra

dner

Rd

288t

h S

t

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d S

t

8th Ave

256t

h S

t

248t

h S

t

272n

d S

t

56th Ave

272n

d S

t

280

th S

t

112th Ave

100th Ave

112th Ave

256t

h S

t25

6th

St

264t

h S

t

248t

h S

t

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240

th S

t

128th Ave128th Ave

232n

d S

t

227t

h S

t

224t

h S

t

Glov

er R

d

Wilson Cr

80th Ave

240

th S

tB

row

n R

d

72nd Ave

Tele

graph Tr

Fern

Cr

132nd Ave

144 th St

Nea

ves

Rd

Laity

St

216t

h S

t

River Rd

203r

d S

t

207t

h S

t

Gol

den

Ear

s B

ridg

e

208t

h S

t

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h S

t

T

opha

m R

d

200

th S

t

72nd Ave 72nd Ave

208t

h S

t

216t

h S

t

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h S

t

53rd Ave

203r

d S

t

Grade Cr

200

th S

t

208t

h S

t

216t

h S

t

32nd Ave

240

th S

t

24th Ave 24th Ave

224t

h S

t

232n

d S

t

16th Ave

176t

h S

t

0 Ave Boundary Rd

176t

h S

t

172n

d S

t

Campbell River Rd

16th Ave

168t

h S

t

8th Ave

Buena Vista Ave

152n

d S

t 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h S

t

188t

h S

t

192n

d S

t

20th Ave

Colebrook Rd

Pac

i�c

Hig

hway

40th Ave 40th Ave

160

th S

t16

0th

St

60th Ave

64th Ave

168t

h S

t

184t

h S

t

192n

d S

t

80th Ave

88th Ave

Harvie

Rd

160

th S

t

92nd Ave

96th Ave

104th Ave

156t

h S

t

108th Ave


Woo

lrid

ge R

d

Victoria Dr

Bur

ns R

d

Prairie Ave

Ced

ar D

r

Coa

st M

erid

ian

Rd

Kingsway Ave

Bro

adw

ay S

t

Shau

ghne

ssy

St

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne D

r

Pin

etre

e W

y

Mary Hill Bypass

Pitt

Riv

er R

d

Dewdney Trunk Rd

Har

ris

Rd

Richardson Rd

McNeil Rd

East Rd

Sun

nysi

de R

d

Ioco Rd

Apr

il Rd


Clar

ke R

d

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gat

ensb

ury

Rd

Austin Ave


128t

h S

t

20th Ave124t

h S

tBa

yview

St

24th Ave

28th Ave

140

th S

t

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Sta

tion

Rd

58th Ave 148t

h S

t14

8th

St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Sco

tt R

d12

0th

St

80th Ave

Kitson Pkwy

72nd Ave 140

th S

t

144t

h S

t

152n

d S

t

84th Ave

128t

h S

t

112t

h S

t

84th Ave

No

rdel

Wy

140

th S

t

Annacis

Highw

ay

88th Ave

92nd Ave

96th Ave

132n

d S

t

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

veno

r Rd

116th Ave

Hartley Ave

Mt S

eym

our R

d

Dee

p C

ove

Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Ger

ald

Ave

Spe

rlin

g S

t

Nor

th R

d

Canada Wy

6th St

10th Ave

8th Ave

6th Ave

Queen

s Ave

Deer Lake Pkwy

Gill

ey A

ve

Roy

al O

ak A

ve

Imperial St

Rumble St

Nel

son

Ave

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Bou

ndar

y R

d

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Bo

undary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy53

rd S

tA

rthu

r D

r

34B Ave

Caus

eway

Rive

r Rd

W

62B

St

No.

6 R

d

No.

7 R

d

No.

8 R

d

Nel

son

Rd

No.

9 R

d

Vul

can

Wy

Bridgeport Rd

Knight St B

ridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gar

den

City

Rd

No.

4 R

d

She

ll R

d

Rai

lway

Ave

Westham Island Rd

Rob

erts

on R

d

Dyke Rd

Gilb

ert R

d

No.

2 R

d

No.

1 R

d

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl

Sprott StWinston StR

uper

t St

Hol

dom

St

Ber

kley

Rd

McGill St

Dundas St

Ren

frew

St

1st Ave

Venables St

Nan

aim

o S

t

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vic

tori

a D

r

Cla

rk D

rKn

ight

St

Fras

er S

t

Mai

n S

t

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denm

an S

t

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arb

utus

St

W B

oule

vard

W 49th Ave

Ble

nhei

m S

t

Dun

bar

St

Cro

wn

St

W 10th Ave

Wesbrook M

all

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens

Dr

Queens AveSout

hbor

ough

Dr

Capi

lan

o R

d

Edgemont Blvd

Welch St

Larso

n Rd

Del

broo

k

E 29th St

E G

rand

Blv

d

Bro

oksb

ank

Ave

Mountain H

wyE Esplanade Main St W

Riverside D

r

E Ri

vers

ide D

r

W Esplanade

Lons

dale

Ave

Che

ster

�eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n H

wy

Lynn V

alley R

d

Lillo

oet

Rd

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n S

t

Sta

ve L

a k

e St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann B

ridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lion

s Ga

te B

ridge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rair

ie R

d

Bou

ndar

y R

d

Inte

rpro

vinc

ial H

wy

Col

e R

d

McD

erm

ott R

d

Mar

ion

Rd

Dix

on R

dPo

wer

hous

e R

d

Cha

dsey

Rd

Sinclair Rd

Hop

edal

e R

d

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Ann

is R

dC

hapm

an R

d

McG

rath

Rd

Ford

Rd

Gib

son

Rd

Pre

st R

d

Youn

g R

d

Ban

ford

Rd

Campbe

ll River Rd


Gill

ande

rs R

d

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eag

le R

d

River Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas M

tn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Bri

dge

Rd

Arthur L

aing

B

ridge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbi

a St

Brunette Ave

Newton Rd

192n

d S

t

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Frase

r Wy

North

Com

mer

cial

Dr

Ear

les

St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gra

nvill

e S

tree

t

W Broadway

King

Geo

rge

Hig

hway

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h S

tP

aci�

c H

ighw

ay

Lougheed Highway

South Fraser Way

Mission-abbotsford H

ighway

264t

h S

tA

lder

grov

e -

Bel

lingh

am H

ighw

ay

Trans

Canada

Hwy

North P

arallel

South

Paralle

l

Sumas Way

Trans Canada Hwy

Har

riso

n H

ot S

prin

gs R

d

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No.

5 R

d

Steveston Hwy

No.

3 R

d

Canada Wy

Gilm

ore

Ave



1. Cooledge Lighting Headlease 13551 Commerce Parkway 32,000

2. Wenco International Mining Systems Headlease 13777 Commerce

Parkway 25,000

3. SignalChem Headlease 13120 Vanier Place 15,000


2014 q3 2014 q4 trend






UPcoming new sUPPly



*There are 78 office buildings surveyed in the Richmond region **Average Asking Net Rent is calculated using a weighted average

(500,000)

(400,000)

(300,000)

(200,000)

(100,000)

-

100,000

16.0%

17.0%

18.0%

19.0%

20.0%

21.0%

22.0%

23.0%

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4


There are no approved new office developments for the Richmond submarket.

3


PUrcHaser Price address aPProX. size (sf)

4. Prospero International Realty $15,000,000 7031 Westminster

Highway 29,000

214

FOURTH QUARTER 2014


suRReySurrey saw touring activity increase from a range of smaller tenants resulting in spaces leasing that had been sitting on the market. As vacancy rates remain stable, landlords are offering higher incentives to remain competitive. In the face of substantial new supply, especially in Surrey City Centre, vacancy rates are expected to remain stable until the release of the new developments.

◊ Surrey City Centre’s development into a hub of urban activity continues with Bosa beginning construction of Gateway Place, a mixed-use tower that will bring 60,000 square feet of office space to the market.

◊ Century Group started construction on 3 Civic Plaza. While primarily residential and hotel use, this will be the tallest tower in Surrey upon completion.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

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CANADAU.S.A.

CANADAU.S.A.


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AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

AbbotsfordGeorge Massey Tunnel

Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd72

nd S

t

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave



1. Ministry of Technology Innovation Headlease 13401 108 Avenue 18,000

2. SLC Learning Centres Headlease 7445 132nd Street 7,200


2014 q3 2014 q4 trend

Office Inventory* (SF) 3,834,227 3,834,227,


Vacancy Rate1 21.5% 21.0%




A. King George Station (Phase A) A 9 160,000 PCI

B. Gateway Place - 13479 108th Avenue A 4 60,000 Bosa Properties

C. 13769 104th Avenue A 3 12,880 Heighton Developments



*There are 69 office buildings surveyed in the Surrey region **Average Asking Net Rent is calculated using a weighted average 1Surrey Vacancy rate excluding 14178 104th Avenue was 15.2% in 2014 Q3 and 15.3% in 2014 Q4. 14178 104th Avenue remains fully vacant for the past 14 years and consists of 259,474 SF of space.

(200,000)

(150,000)

(100,000)

(50,000)

-

50,000

100,000

150,000

200,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

2013

Q1

2013

Q2

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4


notable sale transactions There were no significant sale transactions this quarter in the Surrey submarket.

1B CA

2

8


LangLey

While fewer leases were signed compared to Langley’s strong third quarter, the market sustained high touring activity with vacancy rates continuing their downward trend. With no new supply under construction, we expect the vacancy rate to continue to decrease.

◊ Touring remains active with demand from a variety of tenants from professional services to technology businesses.

◊ Development activity on hold as the market continues to absorb recent developments such as the Langley 200 Business Centre.

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P

.R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N

.R.

B.C. RAIL

C.N.R.

C.P.R.

C.P.R

.

C.N

.R.

C.N.R.

C.N.R.

SOUTHERN RAILWAY

B.N.R.

B.N.R.

SOUTHERN RAILWAY

BC RAIL

C.N

.R.

1

1

1

99

CANADAU.S.A.

CANADAU.S.A.


1

1

1

CANADAU.S.A.

Sout

h Fr

aser

Per

imet

er R

oad

17A

10

99

91

91

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7

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AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT


AIRPORT

Albion Ferry

Burquitlam


LincolnWCE

Coquitam

Burquitlam


LincolnWCE

Coquitam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

Port Moody

PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport


Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew


Holdom



Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds


ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

White Rock

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford


Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave


Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

t

Woo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd


Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave


128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble StNe

lson

Ave

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy


Twigg Pl


pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave


49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr


Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw


E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd


Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd


Lougheed Highway


Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge


Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd



1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd


Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South



John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd


Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway


56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way


ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay


Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave



1. Sangha Tone Accounting Headlease 87th Avenue & 200th

Street 2,000


2014 q3 2014 q4 trend






UPcoming new sUPPly


Historical Performance and forecast1

*There are 22 office buildings surveyed in the Langley region ** Average Asking Net Rent is calculated using a weighted average

1Colliers started tracking Langley office space in Q1 2013

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2013

Q3

2013

Q4

2014

Q1

2014

Q2

2014

Q3

2014

Q4

2015

Q1

2015

Q2

2015

Q3

2015

Q4


There are no approved new office developments for the Langley submarket.

notable sale transactions There were no significant sale transactions this quarter in the Langley submarket.

1

FOURTH QUARTER 2014


gLOssaRyclass aaa building: A subset of Class A buildings which are locally recognized as being the top tier, most prestigious buildings that command the highest rental rates in the area.

class a building: Prestigious buildings competing for premier office users with rents above average for the area. Buildings that have high-quality standard finishes, state-of-the-art systems, exceptional accessibility and a definite market presence. Characterized by: prime central location; first-class tenant improvements; on-site parking; state-of-the-art elevators and HVAC systems; concrete and steel construction; contemporary design and architecture; high quality of upkeep and maintenance.

absorption: The net statistical change in occupied space over a period of time. Positive absorption reflects an increase in occupied space while negative absorption reflects a decrease.

additional rent Operating costs and property taxes per annum, per square foot.

asking net rent: Base rent (net, face or contract) per annum, per square foot excluding operating costs.

class b building: Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same prices. Characterized by new buildings in non-prime locations and older buildings (including rehabilitated structures in prime locations); good-quality tenant improvements; may have on-site parking; elevators and HVAC served; built using a variety of construction methods; upkeep and maintenance is generally good.

class c building:Buildings competing for tenants requiring functional space at rents below the average for the area. Characterized by older structures, may or may not have been renovated; poor-to-average quality of tenant improvements; may not have elevators and air conditioning systems; generally no parking facilities; lower quality of upkeep and maintenance. May also include renovated heritage buildings with good-quality tenant improvements and upgraded building systems.

flex space:Single-storey buildings having 10-to-I8-foot ceilings with both grade and dock-height loading. Includes wide variation in office space utilization, ranging from retail and personal service through distribution, light industrial and occasional heavy industrial use.

10

Headlease: A lease directly from a landlord.

sublease: A lease given by one of the tenants in the building for the remaining portion of its lease term.

vacancy rate:The percentage rate derived by dividing the total inventory physically vacant as of the survey date including direct vacant and sublease space by the total inventory.

FOURTH QUARTER 2014

We use a trailing eight-quarter average absorption for our forecast. We take into account incoming new supply and the amount of space pre-leased for each property in order to forecast the future vacancy rate.


FORecast assuMptiOns

This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2015. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation.

colliers international | vancoUver200 Granville Street, 19th Floor

Vancouver, BC V6C 2R6TEL +1 604 681 4111

FAX +1 604 661 0849www.collierscanada.com

maury dubuqueManaging Director | Vancouver Brokerage

DIRECT: +1 604 662 [email protected]

James lang msc Manager, Market Intelligence | Vancouver

DIRECT: +1 604 661 0868 [email protected]

emily bennett Market Intelligence Coordinator | Vancouver

DIRECT: +1 604 661 0899 [email protected]

oFFICE tEAM

Kayvon Besharat*Matthew CarlsonRobert Chasmar*Graham DavidsonMarco DiPaolo*John Freyvogel*Dan Jordan*

Jeff Kincaid-Smith*Brian MacKenzieDerek MayStephen MoscovichPeter MuenchDevin RinghamDylan Sohi

Colin Scarlett*Jason TeahenJon Wiebe

Documents

Vancouver Office Market Report Q4 2014_email