Office Market Dashboard | Greater Toronto Area Fourth Quarter 2012

Market Snapshot
Q3 2012 Office Inventory Net Absorption Vacancy Rate Availability Rate Average Asking Net Rent Average Additional Rent Average Asking Gross Rent 185,718,642 423,190 6.3% 8.0% $17.87 $16.60 $34.48 Q4 2012 185,565,339 603,968 5.8% 8.0% $17.36 $16.37 $33.73 Trend

24 Month Trend
Absorption 2500 2000 Absorption (Thousands SF) 1500 1000 500 0 0 -500 -1000 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 -5 -10 -15 5.8% $17.36 Vacancy Rate Average Net Rent 25 Asking Net Rent ($) / Vacancy Rate (%) 20 15 10 5

Inventory & Availability by Market

Inventory (SF)
Downtown 69,531,181 37% GTA West 47,431,711 26% Midtown 17,795,438 10%

Central North 11,259,315 6%

GTA East 5,524,625 3%

GTA North 15,376,934 8%

Central East 18,646,135 10%

New Developments Update

Completed - First Meadowvale Centre Phase II, Q4 2012, 250,000 SF (First Gulf) Under Construction, 60% Leased - RBC WaterPark, Q3 2014, 900,000 SF (Oxford/ CPPIB) Under Construction, 30% Leased - Bremner Tower, Q3 2014, 672,500 SF (GWL/bcIMC) Under Construction - The Hullmark Centre, Q4 2013, 185,000 SF (Hullmark/Tridel) Under Construction - 610 Applewood Crescent, Q3 2012, 73,178 SF Under Construction - 4080 Confederation Parkway, Q1 2013, 90,000 SF (The Daniels Corporation) Under Construction - Emery-Alton Corporate Centre, Q1 2013, 30,358 SF (Emery Investments) Under Construction - Phase One Spectrum Square, Q1 2014, 134,000 SF (HOOPP)

Availability (SF)
Midtown 1,141,549 8% Central North 668,683 4%

Downtown 4,236,637 29%

GTA West 5,192,622 35%

Under Construction - MaRS Centre Phase 2, Q3 2013, 780,000 SF (Alexandria/MaRs/Prov. of Ontario) Under Construction - 55 Idema Road, Q1 2013, 36,720 SF (GE) Pre-lease - York Centre, Q2 2016, 802,000 SF (Cadillac Fairview) Pre-lease - Richmond Adelaide Centre Phase 3, Q3 2016, 900,000 SF (Oxford)
GTA East 645,938 4%

GTA North 1,417,469 10%

Central East 1,545,664 10%

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). 2012. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage

Office Submarket Dashboard | Midtown: Yonge-St.Clair

Fourth Quarter 2012

Submarket Snapshot
Q3 2012 Office Inventory Net Absorption Vacancy Rate Availability Rate Average Asking Net Rent Average Additional Rent Average Asking Gross Rent 2,432,369 (15,533) 4.3% 9.9% $17.53 $20.77 $38.30 Q4 2012 2,467,401 25,194 2.3% 7.2% $18.28 $20.38 $38.66 Trend
MAP

Available Supply Split & Gross Rent

Not Available Space Sublease Available Direct Available Gross Rent

24 Month Trend
Class AAA/A
Absorption 600 $18.28 400 Thousands (SF) 20 Vacancy Rate Average Net Rent 30 Asking Net Rent ($) / Vacancy Rate (%)
900 800 700 600 500 400 300 200 100 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 2012 2012 2012 Q2 Q3 Q4

200 2.3% 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4

10

-200

-10

Thousands (SF)

$44.52

Class B
2,000

$36.17

$40.00 $30.00 $20.00 $10.00 $0.00

-400

-20
1,500

Thousands (SF)

1,000 500 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4

New Developments Update

No new development updates at this time.

Class C
250 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 2012 2012 2012 Q1 Q2 Q3 Q4

Thousands (SF)

200 150 100 50 0

*No rent information is available for this quarter.

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). 2012. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement.Colliers Macaulay Nicolls (Ontario) Inc., Brokerage

Office Submarket Dashboard | Midtown: Yonge-Bloor

Fourth Quarter 2012

Submarket Snapshot
Q3 2012 Office Inventory Net Absorption Vacancy Rate Availability Rate Average Asking Net Rent Average Additional Rent Average Asking Gross Rent 9,270,943 22,397 4.5% 5.2% $19.15 $18.87 $38.02 Q4 2012 8,827,086 (9,621) 4.4% 4.9% $19.66 $19.30 $38.96 Trend
MAP

Available Supply Split & Gross Rent

Not Available Space Sublease Available Direct Available Gross Rent

24 Month Trend
Class AAA/A
Absorption 600 $19.66 Vacancy Rate Average Net Rent
3,000 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 2012 2012 Q2 Q3 Q4

30 Asking Net Rent ($) / Vacancy Rate (%)

Thousands (SF)

$44.54

2,500 2,000 1,500 1,000 500 0

400 Thousands (SF)

20

200 4.4% 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4

10

-200

-10

Class B
6,000

$35.41

$40.00 $30.00 $20.00 $10.00 $0.00

-400

-20 Thousands (SF)

5,000 4,000 3,000 2,000 1,000 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4

New Developments Update

No new development updates at this time.

Class C
2,000

$34.34

$40.00 $30.00 $20.00 $10.00 $0.00

Thousands (SF)

1,500 1,000 500 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 2012 2012 2012 Q1 Q2 Q3 Q4

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). 2012. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement.Colliers Macaulay Nicolls (Ontario) Inc., Brokerage

Office Submarket Dashboard | Midtown: Yonge-Eglinton

Fourth Quarter 2012

Submarket Snapshot
Q3 2012 Office Inventory Net Absorption Vacancy Rate Availability Rate Average Asking Net Rent Average Additional Rent Average Asking Gross Rent 4,717,378 (7,072) 7.0% 10.2% $14.89 $18.00 $32.88 Q4 2012 5,077,134 5,378 6.5% 9.2% $14.61 $17.67 $32.28 Trend
MAP

Available Supply Split & Gross Rent

Not Available Space Sublease Available Direct Available Gross Rent

24 Month Trend
Class AAA/A
Absorption 600 Vacancy Rate Average Net Rent
2,000

$36.46

$40.00 $30.00 $20.00 $10.00 $0.00

30 Asking Net Rent ($) / Vacancy Rate (%)

Thousands (SF)

1,500 1,000 500 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 2012 2012 Q2 Q3 Q4

400 Thousands (SF) $14.61 200 6.5%

20

10

0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4

-200

-10

Class B
3,000 $40.00 2,500

-400

-20 Thousands (SF)

$32.92
$30.00 $20.00 $10.00 $0.00 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4

2,000 1,500 1,000 500 0

New Developments Update

No new development updates at this time.

Class C
1,500

$28.98

$40.00 $30.00 $20.00

Thousands (SF)

1,000 500 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 2012 2012 2012 Q1 Q2 Q3 Q4

$10.00 $0.00

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). 2012. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement.Colliers Macaulay Nicolls (Ontario) Inc., Brokerage

Office Submarket Dashboard | Central North: North Yonge Corridor

Fourth Quarter 2012

Submarket Snapshot
Q3 2012 Office Inventory Net Absorption Vacancy Rate Availability Rate Average Asking Net Rent Average Additional Rent Average Asking Gross Rent 8,690,597 41,402 3.2% 5.6% $18.35 $19.35 $37.71 Q4 2012 7,947,889 27,266 2.6% 4.9% $19.03 $19.83 $38.86 Trend
MAP

Available Supply Split & Gross Rent

Not Available Space Sublease Available Direct Available Gross Rent

24 Month Trend
Class AAA/A
Absorption 600 $19.03 Vacancy Rate Average Net Rent Thousands (SF) 30 Asking Net Rent ($) / Vacancy Rate (%)
7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 2012 2012 2012 Q1 Q2 Q3 Q4 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00

$41.03

400 Thousands (SF)

20

200 2.6% 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4

10

-200

-10

Class B
3,000

$35.28

$40.00 $30.00 $20.00 $10.00 $0.00

-400

-20 Thousands (SF)

2,500 2,000 1,500 1,000 500 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4

New Developments Update

Build Toronto has proposed a 367,000 SF development at 4050 Yonge Street with anticipated completion in 2016. The Hullmark Centre at 4789 Yonge Street is under construction, a total amount of 185,000 SF office space set to be completed in Q4 2013.

Class C
350 300 250 200 150 100 50 0 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 2012 2012 2012 Q1 Q2 Q3 Q4 $40.00 $30.00 $20.00 $10.00 $0.00

Thousands (SF)

*No rent information is available for this quarter.

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). 2012. All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement.Colliers Macaulay Nicolls (Ontario) Inc., Brokerage