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GTA Office Market Report Toronto Q4 2020

• Vacancy across the city increased this quarter to 6.2%. The downtown market had the highest YoY vacancy rate growth by climbing 320 bps to 4.3% in Q4 2020. • Downward pressure on rents began to surface this quarter, with lower averages recorded across submarkets relative to Q3. • The proportion of sublease availability compared to total availability across the GTA continued to climb this quarter, resting at 22.7% as of Q4 2020. • Looking forward to 2021, an adjustment in price expectations between landlords and tenants will be imperative to propelling transaction activity.

• Vacancy across the city increased this quarter to 6.2%. The downtown market had the highest YoY vacancy rate growth by climbing 320 bps to 4.3% in Q4 2020.

• Downward pressure on rents began to surface this quarter, with lower averages recorded across submarkets relative to Q3.

• The proportion of sublease availability compared to total availability across the GTA continued to climb this quarter, resting at 22.7% as of Q4 2020.

• Looking forward to 2021, an adjustment in price expectations between landlords and tenants will be imperative to propelling transaction activity.

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Transaction

Highlights

Notable Transactions

Landlord Address Area Market Lease Type

Turner Construction Co. 48 Yonge St 109,402 SF Central Downtown - Financial Core Renewal

Belairdirect Insurance Company 700 University Ave 55,061 SF Central Downtown - Downtown North Headlease

Stoopid Buddy Stoodios 20 Leslie St 27,000 SF Central East - Toronto East Headlease

City of Toronto 1920 Yonge St 25,687 SF Central Midtown - Yonge-Eglinton Extension

Benevity 171 East Liberty Street 12,500 SF Central Downtown - Downtown West Headlease

Her Majesty the Queen in Right

of Canada

135 Queens Plate Drive 10,626 SF Suburban West - Airport East Renewal

Notable Developments

Address – Building Name Class Area Est. Comp. Owner/Developer Building Status

CIBC Square - Tower 1 A 1,484,019 SF Q1 2021 Hines, Ivanhoe Cambridge Under Construction

The Well A 1,000,000 SF Q4 2021 Allied Properties REIT, RioCan REIT Under Construction

T3 Bayside A 524,000 SF Q2 2023 Hines Under Construction

The Shift A 460,000 SF Q4 2021 First Gulf Real Estate Corporation Under Construction

The Permanent A 304,043 SF Q1 2021 Menkes Developments Under Renovation

Waterfront Innovation Centre A 283,000 SF Q4 2021 Menkes Developments Under Construction

360 Oakville Place Dr A 139,000 SF Q1 2021 Creekbank Developments Limited Under Construction

99 Atlantic Avenue A 130,000 SF Q4 2020 Kevric Real Estate Corporation Net New Supply

Notable Investment Transactions

Address Area Purchase Price Purchaser Purchaser Profile

Concorde Corporate Centre 567,619 SF $114,000,000 Fengate Properties Private Investor

2300 Meadowvale Boulevard 242,000 SF $75,700,000 BMO Life Assurance Company Institution

8925 Torbram Road 202,000 SF $48,000,000 QuadReal Property Group Institution

53 Yonge Street 11,557 SF $11,500,000 H&R REIT Public Investor

7330 Goreway Drive 21,667 SF $9,300,000 7330 Goreway Dr Holding Inc. Private Investor

2580 Matheson Boulevard East 22,087 SF $8,225,000 The Christian and Missionary Alliance in Canada User

2902 & 2904 South Sheridan Way 20,800 SF $5,800,000 POSO Investments Corporation Private Investor

4190 - 4120 South Service Road,

4196 & 4208 Morris Drive

34,918 SF $5,175,000 Burlington Commerce Centre Inc. Private Investor

Colliers Canada | GTA Office Market Report | Q4 2020

collierscanada.com/research P.4

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