Q4 2015 canada cap rate report

Valuation & Advisory Services

CANADACAP RATE REPORT Fourth Quarter 2015

https://www.facebook.com/ColliersCanada

https://www.linkedin.com/company/colliers-international-canada

http://www.twitter.com/collierscanada

The last quarter of 2015 has seen the economy stabilize in British Coumbia with the swearing in of a new federal government in Ottawa. British Columbia remains a focal point for investment capital; however; ongoing uncertainty regarding oil transmission lines and the LNG plant development, and the continued lowering of investment criteria, vis-à-vis yield rates in the commercial real estate market, have had a dampening effect on investment activity. There has been a certain degree of “wait and see” in the marketplace of late.

Capital appreciation still drives the real estate market, with housing costs continuing to rise as the public anticipates further growth in the value of the average home. Development has turned to multifamily housing to a greater extent in an attempt to combat the ever-increasing cost of development land. Servicing costs and municipal development charges continue to stimulate higher land development costs in most sectors. As a result, the traditional single-family residential building lot is quickly becoming an elusive dream for many British Columbians.

The commercial and industrial sectors continue to grow, with the industrial market leading development activity in the Lower Mainland. Currently there is approximately more than four million square feet of property under construction. Concern has begun to emerge as the amount of serviced industrial land slowly dwindles in many of the more popular industrial parks in Greater Vancouver. Greater interest in Fraser Valley industrial locations has resulted in response to the very high cost of serviced industrial land in the core areas.

Retail investment property is still highly sought after; however, few transactions have materialized over the past few years. The last quarter of 2015 is no exception as only one significant commercial sale took place in Coquitlam. A projected offering of a major regional shopping centre in the valley is expected to generate significant interest among large-scale investment groups. Rumours of other offerings or sales activity have not led to any other significant closings in Q4.

The downtown office market remains strong with some surprisingly low cap rate transactions taking place in the core. Cap rates as low as 4% have been reported in the downtown district, setting a new low in yield rates and a high in property values in this rare location.

Development land in the downtown core has reached rates per square foot of buildable area well over $400, and interest in obtaining prime redevelopment land is not waning in downtown Vancouver in spite of its high cost. The response seems to be “Bubble? What bubble?” in commercial development circles in the Lower Mainland and Greater Vancouver.

With the North Shore and Coastal Mountains framing the Fraser Valley and Greater Vancouver, the desire to maximize multifamily residential, high-performance industrial, prime located retail and high-density office developments remains high in the region. Given this, and the heavy industrial development activity in the northern parts of the province, the overall economy is expected to grow into 2016, capping off a healthy fourth quarter and year in real estate for BC and Greater Vancouver.

Spotlight: British Columbia

1 Cap Rate Report | Q4 2015 | Canada / Valuation & Advisory Services | Colliers International

DEMETRI ANDROSManaging Director, Toronto+1 416 643 [email protected] HERE to view profile

Q4 2015 CAP RATES

WHAT'S TRENDINGWith Oil and Gas having had a progressively negative impact on the economy nationally, 2015 has been a relatively flat year. There has been a limited number of investment grade transactions taking place in the GTA; however, a few notable sales have traded in the office asset class: Ontario Pension Board acquired a 30% share of Cadillac Fairview’s TD Centre, a Class A office complex in downtown Toronto. Brookfield Office Properties sold 70 York Street, a Class A downtown office building, to Anbang Insurance Group out of China. On the suburban office side, Bentall Kennedy sold 6880 Financial Drive, an 800,000- square-foot Class A single-tenant office building leased to RBC, to Triovest and Northam Realty Advisors. .

On the retail front, GWL acquired Credit Ridge Commons in Brampton, a 380,000-square-foot retail power centre with very little vacancy. Lastly, development land, more specifically, golf course land slated for residential development, has also been very prominent this year as evidenced by the Colliers International sale of York Downs Golf Course in Markham and numerous discussions about the future redevelopment of Glen Abbey Golf Course (home to many Canadian Open tournaments) in Oakville.

An enduring bright spot this year has been the multi-residential asset class. Its tremendous appeal is a direct result of it providing some of the most stable cash flow available in the marketplace. The majority of the product available is older in nature, but situated in A locations, near transit and numerous amenities. Given affordability continues to be an issue for many Canadians in the Greater Toronto Area, multifamily assets continue to be attractive to young professionals, students, families and immigrants to Canada. Capitalization rates will remain low, especially for ”value add” properties, which are in high demand.

In light of the recent interest rate increase in the U.S., it will be intriguing to see how our already low Canadian dollar reacts and whether U.S. investors will acquire more properties in 2016.

DOWNTOWN OFFICE A B TREND

LOW HIGH LOW HIGH A B

4.25% 5.25% 5.25% 6.25%

SUBURBAN OFFICEA B TREND


6.00% 7.00% 6.75% 7.50%

INDUSTRIALSINGLE-TENANT A MULTI-TENANT B TREND


5.25% 5.75% 6.25% 7.25%

TORONTO

RETAILREGIONAL / POWER COMMUNITY STRIP MALL TREND

LOW HIGH LOW HIGH LOW HIGH R C S

4.50% 5.50% 5.50% 6.00% 5.00% 6.00% p

MULTIFAMILYHIGH-RISE LOW-RISE TREND

LOW HIGH LOW HIGH H L

3.50% 4.75% 3.50% 4.75% q

HOTELURBAN FULL SERVICE SELECT SERVICE LIMITED SERVICE TREND

LOW HIGH LOW HIGH LOW HIGH U S L

6.00% 7.50% 7.50% 8.50% 9.00% 11.00% q q q


http://www.collierscanada.com/en/People/Demetri-Andros

MICHEL COLGANManaging Director, Montreal+1 514 764 [email protected] HERE to view profile

WHAT'S TRENDINGMontreal’s market continued to be stable for the fourth quarter of 2015. All real estate assets, including office, retail, industrial, multi-residential and hotel have remained steady since the beginning of the year.

Two interesting transactions took place in the Montreal market this quarter: the sale of the 600 de Maisonneuve West (509,000 square feet), an office building in the downtown core, at a 5.4% cap rate and the sale of the 3,661-unit FDL multi-residential portfolio, at a cap rate of 4.5% globally.

Dream Office REIT recently completed large transaction in Québec Citytotaling $95,122,000, covering 634,132 square feet and involving four properties: 900 Place D’Youville, 580 Rue Grande Allée, 200 Chemin Ste-Foy and 141 Saint-Jean Street for.

In the office sector, three transactions occurred on Decarie Boulevard in connection to the new, major retail development by Carbonleo’s: Royalmount Project is a $1.7 billion, multi-use urban development to be built at the southwest corner of highways 15 and 40. The four-million-square-foot property will offer top-of-the-line arts and entertainment, goods and services. COMINAR sold two buildings (8400 & 8500 Blvd Decarie) for $82,500,000, while HOOPS sold the 135,000-square-foot office tower (8000 Blvd. Decarie).

MONTREALQ4 2015 CAP RATESDOWNTOWN OFFICE

A B TREND


5.50% 6.25% 6.00% 6.50%



6.75% 7.75% 7.25% 8.25%



6.75% 7.50% 7.00% 7.75%



5.75% 6.75% 6.90% 7.75% 6.75% 7.75%



4.75% 5.75% 5.75% 6.50%



7.25% 9.00% 8.50% 9.75% 9.75% 11.50%


http://www.collierscanada.com/en/People/Michel-Colgan

CHRIS MARLYNSenior Vice President, Canada+1 403 298 [email protected] HERE to view profile

During the last quarter, the Calgary investment market experienced very little transaction activity as the majority of investors, particularly those from outside Alberta, opted for a wait-and see-position in light of the continuing weakness in energy pricing. Despite this, the general consensus is that capitalization rates for better-quality, well-occupied assets have remained essentially unchanged quarter-over-quarter.

Notwithstanding the above, upward pressure and movement in overall capitalization rates are nothing new for these assets, most notably office properties that have leasing exposure by way of expiries over the forthcoming 24 to 36 months. Similarly, industrial properties occupied by energy-related tenancies are experiencing similar, but less significant, upward pressure on returns as expressed by overall capitalization rates.

With respect to the Calgary multifamily investment market, increasing vacancies are creating downward pressure on rental rates, which in turn is causing downward pressure on valuations despite the relative stability in capitalization rates for this sector. Capitalization rates for investment grade retail assets have been very stable quarter-over-quarter, with little, if any, change from those applicable in Q3 2015.

WHAT'S TRENDING

Q4 2015 CAP RATESDOWNTOWN OFFICE

A B TREND


5.50% 6.25% 6.50% 7.00% p p



5.75% 6.50% 6.75% 7.25%



5.75% 6.25% 6.00% 6.75% p



5.25% 6.00% 5.50% 6.25% 6.00% 6.75%



4.75% 5.25% 5.00% 5.50%



7.25% 9.00% 8.00% 9.50% 8.50% 10.50% p p p

CALGARY


http://www.collierscanada.com/people/chris-marlyn

Like all asset classes in Vancouver, the office investment market remains one of strong demand and limited available product, resulting in continued capitalization rate compression. The Q4 offering of the Royal Centre, as well as Ivanhoe’s share of Bentall Centre I through IV, across the street, are new benchmarks. Both these trophy assets are expected to confirm new lows for capitalization rates in the downtown Vancouver office sector.

The retail investment class has seen most transactions occur in the sub $50 million range over the last 12 months. Likewise, capitalization rates continue to compress, particularly in Vancouver and the surrounding municipalities.

The Metro Vancouver industrial investment market has seen few transactions to date in Q4; however, it has demonstrated strength during the fourth quarter. As such, cap rates continued to decline. Institutional and other typical investors in the industrial sector continue to seek out off-market and potential value-added opportunities to bolster existing portfolios. Two recent transactions for older multi-tenant properties going into the quarter indicate cap rates in the mid-5% region, in line with transactions earlier in the year.

In the fourth quarter of 2015, cap rates for hospitality properties in Greater Vancouver typically ranged from 7.0% to 8.5%, influenced in part by the lack of supply: Many buyers were chasing few offerings, therefore driving up prices and pushing down cap rates. Properties with redevelopment potential or that were strategically located, would trade at rates lower than 6%, but under these circumstances, the acquisition would not necessarily be driven by stabilized cash flows.

WHAT'S TRENDING


A B TREND


4.00% 4.75% 4.50% 5.50% q



5.00% 6.00% 5.75% 6.25% q



4.50% 5.25% 5.25% 6.00% q



4.75% 5.50% 4.75% 5.75% 4.75% 5.75% q



2.50% 3.00% 3.00% 4.00% q q



6.00% 7.00% 7.25% 8.50% 7.25% 8.50% q q q

VANCOUVERCHRIS BLANCHETTEManaging Director, Vancouver+1 604 692 [email protected] HERE to view profile


http://www.collierscanada.com/en/people/chris-blanchette

The Edmonton real estate market remains consistent with the previous quarter, as capitalization rates stay mostly unchanged. With little top-tier product available, the focus has shifted to maximizing existing product and the competition for opportunities that do come to market. So while there is liquidity in the Canadian market, there continues to be a lack of properties in which to invest.

Edmonton has managed to weather the commodity storm, bucking the provincial trend in November by gaining 6,900 jobs according to Statistics Canada. Alberta lost nearly 15,000 jobs in November, bringing the province’s unemployment rate to a five-year high. Major construction projects are allowing Edmonton to stay afloat. Residential towers continue to rise in and around Ice District with the Legends Private Residences entering the market this fall. As a result, retail opportunities and other amenities must continue to develop to drive appeal for Edmonton’s emerging new downtown.

Outside of the downtown core, the recent opening of the 41st Avenue interchange is welcome news to Edmonton’s southeast industrial district and Leduc/Nisku owners and operators. This area has been hardest hit by the drastic price reduction of oil, with increasing vacancy rates and pressure on leasing activity. This new addition is expected to greatly impact traffic flow in the area.

Lastly, Edmonton’s office market is providing its own challenges as 2015 comes to a close. With limited to zero sales transactions, and the considerable space coming into inventory in the coming years, market lease rates and overall asset value continue to decrease. Market participants are being forced to look to increasingly dated sales or other markets in an effort to establish price adjustments that reflect the new economic reality.

WHAT'S TRENDING


A B TREND


6.00% 6.75% 6.75% 7.75% p p



6.50% 7.25% 7.00% 7.75% p p



6.00% 6.50% 6.00% 7.00%



5.50% 6.00% 5.75% 6.50% 6.00% 6.75%



5.00% 5.50% 5.50% 6.50%



7.75% 9.50% 8.50% 9.75% 8.75% 10.00% p p p

ANDREW MACLEODManaging Director, Edmonton+1 780 969 [email protected] HERE to view profile

EDMONTON


http://www.collierscanada.com/en/People/Andrew-MacLeod

OLIVER TIGHEManaging Director, Ottawa+1 613 683 [email protected] HERE to view profile

WHAT'S TRENDING


A B TREND


6.00% 6.25% 6.75% 7.25% p



6.50% 7.00% 7.50% 8.00% p p



6.00% 6.50% 6.00% 6.50%



5.00% 5.50% 6.00% 6.50% 6.25% 7.00% p p p



4.50% 5.00% 5.00% 5.50%



6.25% 8.00% 8.50% 9.50% 9.25% 11.25% q

OTTAWA

The Ottawa commercial real estate market remains in a state of flux with the various asset classes performing at different levels. The election of a new federal government with a drastically different fiscal policy is anticipated to have a positive impact on the local economy, especially the local commercial real estate market. With the new government planning spending increases, the local real estate market is expected to get the boost it has been waiting for.

The industrial and multifamily markets remain strong, with high demand and limited supply. The office market remains Ottawa’s weakest, with ongoing high vacancy city-wide and downward-trending rental rates. Landlords have resorted to offering very aggressive tenant incentives to attract new tenants to their buildings. Landlords who lack the drive or cash to offer large incentive packages to tenants are being hit the hardest by the increased vacancy levels.

Nonetheless, the market continues to struggle with slower commercial transaction activity. Year-to-date transaction volume has decreased by 48%, from $609 million in 2014 to just $350 million in 2015. If 2015 continues its current pace, the year would prove to be the slowest for commercial real estate transaction activity in the last decade. Though as we move into 2016 and the local economy benefits from the new federal government’s policies, it is anticipated that transaction activity and new development will pick up throughout Ottawa.


http://www.collierscanada.com/en/People/Oliver-Tighe

ROB PRETEAUAssociate, Winnipeg+1 204 926 [email protected] HERE to view profile

WHAT'S TRENDING


A B TREND


5.50% 6.25% 6.25% 7.25%



N/A N/A 6.50% 7.25%



6.00% 7.00% 6.25% 7.25%



5.50% 6.25% 6.00% 6.75% 6.00% 7.00%



4.75% 5.75% 5.00% 5.75%



7.75% 8.75% 8.75% 10.50% 10.00% 11.75%

WINNIPEG

Capitalization rates in the Winnipeg commercial real estate market remain unchanged from the previous quarter. Further downward pressure from a lack of supply of high-quality real estate assets and a low interest rate environment could push cap rates lower as we move into 2016.

Retail capitalization rates remain unchanged from the previous quarter with recent transactions of high-quality retail assets trading around 6%. New retail development continues to emerge throughout the city with Winnipeg’s first premium outlet mall beginning construction in southwest Winnipeg. It was recently announced that Saks Fifth Avenue OFF 5TH will be the anchor tenant for the new mall.

The industrial market has been steady throughout 2015 with vacancy increasing to 4.4% as of mid-year. With new industrial supply coming to market and older buildings in the northwest remaining vacant, the industrial vacancy rate is expected to remain between 4% and 5% as we move into 2016. Capitalization rates for industrial properties have typically been in the 6.5% to 7.0% range for good-quality buildings. Slate REIT recently announced the sale of 12 industrial properties in Winnipeg totaling 516,495 square feet to an undisclosed purchaser for $47 million.

Capitalization rates continue to be stable within the office sector with the overall vacancy rate increasing from 8.8% to 9.2% as of mid- 2015. The most newsworthy office transaction of 2015 is the sale of the Medical Arts Building to Manitoba Liquor & Lotteries in September 2015. The purchaser plans to fully redevelop the property, continuing the overall redevelopment of downtown Winnipeg.

The multifamily market continues to be active with many local investors searching for multifamily assets. Vacancy has increased to 2.9% from 2.3% as of the end of 2015. Vacancy rates are expected to remain near 3% as we move into 2016. Capitalization rates have remained stable for multifamily properties throughout 2015.


http://www.collierscanada.com/en/people/rob-preteau

MITCH WILEManaging Director, Halifax+1 902 442 [email protected] HERE to view profile

WHAT'S TRENDING


A B TREND


6.00% 6.75% 7.00% 7.75% q



6.00% 6.75% 7.00% 7.75% q



6.50% 7.00% 7.25% 7.75%



5.25% 6.25% 6.75% 7.75% 6.25% 7.50%



4.75% 5.25% 5.00% 6.25% q q



7.25% 8.50% 8.50% 10.00% 9.50% 11.00%

HALIFAX

Atlantic Provinces Economic Council (APEC) report that 2015 “...is proving to be another subdued year for job growth in Atlantic Canada.... An aging population is putting downward pressure on the aggregate labour force participation rate... slower growth in population and employment will constrain the expansion in domestic demand, including consumer spending and housing construction.... Traditional measures of economic performance, such as real GDP, employment and consumer spending are therefore likely to be lower in the medium term than historic growth rates.”

The current low capitalization rate environment can be susceptible to upward pressure as a result of future interest rate increases and muted rental/ NOI growth. The capitalization rates are at the lowest end of the spectrum (which has been compressed largely by high pension fund and foreign investor demand) and are susceptible to any erosion of the “wall of capital” that currently exists.

With respect to the Halifax market, the pace of new construction remains somewhat of a concern and ultimately, so do rent/ NOI growth issues that have resulted from the large amount of new supply in many markets. It is widely expected that once new supply has been fully absorbed and future supply moderates, there will be an improvement in economic growth stemming major capital projects (and recovery of depressed oil prices). Otherwise, reasonably healthy market fundamentals should support capital values into the foreseeable future across most sectors in the primary markets.


http://www.collierscanada.com/en/People/Mitch-Wile

CHRISTINA DHESIAssociate, Victoria+1 250 414 [email protected] HERE to view profile

A weakening Canadian dollar coupled with low interest rates made for further compression in Greater Victoria capitalization rates. 2015 witnessed lower capitalization rates across all property types by at least 25 basis points. As market dynamics including lack of investment product amid increased demand continued to challenge investors, unconventional transactions made progress in the investment market. Multi-tenanted strata investment sales transitioned from an overlooked opportunity to a born-again prospect. These investments did not carry the same premiums, with capitalization rates increasing proportionate to a property’s perceived risk. These higher returns created an ever-widening gap in overall rates, making overall capitalization rates less predictable and more so a function of individual asset quality and condition.

Retail product continues to be a coveted asset with capitalization rates lowering between 50 and 150 basis points beyond historical benchmarks. The market’s transaction process has also changed in that previous barriers such as financing limitations, lengthy conditional periods, as well as the requirement to ”touch and feel” real estate, have become less common considerations in closing a sale, particularly amongst well-capitalized investors. Investors that have been displaced from other markets, largely by mainland Chinese investors, maintain their market participation, a factor that will likely continue to enable owners to achieve top dollar for well-tenanted and trophy properties.

Looking ahead into 2016, capitalization rates could reach lower levels, given the forecast of a falling Canadian dollarand the probability of a negative interest rate environment. While time will dictate the results of these economic aspects, both purchasers and vendors in the Greater Victoria market will continue to be opportunistic in investment endeavors, with a buoyant investment climate anticipated over the short-term.

WHAT'S TRENDING


A B TREND


5.25% 5.75% 5.75% 6.00%



5.75% 6.25% 6.25% 6.50%



5.75% 7.00% 5.75% 7.00%



5.00% 5.25% 5.50% 5.75% 5.50% 6.00%



4.00% 4.25% 4.25% 5.00%



7.00% 8.50% 8.00% 10.00% 9.00% 11.50%

VICTORIA


http://www.collierscanada.com/en/people/christina-dhesi

DOWNTOWN OFFICEMARKET A B TREND

CITY LOW HIGH LOW HIGH A B

Vancouver 4.00% 4.75% 4.50% 5.50% q

Calgary 5.50% 6.25% 6.50% 7.00% p p

Edmonton 6.00% 6.75% 6.75% 7.75% p p

Toronto 4.25% 5.25% 5.25% 6.25%

Ottawa 6.00% 6.25% 6.75% 7.25% p

Montreal 5.50% 6.25% 6.00% 6.50%

Winnipeg 5.50% 6.25% 6.25% 7.25%

Halifax 6.00% 6.75% 7.00% 7.75% q

Victoria 5.25% 5.75% 5.75% 6.00%

SUBURBAN OFFICEMARKET A B TREND


Vancouver 5.00% 6.00% 5.75% 6.25% q

Calgary 5.75% 6.50% 6.75% 7.25%

Edmonton 6.50% 7.25% 7.00% 7.75% p p

Toronto 6.00% 7.00% 6.75% 7.50%

Ottawa 6.50% 7.00% 7.50% 8.00% p p

Montreal 6.75% 7.75% 7.25% 8.25%

Winnipeg N/A N/A 6.50% 7.25%

Halifax 6.00% 6.75% 7.00% 7.75% q

Victoria 5.75% 6.25% 6.25% 6.50%

Canada Cap Rate Report


INDUSTRIALMARKET SINGLE-TENANT A MULTI-TENANT B TREND


Vancouver 4.50% 5.25% 5.25% 6.00% q

Calgary 5.75% 6.25% 6.00% 6.75% p

Edmonton 6.00% 6.50% 6.00% 7.00%

Toronto 5.25% 5.75% 6.25% 7.25%

Ottawa 6.00% 6.50% 6.00% 6.50%

Montreal 6.75% 7.50% 7.00% 7.75%

Winnipeg 6.00% 7.00% 6.25% 7.25%

Halifax 6.50% 7.00% 7.25% 7.75%

Victoria 5.75% 7.00% 5.75% 7.00%

MULTIFAMILYMARKET HIGH-RISE LOW-RISE TREND

CITY LOW HIGH LOW HIGH H L

Vancouver 2.50% 3.00% 3.00% 4.00% q q

Calgary 4.75% 5.25% 5.00% 5.50%

Edmonton 5.00% 5.50% 5.50% 6.50%

Toronto 3.50% 4.75% 3.50% 4.75% q

Ottawa 4.50% 5.00% 5.00% 5.50%

Montreal 4.75% 5.75% 5.75% 6.50%

Winnipeg 4.75% 5.75% 5.00% 5.75%

Halifax 4.75% 5.25% 5.00% 6.25% q q

Victoria 4.00% 4.25% 4.25% 5.00%



RETAIL

MARKET REGIONAL / POWER COMMUNITY STRIP MALL TREND

CITY LOW HIGH LOW HIGH LOW HIGH R C S

Vancouver 4.75% 5.50% 4.75% 5.75% 4.75% 5.75% q

Calgary 5.25% 6.00% 5.50% 6.25% 6.00% 6.75%

Edmonton 5.50% 6.00% 5.75% 6.50% 6.00% 6.75%

Toronto 4.50% 5.50% 5.50% 6.00% 5.00% 6.00% p

Ottawa 5.00% 5.50% 6.00% 6.50% 6.25% 7.00% p p p

Montreal 5.75% 6.75% 6.90% 7.75% 6.75% 7.75%

Winnipeg 5.50% 6.25% 6.00% 6.75% 6.00% 7.00%

Halifax 5.25% 6.25% 6.75% 7.75% 6.25% 7.50%

Victoria 5.00% 5.25% 5.50% 5.75% 5.50% 6.00%

HOTEL

MARKET URBAN FULL SERVICE SELECT SERVICE LIMITED SERVICE TREND

CITY LOW HIGH LOW HIGH LOW HIGH U S L

Vancouver 6.00% 7.00% 7.25% 8.50% 7.25% 8.50% q q q

Calgary 7.25% 9.00% 8.00% 9.50% 8.50% 10.50% p p p

Edmonton 7.75% 9.50% 8.50% 9.75% 8.75% 10.00% p p p

Toronto 6.00% 7.50% 7.50% 8.50% 9.00% 11.00% q q q

Ottawa 6.25% 8.00% 8.50% 9.50% 9.25% 11.25% q

Montreal 7.25% 9.00% 8.50% 9.75% 9.75% 11.50%

Winnipeg 7.75% 8.75% 8.75% 10.50% 10.00% 11.75%

Halifax 7.25% 8.50% 8.50% 10.00% 9.50% 11.00%

Victoria 7.00% 8.50% 8.00% 10.00% 9.00% 11.50%



Copyright © 2015 Colliers International.

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

Valuation & Advisory GroupThe Colliers International Valuation & Advisory Services group in Canada combines extensive industry knowledge with advanced technology to provide you with highly efficient service and creative solutions. We have more than 80 professionals in 9 locations including Toronto, Montreal, Vancouver, Calgary, Edmonton, Ottawa, Winnipeg, Halifax, and Victoria.

Colliers International Valuation & Advisory Services offers a full range of services including valuation, property tax consulting and advisory services. The team also offers customized valuations for specialty real estate including hotels, resorts and multi-residential developments. From a single commercial asset to a national portfolio of properties, we provide you with accurate and timely information that will help you better understand the value of your assets and make business decisions accordingly.

collierscanada.com/valuation

502 offices in 67 countries on 6 continentsUnited States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108

$2.3billion in annual revenue

1.7billion square feet under management

16,300professionals and staff

MARKET CONTACT:Chris MarlynSenior Vice PresidentValuation & Advisory Services | Canada+1 403 298 [email protected]

Craig HennigarMarket Intelligence DirectorColliers International | Canada+1 604 505 [email protected]

REGIONAL AUTHORS:Michel Colgan | Managing Director, MontrealChris Blanchette | Managing Director, VancouverDemetri Andros | Managing Director, Greater Toronto Andrew MacLeod | Managing Director, EdmontonOliver Tighe | Managing Director, OttawaMitch Wile | Managing Director, HalifaxRob Preteau | Associate, WinnipegChristina Dhesi | Associate, Victoria

Colliers International | Vancouver200 Granville Street, 19th FloorVancouver, BC | Canada

+1 604 681 4111

https://www.facebook.com/ColliersCanada

https://www.linkedin.com/company/colliers-international-canada

http://www.twitter.com/collierscanada

Documents

Q4 2015 canada cap rate report