THE QUARTERLY REPORT ON COMMERCIAL REAL ESTATE CAP RATES IN MAJOR CANADIAN MARKETS

Q2 2019

Hotel Sector Focus:Opportunities Outweigh Risks

Opportunities Outweigh Risks Uncertainty is the watchword of the day as world economies grapple with trade wars, Brexit, political turmoil and weakening economic fundamentals. Still, there are several silver linings that are expected to extend the growth cycle for Canada’s commercial real estate markets. The most significant of these is the emerging downward trend in interest rates. On July 31, the Federal Reserve Board cut 25 basis points off its benchmark overnight lending rate. This about-face on interest rate policy aims to stimulate the overall U.S. economy in the face of weakening global economic conditions. Of relevance to Canadian investors, the Bank of Canada is expected to follow suit, and cut interest rates by 25 basis points before Jan 2020. Lower interest rates support the notion of the soft economic landing and will result in a further extension of the red-hot Investment cycle in Canada. With cap rates at historic lows and market fundamentals across most asset classes near or at cycle highs, the implication for investment markets is continued upward pressure on pricing. Rising room rates (hotel sector) and continued upward pressure on lease rates, (office and industrial sectors) across gateway markets will continue to fuel record-high pricing within Canada, if at a more modest pace. This will support continued cap rate stability and even further compression in secondary markets where yield advantages can still be found.

Industrial markets remain the darling of commercial real estate, with availability hovering near or at historic lows in Vancouver, Toronto and Montreal. The CBD office sector remains remarkably tight within these markets, supported predominantly by technology growth. The hotel sector continues to have an unprecedented run, which has pushed RevPAR to historic highs. However, as a deeper dive into this sector indicates in the pages that follow, even though demand for hotel rooms is expected to show continued strength, growth rates in occupancy will be more subdued given many hotels are near capacity and record new supply is in the horizon. That won’t stop further compression on cap rates in secondary markets, however, or so our experts tell us!

EXECUTIVE SUMMARY

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 2

The hotel sector continues to have

an unprecedented run, which has

pushed RevPAR to historic highs

With the first interest rate cut in 10 years under its belt, the U.S. Federal Reserve is contemplating further rate cuts amidst growing fears of a global recession. In Canada, bets are on that the Bank of Canada will follow suit by dropping interest rates by 25 basis points in late 2019.

For hotel sector investors, lower interest rates – aka cheaper money – will reduce carrying costs on existing and new debt tied to hotel acquisitions. Rate cuts will also maintain the dollar’s competitiveness, fueling continued growth in domestic and international tourism.

INTEREST RATES FALL WITH YIELD CURVE INVERSION

Source: Bank of Canada

4.0

3.5

3.0

2.5

2.0

1.5

1.0

.5

0.0

-0.5

JULY

04

JULY

05

JULY

06

JULY

07

JULY

08

JULY

09

JULY

10

JULY

11

JULY

12

JULY

13

JULY

14

JULY

15

JULY

16

JULY

17

JULY

18

JULY

19

BO

ND

YIE

LD (

%) 10-YEAR BOND MINUS

3-MONTH T-BILL

Inverted yield curve: The upsideDownward pressure on interest rates will drive CRE investment

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 3

$$

$$

$$

$

$$

$$ $

$

$

$

$$

$$

$

$

28.0

26.0

24.0

22.0

20.0

18.0

16.0

14.0

12.0

81.5

109.9

97.2

16.5

21.1

23.6

130

120

110

100

90

80

70

60

50

40

MIL

LIO

NS

OF

AR

RIV

ALS

BIL

LIO

NS

IN S

PEN

DIN

G (

$CD

N)

Soaring tourism arrivals – and spending

1: Oxford Economics

04 05

06 07 08

09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

INTERNATIONAL ARRIVALSTOTAL TOURISM SPENDING (DOMESTIC & INTERNATIONAL)

Canada’s appeal as a top tourism destination continues to gather strength, especially with safety and political security being top of mind for international travelers. Between 2018 and 2021, international tourism arrivals are projected to jump from 21.1 million to 23.6 million,

or by 11.7%. Total tourism spending is expected to reach $110 billion, up by 13.1% 1. Strong inbound tourism will drive hospitality spending, potentially exerting upward pressure on room rates.

SOARING TOURISM AND CORPORATE TRAVEL

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 4

A competitive dollar and a shared border led to 25.1 million nights paid accommodation by U.S. visitors in 2018, up from 24.1 million in 2017 1. With the U.S. continuing to see healthy economic growth and record-low unemployment, this will remain the trend. Travelers from China, the UK

and India are also flocking to Canada. Although the travel advisory against travel to Canada issued by China in early 2019, along with slowing economic growth, resulted in a slight reduction of mainland China tourists, generally, inbound Chinese travel is expected to remain strong.

U.S. DOMINATES GLOBAL VISITOR PACK

COUNTRYNIGHTS IN PAID

ACCOMODATIONS (Millions)

■ UNITED STATES 25.1

■ CHINA 8.1

■ FRANCE 3.9

■ UNITED KINGDOM 3.7

■ INDIA 2.5

■ AUSTRALIA 2.4

■ GERMANY 2.3

■ MEXICO 2.1

■ KOREA 1.6

■ BRAZIL 1.5

■ JAPAN 1.2

■ HONG KONG 820K

■ TAIWAN 771K

■ PHILIPPINES 713K

■ SWITZERLAND 705K

■ NETHERLANDS 669K

■ ITALY 493K

■ IRELAND 454K

■ POLAND 437K

■ BULGARIA 393K

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 5

1: Oxford Economics

Vancouver occupancy hits 10-year highOccupancy soars across top four Canadian markets (2009–2019)

2019

79.4

19.1%RISE

18.7%RISE

8.4%RISE

20.2%RISE

7.2%FALL

15.5%FALL

76.6

62.3

73.4

67.2

72.6

65.5

61.164.2

55.657.9

VANCOUVER TORONTO OTTAWA MONTREAL CALGARY EDMONTON

64.2

85

80

75

70

65

60

55

50

OCC

UPA

NC

Y R

ATE

BIL

LIO

NS

IN S

PEN

DIN

G (

$CD

N)

Thanks to strengthening business travel and international tourism, rising occupancy rates across major markets have been a key factor driving up RevPAR in recent years. Average occupancy rates for the 12 months ending May 2019 declined modestly to 66.0% after peaking at 66.1% as recently as Feb 2019. Vancouver boasts the highest rate in the country at 79.4%, while Toronto is a close contender at 76.6% 2.

With the global economy slowing, occupancy at well-located hotels in Vancouver, Montreal and Toronto, which are at or near capacity, is expected to remain stable or show modest declines over the next 18 months. Montreal may be the sole exception with modest gains in occupancy anticipated. The performance of Alberta markets will be heavily influenced by energy prices, although hotel supply additions will temper the recent increases in demand.

OCCUPANCY RATES DRIVE REVPAR TO NEW HEIGHTS

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 6

12 MONTH AVERAGE OCCUPANCY RATES

2: STR (Smith Travel Research)

2: STR (Smith Travel Research) 3: 3 month average annualized growth rate ending in the month indicated.

Hot hotel market shows initial signs of coolingWith room rates at record highs, ADR growth begins to ease

13.0%

7.3%

4.8%

2.2%

1.3%

4.4%

8.5%

15.0%

10.0%

5.0%

0.0%

AD

R G

RO

WTH

CANADAVANCOUVERTORONTO

JAN-18 MAY-18 SEP-18 JAN-19 MAY-19

Canadian room rate growth has had some sizzle in recent years and is a significant contributor to RevPAR improvement. This growth rate hit an impressive 4.9% in March 2018 and has since declined gradually, falling to 2.0% in May 2019. Of the major markets, Vancouver saw growth in ADR growth peak at 13.0% in July 2018 and then ease back to

a still impressive 5.8%. Montreal, Toronto and Ottawa are experiencing average annualized growth rates of 4.6%, 2.9% and 2.2%, respectively (May 2019) 2,3. Modest additional increases are anticipated through 2020 with some market exceptions.

SIZZLING ADR GROWTH FINALLY EASES

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 7

14.5%

9.5%

4.5%

-0.5%

REV

PAR

GR

OW

TH

JAN-18 MAY-18 SEP-18 JAN-19 MAY-19

12.2%

9.7%

7.3%

11.2%

6.0%

0.9%

-0.2%

1.4%

CANADAVANCOUVERTORONTO

RevPAR growth deceleratesChanging dynamics in hotel market, including new supply, impacts RevPar (past 18 mths)

While RevPAR hit at a record $108.51 4 in May 2019, regional performance differs widely across Canadian markets. Generally, however, growth in RevPAR is feeling the squeeze after hitting 10-year highs in 2017. From January 2018 to May 2019, growth rates for Canada declined from an impressive 7.3% to 1.4% 2,3. Analysts at Lodgings Econometrics recently reported that a record level of new

supply, 92 projects and 11,097 rooms under construction, would arrive before the end of 2020, with double that amount in more preliminary stages of development. This influx of new hotel arrivals will put modest downward pressure on RevPAR. Still, well-located new product will continue to outperform the market.

REVPAR GROWTH DECELERATES

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 8

2: STR (Smith Travel Research) 3: 3 month average annualized growth rate ending in the month indicated.4: 12 month average ending in month indicated.

11.5%

10.5%

9.5%

8.5%

7.5%

6.5%

5.5%

4.5%

3.5%

CA

P R

ATES

Canada-wide hotel cap rates vs other CRE assetsMajor market average cap rate compression from 2009 to 2019

MINQ2 19Q3 09

FULL SERVICEHOTEL

DOWNTOWN

AA OFFICE HIGH RISEAPARTMENT

LIMITED SERVICEHOTEL

SUBURBAN

INDUSTRIALA

RETAILPOWERCENTRE

8.8%

7.1%

6.0%

10.5%

7.9%7.4%

6.8%

5.0%

4.1%

7.5%

5.2%5.5%

Full-service downtown hotel cap rates and limited-service suburban cap rates have a yield advantage over comparative CRE assets. Full-service downtown cap rates, on average, deliver a 180-basis point advantage over premium downtown office product and a 270-basis point advantage over high-rise apartment product. This yield

advantage will attract investment dollars for prospective buyers whose risk profile embraces the hotel sector. This will mean continued hot demand for hotel product over the foreseeable future -- and further modest compression in secondary markets where yields have not yet hit rock bottom.

HOTEL CAP RATES DRIVE CRE INVESTMENT SALES

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 9

Investors will focus on apparent upsides such

as repositioning or new development that identifies

insufficient or weak competitors. Corporate

activity will remain a major demand driver.

The supply pipeline is at a record level, but well-

researched and properly positioned projects should

still be able to take advantage of opportunities and deliver

solid returns. Careful planning is becoming more critical.

Industry sentiment remains

upbeat, with plenty of sources of liquidity

available. Expect further compression of

cap rates, particularly in yield advantaged

secondary markets.

INSIDER INSIGHTS

CURTIS GALLAGHERVice President-Hotel Investments

Capital Markets Group

CHARLES SUDDABYVice President & Practice Leader

Hospitality & Gaming GroupValuation & Advisory

BRIAN FLOODVice President and Practice Leader

Hospitality and GamingValuation & Advisory

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 10

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 11

VICTORIA VANCOUVER CALGARY EDMONTON WINNIPEG LONDON

RANGE RANGE RANGE RANGE RANGE RANGE

DOWNTOWN OFFICE LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH

AA 4.75% 5.25% t u 3.75% 4.50% t u 5.25% 6.00% t u 5.75% 6.75% t u N/A N/A N/A N/A N/A N/A

A 5.00% 5.50% t u 4.00% 4.75% t u 6.00% 6.75% t u 6.75% 7.50% t u 5.50% 6.25% t u 6.50% 8.25% t u

B 5.25% 5.75% t u 4.25% 4.75% t u 7.00% 8.00% t u 7.75% 8.75% t u 6.25% 6.75% t u 8.00% 9.00% t u

SUBURBAN OFFICE

A 5.25% 5.75% t u 4.50% 5.25% t u 6.25% 6.75% t u 6.25% 6.75% t u 6.00% 6.50% t u 6.00% 8.00% t u

B 5.50% 6.00% t u 5.25% 5.75% t u 6.75% 7.75% t u 7.00% 7.75% t u 6.50% 7.25% t u 8.00% 8.75% t u

INDUSTRIAL

A 5.25% 6.00% t u 3.50% 4.25% q 5.25% 5.50% q 5.75% 6.50% t u 6.00% 6.50% t u 6.75% 8.00% t u

B 5.75% 6.25% t u 4.25% 4.75% q 6.00% 6.75% t u 6.50% 7.50% t u 6.25% 6.75% t u 7.50% 8.75% q

APARTMENT

HIGH RISE 3.25% 3.75% t u 2.50% 3.00% t u 4.50% 5.00% q 4.00% 4.75% q 4.75% 5.75% t u 4.50% 5.75% t u

LOW RISE 3.50% 4.00% t u 2.75% 3.50% t u 5.00% 5.50% t u 5.25% 6.00% q 5.00% 5.75% t u 5.00% 6.50% q

HOTEL

FULL-SERVICE DOWNTOWN 6.00% 7.00% t u 4.50% 6.25% t u 7.00% 8.00% t u 7.50% 8.50% t u 7.50% 9.00% t u 7.50% 8.50% t u

SELECT SERVICE 7.00% 8.00% t u 5.50% 7.50% t u 7.50% 9.00% t u 8.00% 9.00% t u 7.50% 9.00% t u 7.50% 9.00% t u

LIMITED-SERVICE SUBURBAN 7.50% 8.50% t u 6.50% 8.00% t u 8.00% 9.50% t u 9.00% 10.00% t u 8.50% 10.00% t u 8.00% 9.50% t u

RETAIL

STREET FRONT - TOP PERFORMER 4.75% 5.25% t u 3.25% 4.00% t u 5.25% 6.00% t u 6.00% 6.50% t u N/A N/A N/A 6.00% 7.00% t u

REGIONAL MALL - TOP PERFORMER 5.00% 5.50% t u 3.75% 4.75% t u 5.00% 5.50% t u 5.00% 5.75% t u 5.50% 6.00% t u 5.75% 6.00% t u

POWER CENTRE 5.00% 5.50% t u 5.00% 5.50% t u 5.50% 6.00% t u 5.25% 6.00% t u 5.75% 6.25% t u 6.00% 6.50% t u

COMMUNITY COMMERCIAL CENTRE 5.25% 6.00% t u 4.50% 5.25% t u 5.25% 6.00% t u 6.50% 7.25% t u 5.75% 6.25% t u 6.50% 8.00% t u

STRIP PLAZA ANCHORED 5.00% 5.50% t u 4.25% 5.00% p 5.25% 5.75% t u 5.50% 6.25% t u 5.75% 6.50% t u 5.75% 6.50% t u

STRIP PLAZA NON-ANCHORED 5.25% 6.00% t u 4.50% 5.25% p 5.75% 6.25% t u 6.50% 7.25% t u 6.50% 7.00% t u 5.75% 7.00% t u

Q2 2019 CAP RATE SURVEY REPORT Commercial Real Estate Cap Rates Across Canadian Markets

LEGEND » OUTLOOK: UP: p DOWN: q FLAT: tu

NEXT»

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 12

KITCHENER/WATERLOO TORONTO OTTAWA MONTREAL HALIFAX

RANGE RANGE RANGE RANGE RANGE

DOWNTOWN OFFICE LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH

AA N/A N/A N/A 4.00% 4.50% t u 4.25% 5.00% t u 4.50% 5.50% t u N/A N/A N/A

A 5.75% 6.25% t u 4.00% 4.75% t u 5.00% 5.50% t u 5.25% 6.25% t u 6.25% 6.75% t u

B 6.25% 6.75% t u 4.25% 5.00% t u 5.50% 6.50% t u 5.75% 6.75% t u 7.00% 7.75% t u

SUBURBAN OFFICE

A 5.75% 6.75% q 5.75% 6.25% t u 6.00% 6.50% t u 6.00% 7.00% t u 6.50% 7.50% t u

B 6.75% 7.50% q 6.50% 7.50% t u 7.00% 7.75% t u 6.50% 7.50% t u 7.50% 8.50% p

INDUSTRIAL

A 6.00% 6.50% t u 4.25% 5.00% t u 4.75% 5.50% t u 5.25% 6.25% t u 6.25% 7.00% q

B 6.50% 7.00% t u 5.00% 6.00% t u 5.50% 6.50% t u 6.00% 6.75% t u 7.25% 7.75% p

APARTMENT

HIGH RISE 4.50% 5.50% q 3.60% 4.00% t u 3.75% 4.75% t u 4.00% 5.00% t u 4.75% 5.25% t u

LOW RISE 4.50% 5.50% q 3.75% 4.50% t u 4.50% 5.00% t u 5.00% 6.00% t u 5.50% 6.50% p

HOTEL

FULL-SERVICE DOWNTOWN 7.50% 9.00% t u 4.50% 6.00% t u 7.00% 8.00% t u 6.50% 8.00% t u 7.00% 8.50% t u

SELECT SERVICE 7.50% 9.00% t u 6.00% 7.00% t u 7.00% 8.50% t u 7.00% 8.50% t u 8.00% 9.50% t u

LIMITED-SERVICE SUBURBAN 8.00% 9.50% t u 6.50% 7.50% t u 8.00% 9.50% t u 8.00% 9.50% t u 9.00% 10.50% t u

RETAIL

STREET FRONT - TOP PERFORMER 5.75% 6.75% q 4.00% 5.00% p 4.50% 5.50% t u 4.50% 5.50% t u N/A N/A N/A

REGIONAL MALL - TOP PERFORMER 5.50% 6.00% t u 3.50% 4.50% t u 5.00% 5.50% t u 4.50% 5.50% t u 5.00% 6.00% t u

POWER CENTRE 5.75% 6.50% q 5.00% 6.00% t u 5.25% 5.75% t u 5.00% 6.00% t u 5.75% 6.75% t u

COMMUNITY COMMERCIAL CENTRE 6.00% 6.50% t u 5.00% 6.00% t u 5.75% 6.75% t u 6.00% 7.00% t u 6.75% 7.75% t u

STRIP PLAZA ANCHORED 5.00% 6.00% t u 4.75% 5.25% t u 6.00% 6.50% t u 5.50% 6.50% p 6.50% 7.50% t u

STRIP PLAZA NON-ANCHORED 5.00% 6.25% t u 5.00% 7.00% t u 6.75% 7.75% t u 6.50% 7.50% t u 7.50% 8.50% t u

Q2 2019 CAP RATE SURVEY REPORT Commercial Real Estate Cap Rates Across Canadian Markets

LEGEND » OUTLOOK: UP: p DOWN: q FLAT: tu

BACK«

DOWNTOWN OFFICE

CLASS AA

A best-in-class office product, with more elaborate common areas, modern construction and building efficiencies, that commands the highest rents and tends to attract stronger covenant tenants, such as banks, government, insurance companies, etc. These buildings tend to be situated close to the core within their respective markets and have excellent access to major public transit hubs. Buildings are typically larger than 750,000 SF, with 5 to 10-year tenancies and some 15-year leases for inbound tenants. Occupancy levels assumed to stabilize at close to 95% of comparable market net rates.

CLASS A

A strong-performing asset, typically between 400,000 and 700,000 SF, which is well located, and may have smaller floor plate sizes, solid amenities and less elaborate common areas. The majority of the tenants have 5 to 10-year lease commitments. Occupancy levels assumed to stabilize at close to 95% of comparable market net rates.

CLASS B

Older office product, typically in the range of 100,000 to 250,000 SF. Buildings tend to be occupied with a diversified tenant mix but lack a large anchor tenant. Shorter lease commitments occur in this asset class with the average term ranging between 5 and 10 years. Average floor plate size can be significantly smaller. Generally not connected to the subway.

SUBURBAN OFFICE / INDUSTRIAL

CLASS A

Newer high-quality suburban product, typically between 100,000 and 300,000 SF. Attracts good covenant tenants for 5 to 10-year lease terms.

CLASS B

Older suburban product that attracts a wider range of tenants and covenants for lease terms ranging between 3 and 10 years.

APARTMENT

HIGH RISE

An apartment building greater than 4 storeys in height or having more than 80 units.

LOW RISE

Any apartment complex having fewer than 80 units.

HOTEL

FULL-SERVICE

A hotel with extensive dining and meeting facilities. Quality ranges from upscale to luxury. Examples include Hilton, Westin, Hyatt, etc.

SELECT-SERVICE

A hotel that offers the fundamentals of limited-service properties blended with a selection of features found in full-service properties. Typically, this involves a limited presence of food, beverage and meeting space.

LIMITED-SERVICE

A room-focused hotel with minimal facilities. Quality ranges from economy to mid-scale. Examples include Comfort Inn and Super 8.

RETAIL

STREET FRONT – Top Performer

Typically considered the street or section thereof where the greatest dollar value psf is generated from streetfront retail stores within each market.

REGIONAL MALL – Top Performer

Top-performing fully enclosed mall. These buildings tend to be greater than 800,000 SF and have a wide product offering, featuring destination retailers and 2 to 3 anchor tenants. Often located near large transit hubs and serve a trade area between 10 and 30 kilometres. POWER CENTRE

Large format, category dominant retailers in an open-air configuration that may include “club” or discount department stores. Total GLA is typically between 100,000 and 1,000,000 SF.

COMMUNITY COMMERCIAL CENTRE

An enclosed centre anchored by a smaller department store, servicing a local community. Tenants may include general merchandise and convenience offerings, including a grocery store. Total GLA is typically between 100,000 and 400,000 SF.

STRIP PLAZA – Anchored

An open-air configuration of attached retail stores that may include retail PAD sites. They are often anchored by a food or drug store tenant. Tenants are generally servicing residents in the neighbourhood. These would include dry cleaners, take-out food stores, convenience stores, etc.

STRIP PLAZA – Non-Anchored

An open-air configuration of attached retail stores, not anchored by a grocer or drug store, that may include retail PAD sites. Tenants are generally servicing local neighbourhood residents.

CAPITALIZATION RATE

Cushman & Wakefield’s Investor

Council provides quarterly estimates

of capitalization rates for the asset classes

contained in this report based on our market

expertise. The cap rate ranges are based on

transaction data as well as demand and supply

dynamics in the region. These estimates are

meant to encompass the majority of assets within each class and

may not represent outlier transactions or

deals relating to assets with specific attributes that would significantly

differentiate them.

Q2 2019 INVESTMENT GLOSSARY

Q2 2019 CUSHMAN & WAKEFIELD PERSPECTIVE NATIONAL CAP RATES & INVESTMENT INSIGHTS 13

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cushmanwakefield.com

CONTACTSCANADA EASTStefan H. Teague, SIOR, LEED GAExecutive Managing DirectorMarket Leader, Greater Toronto AreaDirect: +1 416 359 2379stefan.teague@cushwake.com CANADA WESTHendrik ZesselExecutive Managing Director and Western Canada LeaderDirect: +1 604 640 5803hendrik.zessel@cushwake.com

Stuart Barron, CPA, CANational Director of Research, Canadian MarketsDirect: +1 416 359 2652stuart.barron@cushwake.com

This report is provided for information purposes only. The information and statistical data contained herein were obtained from sources deemed reliable. We do not however, assume responsibility for inaccuracies. All opinions expressed and data provided herein are subject to change without notice. This report cannot be reproduced in part or in full in any format including electronic or printed media, without the prior written approval from Cushman & Wakefield ULC, Brokerage.

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