The document provides a quarterly report on the office market in the Greater Toronto Area (GTA) for Q1 2014. It summarizes key metrics like inventory, absorption, vacancy and rental rates. Demand remains strong from financial services, insurance and technology firms. Vacancy rates are rising in suburban areas as firms migrate to urban cores. The investment market is expected to gain momentum through 2014, with a focus on mixed-use urban retail projects.

1. Accelerating success.
GTA
Office Market
Report
FIRST QUARTER 2014

2. HISTORICAL PERFORMANCE AND FORECAST
2013 Q4 2014 Q1 TREND
Office Inventory* (SF) 186,679,594 186,930,084
Net Absorption (SF) 301,755 271,230
Vacancy Rate 6.0% 5.8%
Availability Rate 9.5% 9.6%
Average Asking Net Rent** $18.48 $18.60
Average Additional Rent $16.54 $16.94
Average Asking Gross Rent** $35.02 $35.54
*There are 2,101 office buildings surveyed in the GTA ** Average Rents are calculated using a weighted average.
CURRENT TENANT DEMAND
Tenant demand for space remains strong in the GTA with the big
three drivers of demand being Financial Services, Insurance and
Technology. The Midtown market continues to show reduced
demand for space with few deals taking place and large block
opportunities remaining vacant. Technology, Software and
Internet companies are looking for space mostly in the GTA West
or within the Downtown West and South markets.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
(1,000,000)
(500,000)
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Net Absorption New Supply Vacancy Rate
MARKET OVERVIEW
Demand for a great location over size of office space,
particularly in the Downtown market, has become a leading
trend within the GTA office market this quarter. This has
resulted in a shift to smaller parcels of space being leased.
This trend, in conjunction with the 5.4 million square feet of
office space currently under construction, may result in higher
vacancy rates in the coming years. With the increase in
availability of office space, new industries located in the
Suburban markets may choose to relocate Downtown. Central
markets are continuing to hold relatively steady with minor
increases in vacancy and availability across all submarkets.
Vacancy rates are starting to increase in the Suburban market
– likely the result of non-traditional tenants migrating to the
core.
INVESTMENT MARKET
The Toronto investment market is expected to gain momentum
throughout the remainder of 2014, but is unlikely to set any
records in terms of deal volume. Q1 began fairly slowly with a
limited number of listings being offered. The supply of true
‘institutional quality’ assets on the market is minimal. This trend
is likely to remain as owners are hesitant to sell quality assets
because opportunities to redeploy capital are negligible. As a
result, we could see more joint ventures and off-market
opportunities. REITs are demonstrating a similar trend in both the
office and industrial markets. Growth strategies are continuing to
display a discreet trimming of portfolios by replacing less
desirable product with higher quality assets.
This quarter has shown a focus on investment in urban retail
within the Downtown market. This is the result of the continued
urbanization of the Downtown Core, stemming from a growing
residential population. Development proposals are shifting to a
mixed-use application, as illustrated by the likely redevelopment
plans at the Honest Ed’s site (Bathurst Street and Bloor Street)
and the Globe and Mail site (Spadina Avenue and Front Street).
Many of these projects involve the co-operation of multiple,
specialized investors in order to create a successful mixed use
development.
MARCH 2014
3,655,000 Square Feet
Financial Services
Insurance
Technology/Software/Internet
Retail Trade
Architectural, Engineering, & Related Services
Institutional
* Other includes Accounting, Education, Real Estate, Insurance, Health Services, Logistics,
Entertainment & Leisure, Government, Professional Services, Childcare and Food Services
25%
19%
18%
10%
7%
5%
4%
3%
9%
Communications
Accounting
Other*
OFFICE MARKET SUMMARY
GTA MARKET OVERVIEW

3. MARKET SUMMARIES
Downtown 1
Midtown 2
Central North 3
Central East 4
GTA East 5
GTA North 6
GTA West 7
GLOSSARY 8
FORECAST ASSUMPTIONS 8
TABLE OF
CONTENTS

4. FIRST QUARTER 2014
Notable Lease
TRENDS
College St
Dundas St
Queen St
King St
SpadinaAve
UniversityAve
YongeSt
ParliamentSt
DufferinSt
Bloor St
Gardiner Expwy
1
2
3
Union
Dundas
Bloor / YongeBayDufferin
Castlefrank
Wellesley
Queen’s Park
Lake Ontario
NOTABLE LEASE TRANSACTIONS
TENANT TYPE ADDRESS
APPROX.
SIZE (SF)
1. Hyndai Finance Headlease 123 Front Street 17,000
2. Entertainment One Headlease 134 Peter Street 70000
3. Workplace One Headlease 901 King Street 15,000
HISTORICAL PERFORMANCE AND FORECAST
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
-200,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Net Absorption New Supply Vacancy Rate %
New supply, demand for new and more efficient space, and a continuing trend of tenants decreasing their footprint make
the slight decline in vacancy this quarter to 3.8 percent negligible for 2014. Vacancy will start to rise as new supply comes
onto the market. However, if current trends continue, the new supply will have more of an impact in the suburbs than
downtown as companies continue to break the mold and migrate from the suburbs to the core.
◊ The Financial Core has seen a rise in available space in AAA and B
class buildings since the last quarter, confirming tenants’ desire to
upgrade and relocate to the new buildings in the pipeline.
◊ Downtown West experienced the largest decline in vacancy from 3.6
percent to 2.0 percent. The location of several modern corporate
buildings in this submarket offers the added benefit of a hub with a
young and higly skilled labour force. Entertainment One capitalized on
the appeal of this submarket and leased 70,000 square feet at 134
Peter Street.
OFFICE MARKET SUMMARY
DOWNTOWN
2013 Q4 2014 Q1 TREND
Office Inventory* (SF) 70,291,319 70,532,020
Net Absorption (SF) 550,248 227,482
Vacancy Rate 4.1% 3.8%
Availability Rate 8.3% 8.6%
Average Asking Net Rent** $26.30 $26.65
Average Additional Rent $23.05 $23.07
Average Asking Gross Rent** $49.34 $49.72
*There are 494 office buildings surveyed in the GTA ** Average Rents are calculated using a weighted average.

5. 2
OFFICE MARKET SUMMARY
MIDTOWN
Notable Lease
TRENDS
Bloor St
Dundas St
Queen St
Eglinton Ave
LansdowneAve
YongeSt
BayviewAve
DufferinSt
Lawrence Ave
Gardiner Expwy
1
3
2
NOTABLE LEASE TRANSACTIONS
TENANT TYPE ADDRESS
APPROX.
SIZE (SF)
1. Omnicom Renewal 2 Bloor Street 60,000
2. Ultimate Software Headlease 144 Bloor Street 16,000
3. BBDO Renewal 2 Bloor Street East 50,000
HISTORICAL PERFORMANCE AND FORECAST
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
-100,000
-50,000
0
50,000
100,000
150,000
200,000
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Net Absorption New Supply Vacancy Rate %
The Midtown office market supplied tenants with sizeable space requirements, resulting in the absorption of 100,000 square
feet. Market activity this quarter was fairly quiet with minor variances in vacancy and availability trending down from last
quarter. This trend may continue as tenants stay put instead of relocating. This is the result of high moving costs and landlords
offering incentives to existing tenants in order to renew.
◊ Availability in the Yonge-Eglinton submarket continues to grow as
a result of a number of new listings on the market (direct and
sublet). This availability will likely turn into vacancy throughout
2014.
◊ Regions surrounding the transit lines continue to have high
demand due to accessibility, particularly the Yonge and Bloor
Submarket where 90,000 square feet was absorbed in Q1.
2013 Q4 2014 Q1 TREND
Office Inventory* (SF) 17,803,716 17,332,440
Net Absorption (SF) 4,623 100,909
Vacancy Rate 5.0% 4.7%
Availability Rate 7.2% 7.0%
Average Asking Net Rent** $17.96 $18.25
Average Additional Rent $17.43 $18.79
Average Asking Gross Rent** $35.39 $37.04
*There are 206 office buildings surveyed in the GTA ** Average Rents are calculated using a weighted average.

6. FIRST QUARTER 2014
Notable Lease
OFFICE MARKET SUMMARY
CENTRAL NORTH
TRENDS
HISTORICAL PERFORMANCE AND FORECAST
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
-250,000
-200,000
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
250,000
300,000
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Net Absorption New Supply Vacancy Rate %
Sheppard Ave
Highway 401
Lawrence Ave
Finch Ave
Highway400
YongeSt
BayviewAve
KeeleSt
Steeles Ave
Eglinton Ave
JaneSt
BathurstSt
Old Cummer
Oriole
York University
Weston
Lawrence
Sheppard
Finch
Downsview
Lawrence West
Eglinton West Eglinton
The Central North market is the smallest of the Central Toronto markets, with just over 11 million square feet of total
inventory. Large portions of this market are serviced by the subway as well as Highway 401, allowing for the region to
appeal to a large number of tenants.
◊ The market will continue at a steady pace. Although availability is
on the incline, vacancy has dropped, indicating a steady flow of
demand in this market.
◊ Availability of A class units in this market is on the incline as
predominantly internationally-owned firms have recently
undergone restructuring to reduce their footprint.
2013 Q4 2014 Q1 TREND
Office Inventory 11,259,315 11,040,099
Net Absorption (23,521) 34,920
Vacancy Rate 4.3% 2.5%
Availability Rate 5.0% 6.2%
Average Asking Net Rent $17.69 $16.76
Average Additional Rent $18.50 $19.31
Average Asking Gross Rent $36.18 $36.07
*There are 114 office buildings surveyed in the GTA ** Average Rents are calculated using a weighted average.

7. 4
OFFICE MARKET SUMMARY
CENTRAL EAST
Notable Lease
TRENDS
NOTABLE LEASE TRANSACTIONS
TENANT TYPE ADDRESS
APPROX.
SIZE (SF)
1.
G4S Cash Solutions
(Canada) Ltd.
Headlease 150 Ferrand Drive 16,661
2. AG Simpson Headlease 200 Yorkland Boulevard 14,707
HISTORICAL PERFORMANCE AND FORECAST
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-300,000
-200,000
-100,000
0
100,000
200,000
300,000
400,000
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Net Absorption New Supply Vacancy Rate %
Highway 407
Eglinton Ave
Finch Ave
Highway404
YongeSt
VictoriaParkAve
KennedyAve
Sheppard Ave
Steeles Ave
Highway 401
MarkhamRd
KeeleSt
1
3
2
Finch
Kennedy
Union
Lake Ontario
GTA East has the highest availability rate in the Central GTA markets. With the increase of available office space to more than
100,000 square feet and absorption on the decline, vacancy rates will continue to rise in this market.
◊ The saturation of availability has resulted in low average net
asking rentals rates of approximately $13.26 – the second lowest
in the GTA, falling just behind the GTA East market.
2013 Q4 2014 Q1 TREND
Office Inventory* (SF) 18,761,144 17,657,566
Net Absorption (SF) (34,445) (84,275)
Vacancy Rate 7.1% 7.7%
Availability Rate 10.7% 11.3%
Average Asking Net Rent** $13.60 $13.26
Average Additional Rent $14.27 $14.45
Average Asking Gross Rent** $27.87 $27.71
*There are 215 office buildings surveyed in the GTA ** Average Rents are calculated using a weighted average.

8. FIRST QUARTER 2014
Notable Lease
OFFICE MARKET SUMMARY
GTA EAST
TRENDS
NOTABLE LEASE TRANSACTIONS
TENANT TYPE ADDRESS
APPROX.
SIZE (SF)
1.
Toronto Police
Association
Headlease 2075 Kennedy Road 17,372
2. Dell Renewal 155 Gordon Baker Road 50,000
HISTORICAL PERFORMANCE AND FORECAST
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
250,000
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Net Absorption New Supply Vacancy Rate %
Taunton Rd
Kingston Rd
Highway 407
BrockRd
HarmonyRd
Sheppard Ave
Steeles Ave
Highway 401
York&DurhamLine
Finch
Scarborough
Town Centre
Stouffville
Pickering Oshawa
Markham
1
2
Lake Ontario
Vacancy and availability decreased in the GTA East. With a concerted effort by the Durham Workforce Authority to attract new
business, vacancy and availability may hold steady in 2014 in the Pickering and Oshawa submarket. The Scarborough Town
Centre Submarket is holding strong with vacancy almost at half of where it stood in Q1 2013; currently 7.3 percent was 14.3
percent in 2013.
◊ Decline in availability over the last year from 11.8 percent to 8.0
percent, which has been the result of changes of availability
primarily within the Class B market.
◊ In conjunction with the decline in availability, there has been a
subsequent increase in Asking Net Rental Rates from $10.38 to
$11.65.
2013 Q4 2014 Q1 TREND
Office Inventory* (SF) 5,574,625 6,844,011
Net Absorption (SF) (6,563) 10,402
Vacancy Rate 10.7% 9.0%
Availability Rate 10.2% 8.0%
Average Asking Net Rent** $10.38 $11.65
Average Additional Rent $13.08 $14.68
Average Asking Gross Rent** $23.46 $26.33
*There are 102 office buildings surveyed in the GTA ** Average Rents are calculated using a weighted average.

9. FIRST QUARTER 2014
Notable Lease
OFFICE MARKET SUMMARY
GTA NORTH
TRENDS
HISTORICAL PERFORMANCE AND FORECAST
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
250,000
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Net Absorption New Supply Vacancy Rate %
Highway 407
Wellington St
Highway404
YongeSt
Stouffville Rd
WardenAve
Highway400
Steeles Ave
King Rd
McCowanRd
Highway27
Davis Dr
Newmarket
Stouffville
Richmond
Hill
King City
GTA North market experienced steady activity. 126,000 square feet of new supply was added to inventory in the
Vaughan submarket.
◊ Availability and vacancy are on the incline, currently sitting at 11
percent and 7.1 percent respectively. The North market has risen
from 8.5 percent to 11.0 percent over the last year.
◊ Rental rates are holding steady and will continue on this trend in
the short term
2013 Q4 2014 Q1 TREND
Office Inventory* (SF) 15,492,134 15,716,416
Net Absorption (SF) (40,441) (117,270)
Vacancy Rate 6.6% 7.1%
Availability Rate 10.6% 11.0%
Average Asking Net Rent** $15.61 $15.86
Average Additional Rent $12.20 $12.76
Average Asking Gross Rent** $27.81 $28.62
*There are 249 office buildings surveyed in the GTA ** Average Rents are calculated using a weighted average.

10. FIRST QUARTER 2014
Notable Lease
OFFICE MARKET SUMMARY
GTA WEST
TRENDS
NOTABLE LEASE TRANSACTIONS
TENANT TYPE ADDRESS
APPROX.
SIZE (SF)
1.
Worley Parsons
Canada
Headlease
7100 West Credit
Avenue
95,868
2. Active Network Inc. Headlease 6925 Century Avenue 25,846
3. Actavis Headlease 6733 Mississauga Road 26,778
HISTORICAL PERFORMANCE AND FORECAST
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-800,000
-600,000
-400,000
-200,000
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
Net Absorption New Supply Vacancy Rate
QEW
Highway 407
Highway 403
Highway427
Highway10
Highway 401
Highway6
1
3 2
Kipling
Georgetown
Milton
Burlington
Lake Ontario
The West market is the second largest office market after the Downtown, and makes up 67.9 percent of the suburban office market.
Slightly over 227,000 square feet was added in new supply. The sale of Mississauga Executive Centre to Desjardins Financial
Security Life Assurance Company for $120 million was a strong signal that Mississauga is vibrant hub for office activity.
◊ Slight variances in the availability and vacancy rate confirm that
supply and demand are in sync and this market will continue to
grow steadily.
◊ Rental rates will continue to hover in the high $20-range for 2014.
2013 Q4 2014 Q1 TREND
Office Inventory 47,497,341 47,807,532
Net Absorption (148,146) 99,062
Vacancy Rate 8.4% 8.2%
Availability Rate 12.1% 12.1%
Average Asking Net Rent $14.88 $14.58
Average Additional Rent $12.50 $12.86
Average Asking Gross Rent $27.37 $27.44
*There are 721 office buildings surveyed in the GTA ** Average Rents are calculated using a weighted average.

11. 8
Weighted Average Asking Net Rent:
The dollar amount requested by landlords for direct available space, not including subleases, expressed in dollars per square
foot per year.
Availability:
The amount of available space and available space to be delivered to the market within six months, divided by the market’s
inventory base including those future deliveries. Available space is space that is available for lease, and may or may not be
vacant.
Net Absorption:
The net change in physically occupied space between the current measurement period, and the last measurement period. It
can be either positive or negative.
Vacancy:
The amount of vacant space divided by the building inventory base. Vacant space is physically unoccupied, and it may or may
not be available for lease or sublease. This is physical vacancy. It is not determined whether a tenant is paying rent on the
space.
OFFICE MARKET SUMMARY
GLOSSARY
OFFICE MARKET SUMMARY
FORECAST ASSUMPTIONS
Absorption was calculated using moving averages of historical absorption data and supplemented with incoming new speculative
and build-to-suit developments.

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Analyst | Toronto
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