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Industrial Canada | Q3 2018 The Canadian industrial market expected to exhibit strong demand moving into the end of 2018 JLL Research
Overview
2 Industrial Outlook | Canada | Q3 2018
JLL’s logistics and industrial services
From manufacturing plants to around-the-clock Our experts know all of the issues that impact your
distribution centers, industrial real estate is the backbone industrial real estate decisions and apply proven best
of the global economy. Today’s financial and competitive practices to address such challenges as skyrocketing
pressures demand that your industrial property—whether energy, transportation, and labor costs; heightened
leased or owned—delivers maximum flexibility and security needs; tough new environmental requirements;
efficiency. Our logistics and industrial professionals and profound changes in global supply chains. Because of
understand the current business environment and offer our depth of in-house talent, we can quickly assemble just
innovative, profitable strategies for supply chain the right team for your particular need. Regardless of the
optimization, site selection, sales, leasing, acquisition, size and scope of the assignment, you will have a single
financing, construction, project management, and point of contact who manages all service delivery and is
property and facility management of industrial properties responsible for producing the measurable results that are
and portfolios. agreed to up front.
Canada industrial property clock 3
Local Markets
Metro Vancouver 5
Calgary & Area 6
Greater Edmonton Area 7
Metro Winnipeg 8
Greater Ottawa Area 9
Greater Toronto Area 10
Greater Montréal Area
About JLL 11
More than 300+ JLL professionals cover the top 50 industrial markets in the United States and 700 more are at work in major
industrial markets around the globe.
In 2016, JLL logistics and industrial services completed more than 3,536 transactions comprising over 251 million square feet of
space at a value of more than $9.0 billion.
3 Industrial Outlook | Canada | Q3 2018
Canada industrial property clock
The JLL industrial property clock illustrates where each
market sits within its real estate cycle. Markets generally
move clockwise around the dial, with those markets on the
left side generally facing more landlord-favorable
environments, whereas those on the right experience
generally tenant-favorable conditions.
Toronto
Canada Peaking market Falling market
Vancouver
Calgary
Montréal
Rising market Bottoming market
Edmonton
Source: JLL Research
Canada
local markets
4
Metro Vancouver
If it hasn’t already, e-commerce is becoming ingrained in
Metro Vancouver’s industrial market
• After six consecutive quarters of the vacancy rate trending downward, there Fundamentals Forecast
was some relief in Q3 2018: the vacancy rate increased 30 basis points YTD net absorption 1,478,635 s.f. ▲
quarter-over-quarter, behind relatively little positive net absorption and a QTR net absorption 113,359 s.f. ▲
wave of new supply added to the market.
Under construction 4,758,352 s.f. ▲
• One of the largest leases ever signed in Metro Vancouver took place this
quarter - Amazon leased 450,000 square feet at GWL’s Delta iPort on Total vacancy 2.1% ▼
Tsawwassen First Nation’s land. Average asking rent (Net) $10.97 p.s.f. ▲
Tenant improvements Stable ▶
Last mile delivery is impacting all cities across North America. It is that final push
for e-commerce companies to get their product into the hands of their consumer, Supply and demand (s.f.) Net absorption
Deliveries
usually to individual houses. How do companies manage this tricky step? There 2,000,000
are numerous things to consider; from how to effectively delivery products to
multiple end locations, to understanding which routes to take to avoid traffic
congestion. Most importantly, your product needs to be near your customers. 1,000,000
This is a part of the reason why warehouse space in the urban core of Vancouver
is so much more expensive than other industrial submarkets in Metro Vancouver
(this quarter for context, the average asking net rent in Vancouver was $16.21 per 0
square foot, while in Delta for example, it was only $8.94 per square foot!). Q2 Q3 Q4 Q1 Q2 Q3
2017 2017 2017 2018 2018 2018
Despite the higher cost of locating closer to the population nodes, e-commerce
tenants are realizing the benefits of a centralized location. Fresh Prep, a company Total vacancy
that provides premade meals, leased 25,387 square feet of warehouse space at
188 Victoria Drive this quarter. Since Vancouver has the largest population in 2.3% 2.2% 2.1% 2.0% 2.1%
1.9%
Metro Vancouver, it makes sense for the company to take space in the submarket
(versus a submarket like Delta where asking rates are less) and cut down on their
last mile delivery costs. This example has one clear point: warehouse space near
population centers will feel the greatest pressure on their rates moving forward.
Why? Because despite the high lease rates, companies that deal with last mile
delivery will continue to demand space like this. Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
Outlook
There is another side to the point above however… and it is that retailers with last Average asking rents ($/s.f.) Net Rent
Additional
mile delivery services and e-commerce companies are - and will do so moving
$12.00
forward - taking large blocks of warehouse space that are somewhat removed
from population centers like Vancouver. Why? There are relatively few large $9.00
blocks of space in Vancouver or in close proximity. Therefore, companies are $6.00
simply forced to go where they can find space in this size range. With a tight $3.00
market, we will continue to see demand for the traditional, big box industrial
$0.00
space, but we will also see increased interest for last mile needs.
Q2 Q3 Q4 Q1 Q2 Q3
For more information, contact: Ben Wedge | ben.wedge@am.jll.com 2017 2017 2017 2018 2018 2018
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Calgary & Area
Vacancy rates continue to fall as industrial market
activity remains healthy
• Vacancy rates continue to decrease as the industrial market sees a Fundamentals Forecast
consistent demand for product in all classes. YTD net absorption 2,090,121 s.f. ▲
• Net absorption continues to remain positive, totaling 569,814 square QTR net absorption 569,814 s.f. ▲
feet this quarter - this result was driven by multiple larger deals Under construction 3,920,003 s.f. ▲
completed last quarter. Total vacancy 5.7% ▼
• Total new construction continue to remain low but there will be Average asking rent (Net) $9.38 p.s.f. ▲
multiple larger blocks of space delivered in Q4 2018 and Q1 2019.
Tenant improvements Stable ▶
Net Absorption was positive in Q3 2018. This result was driven both by a decrease in
new space driving tenants to existing properties and larger lease deals being signed. Supply and Demand (s.f.) Net absorption
Deliveries
Uni-select and MABE signed deals over 100,000 square feet, working with Oxford 1,000,000
Properties and QuadReal to secure distribution space in the Northeast and Southeast
quadrants. The Q3 2018 trend in leasing was that there were several multiple large-
scale deals signed, showing a higher level of activity than the first two quarters of 500,000
2018. This increase in activity signals an increase in the confidence that tenants have
in the Greater Calgary and Area (GC&A) industrial market.
0
The development pipeline continues to remain filled, with multi-tenant distribution Q1 Q2 Q3 Q4 Q1 Q2 Q3
2017 2017 2017 2017 2018 2018 2018
space being the product of choice for many developers. Hopewell Development was
active last quarter with both Crosspointe Industrial Park and South Calgary
Distribution Center breaking ground. The two buildings will respectively bring 529,490
and 498,617 square feet of space to the Northeast and Southeast submarkets. Both Total Vacancy
developments are ahead of schedule and delivery is anticipated for Q2 2019. 7.8% 7.1% 6.8% 6.7% 6.0% 5.8% 5.7%
Although there is demand for new large distribution space built on spec, smaller scale
industrial condominiums are still a commodity through Calgary and Area. Builders
such as the Beedie Group and SBL Contractors continue to opt for smaller
developments with bay sizes ranging from 2,000 to 10,000 square feet, and the market
has responded with consistent demand. This is highlighted by SBL contractors selling Q1 Q2 Q3 Q4 Q1 Q2 Q3
2017 2017 2017 2017 2018 2018 2018
out of the first phase of their Glacier Village project and officially breaking ground on
Glacier Village Phase Two. Beedie Group’s Evolve at District finished construction,
delivering 128,300 square feet of A class condominium space to the Northeast Average Asking Rents ($/s.f.) Asking Rate
Submarket, with five of thirteen units currently presold. TMI
$10.00
Outlook $8.00
The industrial market was active this quarter, and we at JLL anticipate this activity to $6.00
continue into Q4 2018. With a mix of users looking to occupy space, ranging from $4.00
standalone buildings to multi-tenant distribution space, increased deliveries in Q4 $2.00
2018 and 2019 will be met with a positive tenant response. $0.00
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2017 2017 2017 2017 2018 2018 2018
For more information, contact: Bryon Leece | bryon.leece@am.jll.com
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Greater
Q3 2017
Edmonton Area
Industrial Insight
Industrial leasing maintains momentum despite
macroeconomic risks
Fundamentals Forecast
• Surrounding Edmonton area leasing activity increased despite volatility YTD net absorption 806,468 s.f. ▲
in energy and manufacturing industries. QTR net absorption 486,084 s.f. ▲
• Average asking net rents decreased to $9.59 per square foot in Q3 2018
Under construction 1,879,939 s.f. ▲
compared to $9.70 per square foot in Q2 2018.
Total vacancy 5.1 % ▼
• Demand is increasing as total vacancy in the Greater Edmonton Area
decreased by 40 basis points from 5.5 percent to 5.1 percent. Average asking rent (Net) $9.59 p.s.f. ▶
Tenant improvements Steady ▶
Despite interprovincial disputes and growing international trade tension, the Supply and demand (s.f.) Net absorption
Greater Edmonton Area (GEA) registered 486,084 square feet of positive net Deliveries
5,000,000
absorption in Q3. Beyond the interim, uncertainty remains in Alberta’s hydrocarbon
sector. The Canadian Federal Court of Appeals’ unanimously decided to halt the 3,000,000
Trans Mountain pipeline expansion on grounds that the NEB failed to adequately
consult First Nations and study increased tanker traffic. In natural gas markets, 1,000,000
TransCanada is gearing up to combine their existing NOVA Gas Transmission
System with the planned Coastal GasLink Pipeline. Beginning in the Montney -1,000,000
formation on the Alberta-B.C. border, Coastal GasLink will traverse down to LNG 2015 2016 2017 2018
Canada’s proposed $40 billion dollar liquefied natural gas (LNG) terminal in Kitimat,
BC. Upon completion, the terminal will service international markets by exporting
an estimated 26 million metric tons of LNG per year. Total vacancy
In Alberta’s Industrial Heartland(AIH), construction on Inter Pipeline’s $3.5 billion
petrochemical facility is well underway. As a recipient of the province’s 6.2%
5.0% 5.1%
Petrochemicals Diversification Program in 2016, the project was awarded $200 4.1%
million in royalty credits. The facility is expected to convert propane into 525,000
tons of polypropylene per year. Given the success of the program’s first iteration, a
second round of applications are due this October. For oil and gas companies,
international market access is an on-going concern due to national infrastructure 2015 2016 2017 2018
project setbacks and extended lead times. For this reason, it is expected that land
with access to rail will continue to fetch a premium; especially in the AIH.
Average asking rents ($/s.f.) Net Rent
Additional
Outlook $12.00
On-going trade disputes surrounding NAFTA’s future had spurred uncertainty
throughout the quarter. While the new USMCA improved on specific industry issues $9.00
like the tariff structure on diluent used in oil pipelines; other disputes like steel $6.00
export tariffs remain unresolved. As long as the USMCA remains unratified, the
Industrial sector in the GEA is expected to remain sensitive to elevated levels of $3.00
macroeconomic risk. $0.00
For more information, contact: Daniel Toumine | daniel.toumine@am.jll.com 2015 2016 2017 2018
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Metro Winnipeg
Construction activity begins to rise to meet growing
demand for high quality industrial space
• Land sale activity in the Rural Municipalities directly surrounding Fundamentals Forecast
Winnipeg has picked up dramatically and new development activity is YTD net absorption 347,602 s.f. ▲
expected to pick up markedly in the coming year. QTR net absorption -233,752 s.f. ▼
• Winnipeg’s economy relies heavily on trade with the United States. The Under construction 263,360 s.f. ▼
coming months will determine the effects of the new USMCA trade Total vacancy 3.3% ▲
agreement on the market’s manufacturing and transportation sectors. Average asking rent (Net) $8.31 p.s.f. ▲
Tenant improvements Stable ▶
The vacancy rate rose to 3.3 percent in Q3 2018 up from 3.0 percent last quarter,
which was a historical low for the Winnipeg industrial market. Vacancy has now Supply and demand (s.f.) Net absorption
run below 5.0 percent for the past nine quarters indicating continued strong 500,000
Deliveries
demand with limited new supply. Much of the space that is currently available
tends to be older, less desirable product, with lower ceiling height and poor
loading. 0
There is also currently a significant amount of tenant activity looking for new
generation industrial space with requirements ranging from 20,000 to 100,000 -500,000
square feet. Tenant demand is being driven by a diverse set of industries Q2 Q3 Q4 Q1 Q2 Q3
including distribution and manufacturing, with the cannabis industry playing a 2017 2017 2017 2018 2018 2018
role also in filling some of the more functionally obsolete assets in the market.
Total vacancy
Developers have responded to this demand for industrial product by increasing
construction activity. There is currently 263,000 square feet of industrial space 4.4% 4.1% 3.8%
under construction, much of it as spec development which has traditionally been 3.3% 3.0% 3.3%
rare for the Winnipeg market but speaks to the current level of demand. New
construction has been primarily located in the northwest, within CentrePort
Canada. Over 1,200 acres have been sold over the past year to developers
planning to bring additional serviced land to the market within Canada’s first
inland Foreign Trade Zone. Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
As higher quality industrial space came to the market, average asking net rents
increased 4.1 percent quarter-over-quarter to $8.31 per square foot. Average Average asking rents ($/s.f.) Net Rent
Additional
asking net rents have now risen by 19.7 percent over the past five years.
$9.00
Outlook $6.00
We expect demand for quality industrial space to continue to run at a high level,
keeping the vacancy rate below 4.0 percent, despite the increased supply. As $3.00
such, construction activity will continue to rise to meet this demand, further
driving average asking net rents as new product comes to the market. $0.00
Q2 Q3 Q4 Q1 Q2 Q3
For more information, contact: Ben Wedge | ben.wedge@am.jll.com 2017 2017 2017 2018 2018 2018
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Greater Ottawa
Area
Don’t look now, but the Boundary Road industrial area
could be the place to be
• The largest development in the Greater Ottawa Area began construction Fundamentals Forecast
this quarter: the 1.02 million square foot distribution centre for Amazon YTD net absorption 502,382 s.f. ▲
in the Boundary Road industrial area. QTR net absorption 13,889 s.f. ▲
• Demand from e-commerce and courier related companies is driving Under construction 100,000 s.f. ▲
activity; Purolator, for example, leased 32,000 square feet at 2370 Total vacancy 3.2 % ▼
Walkley Road. Average asking rent (Net) $10.58 p.s.f. ▲
Tenant improvements Stable ▶
The talk of the Ottawa industrial market recently has centred around the new
distribution centre being built in the Boundary Road industrial area, and Supply and demand (s.f.) Net absorption
rightfully so – it is a big development, and it could impact the whole market in 600,000
Deliveries
a number of ways. Historically, the most active submarket has been the East
End but now that a 1.02 million square feet distribution centre is cemented at 400,000
5371 Boundary Road, we at JLL think the surrounding area could experience 200,000
more activity on the construction and leasing front.
0
The new distribution centre is not the only topic of discussion, however; there -200,000
is also the vacancy rate. Behind a sizeable quarter of positive net absorption Q2 Q3 Q4 Q1 Q2 Q3
in Q2, the vacancy rate decreased 60 basis points to 3.2 percent, an all time 2017 2017 2017 2018 2018 2018
low. Tenants looking for available space greater than 50,000 square feet are
left with only one option in existing inventory. Total vacancy
Despite a low vacancy rate, businesses are still finding space and have a 4.1% 4.0% 4.0% 3.8%
number of options under 50,000 square feet to choose from; Pneus Lavoie 3.2% 3.2%
leased 38,000 square feet at 101 Innes Parkway, while 21,000 square feet was
leased at 3020 Hawthorne, and another 21,000 square feet was leased at 1475
Star Top Road.
On the sales front, the largest of the quarter was a local investment group’s - Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
Inside Edge - purchase of 302 Legget Drive, Kanata. The property was fully
occupied at time of sale and sold for $11.6 million, with a cap rate of 6.1
percent. Moving forward, cap rates in the industrial market should further Average asking rents ($/s.f.) Net Rent
Additional
compress as both private and institutional investors hunt for product in the $12.00
city.
$9.00
Outlook $6.00
The outlook that could impact the market centers around the new $3.00
distribution center: will it mean more activity for the surrounding Boundary $0.00
Road industrial area? We anticipate that it will. Q2 Q3 Q4 Q1 Q2 Q3
For more information, contact: Ben Wedge | ben.wedge@am.jll.com 2017 2017 2017 2018 2018 2018
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Greater Toronto
Area
New quarter, similar story: strong demand and lack of
availabilities continue to drive rents higher
• The vacancy rate ended the quarter at 2.0 percent, a 10-basis point Fundamentals Forecast
decrease quarter-over-quarter (QoQ); meaning tenants in the market
YTD net absorption 8,063,970 s.f ▲
continue to have few options when looking for space.
QTR net absorption 1,366,352s.f. ▲
• Strong net absorption and a lack of vacant new supply continue to shape a
landlord favoured market. Under construction 6,961,764 s.f ▲
Total vacancy 2.0% ▶
The summer months did not slow down the activity that the Greater Toronto Area (GTA) Average asking rent $6.90 p.s.f. ▲
industrial market has been feeling throughout the year. Rather, Amazon announced a
Tenant improvements Decreasing ▼
new 1 million square foot warehouse facility in Caledon and 1.3 million square feet of
positive net absorption. The active pace that the market has been on has impacted the
vacancy rate; although there was only a slight decrease QoQ, the vacancy rate has Supply and demand (s.f.) New Supply
Net absorption
decreased an astounding 100 basis points year-over-year. 13,000,000
10,000,000
The low vacancy rate is because of the positive net absorption going on. So, who is
moving into space? The two largest contributors to net absorption this quarter were 7,000,000
Wayfair, who moved into 2020 Logistics, Mississauga, and SDR Logistics, who moved
into 86 Pillsworth, Caledon. Significant lease deals this quarter (that will impact future 4,000,000
absorption) were Kimberly- Clark leased 500,000 square feet at 2994 Peddie Rd, Milton 1,000,000
and Ceva Logistics leased 324,000 at 6 Cleve Crt, Halton Hills. 2014 2015 2016 2017 2018
YTD
The continued combination of a) strong demand, b) a low vacancy rate and c) strong
pre-leasing, mean that asking rents continue to increase! This time last year the average Total vacancy
asking net rent was $6.18 per square foot… those days feel long gone however, with the
average asking net rent being $6.90 per square foot this quarter. With the new 4.5% 4.0%
construction that is happening across the GTA, even higher rates – in the 7.25 to $8.25
per square foot for Class A mid to big box product - than this are being marketed. 3.5% 3.0%
2.8%
2.5% 2.1% 2.0%
Outlook
Don’t look to new construction to solve a lack of availability in the market. How come?
1.5%
With landlords and developers seeing a strong appetite for Class A space regardless of 2014 2015 2016 2017 2018 YTD
size and geography, over 60.0 percent of new construction is pre-leased...
In terms of overall market conditions, expect more of the same: tenants having less Average asking rents ($/s.f.)
options for space, both with new and old product. And because of this, tenants $7.00
renewing their leases will get a bit of “sticker shock” when having to renew at market
rates. $6.50
$6.00
A trend that we at JLL have seen in the past couple quarters has regarded companies
with multiple locations looking to consolidate. This is because tenants are realizing it $5.50
will not cost them much more for a design build and consolidate into a new larger $5.00
facility. 2014 2015 2016 2017 2018 YTD
For more information, contact: John Scioli | John.Scioili@am.jll.com
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.Greater
Q2 2017 Montreal Area
Industrial Insight
Behind consecutive quarters of positive net absorption,
the vacancy rate continues to drop
• There has been 4.2 million square feet of positive net absorption through Fundamentals Forecast
the first three quarters of the year– substantially more than the first three YTD net absorption 4,267,131 s.f. ▲
quarters of 2017, when there was only 1.7 million square feet. QTR net absorption 1,985,383 s.f. ▲
• Speculative construction accelerates as landlords expect demand to Under construction 1,428,159 s.f. ▼
remain strong. Total vacancy 3.7 % ▼
• The legalization of Cannabis looks to transform the industrial market Average asking rent (Net) $6.20 p.s.f. ▲
with mounting interest in production facilities.
Tenant improvements Falling ▼
The vacancy rate has now decreased for three consecutive quarters, with a 60-basis Supply and demand (s.f.) Net absorption
point decrease quarter-over-quarter. Could it decrease even more in the coming Deliveries
6,000,000
quarters? If the rate of positive net absorption that has been experienced so far in
2018 continues through to the end of the year, it very well could. Now with a low 4,000,000
vacancy rate, tenants looking to expand in the local economy are finding that they
have fewer options to choose from. Nevertheless, more options are on the way with 2,000,000
new constructions across the market, particularly in the Laval and the West Island
submarkets. Even more space is expected to be added to the market with Sunlife’s 0
addition of a 217,000-square foot facility in St-Laurent as well as Valdev’s 153,000- 2014 2015 2016 2017 YTD
square foot industrial complex in Salaberry-de-Valleyfield. 2018
With a 4.9 percent increase in the average asking net rent year-over-year, landlords
are experiencing a favourable climate. And with the vacancy rate sitting at 3.7 Total vacancy
percent, we at JLL expect the rents to continue to increase over the coming
quarters. 6.5% 6.1% 5.8% 5.4%
3.7%
As Canada prepares itself for an influx of cannabis growers, the Greater Montreal
Area (GMA) industrial market is expected to follow suit to some extent. Compared to
other provinces, Quebec looks to be the most restrictive in regulating the industry,
despite being a relatively small part of the market. But some inroads have been
2014 2015 2016 2017 Q3 2018
made in this industry, like Santé Cannabis’ medicinal research center, which can
support both existing and prospective producers in need of in-door facilities.
Outlook Average asking rents ($/s.f.) Net Rent
In the GMA, there is a substantial amount of demand for industrial space, being Additional
exhibited with several quarters of high positive net absorption. This has led to an $10.00
extremely low vacancy rate for the market and signaled to developers that more $8.00
supply is warranted. Expect more of the same next quarter, as we don’t anticipate $6.00
demand to soften (therefore the vacancy rate should remain low, and the total $4.00
amount of space under construction, high). $2.00
$0.00
For more information, contact: Eliezer Timolien| eliezer.timolien@am.jll.com 2014 2015 2016 2017 YTD 2018
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com. About JLL Research JLL’s research team delivers intelligence, analysis and insight through market-leading reports and services that illuminate today’s commercial real estate dynamics and identify tomorrow’s challenges and opportunities. Our more than 400 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries, producing unrivalled local and global perspectives. Our research and expertise, fueled by real-time information and innovative thinking around the world, creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions. Office locations: TORONTO TORONTO NORTH MISSISSAUGA MONTRÉAL 22 Adelaide St. W, Suite 2600 235 Yorkland Blvd, Suite 500 110 Matheson Blvd W, Suite 107 1, Place Ville Marie, Suite 3838 Toronto, ON M5H 4E3 Toronto, ON M2J 4Y8 Mississauga, ON L5R 4G7 Montréal, QC H3B 4M6 Tel: +1 416 304 6000 Tel: +1 647 728 0457 Tel +1 905 502 6116 Tel +1 514 849 8849 Fax: +1 416 304 6001 Fax: +1 416 642 0915 Fax +1 905 502 5466 Fax +1 514 849 6919 OTTAWA EDMONTON CALGARY VANCOUVER 275 Slater Street, Suite 1004 10088 – 102 Avenue, Suite No. 2101 301-8th Avenue SW, Suite 500 355 Burrard Street, 14th Floor Ottawa, ON K1P 5H9 Edmonton, AB T5J 2Z1 Calgary, AB T2P 1C5 Vancouver, BC V6C 2G6 Tel +1 613 656 0145 Tel +1 780 328 2550 Tel +1 403 456 2104 Tel +1 604 998 6001 Fax +1 613 288 0109 Fax +1 780 328 5486 Fax +1 587 880 9966 Fax +1 604 998 6018 For more information, please contact: Thomas Forr Ben Wedge Research Manager Senior Analyst +1 416 304 6047 +1 604 998 6032 thomas.forr@am.jll.com ben.wedge@am.jll.com www.jll.ca/research ©2018 Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of Jones Lang LaSalle. The information contained in this document has been compiled from sources believed to be reliable. Jones Lang LaSalle or any of their affiliates accept no liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be placed on the information contained in this document.
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