NEW OFFICEDEVELOPMENT

SEPTEMBER 2013 MONTREAL CBD

2 N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D

EXECUTIVE SUMMARYMONTREAL DOWNTOWN NEW OFFICE DEVELOPMENTMontreal’s downtown core is experiencing a renaissance in office tower development. There are currently four projects under construction, with many more in the pre-leasing stage. Of the four under construction, three of those are mixed-use developments in conjunction with residential condominium projects. The other, Deloitte Tower, is the first market-driven traditional office tower to be constructed in the downtown core in over 20 years. Several of the most recent developments (which are still more than 10 years old) were developed with subsidies from the Quebec government. The four towers total 945,000 square feet. One of the buildings will be delivered in the Fall of 2013, one in early 2014, and the other two will not be completed until at least 2015.

Residential construction in the downtown core is also currently at a very high level, with 16 projects with a total of almost 3,500 units. Only four of those are still in the pre-sales stage. The remainder will all be delivered in the next three years.

As more projects are developed in the downtown core, the number of surface parking lots has diminished considerably. All projects are incorporating some parking into the developments, but mainly for tenants. At least four surface lots have been re-developed in the last three years downtown, many in proximity to the Bell Centre, which is home to the Montreal Canadiens and numerous events.

The Ville-Marie borough, which contains the downtown core, has witnessed population growth of 14.0% between 2007 and 2012, according to PCensus estimates, and a further 12.8% growth is anticipated between 2012 and 2017. These levels are almost double the growth rate for the Montreal Area as a whole.

This confluence of downtown office development, urban high-rise residential, and a renewed emphasis on public transit is a rising trend. This trend is true not only in Montreal, but also in all of Canada’s major urban centres and a growing number of U.S. cities.

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 3

DOWNTOWN OFFICE REFERENCE MAP

MONTREAL DOWNTOWN | Under Construction / Future Office DevelopmentsRUE JEANNE-MANCE

AVENUE DU PARC

RUE HUTCHISON

RUE DUROCHER

RUE AYLMER

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AVENUE UNION

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RUE MANSFIELD

RUE METCALFE

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RUE STANLEY

RUE PEEL

RUE DE LA CATHEDRALE

RUE MANSFIELD

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AVENUE UNION

PLACE PHILLIPS

RUE DE BLEURY

RUE ANDERSON

RUE JEANNE-MANCE

RUE ST-URBAIN

RUE CLARK

BOULEVARD ST-LAURENT

RUE ST-DOMINIQUE

RUE BERGER

RUE DE BULLION

RUE STE-ELISABETH

RUE GOSFORD

RUE ST-PIERRE

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RUE MCGILL

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PLACE DUCANADA

DORCHESTERSQUARE

MCGILL UNIVERSITY

SQUAREVICTORIA

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 4

Source: CBRE Limited

Building Name Available Office SF Average Floor SF Total SF

1 TOUR AIMIA 136,098 23,000 234,476

2 TOUR DELOITTE 146,974 23,500 495,067

3 L’AVENUE 140,000 20,000 140,000

4 DISTRICT GRIFFIN ÎLOT 10 - 100 PEEL STREET 1,688 16,000 74,000

5 900 DE MAISONNEUVE BOULEVARD WEST 455,315 23,800 455,315

6 PLACE DE LA CITÉ INTERNATIONALE - PHASE 2 775,000 25,000 775,000

7 PLACE DE LA CITÉ INTERNATIONALE - PHASE 3 140,000 14,000 140,000

8 1201 - 1215 PHILLIPS SQUARE 700,000 28,000 700,000

9 SAINTE-CATHERINE STREET #1 825,000 27,500 825,000

10 SAINTE-CATHERINE STREET #2 330,000 30,000 330,000

11 620 SAINT-PAUL STREET WEST 49,000 8,200 49,000

12 PLACE UNIVERSITY ST-JACQUES - 701 UNIVERSITY STREET 769,770 11,000 - 50,000 769,770

13 PLACE UNIVERSITY ST-JACQUES - 700 UNIVERSITY STREET 633,963 31,000 633,963

14 500 DE MAISONNEUVE BOULEVARD WEST 350,000 12,000 350,000

DOWNTOWN OFFICE REFERENCE CHARTMONTREAL DOWNTOWN | Under Construction / Future Office Developments

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 5

CENTRAL STATION

CENTRAL STATION

Downtown Montreal is serviced by a wide variety of public transportation options, including the Metro subway system, the AMT commuter train system and the commuter bus lines, in addition to the local bus lines and Bixi bike network. These systems bring people to downtown from the suburban regions, including the North Shore, Laval and the South Shore markets.

Central Station (Gare Centrale) is the major inter-city rail station and a major commuter rail hub in Montreal. Approximately 18 million rail passengers use the station each year. Central Station is at the center of the Quebec City – Windsor Corridor, the busiest inter-city rail service area in Canada, which extends from Windsor, through Toronto, Ottawa, and Montreal, to Quebec City. Central Station is the second-busiest Via Rail station in Canada, after Toronto Union Station.

Inter-city trains at Central Station are operated by Via Rail and Amtrak, while commuter rail services are operated by Agence métropolitaine de transport (AMT). The station is also connected to the subway system and the underground network.

Station Lucien l’Allier is the other AMT train station downtown, with a direct connection to the Bell Centre and the Lucien l’Allier metro station.

The AMT (L’Agence métropolitaine de transport) operates the « Terminus Centre-Ville » which is a bus terminus located under the office building 1000 de La Gauchetière Street West. It is connected to the Montreal underground Network with links to Bonaventure metro station on the Orange Line, Central Station, the Lucien-L’Allier train station as well as the Lucien-L’Allier metro station. The terminus has 21 gates.

Photo: www.wikipapia.org Photo: www.montrealphotodaily.blogspot.com

Type: Inter-city, commuter rail hub

Total AnnualRidership:

18 million

Status: Capacity

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 6

TOUR AIMIA

This 35 storey mixed use development has ten floors of prestige office space with 25 floors of residential condos above. The project will have separate entrances for the office and residential components. The building will have a direct connection to the Square Victoria metro station.

Class: A

Size: 234,476 SF

Floors: 10

Available Space: 136,098 SF

% Leased: 41.9%

Average Floor: 23,000 SF

Completion: 1Q 2014

Status: Under Construction

LEED Status: Registered LEED Gold

Developer: Kevric Real Estate Corporationwww.kevric.ca

Owner: Kevric Real Estate Corporation

Underground Connection:

Yes

Tenant: AIMIA (98,378 SF)

Photo: Kevric Real Estate Corporation

TOUR AIMIA

7 N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D

TOUR DELOITTE

The city’s first, new, privately-owned and financed commercial office tower to be built in more than 20 years. Located between the Montreal landmarks of the Bell Centre and historic Windsor Station. Direct connection to the underground network.

Class: A

Size: 495,067 SF

Floors: 26

Available Space: 146,974 SF

% Leased: 70.3%

Average Floor: 23,500 SF

Completion: 2015

Status: Under Construction

LEED Status: Registered LEED Platinum

Developer: Cadillac Fairview Corporationwww.cadillacfairview.com

Owner: Cadillac Fairview Corporation

Underground Connection:

Yes

Tenant:Deloitte (158,093 SF)Rio Tinto Alcan (190,000 SF)

Photo: Cadillac Fairview

TOUR DELOITTE

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 8

L’AVENUE

50 storey mixed use development with eight floors of office space at the bottom. Directly across the street from the Bell Centre. Separate and unique lobbies for the office and residential uses.

Class: A

Size: 140,000 SF

Floors: 8

Available Space: 140,000 SF

% Leased: 0%

Average Floor: 20,000 SF

Completion: 2015

Status: Under Construction

LEED Status: Registered LEED Gold

Developer: Broccolini/Carttera Private Equitieswww.broccolini.com

Owner: Broccolini/Carttera

Underground Connection:

No

Tenant: None

Photo: Broccolini Construction

L’AVENUE

9 N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D

DISTRICT GRIFFIN - ÎLOT 10

Six floors of office space within a mixed use development, located in a redeveloping Downtown neighbourhood. Part of the Griffintown redevelopment project.

Class: A

Size: 74,000 SF

Floors: 6

Available Space: 1,688 SF

% Leased: 97.7%

Average Floor: 16,000 SF

Completion: 3Q 2013

Status: Under Construction

LEED Status: TBD

Developer: Devimco

Owner: Devimco

Underground Connection:

No

Tenant: UndisclosedPhoto: Devimco

DISTRICT GRIFFIN - ÎLOT 10 - 100 PEEL STREET

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 10

900 DE MAISONNEUVE BOULEVARD WEST

Located at the corner of De Maisonneuve Boulevard West and Mansfield Street, this project will be a 27 floor office tower with seven floors of above ground parking incoporated into the building.

Class: A

Size: 455,315 SF

Floors: 27

Available Space: 455,315 SF

% Leased: 0%

Average Floor: 23,800 SF

Completion: TBD

Status: Pre-leasing

LEED Status: TBD

Developer: TBD

Owner: Ivanhoé Cambridgewww.ivanhoecambridge.com

Underground Connection:

TBD

Tenant: None

Photo: Ivanhoe Cambridge

900 DE MAISONNEUVE BOULEVARD WEST

11 N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D

PLACE DE LA CITÉ INTERNATIONALE - PHASE 2

Two office buildings, of 10 and 31storeys, in the heart of the Quartier international de Montréal.

Class: A

Size: 775,000 SF

Floors: 31

Available Space: 775,000 SF

% Leased: 0%

Average Floor: 25,000 SF

Completion: TBD

Status: Pre-leasing

LEED Status: TBD

Developer: TBD

Owner: Westcliff Group of Companieswww.westcliff.ca

Underground Connection:

TBD

Tenant: None

Photo: Westcliff

PLACE DE LA CITÉ INTERNATIONALE - PHASE 2

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 12

PLACE DE LA CITÉ INTERNATIONALE - PHASE 3

Two office buildings, of 10 and 31storeys, in the heart of the Quartier international de Montréal.

Class: A

Size: 140,000 SF

Floors: 10

Available Space: 140,000 SF

% Leased: 0%

Average Floor: 14,000 SF

Completion: TBD

Status: Pre-leasing

LEED Status: TBD

Developer: TBD

Owner: Westcliff Group of Companieswww.westcliff.ca

Underground Connection:

TBD

Tenant: None

PLACE DE LA CITÉ INTERNATIONALE - PHASE 3

Photo: Westcliff

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 13

1201 - 1215 PHILLIPS SQUARE

An office tower with a 10-storey lower extension (basilaire), with commercial space, on rue du Square-Phillips just south of Sainte-Catherine Street West. Landscaping and a green roof are also planned.

Class: A

Size: 700,000 SF

Floors: 25

Available Space: 700,000 SF

% Leased: 0%

Average Floor: 28,000 SF

Completion: TBD

Status: Pre-leasing

LEED Status: TBD

Developer:Canderel and Fonds immobilier de solidarité FTQwww.canderel.com

Owner: Canderel and Fonds immobilier de solidarité FTQ

Underground Connection:

Yes

Tenant: None

Photo: Canderel

1201 - 1215 PHILLIPS SQUARE

14 N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D

SAINTE-CATHERINE STREET #1

Located in the Quartier des Spectacles distrcit just east of the downtown core. Commercial space on the ground floor.

Class: A

Size: 825,000 SF

Floors: 31

Available Space: 825,000 SF

% Leased: 0%

Average Floor: 27,500 SF

Completion: TBD

Status: Pre-leasing

LEED Status: LEED Certified

Developer:Canderel and Fonds immobilier de solidarité FTQwww.canderel.com

Owner: Canderel and Fonds immobilier de solidarité FTQ

Underground Connection:

TBD

Tenant: None

SAINTE-CATHERINE STREET #1

Photo: Canderel

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 15

SAINTE-CATHERINE STREET #2

Located in the Quartier des Spectacles distrcit just east of the downtown core. Commercial space on the ground floor.

Class: A

Size: 330,000 SF

Floors: 12

Available Space: 330,000 SF

% Leased: 0%

Average Floor: 30,000 SF

Completion: TBD

Status: Pre-leasing

LEED Status: LEED Certified

Developer:Canderel and Fonds immobilier de solidarité FTQwww.canderel.com

Owner: Canderel and Fonds immobilier de solidarité FTQ

Underground Connection:

TBD

Tenant: None

SAINTE-CATHERINE STREET #2

Photo: Canderel

16 N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D

620 SAINT-PAUL STREET WEST

The building will be located in an up-and-coming area, near the Cité Multimédia. Very close to Square Victoria metro station.

Class: A

Size: 49,000 SF

Floors: 6

Available Space: 49,000 SF

% Leased: 0%

Average Floor: 8,200 SF

Completion: TBD

Status: Pre-leasing

LEED Status: LEED Certified

Developer: TBD

Owner:Groupe Mach(9167-5355 Quebec Inc.)www.groupemach.com

Underground Connection:

No

Tenant: None

Photo: Asgaard Services Immobilier

620 SAINT-PAUL STREET WEST

N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D 17

PLACE UNIVERSITY ST-JACQUES

Five-storey lower level linking the three office buildings, with the ground floor for commercial uses. Indoor courtyard in the centre of the complex, with a wetland concept design recalling the site’s origins. Green roofs.

Class: A

Size: 769,770 SF

Floors: 32

Available Space: 769,770 SF

% Leased: 0%

Average Floor: 11,000 - 50,000 SF

Completion: TBD

Status: Pre-leasing

LEED Status: Yes

Developer: Magil Laurentiennewww.magil-laurentian.com

Owner: Magil Laurentienne, Desjardins Financial Security, Weloga

Underground Connection:

Yes

Tenant: None

PLACE UNIVERSITY ST-JACQUES - 701 UNIVERSITY STREET

Photo: www.placeuniversitystjacques.com

18 N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D

PLACE UNIVERSITY ST-JACQUES

Five-storey lower level linking the three office buildings, with the ground floor for commercial uses. Indoor courtyard in the centre of the complex, with a wetland concept design recalling the site’s origins. Green roofs.

Class: A

Size: 633,963 SF

Floors: 20

Available Space: 633,963 SF

% Leased: 0%

Average Floor: 31,000 SF

Completion: TBD

Status: Pre-leasing

LEED Status: Yes

Developer: Magil Laurentiennewww.magil-laurentian.com

Owner: Magil Laurentienne, Desjardins Financial Security, Weloga

Underground Connection:

Yes

Tenant: None

Photo: www.placeuniversitystjacques.com

PLACE UNIVERSITY ST-JACQUES - 700 ST JACQUES

19 N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D

500 DE MAISONNEUVE BOULEVARD WEST

Located on the corner of Maisonneuve Boulevard West and Aylmer Street, just east of the Hudson’s Bay store.

Class: A

Size: 350,000 SF

Floors: 30

Available Space: 350,000 SF

% Leased: 0%

Average Floor: 12,000 SF

Completion: TBD

Status: Pre-leasing

LEED Status: TBD

Developer: TBD

Owner: Westcliff Group of Companieswww.westcliff.ca

Underground Connection:

TBD

Tenant: None

500 DE MAISONNEUVE BOULEVARD WEST

20 N E W O F F I C E D E V E LO P M E N T | S E P T E M B E R 2 0 1 3 M O N T R E A L C B D

MULTI-HOUSING REFERENCE MAP

# Status Submarket Development Builder # Units Occupancy

1 Underway DT East 400 Dowd - 400 Rue Dowd Developpement Northcliffe et Olymbec 120 3Q 2014

2 Underway Central Core Altitude - 1195 Rue University Le Groupe Daca 192 2Q 2013

3 Underway DT East Altoria - Beaver Hall et Viger Kevric 152 2Q 2014

4 Underway DT West Flex Condos - 1235 Rue Bishop Belcourt Condos 214 2Q 2014

5 Underway DT West L’Avenue - 1001 Rue de la Montagne et Ave-des-Canadiens Broccolini et Carttera 350 4Q 2015

6 Underway Central Core Le Triomphe - 2061 Rue Stanley Developpements Domaine 112 2014

7 Underway DT East Le U - Phase 3 - 470 Rue de la Gauchetière Federico Bizzzotto 80 TBD

8 Underway DT West ORO / Tour du musée - 1400 Rue Sherbrooke Groupe Maxera 40 2014

9 Underway DT West Roccabella Phase 1 - 1300 boul René Lévesque at de la Montagne MC Finance 516 4Q 2015

10 Underway Central Core Tour des Canadiens - avenues des Canadiens Cadillac Fairview, Canderel 534 2015

11 Underway DT West Viva Lofts - 1181 Rue Bishop Cytcorp Group 51 Q3 2013

12 Pre-Selling DT West ICÔNE Condos - 1175 Rue de la Montagne at René-Lévesque Le Groupe Essaris 350 2Q 2016

13 Pre-Selling DT East Rythme Condos - 366 Rue Mayor Belcourt Condos 90 TBD

14 Pre-Selling Central Core TOM Condos - 1185 Rue University, north of René-Lévesque Iscanco / Pandev Inc 377 TBD

15 Pre-Selling Central Core Le Drummond - 1210 Rue Stanley Samcon 190 4Q 2015

16 Pre-Selling DT West Les Condos Crescent - 1220 Rue Crescent Inca Development 84 TBD

This disclaimer shall apply to CBRE Limited, Brokerage, and all of its real estate agents, and to all other divisions of the Corporation (collectively “CBRE”). The information set out herein (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE.

Source: CBRE Limited

MONTREAL DOWNTOWN | Under Construction / Planned & ExpectedER

RUE AYLMER

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NEW OFFICE DEVELOPMENTSEPTEMBER 2013 MONTREAL CBD

FOR MORE INFORMATION PLEASE CONTACT:

Lynn Johannesson, B.E.S., M.Pl.Senior Research AnalystT 514 849 6761lynn.johannesson@cbre.com

CBRE Limited | 2001, avenue McGill College, bureau 2000 | Montréal, Quebec H3A 1G1 | www.cbre.ca

Alex SieberSenior Vice-President & Senior Managing DirectorT 514 849 7165alexandre.sieber@cbre.com

GIS MAPPING PROVIDED BY: Naz Ali, GISP | National GIS Coordinator | T 604 662 5173 | naz.ali@cbre.com

Ross MooreDirector of Research, CanadaT 604 662 5101ross.moore@cbre.com

This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved.

Mapping Sources: Canadian Mapping Services canadamapping@cbre.com; DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth.

Access Office Development Reports for: Toronto, Calgary, Vancouver