Life Sciences Outlook. Greater Toronto Area Fall 2015

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1 Life Sciences Outlook Greater Toronto Area Fall 2015

2 Greater Toronto Toronto is one of North America's largest life sciences sectors and is ranked as one of the top 10 biomedical sectors in the world. There are more biotech companies per capita in Canada than any other country in the world with 50 percent of Canada's life sciences companies located in Toronto. Toronto is expected to maintain its attractiveness as a major life sciences hub. The city continues to invest in major infrastructure developments and provide federal and provincial grants, public sector incentive programs and a tax credit system that is estimated to give companies an average cost advantage of 12.9 percent over the United States. Federal and provincial government grants and public sector incentive programs can reduce R&D costs by up to 60.0 percent in some cases. 27 Brampton 53 Major lab supply: Clusters of established lab stock with long-time industry presence Emerging lab supply: Areas with limited lab stock today that are poised for growth Mississauga Toronto 403 Life Sciences manufacturing supply: Clusters of manufacturing space devoted to pharmaceutical, biological or medical device & instrument manufacturing Downtown Toronto Discovery District Toronto s Discovery District is a unique 2.5 square kilometer research park and one of the most concentrated sites of research, biomedical companies, finance and business support services in the world. It is home to 37 research institutes and nine teaching hospitals. More than $1.0 billion is directed annually to research activities and the area continues to see major new infrastructure development including MaRS, The Peter Gilgan Center for Research & Learning and Li Ka Shing Knowledge Institute that will support the commercialization of new scientific discoveries in the Toronto area. Markham Located just north of the city of Toronto, Markham is a bustling life sciences and technology hub. Some notable companies include Johnson & Johnson, Huawei and Abbott Laboratories. Mississauga/Meadowvale Locally known as the Pill Hill, the Meadowvale node within Mississauga has developed a substantial reputation for its life sciences cluster and is home to more than 380 life sciences companies. Mississauga s life sciences talent base has grown 25.0 percent in the last 10 years, driven by global technology production. JLL Greater Toronto Area Life Sciences Outlook Fall

3 Economic scorecard Workforce Total life sciences % life sciences to private employment Year-overyear growth Employment 33, % -2.6% Establishments % Funding Total life sciences % to total Canada VC funding CAD $179.0 million 39.8% (Ontario) Small companies dominate the life sciences industry (63.0 percent of Ontario companies employ less than 10 people), so the absorption of real estate is limited. The medium and large companies driving real estate demand are mostly pharma manufacturers. Cost cutting, patent expirations and mergers will continue to influence the sector s real estate requirements. The pharmaceutical subsector anchors the overall life sciences ecosystem, consisting of a number of large multinational enterprises representing the majority of total employment and more than half of the total revenues. The research, testing and medical laboratory segments are the fastest growing sectors within life sciences with employment growth of 63.7 percent from Life sciences employment composition 17% 6% 17% Life sciences employment 33,200 18% 42% non-lab using lab using Pharma & medicine manufacturing Electromedical instrument manufacturing Medical equipment & supplies manufacturing Research & development Medical & diagnostic laboratories Life sciences historical employment ( 000s) The life sciences sector has leveled out to 33,200 employees over the past five years after hitting historic numbers in We expect long-term growth in the Greater Toronto Area as firms are receiving increasing levels of support from academic organizations and government agencies alike. This backing will allow the Greater Toronto Area to continue to be a major force in the North American life sciences sector. *Data at end of Q4 in each year JLL Greater Toronto Area Life Sciences Outlook Fall

4 Downtown Toronto People, talent and connectivity will continue to drive global companies to Downtown Toronto. Downtown Toronto s unique combination of drug discovery talent, technicians and world leading hospitals has paved the way for the continued expansion of the life sciences industry. Global pharma companies, like Merck, establish a downtown presence by leasing space in the Discovery District. Tech companies, like TELUS, continue to invest in digital healthcare, a major global trend being fostered in Toronto. Downtown Toronto's Discovery District, the most densely occupied geographic center for research in the world, is a magnet for healthcare startups, with the MaRS Center buildings as their preferred choice. Highland Therapeutics recently closed a $50 million financing deal that will enable the company to pivot from a pure R&D organization to a scalable pharmaceutical company. Versant Ventures recently established Blueline Bioscience (incubator) in the Discovery District, with an eye on early-stage drug discovery programs. MaRS Discovery Centre Phase II, a 746,000-square-foot, building constructed in 2014, recorded 271,965 square feet of positive net absorption with major medical tenants, like Public Health Ontario, leasing space last year. Originally, the MaRS building was designed to provide life sciences companies with high-tech laboratory space to facilitate growth in a collaborative environment. However, it has since committed to changing its focus from purely life sciences to all innovative companies including Etsy and Facebook. Shanghai Technology Innovation Centre, one of the biggest incubators in China, has signed an agreement with MaRS to facilitate the settlement of Ontario-based experts in Shanghai and vice versa. This should lead to increased demand for space in the property. Valeant Pharmaceuticals International Inc., the largest Canadian company by market capital, says it will expand its presence in Canada and plans to open an office in downtown Toronto. TELUS Health is aggressively expanding its healthcare capabilities, investing more than $1 billion over the past five years into digital health. Facilities scorecard Supply Rentable lab stock (% of total stock) Direct vacancy (Change year-over-year) Public Health Ontario 40,000 s.f. Term: n/a Ontario Institute for Cancer Research 10,000 s.f. Term : 10 years Toronto Major lab 2.3 m.s.f. 87.6% 19.0% n/a # of large blocks over 100,000 s.f. 2 Under construction (s.f.) 0 Demand # of requirements Total s.f. requirements Pricing Average asking rent (NET) 1 5,000 s.f. $30.00 p.s.f. McLaughlin Centre for Molecular Medicine 20,000 s.f. Term : n/a MaRS Centre, West Tower 158,731 s.f. Direct Activity key: Leasing Sales Under construction Large blocks of space JLL Greater Toronto Area Life Sciences Outlook Fall

5 Mississauga/Meadowvale Canada s second largest life sciences cluster stabilizes and its future looks promising. Commonly known as the Pill Hill, the Meadowvale node in Mississauga has developed a substantial reputation for its life sciences cluster. This thriving area is home to more than 380 life sciences companies, including Amgen, Baxter, McKesson, GlaxoSmithKline, Hoffman La-Roche (Roche) and Bayerthat. The cluster employs more than 25,000 people. While the life sciences industry globally has undergone a period of consolidation, Mississauga continues to increase its labour pool. This trend is partly driven by the presence of a skilled and highly-educated workforce. The University of Toronto Mississauga (UTM) is one source where a $10.0 million government investment for biotechnology and innovation has created life sciences-centric majors. This university is complemented by a network of 12 neighboring hospitals that engage in R&D activities, offering students clinical exposure in a wide range of healthcare settings. In 2011, Roche announced a significant expansion plan at 7070 Mississauga Road with an investment of $197.8 million, of which $7.8 million was augmented by the government. The proposed 240,786- square-foot building reflects a 52.0 percent increase in space over the original facility at 2455 Meadowpine Boulevard. Roche subsequently sold its previously owned building in 2013 for $16.0 million, which has been sitting vacant since the transaction. Bayer Pharmaceuticals reached an agreement to lease 160,000 square feet of office space for a term of 13 years at 2920 Matheson Boulevard that was previously occupied by Citi Bank. The deal was settled after Bayer sold its multiuse facility at 77 Belfield Road for $15.5 million. McKesson consolidated five operating facilities into 93,000 square feet of office space in the Airport North node at 6355 Viscount Road in a 10-year deal. The move was completed in June With the majority of deals taking place in , and minor activity towards new developments in this sector, we don t expect significant market activity until In the long-term, we expect the life sciences sector in Mississauga to remain strong and expansive. It is the exceptional talent, innovative companies and the emergence of public and private support that will continue to propel this economic cluster. Facilities scorecard Supply Rentable lab stock (% of total stock) Direct vacancy (Change year-over-year) Actavis 6733 Mississauga Rd. 11,091 s.f. Term: 9 years, 8 months McKesson Canada 6355 Viscount Road 93,000 s.f. Term: 10 years Mississauga 320, % 9.7% 190 b.p. # of large blocks over 100,000 s.f. 5 Under construction (s.f.) 24,000 Demand # of requirements Total s.f. requirements Pricing Average asking rent (NET) 1 40,000 $14.10 p.s.f MEADOWPINE BLVD. 196,000 s.f. $16M / $82 p.s.f MEADOWPINE BLVD. 114,760 s.f. Direct Activity key: Leasing Sales Under construction Large blocks of space JLL Greater Toronto Area Life Sciences Outlook Fall

6 For more information, please contact: Moveed Fazail Research Analyst Downtown Toronto Brandon Adler Research Analyst Mississauga About JLL JLL (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4.0 billion, JLL operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 3.0 billion square feet. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit 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. This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without prior written consent of Jones Lang LaSalle IP, Inc. COPYRIGHT JONES LANG LASALLE IP, INC. 2015

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