Metro Vancouver Office

MarketView Metro Vancouver Office QUICK STATS Vacancy 6.0% Lease Rates $19.29 psf Absorption* HOT TOPICS Change from last Current Qtr. Yr. Qtr. 337,130 SF Construction 265,351 SF * The arrows are trend indicators over the specified time period and do not represent a positive or negative value. (e.g., absorption could be negative, but still represent a positive trend over a specified period.) The Downtown Vancouver market continues to experience positive absorption as vacancy, once again, reached a record low of 3.0%. Burnaby and Richmond continue to attract a number of Downtown office tenants as demand for space in the inner core continues to increase. Construction activity remains strong in the Suburban markets with the addition of three new buildings to the overall inventory. Burnaby maintains its trend of low vacancy levels in the first quarter posting a record low 6.9%. The Metro Vancouver office market experienced both positive absorption and declining vacancy in the first quarter of 2008. In the Downtown and Broadway markets, vacancy rates continued to drop to record lows, while rental rates increased to all-time highs as a result of unprecedented demand and constrained supply within the inner areas of Vancouver. Most of the suburban markets (Burnaby, Surrey, New Westminster and the North Shore) experienced declining vacancy rates this quarter. However, in Richmond, where two new office buildings were added to the inventory, the vacancy rate rose to 12.0%. Overall vacancy in Metro Vancouver dropped to a seven-year low of 6.0%, suggesting that corporate revenues are rising and job growth remains strong throughout Metro Vancouver. As vacancy rates in the Downtown market continue to drop, tenants and investors look to the Suburban markets for space. Downtown Vancouver reached a new record low of 3.0% vacancy during the first quarter of 2008, down from 3.8% in the fourth quarter of 2007, and is fast approaching the lowest level of all cities nationwide. With no new supply expected to be added in the immediate future, it is anticipated that Downtown Vancouver will remain one of Canada s tightest downtown office markets at year-end. As a result, asking rates in the Downtown Vancouver market have continued to rise and will continue to do so as demand increases within the inner core. Similarly, the Broadway Corridor also remains constrained at a vacancy of 2.6%. This is anticipated to remain steady as no new supply is expected to come on stream. The inner core office markets will continue to be driven primarily by renewals and expansions throughout 2008. DOWNTOWN VS.. SUBURBAN OFFICE VACANCY 25% 20% 15% FIRST QUARTER 2008 With minimal new construction expected to be added to the central area inventory until 2010, vacancies are expected to remain tight with rents continuing to rise in the near term. With the demand for office space leading up to the 2010 Olympics expected to increase significantly, it will be challenging to accommodate this demand with the existing office inventory. It is anticipated that businesses will continue to look at the suburban areas for leasing alternatives. Recently, businesses have begun to migrate to the suburban areas given the greater availability and lower lease rates. Bell Canada, for example, vacated their space at 885 West Georgia Street to occupy space in the Broadway Tech Building at 2955 Virtual Way. Businesses have begun to agglomerate within these areas as new office nodes begin to emerge. An established high technology node has emerged in the Burnaby and Richmond markets primarily due to their large offerings of campus style office space. Niche businesses are now requiring particular development styles that are primarily being offered in the suburban real estate markets. This movement was evident this quarter with the relocation of several downtown tenants to the suburbs where opportunities to lower their cost base were available. As such, it is anticipated that companies that require larger floorplates, public access, and low rise office space will continue to look to the suburban areas throughout 2008. Overall, the Metro Vancouver market has shown strong economic growth this quarter. The market looks promising with some quality office product coming on stream in the near horizon. Downtown Suburban 10% 5% 0% 1Q02 3Q02 1Q03 3Q03 1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 www.cbre.com www.cbre.ca 2008 CB Richard Ellis Limited, Real Estate Brokerage

CB Richard Ellis Limited Greater Vancouver Office MarketView 1Q 2008 OFFICE MARKET STATISTICS SUBMARKET NET RENTABLE AREA (SF) VACANCY RATE(%) 1Q 2008 NET ABSORPTION (SF) COMPLETED CONSTRUCTION (SF) AVG. ASKING LEASE RATE ($/SF/YR) Downtown Class AAA 4,349,203 3.9 89,798-37.64 Class A 5,694,625 2.2 4,507-30.31 Class B 7,631,528 2.1 24,714-23.54 Class C 4,124,723 4.8 48,457-18.45 Subtotal 21,800,079 3.0 167,476-23.21 Broadway Corridor Class AAA 423,294 0.2 1,110-24.00 Class A 844,923 3.5-477 - 21.55 Class B 1,205,576 1.3-4,148-18.69 Class C 774,938 5.1-429 - 14.27 Subtotal 3,248,731 2.6-3,944-17.49 Burnaby Class AAA 1,978,056 0.1 4,287-24.00 Class A 1,602,710 14.6 146,718 113,000 19.97 Class B 1,649,879 6.6-12,074-15.79 Class C 442,474 10.6 1,730-12.08 Subtotal 5,673,119 6.9 140,661 113,000 17.92 Richmond Class AAA 1,330,267 14.7 38,466 118,440 18.18 Class A 1,169,153 9.3 20,044 33,911 15.12 Class B 754,861 7.0 30,629-13.24 Class C 222,423 26.7-53,245-10.50 Subtotal 3,476,704 12.0 35,894 152,351 14.82 North Shore Class A 668,806 1.6 8,558-19.73 Class B 752,877 5.5-10,712-17.31 Class C 324,015 3.9 8,794-14.68 Subtotal 1,745,698 3.7 6,640-17.25 Surrey Class A 1,427,988 32.5 0-19.44 Class B 737,730 4.0-1,290-14.60 Class C 288,403 15.5 3,300-12.77 Subtotal 2,454,121 22.0 2,010-15.02 New Westminster Class A 168,876 7.4 0-20.17 Class B 589,296 22.9-10,679-12.92 Class C 275,766 28.5-928 - 10.85 Subtotal 1,033,938 21.8-11,607-12.96 MARKET TOTAL 39,432,390 6.0 337,130 265,351 19.29 ECONOMIC CONDITIONS GDP Unemployment GDP (billions) $145 $142 $139 $136 $133 10% 8% 6% 4% 2% The Provincial unemployment rate dropped to a near 30-year low of 4.1% in the first quarter despite the increasingly negtative impact occuring in the forestry sector. With the 2010 Winter Olympics less than two years away, many Olympic-related construction and infrastructure projects are operating at full capacity. Furthermore, a global commodities boom helped facilitate employment growth in B.C. s energy and mining sectors. B.C. s economy continues to outperform the average growth in the Canadian economy. The national unemployment rate is considerably higher at 6.0% According to the latest publication from the Business Council of B.C., a lagging U.S. economy, coupled with a strong Canadian dollar, has continued to hurt B.C. s tourism, film and export industry. High global oil prices and a moderate slowdown in the U.S. housing market are expected to continue throughout 2008. $130 1Q07 2Q07 3Q07 4Q07 1Q08 Source: BC Statistics, Conference Board of Canada Note: BC GDP at Basic Prices (BIL $1997) 0% - 2-2008 CB Richard Ellis Limited, Real Estate Brokerage

CB Richard Ellis Limited Greater Vancouver Office MarketView 1Q 2008 DOWNTOWN VANCOUVER The Downtown Vancouver office market hit a new record low vacancy level of 3.0% at the end of the first quarter. The market recorded positive absorption throughout all building classes as a result of a number of occupancies, including Macquarie Bank, Leddingham McAllister and Slater Vecchio. The Downtown Vancouver office market recorded 167,476 SF of positive absorption this quarter, which marks the nineteenth consecutive quarter of positive absorption. This consistent leasing activity demonstrates the stability of the Downtown office market in terms of economic activity and job growth. Renewals and expansions drove the majority of activity during this quarter. At 250 Howe Street, both PriceWaterhouseCoopers and EA Sports each expanded by approximately 20,000 SF when Catalyst Paper relocated to Richmond. It is anticipated that Downtown rental rates will continue to rise which will increasingly drive tenants to consider suburban alternatives. Overall, average net rates for Downtown Vancouver have increased approximately 23% over the past twelve months with the highest increases occurring in AAA and A class buildings. Additionally, B and C class buildings have increased 20% and 24% respectively and may be poised for further increases in the latter half of 2008. The outlook for the second quarter of 2008 remains positive and we predict that the trend of positive absorption and low vacancy will continue, albeit more modestly. Various large blocks of AAA / A and B class space are expected to become available during the second quarter. Fasken Martineau has fully vacated its space at 1075 West Georgia Street which will add approximately 60,000 SF to the Downtown inventory; however, these premises are expected to be occupied quickly by firms such as Guild, Yule & Company who have committed to occupy 13,943 SF of that space. Thus far, First National is committed to occupy 11,367 SF at 1090 Homer Street and HSBC will occupy 14,257 SF at 1111 West Georgia Street in the next quarter. The expected outlook for the second quarter shows approximately 90,000 SF of positive absorption with a resulting modest decrease in the downtown vacancy to a record low of approximately 2.9%. With no new supply expected to be introduced into the market until 2010, the outlook for 2008 remains tight with rental rates increasing and vacancy expected to continue to hit record lows. TriPower s development near GM Place and the Jameson House on Hastings Street are the significant new developments within the Downtown market, both of which are scheduled for completion in 2010. Recently announced was the construction of two new office buildings at 428 Terminal Avenue. The first phase, which will encompass approximately 145,000 SF, is expected to commence construction in the next six months with the second building being built on a speculative basis. The anticipated completion date for this project is early 2011. Also on Terminal Avenue, there are plans to develop a 153,000 SF office tower at 688 Terminal Avenue, an attempt to relieve space contraints in the inner core. These land constraints have induced developers to evaluate options in East Vancouver. There are clear incentives for developers to purchase these sites as their strategic importance will increase over the short and long term. DOWNTOWN HISTORICAL OFFICE ABSORPTION (QUARTERLY) 500,000 400,000 Absorption (SF) 300,000 200,000 100,000 0-100,000 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2008 CB Richard Ellis Limited, Real Estate Brokerage - 3 -

CB Richard Ellis Limited Greater Vancouver Office MarketView 1Q 2008 PriceWaterhouseCoopers expansion of 20,421 SF at 250 Howe Street EA Sports expansion of 20,421 SF at 250 Howe Street Macquarie Bank subleased 17,800 SF at 550 Burrard Street (Bentall Five) Leddingham McAllister leased 14,893 SF at 1285 West Pender Street Hatch Ltd expansion of 14,264 SF at 1066 West Hastings Street Slater Vecchio leased 12,112 SF at 777 Dunsmuir Street BROADWAY CORRIDOR Available space within the Broadway Corridor continues to be limited and thus favourable to landlords throughout the first quarter. The market recorded a 2.6% vacancy with 3,944 SF of negative absorption. Vacancy is particularly low in AAA and B class buildings at 0.2% and 1.3% respectively. There was minimal tenant movement this quarter within the Broadway Corridor. Some notable transactions included Genesis 11,544 SF lease at 1367 West Broadway and the City of Vancouver s 3,900 lease at 4088 Cambie Street. Leasing activity is expected to increase next quarter with MD Management occuping 16,134 SF at 575 West 8 th Ave. This and other tenant activity is expected to push absorption into the positive bracket next quarter. With the total inventory at a little over 3.0 million SF, it is anticipated that the Broadway Corridor (particularly West Broadway and Cambie Street) will experience significant rezoning and development in the foreseeable future due to demand for core office space and the new Canada Line Station expected in the third quarter of 2008. Although much of this development will likely be mixed-use in nature, it will lay the foundation for a potential office tower(s) beyond 2010. With demand for high quality office space expected to increase and no new office projects on the horizon, it is projected that vacancy along the Broadway Corridor will decline further throughout 2008. 12% 10% 8% 6% BROADWAY Y CORRIDOR HISTORICAL OFFICE VACANCY 4% 2.6% 2% 0% 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 Genesis leased 11,544 SF at 1367 West Broadway Bell Alliance leased 4,600 SF at 1367 West Broadway The City of Vancouver leased 3,900 SF at 4088 Cambie Street Community Therapists leased 3,191 SF at 5740 Cambie Street - 4-2008 CB Richard Ellis Limited, Real Estate Brokerage

CB Richard Ellis Limited Greater Vancouver Office MarketView 1Q 2008 RICHMOND The Richmond market posted a 3.0% quarterly increase in its vacancy rate ending the first quarter of 2008 at 12.0%. This increase in vacancy is largely attributed to the addition of two new office buildings: Riverside Business Centre at 12033 Riverside Way (33,911 SF), which remains 100% vacant, and Commerce Court (Phase V) at 13888 Wireless Way (118,440 SF), which is 75% pre-leased by Sage Software. There were a number of significant tenant transactions that were announced during the first quarter. Sage Software leased 91,190 SF in the new Commerce Court building and the Workers Compensation Board and Richie Bros. Auctioneers each occupied approximately 15,000 SF in the Richmond Riverfront Business Park at 5200 Hollybridge Way. Also impacting vacancy in the first quarter was the space left behind by Sage Software in the Crestwood Corporate Centre (approximately 60,000 SF). It is anticipated that the bulk of this space will be backfilled by existing Crestwood tenants, Microsoft and Broadcom. Next quarter, the BCIT Aerospace Technology Campus will be added to the inventory. Construction of this building is now completed with approximately 50% already leased. Sport BC has currently occupied 32,690 SF in this building. The Richmond market continues to be an attractive alternative to Vancouver tenant s whose decreasing space availability and rising rental rates are forcing them to look at Suburban alternatives. Improvements in infrastructure and transportation networks have also been a contributing factor to the outsourcing of businesses to the Richmond market. The outlook for 2008 looks positive with a number of large tenant transactions on the horizon, resulting in the vacancy returning to single digits. Sage Software leased 90,190 SF at 13888 Wireless Way Richie Bros. Auctioneers leased 14,530 SF at 5200 Hollybridge Way The Workers Compensation Board leased 15,428 SF at 5200 Hollybridge Way Broadcom leased 11,035 SF at 13711 International Place BURNABY In the first quarter of 2008, Burnaby s vacancy rate declined to a record low of 6.9% as a result of several large occupancies, particularly the Ericsson/Redback Networks 67,000 SF lease at 4333 Still Creek Drive. Absorption remained positive throughout this quarter at 140,661 SF and it is anticipated this trend will continue despite the addition of several new office towers in the upcoming quarters. The Burnaby office market is experiencing significant growth and we expect this to continue well into 2010. The addition of three new office towers will add approximately 254,000 SF upon the completion of Lake City Centre, Canada Lands, and Commerce at Citi. Going forward, Tonko has secured approval to commence construction on Willingdon Park Phases 8 & 9 and will initiate site work next quarter. This will add an additional 180,000 SF to the total inventory with tenant fixturing anticipated for early 2010. Additionally, pre-leasing has begun in the Discovery Green Building which will add approximately 147,000 SF upon its 2009 completion date. Also in 2009, it is expected that Buildings 5 & 7 will be complete at Broadway Tech Centre which will both offer approximately 75,000 SF. The spread between AAA / A and B class office rates continued to widen in the first quarter of 2008. AAA / A class buildings are currently achieving net rents in the $23 PSF range, while B and C class buildings are well below that range. This spread is anticipated to increase in the forecast horizon as new buildings begin to emerge within the Burnaby market. The outlook for the second quarter looks positive with approximately 100,000 SF of anticipated absorption. Next quarter, when Internet Marketing Centre (12,500 SF) and Morneau Sobeco (17,500 SF) occupy their space in the recently completed Broadway Tech Centre, vacancy is expected to decrease again by a further 1%. The Burnaby office market looks poised for strong rent growth and positive absorption through the remainder of 2008, with the potential of becoming a significant commercial hub in the coming years. 2008 CB Richard Ellis Limited, Real Estate Brokerage - 5 -

CB Richard Ellis Limited Greater Vancouver Office MarketView 1Q 2008 BURNABY HISTORICAL OFFICE VACANCY 25% 20% 15% 10% 6.9% 5% 0% 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 Ericsson/Redback Networks subleased 67,305 SF at 4333 Still Creek Drive CGA Canada purchased 31,643 SF at 4200 North Fraser Way Bell Canada leased 27,535 SF at 2955 Virtual Way BC Hydro leased 8,560 SF at 4211 Kingsway Street SURREY, NORTH SHORE & NEW WESTMINSTER Vacancy levels in Surrey and New Westminster remained high in the first quarter of 2008 at 22.0% and 21.8% respectively. However, these figures are somewhat deceptive due to the small inventory and resulting abnormal impact a small number of vacancies have on the overall percentage. As in previous quarters, a number of large vacancies remained on the market during this quarter which was the primary reason for high vacancy rates. In a market where demand for quality office space is extremely high, it remains difficult for Surrey and New Westminster to attract major tenants due to its large existing supply of B and C class office space. However, the Surrey market looks promising with ICBC s recent sale of the Central City mixed-use complex to Blackwood Partners Inc. who see long-term potential with the building. With Surrey s population expected to increase significantly over the coming years, much emphasis will be placed on infrastructure improvements and economic diversification. On the North Shore, vacancy fell to yet another eight year low of 3.7% as a result of several significant transactions, particularly Scrab Digitals 10,260 SF lease at 1225 Keith Road East. Concert Properties is in the planning and design stage of its 135,000 SF office development at 801 Habourside Drive. Construction is expected to commence in the fall of 2008 and is anticipated to be complete by 2010. The outlook for the North Shore remains positive with a number of small vacancies expected to occur next quarter. North Shore vacancy levels have consistently decreased over the past few years and we anticipate it will continue to do so as strong demand and limited availability continues in the inner core. SUCCESS leased 12,992 SF at 610 6th Street in New Westminster Scrab Digital leased 10,260 SF at 1225 Keith Road East on the North Shore Canada Revenue Agency leased 8,349 SF at 13450 102nd Street in Surrey - 6-2008 CB Richard Ellis Limited, Real Estate Brokerage

CB Richard Ellis Limited Greater Vancouver Office MarketView 1Q 2008 VACANCY NET ABSORPTION 10.0% 7.5% 600 450 Vacancy Rate 5.0% SF (000's) 300 2.5% 150 0.0% 1Q07 2Q07 3Q07 4Q07 1Q08 0 1Q07 2Q07 3Q07 4Q07 1Q08 In the first quarter, overall Metro Vancouver vacancy dropped once again to a new seven-year low of 6.0%. Throughout the region, vacancy ranges from a low of 2.6% to a high of 22.0%. In the inner core, vacancy in downtown Vancouver remains one of the tightest markets within Metro Vancouver at 3.0%. Market conditions on the Broadway Corridor also remain tight with vacancy inching up to 2.6%. The Richmond market posted a 3.0% increase in vacancy reaching 12.0%. This was largely attributed to the addition of two new office buildings to the overall inventory. Burnaby s vacancy rate fell to a new record low of 6.9%, while North Shore hit its lowest vacancy level since 2001 at 3.7%. Conversely, New Westminster and Surrey vacancy levels continued to be high at 21.8% and 22.0% respectively. CONSTRUCTION ACTIVITY SF (000's) 600 450 300 150 0 2004 2005 2006 2007 1Q08 In the first quarter, a number of suburban office projects were completed in Richmond and Burnaby. In Richmond, the Riverside Business Centre and Commerce Court (Phase V) were completed which added approximately 150,000 SF to the overall inventory. Next quarter, an additional 90,000 SF will be added when the BCIT Aerospace building is added. There continues to be two significant downtown office projects currently in the municipal approvals process: a 260,000 SF project adjacent to GM Place and Bentall s 400,000 SF project at 745 Thurlow Street. However, prior to 2010, a number of suburban office projects will continue to be built. Over the next year, approximately six suburban office projects are anticipated to complete construction. Some include: Commerce at Citi, Lake City Centre, Canada Lands and Westminster Centre; most of which are located within the Burnaby market. With over 337,000 SF of positive absorption recorded in the first quarter, Metro Vancouver continues its trend of positive absorption (now on a four year run). A large proportion of this absorption is a result of tenant growth that took place in the Downtown and Burnaby markets, and accounted for approximately 90% of the total. The majority of this tenant growth originated from a large amount of renewals and expansions in the Downtown market coupled with the Ericsson/Redback Networks sublease at Willingdon Park in Burnaby. It is anticipated that this trend of positive absorption will continue throughout 2008. MARKET OUTLOOK OOK In Downtown Vancouver, the outlook for the second quarter of 2008 remains positive with approximately 120,000 SF of positive absorption and a decrease in vacancy to approximately 2.8%. Second quarter absorption will result from a number of impending occupancies including Guild, Yule & Co., First National and HSBC. On the Broadway Corridor, we anticipate vacancy to remain tight due to minimal new supply and no signs of a slowdown in tenant demand. Next quarter, one new building will be added to the Richmond office inventory (BCIT Aerospace Technology Campus) and vacancy is expected to return to single digits. The outlook for Burnaby next quarter looks postive with a number of large tenants occupying their space in the Broadway Tech Centre. Vacancy is expected to once again decrease to record low levels. 2008 CB Richard Ellis Limited, Real Estate Brokerage - 7 -

MarketView Greater Vancouver Office TOP LEASE TRANSACTIONS Size (SF) Tenant Address 90,190 Sage Software 13888 Wireless Way, Richmond *67,305 Ericsson/Redback Networks 4333 Still Creek Drive, Burnaby 31,643 CGA Canada 4200 North Fraser Way, Burnaby 27,535 Bell Canada 2955 Virtual Way, Burnaby **20,421 PriceWaterhouseCoopers 250 Howe Street, Vancouver **20,421 EA Sports 250 Howe Street, Vancouver * sublease **renewal VANCOUVER SUBMARKET MAP AVERAGE ASKING LEASE RATE Rate determined by multiplying the asking net lease rate for each building by its available space, summing the products, then dividing by the sum of the available space with net leases for all buildings in the summary. NET LEASES Includes all lease types whereby the tenant pays an agreed rent plus most, or all, of the operating expenses and taxes for the property, including utilities, insurance and/or maintenance expenses. MARKET COVERAGE Includes all competitive office buildings 10,000 square feet and greater in size. NET ABSORPTION The change in occupied square feet from one period to the next. NET RENTABLE AREA The gross building square footage minus the elevator core, flues, pipe shafts, vertical ducts, balconies, and stairwell areas. OCCUPIED SQUARE FEET Building area not considered vacant. UNDER CONSTRUCTION Buildings which have begun construction as evidenced by site excavation or foundation work. AVAILABLE SQUARE FEET Available Building Area which is either physically vacant or occupied. MARKET AREA DESCRIPTIONS (1) DOWNTOWN VANCOUVER consists of 21.8 million SF (55.3%) of the office market inventory. (2) THE BROADWAY CORRIDOR consists of 3.2 million SF (8.1%) of the office market inventory. (3) BURNABY consists of 5.7 million SF (14.5%) of the office market inventory. (4) RICHMOND consists of 3.5 million SF (8.9%) of the office market inventory. (5) NORTH SHORE consists of 1.7 million SF (4.3%) of the office market inventory. (6) SURREY consists of 2.5 million SF (6.3%) of the office market inventory. (7) NEW WESTMINSTER consists of 1.0 million SF (2.5%) of the office market inventory. This disclaimer shall apply to CB Richard Ellis Limited, a real estate brokerage, and its Canadian affiliates, CB Richard Ellis Alberta Limited, CB Richard Ellis Manitoba Limited, CB Richard Ellis Advisory Services Inc., and CB Richard Ellis Québec Limitée (collectively CBRE ). 2008 CB Richard Ellis Limited. The information set out herein (the Information ) is intended for informational purposes only. CBRE has not verified the Information and does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability of any kind in connection with the Information and 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. AVAILABILITY RATE Available Square Feet divided by the Net Rentable Area. VACANT SQUARE FEET Existing Building Area which is physically vacant or immediately available. VACANCY RATE Vacant Building Feet divided by the Net Rentable Area. NORMALIZATION Due to a reclassification of the market, the base, number and square footage of buildings of previous quarters have been adjusted to match the current base. Availability and Vacancy figures for those buildings have been adjusted in previous quarters. For more information regarding the MarketView, please contact: Nicholas Westlake, Senior Research Analyst CB Richard Ellis Limited 600-1111 West Georgia Street Vancouver, B.C. V6E 4M3 604 662 3000 nicholas.westlake@cbre.com