Research & Forecast Report

METRO VANCOUVERINVESTMENT REPORT Year End 2015

Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International

Introduction ..........................................................................................................................1

Investment Overviews

Office ..............................................................................................................................2 Multifamily .............................................................................................................. 3 Retail ...................................................................................................................... 4 Industrial................................................................................................................. 5 Glossary ............................................................................................................................... 7

Table of Contents

1 Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International

Introduction

The Metro Vancouver Investment Report incorporates all investment activity greater than $1 million region wide including share sales, covering the four major asset classes: Office, Multifamily, Retail and Industrial. In addition to providing coverage of the most recent market transactions, we offer insight and analysis regarding trends in the Metro Vancouver marketplace.

Canadian Market Overview Canadian economic performance remains in growth mode, albeit moderate. Sharply lower commodity prices — for energy in particular — are largely responsible for Canada’s slumping economic performance. Under these circumstances, Canada faces a longer period of underperformance in many of the resource-centric regions in the west and the east. Consumer spending and housing activity across the country will add much less to overall growth in an environment of increasing consumer caution that is being reinforced by moderating employment gains.

Metro Vancouver SnapshotOverall investment has skyrocketed relative to last year, totalling $4.25 billion from 695 transaction across all asset classes. Comparatively, total year end investment volumes in 2014 was $3.06 billion over 568 transactions. The Metro Vancouver market has been incredibly active with many landlords, retailers, and investors experiencing the benefits and drawbacks of a high-priced market. Transactional volume increased this year, with deal volume rising with many lower-priced properties trading hands. Multifamily was the most desired investment vehicle in the market, increasing in a value of volume of 111% while office was the only asset class reporting a decline in investment compared to 2014.

Investment StrataThe Metro Vancouver strata market has experienced significant activity in investment volume across all asset classes. While this is in part from rising lease rates, the cost to purchase has become more competitive for business owners, supported by low financing costs. Strata is also seen as an attractive investment for investors looking to place capital and attain modest cashflow. Although total volume of sales have decreased by 13% in 2015 compared to 2014, this is mostly from an absence of new product instead of a lack of demand.Consequently, there is a rising interest in developing commercial strata units across Metro Vancouver.

Metro Vancouver Investment Team Transactional investment volumes represented by Colliers International continue on an upward trend as overall dollar volumes increased 15% as compared to 2014. Compared to statistics dating back to 2009, the Colliers tracked the best year on record overtaking the height of activity in 2013.

Better Than GoldMultifamily investment surged in 2015, with Metro Vancouver experiencing historical pricing highs. Cap rates are falling to unprecedented lows never seen before, with dollar values climbing to $1.37 billion as compared to $681 million in 2014. Low vacancy rates, a severely weakened Canadian dollar, and corresponding low interest rates have created a flurry of investment with unrelenting demand from local and international buyers.

The Collapse Of National Retailers2015 represented a painful but necessary evolution for retailers and commercial real estate landlords with the recent pullout of Target and the surprising closure and rebranding of Future Shop. Several Metro Vancouver shopping centres such as Coquitlam Centre, Surrey’s Central City, and Richmond’s Lansdowne have lost both a Target and a Future Shop tenant. With the somewhat limited pool of big box tenants, landlords are going to have to overhaul certain shopping centres to accommodate the shifting retail landscape. Richmond’s Lansdowne Centre has already initiated planning for high-density residential development to absorb the anchor holes left from Target and Future Shop.

Metro Vancouver Investment Report

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Multifamily BOC 10-Year Bond Yields BOC 5-Year Bond Yields

Average Capitalization Rate and Bond Yields

2Research & Forecast Report | Fourth Quarter 2015 | Metro Vancouver / Investment | Colliers International

OfficeThe Vancouver office landscape continues to adjust to the over 2.1 million square feet of new supply. Despite an increase in vacancy, the office market has absorbed the new supply remarkably well. As such, development and rezoning application activity remains energetic, as developers prepare to be at the front of the next wave of new office product. Although office was the only asset class to decrease in investment activity compared to 2014, with transaction volume decreasing by 20%, it is expected to stay strong with capitalization rates remaining low.

Highlights > Although strata office sale volume has decreased by 19% since 2014, this is more so due to a dearth of quality supply rather than a lack of demand. Accordingly, developers are increasingly interested in building strata office in the Vancouver market.

> Royal Centre and Bentall Centre were both listed for sale at the end of 2015, with both assets under contract in early 2016. These sizable sites offer rarely available prime real estate in the downtown core. The high prices achieved speaks to the competitiveness of the Vancouver market as an internationally recognized city for real estate investment.

> Metro Vancouver announced the acquisition of Metrotower III from Ivanhoe Cambridge for $205 million to serve as its head office. The current head office complex located at 4330 Kingsway and 5945 Kathleen Avenue will be sold.

Year Over Year Office Investment

Investment Snapshot

Notable SalesADDRESS MUNICIPALITY SIZE (SF) PRICE

1. 4730 Kingsway Street Burnaby 414,000 $205,000,000

2. 555 Robson Street Vancouver 135,000 $42,000,000

3. 2601-2609 Granville Street; 1540 West 10th Avenue Vancouver 45,540 $41,000,000

4. 3600 Lysander Lane Richmond 110,951 $33,000,000

5. 8100 Granville Avenue Richmond 94,675 $30,255,000

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92nd Ave

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84th Ave

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W 70th Ave N Kent AveSE Marine Dr

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W 57th Ave W 57th Ave

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NW Marine Dr

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21st

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11th

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72nd

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Mathers Ave

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Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd

Watson Rd Promontory Rd

Chilliwack Central Rd

1st Ave

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Anni

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Chap

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Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

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Sylve

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Rd

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New

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Rd

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R iver Rd South

Nicomen Island Trunk Rd

Nicomen Island Trunk Rd

John

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Rd

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Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

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Mtn

Rd

Sumas Mtn Rd

Upper Sumas Mountai n Rd

Limbert Rd

McCallum Rd

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WESTHAM ISLAND

TILBURY ISLAND

ANNACISISLAND

MITCHELLISLAND

DOUGLASISLAND

BARNSTON ISLAND

MCMILLAN ISLAND

CRESCENT ISLAND

MATSQUI ISLAND

HOGISLAND

FAIRFIELDISLAND

WINDERMERE ISLAND

SEAISLAND

1

2

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Richmond

0.0%

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2.0%

3.0%

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$-

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

2010 2011 2012 2013 2014 2015

O�ce

Dollar Volume Cap Rates

2015 Metro Vancouver Office 2014 2015 Trend

Number of Deals 80 69

Transaction Volume (CAD) $672,561,681 $539,285,941

4

5

Capitalization Rates2015 Metro Vancouver Office HIGH LOW

Downtown 6.00% 5.00%

Suburb 6.25% 5.50%Tracked based on deals valued over $1 million Notable Sales

3 Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International

Year Over Year Multifamily InvestmentMultifamily

Metro Vancouver multifamily investment activity escalated in 2015 with record sale transactions exceeding $1.3 billion dollars. Fueled by low interest rates and a slumping Canada dollar, the outlook for 2016 remains very promising as both local and offshore capital continue to drive up the market. The competitive landscape has further compressed capitalization rates to historic lows. With robust demand and the strong prospect for appreciation, the multi-family investment market appears poised for another stellar year.

Highlights > In 2015 overall apartment sales increased from 108 to 160 transactions, with dollar values soaring 111% to 1.37 billion as compared to 2014.

> In Vancouver proper the average price per unit increased 10% to $318,312, however a total of only 63 rental buildings changed hands in 2015, down 24% from the 85 sold in 2014.

> Demand for multifamily rental buildings soared in the suburban markets as sales totaled approximately $728,595,200, an increase of 86% percent from 2014.

> The significant demand for well-located high density multifamily assets has translated into lower capitalization rates for lower quality low-rise assets. Capitalization rates are expected to hold at historic lows.

Notable SalesADDRESS MUNICIPALITY UNITS PRICE PPU

1. 9500 Erickson Drive Burnaby 548 $160,000,000 $291,971

2. Langara Gardens Vancouver 621 $101,857,500 $328,043

3. 3755 West 6th Avenue Vancouver 106 $40,100,000 $378,302

4. 10700 150th Street Surrey 331 $33,650,000 $101,662

5. 5826,5860 Tisdall Street Vancouver 43 $27,600,000 $641,860

6. 6280, 6350 Willingdon Avenue Burnaby 116 $27,200,000 $234,483

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Indian

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BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

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VANCOUVERINTERNATIONAL

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Wha

tcom

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320t

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Mt.

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ok R

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e Rd

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44 Ave

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20th Ave

Page Rd

Glad

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40th Ave

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Richards Ave

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Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

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Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

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d28

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St

Lefe

uvre

Rd

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0 Ave Boundary Rd

272n

d St

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256t

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248t

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56th Ave

272n

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280t

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112th Ave

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256t

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264t

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112th Ave

124th Ave

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102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

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Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave

S Fraser Perimeter Rd

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lridg

e Rd

Victoria Dr

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s Rd

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r Dr

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t Mer

idia

n Rd

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Broa

dway

St

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ghne

ssy S

tWoo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd

Heritage Mountain Blvd

Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave

Marine DrNorth Blu� Rd

128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

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nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

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58th Ave 148t

h St

148t

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Scot

t Rd

120t

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80th Ave

Kitson Pkwy

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144t

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152n

d St

84th Ave

128t

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112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

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6th Ave

Queens

Ave

Deer Lake Pkwy

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y Av

e

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l Oak

Ave

Imperial St

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Nels

on A

ve

Marine Dr

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d

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dary

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52nd

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r

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Cause

way

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r Rd W

62B

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No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy

W 70th Ave N Kent AveSE Marine Dr

Twigg Pl

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pert

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Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave

W 57th Ave W 57th Ave

49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rdW 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr

Cornwall StPoint Grey Rd

Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw

yE Esplanade Main St W Riverside Dr

E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd

Harbourside DrHarbourside Pl

Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd

Trans Canada Highway

Lougheed Highway

Simon FraserUniversity

Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge

Queensborough Bridge

Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

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use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd

Watson Rd Promontory Rd

Chilliwack Central Rd

1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd

Chi l l iw ackRiver Rd

Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South

Nicomen Island Trunk Rd

Nicomen Island Trunk Rd

John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd

Upper Sumas Mountai n Rd

Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

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or W

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Fraser Highway

Trans Canada Highway

56th Ave

176t

h St

Paci

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Lougheed Highway

South Fraser Way

Mission-abbotsford Highw

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264t

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Alde

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Trans C

anada Hwy

North P

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South

Parallel

Sumas Way

Trans Canada Hwy

Harr

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Hot

Spr

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Rd

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E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

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Del

ta T

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Richmond Annacis Highway

Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave

WESTHAM ISLAND

TILBURY ISLAND

ANNACISISLAND

MITCHELLISLAND

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Strait Of Georgia

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Fraser River

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Fraser

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Fraser River

C.P.

R.

C.N.R.

C.P.R.

C.N.R.

VIA RAIL

SOUTHERN

RAILWAY

C.N.

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B.C. RAIL

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SOUTHERN RAILWAY

BC RAIL

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University of British Columbia

1

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17

VANCOUVERINTERNATIONAL

AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT

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AIRPORT

Albion Ferry

Burquitlam

Port Moody Centre

Lincoln

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Olympic Village

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Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport

VancouverCity Centre

Commercial

RupertRenfrew

Gilmore BrentwoodTown Centre

Holdom

Sperling/Burnaby Lake

Lake City WayProduction Way/University

Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew

Gilmore BrentwoodTown Centre

Holdom

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Lake City WayProduction Way/University

Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

Broadway

Nanaimo

29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds

22nd StNewWestminster

ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

WaterfrontBurrard

Stadium/Chinatown

Main St

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Nanaimo

29th Ave

Joyce

Patterson

Metrotown

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ColumbiaScott Rd

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Port Coquitlam

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PittMeadows

MapleRidge

Mission

Abbotsford

White Rock

George Massey Tunnel

Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

Rd

McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave

S Fraser Perimeter Rd

Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

tWoo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

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92nd Ave

96th Ave

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104th Ave

108th AveGros

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116th Ave

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No. 4 RdFireclay Rd

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Wells Line Rd

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Wellington Ave

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Hope River Rd

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Limbert Rd

McCallum Rd

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Arthur L

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WESTHAM ISLAND

TILBURY ISLAND

ANNACISISLAND

MITCHELLISLAND

DOUGLASISLAND

BARNSTON ISLAND

MCMILLAN ISLAND

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2010 2011 2012 2013 2014

Multifamily

Dollar Volume Cap Rates

Investment Snapshot2015 Metro Vancouver Multifamily 2014 2015 Trend

Number of Deals 108 160

Transaction Volume (CAD) $651,526,565 $1,372,770,549

Capitalization Rates2015 Metro Vancouver Multifamily HIGH LOW

High Rise 3.25% 2.75%

Low Rise 4.25% 3.00%Tracked based on deals valued over $1 million Notable Sales

4Research & Forecast Report | Fourth Quarter 2015 | Metro Vancouver / Investment | Colliers International

RetailDemand for quality retail properties is expected to continue as the cost of borrowing remains low and yields continue to outweigh other investment options. The private capital investment sector is anticipated to continue to purchase the bulk of available retail product, as it can benefit the most from sustaining lower yields in a long-term hold scenario. A lack of supply coupled with high demand from purchasers identifies current market conditions as a seller’s market. While this benefits sellers, it also means higher price expectations for purchasers.

Highlights > Overall volume of sales increased significantly in 2015 as the total volume climbed from $993 million (2014) to $1.18 billion (2015).

> Regional retail strata sales led the investment market averaging $524 per SF, an increase of $2 per SF from 2014, resulting in a higher average price per square foot than any other asset.

> Overall vacancy has decreased by 0.6% in Metro Vancouver between 2014 and 2015, from 4.1% to 3.5%.

> The majority of retail transactions occurred in the $1 million - $3 million range, signalling that private small business owners have decided that the purchasing and financing cost of owning space is the more economical choice, especially if cashflows are unstable at times.

Notable SalesADDRESS MUNICIPALITY TRANSACTION SIZE PRICE

1. 14100 Entertainment Boulevard Richmond 314,033 $103,000,000

2. 8100 Ackroyd Road Richmond 106,382 $101,800,000

3. 10312 King George Boulevard Surrey 123,239 $62,500,000

4. 11900 Haney Place Maple Ridge 226,874 $57,600,000

5. 600-640 West Broadway; 2525 Ash Street Vancouver 34,708 $38,888,889

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8th Ave

256t

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248t

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272n

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272n

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280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

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124th Ave

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240t

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Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

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Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave15

2nd

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20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

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20th Ave

Colebrook Rd

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40th Ave 40th Ave

160t

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160t

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60th Ave

64th Ave

168t

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184t

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192n

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80th Ave

88th Ave

Harvie

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160t

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92nd Ave

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104th Ave

156t

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88th Ave

92nd Ave

96th Ave

132n

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116th Ave

Hartley Ave

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8th Ave

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72nd

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60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

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6th Ave

12th Ave

52nd

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56th

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Blue

Mou

ntai

n St

Stav

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ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd

Trans Canada Highway

Lougheed Highway

Simon FraserUniversity

Dollarton HwyOld

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Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

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Queensborough Bridge

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Lick

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Sum

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Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd

Watson Rd Promontory Rd

Chilliwack Central Rd

1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd

Chi l l iw ackRiver Rd

Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South

Nicomen Island Trunk Rd

Nicomen Island Trunk Rd

John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd

Upper Sumas Mountai n Rd

Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway

Trans Canada Highway

56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way

Mission-abbotsford Highw

ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay

Richmond Annacis Highway

Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave

WESTHAM ISLAND

TILBURY ISLAND

ANNACISISLAND

MITCHELLISLAND

DOUGLASISLAND

BARNSTON ISLAND

MCMILLAN ISLAND

CRESCENT ISLAND

MATSQUI ISLAND

HOGISLAND

FAIRFIELDISLAND

WINDERMERE ISLAND

SEAISLAND

5

1

32

Year Over Year Retail Investment

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

$-

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

$1,400,000,000

$1,600,000,000

2010 2011 2012 2013 2014 2015

Retail

Dollar Volume Cap Rates

Investment Snapshot2015 Metro Vancouver Retail 2014 2015 Trend

Number of Deals 220 264

Transaction Volume (CAD) $992,585,552 $1,359,812,177

Capitalization Rates2015 Metro Vancouver Retail HIGH LOW

Regional/Power 5.50% 4.75%

Community 5.75% 4.75%

Strip Mall 5.75% 4.75%Tracked based on deals valued over $1 million Notable Sales

CapilanoLake

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Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

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Harrison Lake

Harrison Bay

Fraser

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Fraser River

C.P.

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C.N.R.

C.P.R.

C.N.R.

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SOUTHERN

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C.N.

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B.C. RAIL

C.N.R.

C.P.R.

C.P.R.

C.N.

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C.N.R.

C.N.R.

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B.N.R.

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VANCOUVERINTERNATIONAL

AIRPORT

BC FERRIESTERMINAL

TSAWWASSEN

BOUNDARY BAYAIRPORT

LANGLEYAIRPORT

PITT MEADOWSAIRPORT

ABBOTSFORD INTERNATIONAL

AIRPORT

Albion Ferry

Burquitlam

Port Moody Centre

Lincoln

Lafarge Lake - Douglas

Coquitlam Central

Burquitlam

Port Moody Centre Inlet CentreInlet Centre

Lincoln

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Port Moody Centre

PittMeadows

MapleMeadows

PortHaney

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PittMeadows

MapleMeadows

PortHaney

MissionCity

CoquitlamCentral

PortCoquitlam

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport

VancouverCity Centre

KingEdward

Broadway/City Hall

Olympic Village

Yaletown/Roundhouse

Oakridge/41st Ave

Langara/49th Ave

Marine Dr

Bridgeport

Aberdeen

Lansdowne

Brighouse

TempletonSea Island

CentreYVR

Airport

VancouverCity Centre

Commercial

RupertRenfrew

Gilmore BrentwoodTown Centre

Holdom

Sperling/Burnaby Lake

Lake City WayProduction Way/University

Braid

Sapperton

LougheedTown Centre

VCC/Clark

Commercial

RupertRenfrew

Gilmore BrentwoodTown Centre

Holdom

Sperling/Burnaby Lake

Lake City WayProduction Way/University

Braid

Sapperton

LougheedTown Centre

VCC/Clark

Burrard

Stadium/Chinatown

Main St

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Nanaimo

29th Ave

Joyce

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Metrotown

RoyalOak

Edmonds

22nd StNewWestminster

ColumbiaScott Rd

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SurreyCentral

King George

Granville

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Stadium/Chinatown

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29th Ave

Joyce

Patterson

Metrotown

RoyalOak

Edmonds

22nd StNewWestminster

ColumbiaScott Rd

Gateway

SurreyCentral

King George

Granville

Waterfront

Lonsdale QuayLonsdale Quay

Delta

Surrey

Port Moody

Burnaby

WestVancouver

NorthVancouver

Richmond

CHILLIWACK

AGASSIZNEWWESTMINSTER

Vancouver

LangleyLangley

Port Coquitlam

Coquitlam

PittMeadows

MapleRidge

Mission

Abbotsford

White RockGeorge Massey Tunnel

Hammond Rd

Fraser Wy

Boundary Rd

Vye Rd

Wha

tcom

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McC

allu

m R

d

Marshall Rd

Huntington Rd

Peard

onvil

le Rd

King Rd

Ross

Rd

296t

h St

328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

Clayburn Rd

Rive

rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

Ferndale Ave

Richards Ave

Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

r St

Farm

s Rd

Spra

tt Rd

Stav

e La

ke R

d

Hurd

St

Wre

n St

Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

Wils

on S

t

Hayw

ard

St

Duke R

d280t

h St

80th Ave

McTavish Rd

Satc

hell

St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

272n

d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

Fern

Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

207t

h St

Gold

en E

ars

Brid

ge

208t

h St

100th Ave

96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

ay

40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave

S Fraser Perimeter Rd

Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

r Dr

Coas

t Mer

idia

n Rd

Kingsway Ave

Broa

dway

St

Shau

ghne

ssy S

tWoo

dlan

d Pi

pelin

e Rd

Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

r Rd

Dewdney Trunk Rd

Harr

is R

d

Richardson Rd

McNeil Rd

East Rd

Sunn

ysid

e Rd

Ioco Rd

April

Rd

Heritage Mountain Blvd

Clarke

Rd

Como Lake Ave

Mar

iner

Wy

Lint

on S

t

Gate

nsbu

ry R

d

Austin Ave

Marine DrNorth Blu� Rd

128t

h St

20th Ave124t

h St

Bayv

iew

St

24th Ave

28th Ave

140t

h St

Cres ce

nt R

d 32nd Ave

40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy

W 70th Ave N Kent AveSE Marine Dr

Twigg Pl

Sprott StWinston StRu

pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave

W 57th Ave W 57th Ave

49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr

Cornwall StPoint Grey Rd

Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw

yE Esplanade Main St W Riverside Dr

E Riv

ersid

e Dr

W Esplanade

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dale

Ave

Ches

ter�

eld

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St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd

Harbourside DrHarbourside Pl

Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd

Trans Canada Highway

Lougheed Highway

Simon FraserUniversity

Dollarton HwyOld

Dollarton Rd

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Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

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idge

Queensborough Bridge

Cliveden

Ave

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W Yale Rd

Lick

man

Rd

Sum

as P

rairi

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Boun

dary

Rd

Inte

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vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

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Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd

Watson Rd Promontory Rd

Chilliwack Central Rd

1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd

Chi l l iw ackRiver Rd

Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South

Nicomen Island Trunk Rd

Nicomen Island Trunk Rd

John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd

Upper Sumas Mountai n Rd

Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

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Fraser Highway

Trans Canada Highway

56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way

Mission-abbotsford Highw

ay

264t

h St

Alde

rgro

ve -

Bel

lingh

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ighw

ay

Trans C

anada Hwy

North P

arallel

South

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Trans Canada Hwy

Harr

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Spr

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Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay

Richmond Annacis Highway

Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave

WESTHAM ISLAND

TILBURY ISLAND

ANNACISISLAND

MITCHELLISLAND

DOUGLASISLAND

BARNSTON ISLAND

MCMILLAN ISLAND

CRESCENT ISLAND

MATSQUI ISLAND

HOGISLAND

FAIRFIELDISLAND

WINDERMERE ISLAND

SEAISLAND

4

5 Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International

IndustrialThe industrial investment market remained strong in 2015, rising 30% in transaction value. The challenge in the market is finding viable and worth-while investment opportunities in Metro Vancouver. As a result, capitalization rates continue to compress and price per SF is on an upward trend, rising from $208 per SF in 2014 to $222 per SF in 2015. Without a feasible way to offset the decreasing industrial land reserves, these trends are expected to continue.

Highlights > Due to high demand for investment opportunities and the limited amount of product, industrial strata development is becoming more appealing. Approximately 550,000 square feet of new strata developments are planned for completion in 2016.

> The market remains extremely competitive, further pushing competition among investors to pursue off-market opportunities. Subsequently, capitalization rates continue their compression as investors are accepting properties with higher vacancies and risk.

> In an effort to place capital in a competitive market, many properties are being purchased based on future development potential. An example of this is 7911-7991 Alderbridge Way; 4935-4991 No. 3 Road, in Richmond which traded for $63 million in February 2015. This continues the trend of demand for future development sites with a holding income.

Notable SalesADDRESS MUNICIPALITY SIZE (SF) PRICE

1. 7911-7991 Alderbridge Way; 4935-4991 No. 3 Road Richmond 169,070 $63,000,000

2. 5016 272nd Street Langley 396,000 $53,011,165

3. Knightsbridge Business Park Richmond 259,440 $40,250,000

4. Key West Business Centre Richmond 271,388 $34,500,000

5. 5850 272nd Street Langley 206,953 $28,000,000

CapilanoLake

Indian

Arm

BuntzenLake

Pitt Lake

Hatzic Lake

Stave Lake

English Bay

Burrard Inlet

Strait Of Georgia

Mud Bay

Fraser River

CultusLake

Harrison Lake

Harrison Bay

Fraser

River

Fraser River

C.P.R

.

C.N.R.

C.P.R.

C.N.R.

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SOUTHERN

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tcom

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allu

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Rd

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328t

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320t

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304t

h St

Mt.

Lehm

an R

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rbro

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d

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illan

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Bell

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44 Ave

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20th Ave

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win

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s Rd

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tt Rd

Stav

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St

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Clay

St

Dewdney Trunk Rd

Keystone Ave

Tyler

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St

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80th Ave

McTavish Rd

Satc

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St

Harris Rd

Townshipline Rd

Downes Rd

Brad

ner R

d28

8th

St

Lefe

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Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave

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d St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

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124th Ave

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102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

h St

Brow

n Rd

72nd Ave

Telegraph Tr

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Cr

132nd Ave

144 th St

Neav

es R

d

Laity

St

216t

h St

River Rd

203r

d St

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h St

Gold

en E

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208t

h St

100th Ave

96th Ave

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Telegraph Tr

216t

h St

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pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

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216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

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40th Ave 40th Ave

160t

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160t

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60th Ave

64th Ave

168t

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184t

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192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave

S Fraser Perimeter Rd

Woo

lridg

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Victoria Dr

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s Rd

Prairie Ave

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Kingsway Ave

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Panorama Dr

John

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St

Landsdowne Dr

Pine

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Mary Hill Bypass

Pitt

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Dewdney Trunk Rd

Harr

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Richardson Rd

McNeil Rd

East Rd

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Ioco Rd

April

Rd

Heritage Mountain Blvd

Clarke

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20th Ave124t

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24th Ave

28th Ave

140t

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40th Ave

Colebrook Rd

56th Ave

Stat

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Rd

58th Ave 148t

h St

148t

h St

64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

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Deep

Cov

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Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

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Sper

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St

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Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

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Roya

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Ave

Imperial St

Rumble St

Nels

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Marine Dr

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St

Boun

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Rd

Grange St

RdRiver

Derwent Wy

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Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

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1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

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53rd

St

Arth

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34B Ave

Cause

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No. 6

Rd

No. 7

Rd

No. 8

Rd

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No. 9

Rd

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Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

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No. 4

Rd

Shel

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Railw

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Westham Island Rd

Robe

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Dyke Rd

Gilb

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No. 2

Rd

No. 1

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Moncton St

Russ Baker W

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Grant McConachie Wy

W 70th Ave N Kent AveSE Marine Dr

Twigg Pl

Sprott StWinston StRu

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St

Hold

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t

Berk

ley

Rd

McGill St

Dundas St

Renf

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St

1st Ave

Venables St

Nana

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St

E 41st Ave

W 57th Ave W 57th Ave

49th Ave E

Kerr

St

Ellio

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Vict

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Clar

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Paci�c St

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Arbu

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Dunb

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t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr

Cornwall StPoint Grey Rd

Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

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boro

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Capi

lan

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Edgemont Blvd

Welch St

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Delb

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W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

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Grandview Hwy

Blundell Rd

Harbourside DrHarbourside Pl

Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

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Stav

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Bedw

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Trans Canada Highway

Lougheed Highway

Simon FraserUniversity

Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

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Queensborough Bridge

Cliveden

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Rd

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Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd

Watson Rd Promontory Rd

Chilliwack Central Rd

1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

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Rd

Gibs

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Pres

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Youn

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Banf

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Rd

Campbell R

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Chi l l iw ackRiver Rd

Gilla

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Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

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Sylve

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Rd

Hawkins Pickle Rd

New

ton

Rd

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R iver Rd South

Nicomen Island Trunk Rd

Nicomen Island Trunk Rd

John

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Rd

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Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

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Rd

Sumas Mtn Rd

Upper Sumas Mountai n Rd

Limbert Rd

McCallum Rd

Cam

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Arthur L

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Iron Workers M

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Stewardson Wy

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192n

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St

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North

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110th Ave

112th Ave

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E Broadway

Kingsway

Gran

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VANCOUVERINTERNATIONAL

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RupertRenfrew

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allu

m R

d

Marshall Rd

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King Rd

Ross

Rd

296t

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328t

h St

320t

h St

304t

h St

Mt.

Lehm

an R

d Clea

rbro

ok R

d

McM

illan

RdOld Yale

Clayburn Rd

Old

Bell

Rd

56th Ave

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rsid

e Rd

Fore Rd 60th Ave

44 Ave

16th Ave

8th Ave

20th Ave

Page Rd

Glad

win

Rd

48th Ave48th Ave

40th Ave

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Dale Rd

Farms Rd

Hartley Rd

Dewdney Trunk Rd

1st Ave

7th Ave

14th Ave

22nd Ave

Ceda

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Farm

s Rd

Spra

tt Rd

Stav

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Clay

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Dewdney Trunk Rd

Keystone Ave

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t

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80th Ave

McTavish Rd

Satc

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Harris Rd

Townshipline Rd

Downes Rd

Brad

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d28

8th

St

Lefe

uvre

Rd

8th Ave

0 Ave Boundary Rd

272n

d St

8th Ave

256t

h St

248t

h St

272n

d St

56th Ave27

2nd

St

280t

h St

112th Ave

100th Ave

112th Ave

256t

h St

256t

h St

264t

h St

248t

h St

112th Ave

124th Ave

Dewdney Trunk Rd

102nd Ave

240t

h St

128th Ave128th Ave

232n

d St

227t

h St

224t

h St

Glov

er R

d

Wilson Cr

80th Ave

240t

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Brow

n Rd

72nd Ave

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132nd Ave

144 th St

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d

Laity

St

216t

h St

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203r

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207t

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208t

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96th Ave

88th Ave

Telegraph Tr

216t

h St

To

pham

Rd

200t

h St

72nd Ave 72nd Ave

208t

h St

216t

h St

Glover

Rd

Logan Ave

HWY 10BYPASS

48th Ave

Old Yale Rd

40th Ave

Douglas Cr

208t

h St

53rd Ave

203r

d St

Grade Cr

200t

h St

208t

h St

216t

h St

32nd Ave

240t

h St

24th Ave 24th Ave

224t

h St

232n

d St

16th Ave

176t

h St

0 Ave Boundary Rd

176t

h St

172n

d St

Campbell River Rd

16th Ave

168t

h St

8th Ave

Buena Vista Ave

152n

d St 24th Ave

20th Ave

28th Ave

32nd Ave

184t

h St

188t

h St

192n

d St

20th Ave

Colebrook Rd

Paci

�c H

ighw

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40th Ave 40th Ave

160t

h St

160t

h St

60th Ave

64th Ave

168t

h St

184t

h St

192n

d St

80th Ave

88th Ave

Harvie

Rd

160t

h St

92nd Ave

96th Ave

104th Ave

156t

h St

108th Ave

S Fraser Perimeter Rd

Woo

lridg

e Rd

Victoria Dr

Burn

s Rd

Prairie Ave

Ceda

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Coas

t Mer

idia

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Kingsway Ave

Broa

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St

Shau

ghne

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Panorama Dr

John

son

St

Landsdowne Dr

Pine

tree

Wy

Mary Hill Bypass

Pitt

Rive

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Dewdney Trunk Rd

Harr

is R

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Richardson Rd

McNeil Rd

East Rd

Sunn

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Ioco Rd

April

Rd

Heritage Mountain Blvd

Clarke

Rd

Como Lake Ave

Mar

iner

Wy

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t

Gate

nsbu

ry R

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Austin Ave

Marine DrNorth Blu� Rd

128t

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20th Ave124t

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24th Ave

28th Ave

140t

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Cres ce

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40th Ave

Colebrook Rd

56th Ave

Stat

ion

Rd

58th Ave 148t

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148t

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64th Ave 68th Ave

72nd Ave

76th Ave76th Ave

Scot

t Rd

120t

h St

80th Ave

Kitson Pkwy

72nd Ave 140t

h St

144t

h St

152n

d St

84th Ave

128t

h St

112t

h St

84th Ave

Norde

l Wy

140t

h St

AnnacisHighway

88th Ave

92nd Ave

96th Ave

132n

d St

100th Ave

Scott

Rd

100th Ave

104th Ave

108th AveGros

venor

Rd

116th Ave

Hartley Ave

Mt S

eymou

r Rd

Deep

Cov

e Rd

Mt Seymour Pkwy

Eton St

Parker St Curtis St

Gaglardi Wy

Gera

ld A

ve

Sper

ling

St

Nort

h Rd

Canada Wy6th St

10th Ave

8th Ave

6th Ave

Queens

Ave

Deer Lake Pkwy

Gille

y Av

e

Roya

l Oak

Ave

Imperial St

Rumble St

Nels

on A

ve

Marine Dr

Marine Wy

Byrne R

d

Tyne

St

Boun

dary

Rd

Grange St

RdRiver

Derwent Wy

River Rd VantageWy

Progress Wy 80th

St

Hopcott Rd

72nd

St

60th Ave

36th Ave

64th

St

16th Ave

Boundary Bay R

dPoin

t Rob

erts

Rd

1st Ave

6th Ave

12th Ave

52nd

St

56th

St

28th Ave27B Ave

Deltaport Wy

53rd

St

Arth

ur D

r

34B Ave

Cause

way

Rive

r Rd W

62B

St

No. 6

Rd

No. 7

Rd

No. 8

Rd

Nels

on R

d

No. 9

Rd

Vulc

an W

y

Bridgeport Rd

Knight St Bridge

Granville Ave

River Rd

Blundell Rd

Francis Rd

Williams Rd

Gard

en C

ity R

d

No. 4

Rd

Shel

l Rd

Railw

ay A

ve

Westham Island Rd

Robe

rtso

n Rd

Dyke Rd

Gilb

ert R

d

No. 2

Rd

No. 1

Rd

Moncton St

Russ Baker W

y

Grant McConachie Wy

W 70th Ave N Kent AveSE Marine Dr

Twigg Pl

Sprott StWinston StRu

pert

St

Hold

om S

t

Berk

ley

Rd

McGill St

Dundas St

Renf

rew

St

1st Ave

Venables St

Nana

imo

St

E 41st Ave

W 57th Ave W 57th Ave

49th Ave E

Kerr

St

Ellio

t S

t

Vict

oria

Dr

Clar

k Dr

Knig

ht S

t

Fras

er S

t

Mai

n St

E 33rd Ave

E 12th Ave

Gre at Northern Wy

Denman

St

Davie St

Paci�c St

W 33rd Ave

Cam

bie

St

Oak

St

Arbu

tus

StW

Bou

leva

rd

W 49th Ave

Blen

heim

St

Dunb

ar S

t

Crow

n St

W 10th Ave

Wesbrook Mall

W 4th Ave

NW Marine Dr

Cornwall StPoint Grey Rd

Mac

dona

ld S

t

Marine Dr15th St

21st

St

Inglewood Ave

11th

St

15th

St

Stev

ens D

r

Queens AveSouth

boro

ugh

Dr

Capi

lan

o Rd

Edgemont Blvd

Welch St

Larso

n Rd

Delb

rook

E 29th St

E Gr

and

Blvd

Broo

ksba

nkAv

e

Mountain Hw

yE Esplanade Main St W Riverside Dr

E Riv

ersid

e Dr

W Esplanade

Lons

dale

Ave

Ches

ter�

eld

Ave

St G

eorg

es A

ve

W 13th St

Braemar Rd

Mou

ntai

n Hw

y

Lynn V

alley R

d

Lillo

oet R

d

W 3rd StE 3rd St

Hyannis Dr

72nd

St

Huston Rd

76th

St

Kent Ave S

Grandview Hwy

Blundell Rd

Harbourside DrHarbourside Pl

Fulton Ave

Mathers Ave

64th Ave

Rd

Ferguson Wy

Ladner Trunk Road

Blue

Mou

ntai

n St

Stav

e La

ke St

Bedw

ell Bay Rd

F

ell

Ave

E Keith Rd

Trans Canada Highway

Lougheed Highway

Simon FraserUniversity

Dollarton HwyOld

Dollarton Rd

Vulcan Wy

Port Mann Bridge

Patullo Bridge

Alex Fraser Bridge

Oak St Bridge

Lions

Gat

e Br

idge

Queensborough Bridge

Cliveden

Ave

Industrial Wy

W Yale Rd

Lick

man

Rd

Sum

as P

rairi

e Rd

Boun

dary

Rd

Inte

rpro

vinc

ial H

wy

Cole

Rd

McD

erm

ott R

d

Mar

ion

Rd

Dixo

n Rd

Pow

erho

use

Rd

Chad

sey

Rd

Sinclair Rd

Hope

dale

Rd

S Sumas Rd

Luckakuck Wy

Keith Wilson Rd

Peters Rd

W Yale Rd

Vedder Rd

Prairie Central Rd

Bailey Rd

Watson Rd Promontory Rd

Chilliwack Central Rd

1st Ave

Castleman Rd

Anni

s Rd

Chap

man

Rd

McG

rath

Rd

Ford

Rd

Gibs

on R

d

Pres

t Rd

Youn

g Rd

Banf

ord

Rd

Campbell R

iver Rd

Chi l l iw ackRiver Rd

Gilla

nder

s Rd

Vedder Mountain Rd

Yarrow Central Rd

No. 3 Rd

No. 4 RdFireclay Rd

No. 5 RdAtkinson Rd

Campbell Rd

Wells Line Rd

Dewdney Trunk Rd

Stav

e La

ke R

d

Sylve

ster

Rd

Hawkins Pickle Rd

New

ton

Rd

Eagl

e Rd

R iver Rd South

Nicomen Island Trunk Rd

Nicomen Island Trunk Rd

John

son

Rd

Athe

y RdNo 1 Rd

Chilliwack Mtn Rd

Wellington Ave

Wolfe Rd

Hope River Rd

Chilliwack Lake Rd

Lower S

umas

Mtn

Rd

Sumas Mtn Rd

Upper Sumas Mountai n Rd

Limbert Rd

McCallum Rd

Cam

eron

Rd

Brid

ge R

d

Arthur L

aing

Brid

ge

RdStraiton

Iron Workers M

emo rial Bridge

Stewardson Wy

Colu

mbia

St

Brunette Ave

Newton Rd

192n

d St

Dawson Rd

Ave

Shau

ghne

ssy S

t

St

Fraser

Wy

North

Com

mer

cial

Dr

Earle

s St

110th Ave

112th Ave

Kingsway

E Hastings Street

E Broadway

Kingsway

Gran

ville

Stre

et

W Broadway

King

Geo

rge

High

way

Fraser Highway

United Blvd

Barnet Highway

Upper

Highway

Levels

Tayl

or W

y

Haney Bypass

Fraser Highway

Trans Canada Highway

56th Ave

176t

h St

Paci

�c H

ighw

ay

Lougheed Highway

South Fraser Way

Mission-abbotsford Highw

ay

264t

h St

Alde

rgro

ve -

Bel

lingh

am H

ighw

ay

Trans C

anada Hwy

North P

arallel

South

Parallel

Sumas Way

Trans Canada Hwy

Harr

ison

Hot

Spr

ings

Rd

Lougheed Hwy

E Yale Rd

Lougheed Highway

St. Johns St

Westminster Hwy

Fras

er -

Del

ta T

hruw

ay

Richmond Annacis Highway

Cambie Rd

Alderbridge Wy

Will

ingd

on A

ve

King Edward Ave

W 41st Ave

W 12th Ave

SW Marine Dr

W 16th Ave

No. 5

Rd

Steveston Hwy

No. 3

Rd

Canada Wy

Gilm

ore

Ave

WESTHAM ISLAND

TILBURY ISLAND

ANNACISISLAND

MITCHELLISLAND

DOUGLASISLAND

BARNSTON ISLAND

MCMILLAN ISLAND

CRESCENT ISLAND

MATSQUI ISLAND

HOGISLAND

FAIRFIELDISLAND

WINDERMERE ISLAND

SEAISLAND

Langley

1

2

43

5

Notable Sales

Year Over Year Industrial Investment

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

$-

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

2010 2011 2012 2013 2014 2015

Industrial

Dollar Volume Cap Rates

Investment Snapshot2015 Metro Vancouver Industrial 2014 2015 Trend

Number of Deals 160 202

Transaction Volume (CAD) $750,034,826 $975,320,799

Capitalization Rates2015 Metro Vancouver Industrial HIGH LOW

Multi-Tenant 6.00% 5.25%

Single-Tenant 5.50% 4.75%Tracked based on deals valued over $1 million

Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International

7 Research & Forecast Report | Year End 2015 | Metro Vancouver / Investment | Colliers International

Glossary

Cap rate:A rate of return used to derive the capital value of an income stream. The formula is: Value = (annual income divided by capitalization rate). Example: the estimated net operating income of an office building is $12,000 per year. An appraiser decides the appropriate capitalization rate is 12%, comprised of a 10% return on investment and 2% for depreciation. The estimated value of the building is $100,000.

Yield:The return on an investment or the amount of profit, stated as a percentage of the amount invested; the rate of return. In real estate, yield refers to the effective annual amount of income that is being accrued on an investment. The yield on income property is the ratio of the annual net income from the property to the cost or market value of the property. The yield, or profit, to a lender is the spread or differential between the cost of acquiring the funds lent and the interest rate charged.

Bond Rates:1. A debt instrument; an obligation to pay; a security issued by a corporation.2. A written promise that accompanies a mortgage and is evidence of the debt secured by the mortgage.3. An interest-bearing certificate issued by a government to finance public projects.

Sources: RealNet, Scotia Bank Economics

Copyright © 2016 Colliers International.

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. *Personal Real Estate Corporation

About Colliers International Group Inc.Colliers International Group Inc. is a global leader in commercial real estate services, with more than 16,300 professionals operating out of 502 offices in 67 countries. Colliers International delivers a full range of services to real estate occupiers, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. In 2014, the firm handled $97 billion in total transaction value for 84,600 leases and sales. Colliers manages more than 1.7 billion square feet of commercial properties.

Colliers International Group Inc. generates more than US$2.3 billion in annual revenues. With significant insider ownership and an experienced management team, Colliers International has a long-term track record of creating value and superior returns for shareholders – previously under the ownership of FirstService, and as of June 2015, continuously as an independently owned company. The common shares of Colliers International Group Inc. trade on the NASDAQ under the symbol “CIGI” and on the Toronto Stock Exchange under the symbol “CIG”.

collierscanada.com

502 offices in 67 countries on 6 continents

United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108

$2.3billion in annual revenue

1.7billion square feet under management

16,300professionals and staff

MARKET CONTACT:Kirk Kuester Executive Managing Director | Vancouver Brokerage+1 604 661 0814kirk.kuester@colliers.com

Curtis Scott Manager, Market Intelligence | Vancouver+1 604 662 2667curtis.scott@colliers.com

REGIONAL AUTHORS:Emily Bennett | Market Intelligence CoordinatorMatthew Fawsitt | Financial Analyst

CONTRIBUTORS:John Boer*Hart BuckDan ChatfieldRob DownMorgan Dyer*Steve Fame*Jamie LangSimon Lim*Kelvin LukGeorge McLachrie

Marshall MacLeod*Sam Nakhleh*Oliver Omi*Matt Saunders*Sheldon Scott*Sherman ScottDavid Taylor*Cecilia Tse*Casey Weeks*Hiroshi Yamamoto

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