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MARKET ENTER YOUR PRESENTATION UPDATE TITLE HERE Optional subtitle text here UDI August 11, 2020 ADD DATE HERE MEETING

Market Overview General Context • Retail sector was the first to be impacted but is showing signs of reinvention ahead of others • Industrial sector remains strong, benefitting from a position of high demand and low supply • Office sector is the most unknown as companies are slow to re-occupy and there is much speculation as to future demand • Multi-family is the most active asset class from an investment perspective MEETING

Retail…… Q2 2020 Trends Overall Vacancy, Absorption & Asking Rate Availability by Type YoY 12-Mo. Chg Forecast 148K Q4 2019 Q2 2020 Vancouver Retail Jobs 3.8% 1.3% 3.1% 2.9% Vancouver Population 2.2% Growth 13.7% Canada Unemployment Rate Downtown Core Regional Malls Community Malls Neighbourhood Malls Sources: Statistics Canada & Oxford Economics Source: C&W Research MEETING

Industrial…… Q2 2020 Trends Overall Vacancy, Absorption & Asking Rate Overall Vacancy & Asking Rate YoY 12-Mo. $14 4% Chg Forecast 4% $12 1.3% 3% $10 Vacancy Rate 3% $8 1.5M 2% $6 Net Absorption 2% $4 1% $13.15 $2 1% Asking Rate, PSF $0 0% 2017 2018 2019 2020 (Overall, Net Asking Rate) Asking Net Rent, $ PSF Vacancy Rate MEETING Source: C&W Research

Office…… Q2 2020 Trends Overall Vacancy, Absorption & Asking Rate Overall Vacancy & Asking Rate YoY 12-Mo. 14% Chg Forecast $48 3.9% Vacancy Rate $42 7% -185,414 Net Absorption $36 $44.26 Asking Rate, PSF $30 0% 2016 2017 2018 2019 2020F (Overall, All Property Classes) Gross Asking Rent, $ PSF Vacancy Rate MEETING Source: C&W Research

Office Sublease Summary – 3,000SF+ Sublease Spaces Added to the Market March 1 st – August 10 th : 730KSF – Metro Vancouver; 590KSF – Financial Core USER TYPE AREA Tech Education Financial Core Burnaby Other Services New Westminster Mining/Oil & Gus/Lumber Broadway Corridor Engineerng/Construction/ Surrey Architects Retail Services Richmond Insurance/Finance North Shore Biotech Notable Subleases: 666 Burrard - Mining (53KSF), 2700 Production – Tech (50KSF), 435 Columbia - Education (41KSF), 580 Granville - Tech (30KSF), 101 Smithe - Education (30KSF) and 725 Granville - Tech (20KSF) MEETING Source: C&W Research

RETURN TO OFFICE? The Future of Office Space

RETURN TO OFFICE? The future of office space Total Workplace Ecosystem: • a variety of locations and experiences to support convenience, functionality and wellbeing vs. a single location • offices will become destinations that strengthen cultural connection, learning, bonding with customers and colleagues, and support innovation • current footprint sizes will remain steady, balancing social distancing’s relaxing of space density with less office space headcount demand in the new total workplace strategy MEETING

WHAT’S NEXT?