Tables: AQINFO_B | AQINFO_C | AQINFO_D | AQINFO_F | QPROFIL | QTYPES | QMARKET | Q1_2 | Q1_2A | Q1_2B | Q1_2C | Q1_2D | Q1_2G | Q1_2H | Q1_2I | Q1_2J | Q1_2K | Q1_2L | Q1_2M | AQ1_2M | Q1_3 | Q1_3A | Q1_3B | Q1_3C | Q1_3D | Q1_3G | Q1_3H | Q1_3I | Q1_3J | Q1_3K | Q1_3L | Q1_3M | AQ1_3M | Q1_4 | Q1_4A | Q1_4B | Q1_4C | Q1_4D | Q1_4G | Q1_4H | Q1_4I | Q1_4J | Q1_4K | Q1_4L | Q1_4M | AQ1_4M | Q1_5 | Q1_5A | Q1_5B | Q1_5C | Q1_5D | Q1_5G | Q1_5H | Q1_5I | Q1_5J | Q1_5K | Q1_5L | Q1_5M | AQ1_5M | Q1_6 | Q1_6C | Q1_6D | Q1_6I | Q1_6J | Q1_6M | AQ1_6M | Q1_7A | Q1_7B | Q1_7C | AQ1_7C | Q1_8 | Q1_8A | Q1_8B | Q1_8C | AQ1_8C | Q2_1A | Q2_1B | Q2_1C | AQ2_1C | Q2_2A | Q2_2B | Q2_3A | Q2_3B | Q2_4A | Q2_4B | Q2_4C | AQ2_4C | Q2_5A | Q2_5B | Q2_6A | Q2_6B | Q2_7 | AQ2_7 | QFIN

Selection condition: WHERE (QFIN = Finish)
AQINFO_B
CLIENT CONTRIBUTOR / ALTUS GROUPE SURVEYOR INFORMATION
Client / Contributor Name :
CodeLabelCount% with missing% without missing
Adam Palmer(no label) 1 1.2 %1.2 %
Adrienne MacCharles(no label) 1 1.2 %1.2 %
Alain Filion(no label) 1 1.2 %1.2 %
Alan Millar(no label) 1 1.2 %1.2 %
Alexandre DEMERS(no label) 1 1.2 %1.2 %
Alice Wang(no label) 1 1.2 %1.2 %
Alim Somji(no label) 1 1.2 %1.2 %
Alon Grinberg(no label) 1 1.2 %1.2 %
Amedeo Prete(no label) 1 1.2 %1.2 %
Andrea Beckingham(no label) 1 1.2 %1.2 %
Andrei Novak(no label) 1 1.2 %1.2 %
Andrew Beliveau(no label) 1 1.2 %1.2 %
Antoine Martin(no label) 1 1.2 %1.2 %
Beth Breasail(no label) 1 1.2 %1.2 %
Bill Blais(no label) 1 1.2 %1.2 %
Brett Miller(no label) 1 1.2 %1.2 %
Calvin Polet(no label) 1 1.2 %1.2 %
Carl Ries(no label) 1 1.2 %1.2 %
Charles Croisetière(no label) 1 1.2 %1.2 %
Chris Anderson(no label) 1 1.2 %1.2 %
Chris Carter(no label) 1 1.2 %1.2 %
Chris Tanner(no label) 1 1.2 %1.2 %
Christian Pouliot(no label) 1 1.2 %1.2 %
Cindy MacMillan(no label) 1 1.2 %1.2 %
Cody Johanson(no label) 1 1.2 %1.2 %
Colin Whitcomb(no label) 1 1.2 %1.2 %
Craig Coleman(no label) 1 1.2 %1.2 %
Curtis Dixon(no label) 1 1.2 %1.2 %
Dan Giaquinto(no label) 1 1.2 %1.2 %
Darin Rayburn(no label) 1 1.2 %1.2 %
David Chandonnet(no label) 1 1.2 %1.2 %
David Chandonnet (PQ)(no label) 1 1.2 %1.2 %
Dean Mendel(no label) 1 1.2 %1.2 %
Denise Wong(no label) 1 1.2 %1.2 %
Dick Van Grieken(no label) 1 1.2 %1.2 %
Don Lewis(no label) 1 1.2 %1.2 %
Emecka Mayes(no label) 1 1.2 %1.2 %
Eoin Brunner(no label) 1 1.2 %1.2 %
Fracnescutti Janina(no label) 1 1.2 %1.2 %
Glenn DaSilva(no label) 1 1.2 %1.2 %
Graeme Webster(no label) 1 1.2 %1.2 %
Greg Spafford(no label) 1 1.2 %1.2 %
GWL Realty Advisors(no label) 1 1.2 %1.2 %
Harrison Diamond(no label) 1 1.2 %1.2 %
Isabelle Héroux(no label) 1 1.2 %1.2 %
Jared Lo(no label) 1 1.2 %1.2 %
Jarvis Rouillard(no label) 1 1.2 %1.2 %
Jérôme Jolicoeur(no label) 1 1.2 %1.2 %
John McCulloch(no label) 1 1.2 %1.2 %
Kenzie MacDonald(no label) 1 1.2 %1.2 %
Kevin McKee(no label) 1 1.2 %1.2 %
Kris Augustson(no label) 1 1.2 %1.2 %
Leonard Abramsky(no label) 1 1.2 %1.2 %
Luc Blier(no label) 1 1.2 %1.2 %
Marcel Parsons(no label) 1 1.2 %1.2 %
Mario Caissie(no label) 1 1.2 %1.2 %
Matthew March(no label) 1 1.2 %1.2 %
Matthew Scott(no label) 1 1.2 %1.2 %
Matt Thrift(no label) 1 1.2 %1.2 %
Maurice Habraken(no label) 1 1.2 %1.2 %
Maurice Toutant (PQ)(no label) 1 1.2 %1.2 %
Maurice Toutant (Winnipeg)(no label) 1 1.2 %1.2 %
Melinda Constant(no label) 1 1.2 %1.2 %
Michael Chung(no label) 1 1.2 %1.2 %
Natalie Newman(no label) 1 1.2 %1.2 %
Nathan Ho(no label) 1 1.2 %1.2 %
Ohad Shapira(no label) 1 1.2 %1.2 %
Oraska Tam(no label) 1 1.2 %1.2 %
Paul Maccione(no label) 1 1.2 %1.2 %
Peter Filardi(no label) 1 1.2 %1.2 %
Peter Picciola(no label) 1 1.2 %1.2 %
Philippe Lambert(no label) 1 1.2 %1.2 %
Ryan Murphy(no label) 1 1.2 %1.2 %
Sam Nakhleh(no label) 1 1.2 %1.2 %
sandy(no label) 1 1.2 %1.2 %
Scott Sharples(no label) 1 1.2 %1.2 %
Shaun Blythen(no label) 1 1.2 %1.2 %
Simon Bolduc(no label) 1 1.2 %1.2 %
Steven Marino(no label) 1 1.2 %1.2 %
Taylor Brown(no label) 1 1.2 %1.2 %
Ted Mildon(no label) 1 1.2 %1.2 %
Trevor Clay(no label) 1 1.2 %1.2 %
Vanessa Lee(no label) 1 1.2 %1.2 %
Wilson Chung(no label) 1 1.2 %1.2 %
Yanick Frappier(no label) 1 1.2 %1.2 %
yves Fiset(no label) 1 1.2 %1.2 %
TOTALS  86 n = 86n = 86
Top List

Selection condition: WHERE (QFIN = Finish)
AQINFO_C
CLIENT CONTRIBUTOR / ALTUS GROUPE SURVEYOR INFORMATION
Company Name :
CodeLabelCount% with missing% without missing
Anthem Properties(no label) 1 1.2 %1.2 %
Ashford Properties(no label) 1 1.2 %1.2 %
A.S.H. Management Group(no label) 1 1.2 %1.2 %
BentallGreenOak(no label) 3 3.5 %3.5 %
Brookfield Properties (no label) 1 1.2 %1.2 %
Cadillac Fairview(no label) 1 1.2 %1.2 %
Canderel(no label) 2 2.3 %2.3 %
Capital Commercial Real Estate(no label) 1 1.2 %1.2 %
CBRE(no label) 1 1.2 %1.2 %
CBRE LImitée(no label) 1 1.2 %1.2 %
Choice Properties(no label) 2 2.3 %2.3 %
Colliers(no label) 2 2.3 %2.3 %
Cominar REIT(no label) 1 1.2 %1.2 %
Complexe de la Capitale(no label) 1 1.2 %1.2 %
CPPI(no label) 1 1.2 %1.2 %
Crombie(no label) 1 1.2 %1.2 %
Crombie REIT(no label) 1 1.2 %1.2 %
Deloitte(no label) 1 1.2 %1.2 %
Desjardins gestion internationale d'actifs(no label) 1 1.2 %1.2 %
Dorsay Development Corporation(no label) 1 1.2 %1.2 %
Dunloe Group(no label) 1 1.2 %1.2 %
Epic Investments(no label) 1 1.2 %1.2 %
FCR(no label) 1 1.2 %1.2 %
Fiera Real Estate(no label) 2 2.3 %2.3 %
First Capital(no label) 1 1.2 %1.2 %
Fishman Holdings(no label) 1 1.2 %1.2 %
Fonds de placement immobilier BTB(no label) 1 1.2 %1.2 %
FORGESTONE CAPITAL MANAGEMENT L.P.(no label) 1 1.2 %1.2 %
Forum(no label) 1 1.2 %1.2 %
Groupe commercial AMT(no label) 1 1.2 %1.2 %
Groupe Petra(no label) 1 1.2 %1.2 %
GWL Realty Advisors(no label) 2 2.3 %2.3 %
GWL Realty Advisors Inc.(no label) 1 1.2 %1.2 %
Hardman Group(no label) 1 1.2 %1.2 %
HDG inc.(no label) 1 1.2 %1.2 %
IG Investment Management(no label) 2 2.3 %2.3 %
Impact gestion immobilière(no label) 1 1.2 %1.2 %
Industrielle Alliance(no label) 2 2.3 %2.3 %
Investors Real Property Fund(no label) 1 1.2 %1.2 %
Ivanhoe Cambridge(no label) 3 3.5 %3.5 %
Jaffer Group(no label) 1 1.2 %1.2 %
KingSett Capital(no label) 1 1.2 %1.2 %
Koble Commercial Real Estate and Brokerage(no label) 1 1.2 %1.2 %
LaSalle Investments(no label) 1 1.2 %1.2 %
MACC Commercial Properties(no label) 1 1.2 %1.2 %
Maclab Development Group(no label) 1 1.2 %1.2 %
Manulife(no label) 2 2.3 %2.3 %
Manulife Investment Management(no label) 1 1.2 %1.2 %
Melcor(no label) 1 1.2 %1.2 %
Montez(no label) 1 1.2 %1.2 %
Morguard(no label) 1 1.2 %1.2 %
Morguard Investments Limited(no label) 1 1.2 %1.2 %
NAI Commercial(no label) 1 1.2 %1.2 %
Neptune Properties Inc.(no label) 1 1.2 %1.2 %
Nicola Wealth Real Estate(no label) 1 1.2 %1.2 %
Northam Realty Advisors Limited(no label) 1 1.2 %1.2 %
OPTrust(no label) 1 1.2 %1.2 %
Oxford Properties(no label) 1 1.2 %1.2 %
Pangman Development Corp(no label) 1 1.2 %1.2 %
PCI Developments(no label) 1 1.2 %1.2 %
Peterson(no label) 1 1.2 %1.2 %
Philip Gunn(no label) 1 1.2 %1.2 %
Premise Properties(no label) 1 1.2 %1.2 %
Primaris Management Inc(no label) 1 1.2 %1.2 %
Quadreal (no label) 1 1.2 %1.2 %
QuadReal Property Group(no label) 1 1.2 %1.2 %
RBC Capital Markets(no label) 1 1.2 %1.2 %
Remington Development Corp(no label) 1 1.2 %1.2 %
RRSTM(no label) 1 1.2 %1.2 %
shindico(no label) 1 1.2 %1.2 %
Strathallen(no label) 1 1.2 %1.2 %
Telsec Property Corporation(no label) 1 1.2 %1.2 %
Triovest Realty Advisor(no label) 1 1.2 %1.2 %
Universal Realty Group(no label) 1 1.2 %1.2 %
TOTALS  86 n = 86n = 86
Top List

Selection condition: WHERE (QFIN = Finish)
AQINFO_D
CLIENT CONTRIBUTOR / ALTUS GROUPE SURVEYOR INFORMATION
Company Location :
CodeLabelCount% with missing% without missing
1 Adelaide Street E(no label) 1 1.2 %1.2 %
4 Foohills Drive(no label) 1 1.2 %1.2 %
Calgary(no label) 2 2.3 %2.3 %
Calgary (company is national)(no label) 1 1.2 %1.2 %
Canada(no label) 1 1.2 %1.2 %
Crombie REIT(no label) 1 1.2 %1.2 %
Dieppe NB(no label) 1 1.2 %1.2 %
Dorsay Development Corporation(no label) 1 1.2 %1.2 %
Edmonton(no label) 5 5.8 %5.8 %
Fonds de placement immobilier BTB(no label) 1 1.2 %1.2 %
Forum(no label) 1 1.2 %1.2 %
Groupe commercial AMT(no label) 1 1.2 %1.2 %
Halifax(no label) 6 7.0 %7.0 %
HDG inc.(no label) 1 1.2 %1.2 %
KingSett Capital(no label) 1 1.2 %1.2 %
Melcor(no label) 1 1.2 %1.2 %
Mississauga(no label) 1 1.2 %1.2 %
Moncton, NB(no label) 1 1.2 %1.2 %
Montréal(no label) 7 8.1 %8.1 %
Morguard Investments Limited(no label) 1 1.2 %1.2 %
Nova Scotia(no label) 1 1.2 %1.2 %
Ottawa(no label) 1 1.2 %1.2 %
Québec(no label) 4 4.7 %4.7 %
Quebec and Montreal(no label) 1 1.2 %1.2 %
Quebec Lebourgneuf(no label) 1 1.2 %1.2 %
Toronto(no label) 23 26.7 %26.7 %
Torronto(no label) 1 1.2 %1.2 %
Vancouver(no label) 9 10.5 %10.5 %
Vancouver, BC(no label) 1 1.2 %1.2 %
Vancouver/Calgary/Toronto(no label) 1 1.2 %1.2 %
Vancouver/Toronto(no label) 1 1.2 %1.2 %
Winnipeg(no label) 6 7.0 %7.0 %
TOTALS  86 n = 86n = 86
Top List

Selection condition: WHERE (QFIN = Finish)
AQINFO_F
CLIENT CONTRIBUTOR / ALTUS GROUPE SURVEYOR INFORMATION
Client Email :
CodeLabelCount% with missing% without missing
ademers@btbreit.com(no label) 1 1.2 %1.2 %
adrienne.maccharles@gmail.com(no label) 1 1.2 %1.2 %
agrinberg@canderel.com(no label) 1 1.2 %1.2 %
alain.filion@stm.info(no label) 1 1.2 %1.2 %
alan.millar@cadillacfairview.com(no label) 1 1.2 %1.2 %
alice.wang@lasalle.com(no label) 1 1.2 %1.2 %
alim.somji@jafferinc.com(no label) 1 1.2 %1.2 %
amedeo.prete@bentallgreenoak.com(no label) 1 1.2 %1.2 %
andrea.beckingham@choicereit.ca(no label) 1 1.2 %1.2 %
andrei.novak@ig.ca(no label) 1 1.2 %1.2 %
andrew.beliveau@choicereittt.ca(no label) 1 1.2 %1.2 %
antoine.martin@ivanhoecambridge.com(no label) 1 1.2 %1.2 %
a.palmer@forgestonecapital.com(no label) 1 1.2 %1.2 %
beth.breasail@gwlra.com(no label) 1 1.2 %1.2 %
bill@maclabdevelopment.com(no label) 1 1.2 %1.2 %
bmiller@canderel.com(no label) 1 1.2 %1.2 %
ccroisetiere@complexedelacapitale.com(no label) 1 1.2 %1.2 %
cdixon@theashfordgroup.com(no label) 1 1.2 %1.2 %
chris.anderson@gwlra.com(no label) 1 1.2 %1.2 %
chris.tanner@cppib.com(no label) 1 1.2 %1.2 %
christian.pouliot@desjardins.com(no label) 1 1.2 %1.2 %
cmacmillan@anthemproperties.com(no label) 1 1.2 %1.2 %
cody.johanson@bentallgreenoak.com(no label) 1 1.2 %1.2 %
cpolet@neptuneproperties.ca(no label) 1 1.2 %1.2 %
craig.coleman@epic.com(no label) 1 1.2 %1.2 %
cries@triovest.com(no label) 1 1.2 %1.2 %
cwhitcomb@hardmangroup.ca(no label) 1 1.2 %1.2 %
dan.giaquinto@rbc.com(no label) 1 1.2 %1.2 %
david.chandonnet@ia.ca(no label) 2 2.3 %2.3 %
dean@groupeforum.ca(no label) 1 1.2 %1.2 %
denise.wong@brookfieldproperties.com(no label) 1 1.2 %1.2 %
dick@telsec.ca(no label) 1 1.2 %1.2 %
dlewis@optrust.com(no label) 1 1.2 %1.2 %
drayburn@melcor.ca(no label) 1 1.2 %1.2 %
ebrunner@morguard.com(no label) 1 1.2 %1.2 %
glenn_dsilva@manulife.com(no label) 1 1.2 %1.2 %
graeme@koble.ca(no label) 1 1.2 %1.2 %
greg_spafford@manulife.com(no label) 1 1.2 %1.2 %
gstevenson@ashmanagementgroup.com(no label) 1 1.2 %1.2 %
harrison.diamond@crombie.ca(no label) 1 1.2 %1.2 %
iheroux@groupepetra.com(no label) 1 1.2 %1.2 %
janina.francescutti@colliers.com(no label) 1 1.2 %1.2 %
jaredl@petersonbc.com(no label) 1 1.2 %1.2 %
jerome.jolicoeur@groupeamt.ca(no label) 1 1.2 %1.2 %
john@universalgroup.ca(no label) 1 1.2 %1.2 %
jrouillard@pci-group.com(no label) 1 1.2 %1.2 %
kaugustson@remingtoncorp.com(no label) 1 1.2 %1.2 %
kenzie.macdonald@colliers.com(no label) 1 1.2 %1.2 %
kevin@pangmandev.com(no label) 1 1.2 %1.2 %
lblier@hdg.ca(no label) 1 1.2 %1.2 %
leonard.abramsky@gmail.com(no label) 1 1.2 %1.2 %
marcel.parsons1@fcr.ca(no label) 1 1.2 %1.2 %
marie-france.benoit@groupealtus.com(no label) 2 2.3 %2.3 %
mario.caissie@macommercialcentre.com(no label) 1 1.2 %1.2 %
matthew.march@crombie.ca(no label) 1 1.2 %1.2 %
maurice.toutant@ig.ca(no label) 2 2.3 %2.3 %
melinda.constant@ivanhoecambridge.com(no label) 1 1.2 %1.2 %
mhabraken@morguard.com(no label) 1 1.2 %1.2 %
michaelchung@deloitte.ca(no label) 1 1.2 %1.2 %
mscott@dorsay.ca(no label) 1 1.2 %1.2 %
nathan.ho@quadreal.com(no label) 1 1.2 %1.2 %
ohad.shapira@fshl.ca(no label) 1 1.2 %1.2 %
oraska.tam@fierarealestate.com(no label) 1 1.2 %1.2 %
paul.macchione@fierarealestate.com(no label) 1 1.2 %1.2 %
peter.picciola@ivanhoecambridge.com(no label) 1 1.2 %1.2 %
pfilardi@northamrealty.com(no label) 1 1.2 %1.2 %
philip.gunn@gwlra.com(no label) 1 1.2 %1.2 %
philippe.lambert@cbre.com(no label) 1 1.2 %1.2 %
rmurphy@manulife.com(no label) 1 1.2 %1.2 %
sblythen@nicolawealth.com(no label) 1 1.2 %1.2 %
scott.sharples@bentallgreenoak.com(no label) 1 1.2 %1.2 %
sgshindleman@shindico.com(no label) 1 1.2 %1.2 %
simon.bolduc@cominar.com(no label) 1 1.2 %1.2 %
snakhleh@naicommercial.ca(no label) 1 1.2 %1.2 %
steven.marino@gwlra.com(no label) 1 1.2 %1.2 %
tbrown@strathallen.com(no label) 1 1.2 %1.2 %
thrift@montezcorp.com(no label) 1 1.2 %1.2 %
tmildon@oxfordproperties.com(no label) 1 1.2 %1.2 %
trevor.clay@capitalgrp.ca(no label) 1 1.2 %1.2 %
vanessa@premiseproperties.com(no label) 1 1.2 %1.2 %
wchung@primarisreit.com(no label) 1 1.2 %1.2 %
yanick.frappier@quadreal.com(no label) 1 1.2 %1.2 %
yves.fiset@impactgestion.com(no label) 1 1.2 %1.2 %
TOTALS  86 n = 86n = 86
Top List

Selection condition: WHERE (QFIN = Finish)
QPROFIL
RESPONDENT PROFILE
CodeLabelCount% with missing% without missing
1Ownership Side of Pension Funds / Pension Fund Advisors 24 27.9 %27.9 %
2Publicly Traded Corporations / REITs 14 16.3 %16.3 %
3Ownership Side of Banks / Life Companies 7 8.1 %8.1 %
4Private Companies 31 36.0 %36.0 %
5Private Companies - Foreign 0 0 %0 %
6Broker / Real Estate Consultants / Analyst 10 11.6 %11.6 %
TOTALS  86 n = 86n = 86
Top List

Selection condition: WHERE (QFIN = Finish)
QTYPES
RESPONDENT PROPERTY TYPES
(Multiple choices)
CodeLabelCount% with missing% without missing
1Office 67 77.9 %77.9 %
3Retail Enclosed Malls 35 40.7 %40.7 %
4Retail Strip & Power Center 52 60.5 %60.5 %
TOTALS  86 n = 86n = 86
Top List

Selection condition: WHERE (QFIN = Finish)
QMARKET


PLEASE SELECT WHICH PERSPECTIVE YOU WILL BE PROVIDING YOUR OPINION FOR THESE PROPERTIES
(Only one choice)
CodeLabelCount% with missing% without missing
7NATIONAL PORTFOLIO PERSPECTIVE 30 34.9 %34.9 %
10(no label) 0 0 %0 %
11OR, choose one 0 0 %0 %
12REGIONAL PORTFOLIO PERSPECTIVE FOR: 0 0 %0 %
1British-Columbia 3 3.5 %3.5 %
3Alberta 2 2.3 %2.3 %
4Sask/Manitoba 3 3.5 %3.5 %
2Ontario 4 4.7 %4.7 %
5Québec 7 8.1 %8.1 %
6Atlantic 7 8.1 %8.1 %
18(no label) 0 0 %0 %
19OR, choose one 0 0 %0 %
20LOCAL PERSPECTIVE FOR THE FOLLOWING CITY: 0 0 %0 %
21Vancouver 3 3.5 %3.5 %
22Edmonton 5 5.8 %5.8 %
23Winnipeg 2 2.3 %2.3 %
24Calgary 2 2.3 %2.3 %
25Toronto 6 7.0 %7.0 %
26Ottawa 3 3.5 %3.5 %
27Montréal 3 3.5 %3.5 %
28Québec City 5 5.8 %5.8 %
29Halifax 1 1.2 %1.2 %
TOTALS  86 n = 86n = 86
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Selection condition: WHERE (QFIN = Finish)
Q1_2
What % change in Market Rents (Face Rates) are you forecasting for the 2021 fiscal year?
Please select from the list of options provided for every question. For property types that do not apply to you in terms of location or quality, simply answer N/A.
CodeLabelCount% with missing% without missing
(No data)(no label) 86 100.0 % 
TOTALS  86 n = 86n = 0
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Selection condition: WHERE (QFIN = Finish)
Q1_2A
Top quality
Downtown Office
CodeLabelCount% with missing% without missing
1Decrease >10% 6 7.0 %9.2 %
2Decrease 5% to 10% 8 9.3 %12.3 %
3Decrease <5% 22 25.6 %33.8 %
4No change 20 23.3 %30.8 %
5Increase <5% 1 1.2 %1.5 %
6Increase 5% to 10% 0 0 %0 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 1 1.2 %1.5 %
97N/A 7 8.1 %10.8 %
(No data)(no label) 21 24.4 % 
TOTALS  86 n = 86n = 65
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Selection condition: WHERE (QFIN = Finish)
Q1_2B
Top quality
Suburban Office
CodeLabelCount% with missing% without missing
1Decrease >10% 4 4.7 %6.2 %
2Decrease 5% to 10% 12 14.0 %18.5 %
3Decrease <5% 16 18.6 %24.6 %
4No change 22 25.6 %33.8 %
5Increase <5% 3 3.5 %4.6 %
6Increase 5% to 10% 0 0 %0 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 8 9.3 %12.3 %
(No data)(no label) 21 24.4 % 
TOTALS  86 n = 86n = 65
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Selection condition: WHERE (QFIN = Finish)
Q1_2C
Top quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
1Decrease >10% 7 8.1 %20.6 %
2Decrease 5% to 10% 15 17.4 %44.1 %
3Decrease <5% 3 3.5 %8.8 %
4No change 2 2.3 %5.9 %
5Increase <5% 0 0 %0 %
6Increase 5% to 10% 0 0 %0 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 7 8.1 %20.6 %
(No data)(no label) 52 60.5 % 
TOTALS  86 n = 86n = 34
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Selection condition: WHERE (QFIN = Finish)
Q1_2D
Top quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
1Decrease >10% 9 10.5 %25.7 %
2Decrease 5% to 10% 15 17.4 %42.9 %
3Decrease <5% 3 3.5 %8.6 %
4No change 2 2.3 %5.7 %
5Increase <5% 0 0 %0 %
6Increase 5% to 10% 0 0 %0 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 1 1.2 %2.9 %
97N/A 5 5.8 %14.3 %
(No data)(no label) 51 59.3 % 
TOTALS  86 n = 86n = 35
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Selection condition: WHERE (QFIN = Finish)
Q1_2G
Lower quality
Downtown Office
CodeLabelCount% with missing% without missing
1Decrease >10% 16 18.6 %26.2 %
2Decrease 5% to 10% 20 23.3 %32.8 %
3Decrease <5% 12 14.0 %19.7 %
4No change 9 10.5 %14.8 %
5Increase <5% 0 0 %0 %
6Increase 5% to 10% 0 0 %0 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 4 4.7 %6.6 %
(No data)(no label) 25 29.1 % 
TOTALS  86 n = 86n = 61
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Selection condition: WHERE (QFIN = Finish)
Q1_2H
Lower quality
Suburban Office
CodeLabelCount% with missing% without missing
1Decrease >10% 11 12.8 %17.7 %
2Decrease 5% to 10% 14 16.3 %22.6 %
3Decrease <5% 14 16.3 %22.6 %
4No change 16 18.6 %25.8 %
5Increase <5% 1 1.2 %1.6 %
6Increase 5% to 10% 1 1.2 %1.6 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 5 5.8 %8.1 %
(No data)(no label) 24 27.9 % 
TOTALS  86 n = 86n = 62
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Selection condition: WHERE (QFIN = Finish)
Q1_2I
Lower quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
1Decrease >10% 19 22.1 %57.6 %
2Decrease 5% to 10% 5 5.8 %15.2 %
3Decrease <5% 2 2.3 %6.1 %
4No change 2 2.3 %6.1 %
5Increase <5% 0 0 %0 %
6Increase 5% to 10% 0 0 %0 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 1 1.2 %3.0 %
97N/A 4 4.7 %12.1 %
(No data)(no label) 53 61.6 % 
TOTALS  86 n = 86n = 33
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Selection condition: WHERE (QFIN = Finish)
Q1_2J
Lower quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
1Decrease >10% 17 19.8 %50.0 %
2Decrease 5% to 10% 9 10.5 %26.5 %
3Decrease <5% 1 1.2 %2.9 %
4No change 2 2.3 %5.9 %
5Increase <5% 0 0 %0 %
6Increase 5% to 10% 0 0 %0 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 1 1.2 %2.9 %
97N/A 4 4.7 %11.8 %
(No data)(no label) 52 60.5 % 
TOTALS  86 n = 86n = 34
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Selection condition: WHERE (QFIN = Finish)
Q1_2K
All Retail Strips & Power Centers
Grocery/Parmacy Anchored Strip
CodeLabelCount% with missing% without missing
1Decrease >10% 1 1.2 %2.0 %
2Decrease 5% to 10% 7 8.1 %13.7 %
3Decrease <5% 8 9.3 %15.7 %
4No change 27 31.4 %52.9 %
5Increase <5% 5 5.8 %9.8 %
6Increase 5% to 10% 2 2.3 %3.9 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 1 1.2 %2.0 %
(No data)(no label) 35 40.7 % 
TOTALS  86 n = 86n = 51
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Selection condition: WHERE (QFIN = Finish)
Q1_2L
All Retail Strips & Power Centers
Power Center
CodeLabelCount% with missing% without missing
1Decrease >10% 6 7.0 %12.2 %
2Decrease 5% to 10% 14 16.3 %28.6 %
3Decrease <5% 7 8.1 %14.3 %
4No change 12 14.0 %24.5 %
5Increase <5% 0 0 %0 %
6Increase 5% to 10% 0 0 %0 %
7Increase >10% 0 0 %0 %
99Don't know/Uncertain 1 1.2 %2.0 %
97N/A 9 10.5 %18.4 %
(No data)(no label) 37 43.0 % 
TOTALS  86 n = 86n = 49
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Selection condition: WHERE (QFIN = Finish)
Q1_2M
You can enter additional comments or more details?
CodeLabelCount% with missing% without missing
98COMMENTS: 20 23.3 %100.0 %
(No data)(no label) 66 76.7 % 
TOTALS  86 n = 86n = 20
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Selection condition: WHERE (QFIN = Finish)
AQ1_2M
You can enter additional comments or more details?
CodeLabelCount% with missing% without missing
(No data)(no label) 66 76.7 % 
Alberta office more affected(no label) 1 1.2 %5.0 %
Baisses de loyers pour les détaillants situés dans les tours de bureaux
Pignon sur rue sauve la donne
(no label) 1 1.2 %5.0 %
C class space may be structurally impaired. (no label) 1 1.2 %5.0 %
Competing forces WFH vs Inc. space per worker is expected to result in a net increase in availability which will soften rents. Open format retail should hold up given it lends itself to allow physical distancing and curb side pick up...(no label) 1 1.2 %5.0 %
Downtown office face rates to remain flat but NERs forecast to decrease 5% to 10%. No change of suburban NERs (no label) 1 1.2 %5.0 %
Downtown Office NERs should soften in 2021 by way of higher inducements to 'buy up' the face rates to remain at current levels. Whether or not pandemic conditions remain in effect next year, suburban office may benefit from newly emergent trends/requirements across the overall office sector such as dedensification, hub-and-spoke office space models etc. "No change" to retail face rates is misleading as we are seeing a broad-based and consistent trend in lease structures within the retail space that are converting from net arrangement to gross and percentage rent only. In NER terms, retail revenue will drop in 2021.(no label) 1 1.2 %5.0 %
enclosed malls rents hit hard, % rents very low on lower sales, tenants roll will factor in impact of pandemic. all work off grocs leverage this against LL.(no label) 1 1.2 %5.0 %
Hard to answer. Shorter lease terms at same rates(no label) 1 1.2 %5.0 %
Know of main floor retail tenant within office building renewing at about 16% less than previous rent. (no label) 1 1.2 %5.0 %
La baisse de loyer va se refleter davantage dans les gratuites offertes aux locataires (ex. loyers gratuits)(no label) 1 1.2 %5.0 %
Lower quality assets are in for a rough ride. There will continue to be a flight to quality. Quality, sometimes furnished sublease space will be a damper on headlease vacancy performance.(no label) 1 1.2 %5.0 %
Many suburban fashion tenants are renewing on the basis of percentage rent (no label) 1 1.2 %5.0 %
More concern on new or renewing tenants wanting shorter term(no label) 1 1.2 %5.0 %
Office: Although suburban office market is perceived less prone to COVID due to lower density, back office functions are ease to switch to WFH (Work From Home) mode. RETAIL MALLS: Tenants at fashion oriented mall are increasingly demanding % of Gross Sales in lieu of rent, effectively limiting GROC to 10% - 12% as opposed to 15% - 18% seven to ten years ago. POWER CENTER: Fewer prospects, declining sales(no label) 1 1.2 %5.0 %
Office leasing - face rates remain stable - TI will increase - impact will be on NER(no label) 1 1.2 %5.0 %
Office: Projected decrease is a result of increased vacancy and anticipated increase in sublease space
Retail strip: These centres are less impacted due to the variety of essential community service type tenants
(no label) 1 1.2 %5.0 %
Power centres will continue to have longer lag periods and lower rents as Covid-19 continues to impact this segment of the market(no label) 1 1.2 %5.0 %
REITS incentivized to save face rates, face rates are publicized. will be heavily incentivized. Hold face rates.(no label) 1 1.2 %5.0 %
Suburban leasing is the only thing we see strong support for. Downtown leasing has been extremely tight.(no label) 1 1.2 %5.0 %
tracking sub-let inventory and impact to pricing especially in the context of sublets that demand directly with direct space (e.g. long term and improvements)(no label) 1 1.2 %5.0 %
TOTALS  86 n = 86n = 20
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Selection condition: WHERE (QFIN = Finish)
Q1_3
What lag vacancy (incl. fixture period), are you forecasting for the 2021 fiscal year to lease vacant space or upcoming lease rollovers?
Please select from the list of options provided for every question. For property types that do not apply to you in terms of location or quality, simply answer N/A.
CodeLabelCount% with missing% without missing
(No data)(no label) 86 100.0 % 
TOTALS  86 n = 86n = 0
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Selection condition: WHERE (QFIN = Finish)
Q1_3A
Top quality
Downtown Office
CodeLabelCount% with missing% without missing
1Less than 3 months 0 0 %0 %
23 to 6 months 6 7.0 %9.4 %
36 to 9 months 14 16.3 %21.9 %
49 to 12 months 32 37.2 %50.0 %
512 to 18 months 4 4.7 %6.2 %
6More than 18 months 1 1.2 %1.6 %
99Don't know/Uncertain 0 0 %0 %
97N/A 7 8.1 %10.9 %
(No data)(no label) 22 25.6 % 
TOTALS  86 n = 86n = 64
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Selection condition: WHERE (QFIN = Finish)
Q1_3B
Top quality
Suburban Office
CodeLabelCount% with missing% without missing
1Less than 3 months 1 1.2 %1.6 %
23 to 6 months 5 5.8 %7.9 %
36 to 9 months 10 11.6 %15.9 %
49 to 12 months 25 29.1 %39.7 %
512 to 18 months 13 15.1 %20.6 %
6More than 18 months 1 1.2 %1.6 %
99Don't know/Uncertain 0 0 %0 %
97N/A 8 9.3 %12.7 %
(No data)(no label) 23 26.7 % 
TOTALS  86 n = 86n = 63
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Selection condition: WHERE (QFIN = Finish)
Q1_3C
Top quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
1Less than 3 months 0 0 %0 %
23 to 6 months 1 1.2 %2.9 %
36 to 9 months 4 4.7 %11.8 %
49 to 12 months 9 10.5 %26.5 %
512 to 18 months 10 11.6 %29.4 %
6More than 18 months 3 3.5 %8.8 %
99Don't know/Uncertain 0 0 %0 %
97N/A 7 8.1 %20.6 %
(No data)(no label) 52 60.5 % 
TOTALS  86 n = 86n = 34
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Selection condition: WHERE (QFIN = Finish)
Q1_3D
Top quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
1Less than 3 months 0 0 %0 %
23 to 6 months 1 1.2 %2.9 %
36 to 9 months 6 7.0 %17.1 %
49 to 12 months 9 10.5 %25.7 %
512 to 18 months 8 9.3 %22.9 %
6More than 18 months 5 5.8 %14.3 %
99Don't know/Uncertain 1 1.2 %2.9 %
97N/A 5 5.8 %14.3 %
(No data)(no label) 51 59.3 % 
TOTALS  86 n = 86n = 35
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Selection condition: WHERE (QFIN = Finish)
Q1_3G
Lower quality
Downtown Office
CodeLabelCount% with missing% without missing
1Less than 3 months 0 0 %0 %
23 to 6 months 2 2.3 %3.3 %
36 to 9 months 7 8.1 %11.7 %
49 to 12 months 25 29.1 %41.7 %
512 to 18 months 15 17.4 %25.0 %
6More than 18 months 6 7.0 %10.0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 5 5.8 %8.3 %
(No data)(no label) 26 30.2 % 
TOTALS  86 n = 86n = 60
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Selection condition: WHERE (QFIN = Finish)
Q1_3H
Lower quality
Suburban Office
CodeLabelCount% with missing% without missing
1Less than 3 months 0 0 %0 %
23 to 6 months 4 4.7 %6.8 %
36 to 9 months 7 8.1 %11.9 %
49 to 12 months 17 19.8 %28.8 %
512 to 18 months 18 20.9 %30.5 %
6More than 18 months 6 7.0 %10.2 %
99Don't know/Uncertain 0 0 %0 %
97N/A 7 8.1 %11.9 %
(No data)(no label) 27 31.4 % 
TOTALS  86 n = 86n = 59
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Selection condition: WHERE (QFIN = Finish)
Q1_3I
Lower quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
1Less than 3 months 0 0 %0 %
23 to 6 months 0 0 %0 %
36 to 9 months 2 2.3 %6.2 %
49 to 12 months 5 5.8 %15.6 %
512 to 18 months 14 16.3 %43.8 %
6More than 18 months 6 7.0 %18.8 %
99Don't know/Uncertain 1 1.2 %3.1 %
97N/A 4 4.7 %12.5 %
(No data)(no label) 54 62.8 % 
TOTALS  86 n = 86n = 32
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Selection condition: WHERE (QFIN = Finish)
Q1_3J
Lower quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
1Less than 3 months 0 0 %0 %
23 to 6 months 0 0 %0 %
36 to 9 months 2 2.3 %6.1 %
49 to 12 months 4 4.7 %12.1 %
512 to 18 months 15 17.4 %45.5 %
6More than 18 months 8 9.3 %24.2 %
99Don't know/Uncertain 1 1.2 %3.0 %
97N/A 3 3.5 %9.1 %
(No data)(no label) 53 61.6 % 
TOTALS  86 n = 86n = 33
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Selection condition: WHERE (QFIN = Finish)
Q1_3K
All Retail Strips & Power Centers
Grocery/Parmacy Anchored Strip
CodeLabelCount% with missing% without missing
1Less than 3 months 0 0 %0 %
23 to 6 months 14 16.3 %26.9 %
36 to 9 months 18 20.9 %34.6 %
49 to 12 months 16 18.6 %30.8 %
512 to 18 months 2 2.3 %3.8 %
6More than 18 months 0 0 %0 %
99Don't know/Uncertain 1 1.2 %1.9 %
97N/A 1 1.2 %1.9 %
(No data)(no label) 34 39.5 % 
TOTALS  86 n = 86n = 52
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Selection condition: WHERE (QFIN = Finish)
Q1_3L
All Retail Strips & Power Centers
Power Center
CodeLabelCount% with missing% without missing
1Less than 3 months 0 0 %0 %
23 to 6 months 5 5.8 %10.2 %
36 to 9 months 8 9.3 %16.3 %
49 to 12 months 13 15.1 %26.5 %
512 to 18 months 14 16.3 %28.6 %
6More than 18 months 3 3.5 %6.1 %
99Don't know/Uncertain 0 0 %0 %
97N/A 6 7.0 %12.2 %
(No data)(no label) 37 43.0 % 
TOTALS  86 n = 86n = 49
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Selection condition: WHERE (QFIN = Finish)
Q1_3M
COMMENTS:
CodeLabelCount% with missing% without missing
98(no label) 11 12.8 %100.0 %
(No data)(no label) 75 87.2 % 
TOTALS  86 n = 86n = 11
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Selection condition: WHERE (QFIN = Finish)
AQ1_3M
COMMENTS:
CodeLabelCount% with missing% without missing
(No data)(no label) 75 87.2 % 
12-18 month space could turn into structural vacancy - never backfilled(no label) 1 1.2 %9.1 %
Above selection is based on a standard 5 year lease. 10 year lease terms lag vacancy 18 to 24 months for 2021.(no label) 1 1.2 %9.1 %
anticipate flight to quality especially given short term HVAC concerns(no label) 1 1.2 %9.1 %
Certains locataires diminueront leurs espaces loues. Cela augmentera le taux d'inoccupation et allongera l'absorption des espaces vacants.(no label) 1 1.2 %9.1 %
Comes down to individual units not asset class.(no label) 1 1.2 %9.1 %
COMMENTS: Due to the number of suburban mall tenant bankruptcies(no label) 1 1.2 %9.1 %
Immeubles de moindre qualité: locataires plus fragile financièrement(no label) 1 1.2 %9.1 %
leasing interest in office is literally nil as at Q4'20. Larger financial institutions are looking at unloading larger blocks of space given what WFH has shown them about their operations and the requirement to be in the office. An increase in overall market vacancy could result in a flight to quality in the office market. (no label) 1 1.2 %9.1 %
Office: With increasing vacancy rates in both downtown and suburban office, I anticipate this longer lag time. SK – Maurice further expanded via phone - sublease space on market and lower quality tenants may be able to upgrade, impacting lower quality. Retail strip: There is limited vacancy and there remains leasing activity during this time(no label) 1 1.2 %9.1 %
Small units in the 2000 sf range are getting good interest. Larger space will take longer to lease up. (no label) 1 1.2 %9.1 %
This will be impacted based on the size of space. Larger suites will sit longer. Same with improved vs. shell space, shell will sit much longer. (no label) 1 1.2 %9.1 %
TOTALS  86 n = 86n = 11
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Selection condition: WHERE (QFIN = Finish)
Q1_4
What General vacancy and Credit allowance (%) are you forecasting for the 2021 fiscal year?
Please select from the list of options provided for every question. For property types that do not apply to you in terms of location or quality, simply answer N/A.
CodeLabelCount% with missing% without missing
(No data)(no label) 86 100.0 % 
TOTALS  86 n = 86n = 0
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Selection condition: WHERE (QFIN = Finish)
Q1_4A
Top quality
Downtown Office
CodeLabelCount% with missing% without missing
12.0% to 4.9% 15 17.4 %23.1 %
25.0% to 6.9% 22 25.6 %33.8 %
37.0% to 8.9% 8 9.3 %12.3 %
49.0% to 11.0% 9 10.5 %13.8 %
5More than 11.0% 3 3.5 %4.6 %
99Don't know/Uncertain 1 1.2 %1.5 %
97N/A 7 8.1 %10.8 %
(No data)(no label) 21 24.4 % 
TOTALS  86 n = 86n = 65
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Selection condition: WHERE (QFIN = Finish)
Q1_4B
Top quality
Suburban Office
CodeLabelCount% with missing% without missing
12.0% to 4.9% 6 7.0 %9.4 %
25.0% to 6.9% 19 22.1 %29.7 %
37.0% to 8.9% 18 20.9 %28.1 %
49.0% to 11.0% 9 10.5 %14.1 %
5More than 11.0% 3 3.5 %4.7 %
99Don't know/Uncertain 1 1.2 %1.6 %
97N/A 8 9.3 %12.5 %
(No data)(no label) 22 25.6 % 
TOTALS  86 n = 86n = 64
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Selection condition: WHERE (QFIN = Finish)
Q1_4C
Top quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
12.0% to 4.9% 1 1.2 %2.9 %
25.0% to 6.9% 4 4.7 %11.8 %
37.0% to 8.9% 7 8.1 %20.6 %
49.0% to 11.0% 4 4.7 %11.8 %
5More than 11.0% 9 10.5 %26.5 %
99Don't know/Uncertain 2 2.3 %5.9 %
97N/A 7 8.1 %20.6 %
(No data)(no label) 52 60.5 % 
TOTALS  86 n = 86n = 34
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Selection condition: WHERE (QFIN = Finish)
Q1_4D
Top quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
12.0% to 4.9% 0 0 %0 %
25.0% to 6.9% 5 5.8 %14.3 %
37.0% to 8.9% 5 5.8 %14.3 %
49.0% to 11.0% 9 10.5 %25.7 %
5More than 11.0% 9 10.5 %25.7 %
99Don't know/Uncertain 2 2.3 %5.7 %
97N/A 5 5.8 %14.3 %
(No data)(no label) 51 59.3 % 
TOTALS  86 n = 86n = 35
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_4G
Lower quality
Downtown Office
CodeLabelCount% with missing% without missing
12.0% to 4.9% 5 5.8 %8.2 %
25.0% to 6.9% 13 15.1 %21.3 %
37.0% to 8.9% 18 20.9 %29.5 %
49.0% to 11.0% 11 12.8 %18.0 %
5More than 11.0% 7 8.1 %11.5 %
99Don't know/Uncertain 2 2.3 %3.3 %
97N/A 5 5.8 %8.2 %
(No data)(no label) 25 29.1 % 
TOTALS  86 n = 86n = 61
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Selection condition: WHERE (QFIN = Finish)
Q1_4H
Lower quality
Suburban Office
CodeLabelCount% with missing% without missing
12.0% to 4.9% 3 3.5 %5.1 %
25.0% to 6.9% 13 15.1 %22.0 %
37.0% to 8.9% 10 11.6 %16.9 %
49.0% to 11.0% 22 25.6 %37.3 %
5More than 11.0% 5 5.8 %8.5 %
99Don't know/Uncertain 1 1.2 %1.7 %
97N/A 5 5.8 %8.5 %
(No data)(no label) 27 31.4 % 
TOTALS  86 n = 86n = 59
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_4I
Lower quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
12.0% to 4.9% 0 0 %0 %
25.0% to 6.9% 1 1.2 %3.0 %
37.0% to 8.9% 7 8.1 %21.2 %
49.0% to 11.0% 3 3.5 %9.1 %
5More than 11.0% 16 18.6 %48.5 %
99Don't know/Uncertain 2 2.3 %6.1 %
97N/A 4 4.7 %12.1 %
(No data)(no label) 53 61.6 % 
TOTALS  86 n = 86n = 33
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_4J
Lower quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
12.0% to 4.9% 0 0 %0 %
25.0% to 6.9% 0 0 %0 %
37.0% to 8.9% 6 7.0 %17.6 %
49.0% to 11.0% 7 8.1 %20.6 %
5More than 11.0% 16 18.6 %47.1 %
99Don't know/Uncertain 2 2.3 %5.9 %
97N/A 3 3.5 %8.8 %
(No data)(no label) 52 60.5 % 
TOTALS  86 n = 86n = 34
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_4K
All Retail Strips & Power Centers
Grocery/Parmacy Anchored Strip
CodeLabelCount% with missing% without missing
12.0% to 4.9% 16 18.6 %32.0 %
25.0% to 6.9% 24 27.9 %48.0 %
37.0% to 8.9% 5 5.8 %10.0 %
49.0% to 11.0% 1 1.2 %2.0 %
5More than 11.0% 1 1.2 %2.0 %
99Don't know/Uncertain 1 1.2 %2.0 %
97N/A 2 2.3 %4.0 %
(No data)(no label) 36 41.9 % 
TOTALS  86 n = 86n = 50
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_4L
All Retail Strips & Power Centers
Power Center
CodeLabelCount% with missing% without missing
12.0% to 4.9% 2 2.3 %4.5 %
25.0% to 6.9% 12 14.0 %27.3 %
37.0% to 8.9% 15 17.4 %34.1 %
49.0% to 11.0% 6 7.0 %13.6 %
5More than 11.0% 3 3.5 %6.8 %
99Don't know/Uncertain 0 0 %0 %
97N/A 6 7.0 %13.6 %
(No data)(no label) 42 48.8 % 
TOTALS  86 n = 86n = 44
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_4M
COMMENTS:
CodeLabelCount% with missing% without missing
98(no label) 10 11.6 %100.0 %
(No data)(no label) 76 88.4 % 
TOTALS  86 n = 86n = 10
Top List

Selection condition: WHERE (QFIN = Finish)
AQ1_4M
COMMENTS:
CodeLabelCount% with missing% without missing
(No data)(no label) 76 88.4 % 
10% inoccupation mais pas pareil pour mauvaises créances. Ça va bien pour les mauvaises créances. Cas pas cas. Trop tot pour le budgéter(no label) 1 1.2 %10.0 %
10% year 1, then revert to long term in year 2.(no label) 1 1.2 %10.0 %
Enclosed Malls: 10% + 25% credit loss to Year 1
Power Centres: 25% credit loss to SOME power centers
(no label) 1 1.2 %10.0 %
it’s a of term and strength of covenant on how large the allowance; cautious to put $ into retail
NC from 2019 deals
(no label) 1 1.2 %10.0 %
No change(no label) 1 1.2 %10.0 %
Outside of Alberta, limited credit allowance to office. Continue to apply a credit allowance to retail tenants with an office complex only. (no label) 1 1.2 %10.0 %
Pertains to 2021 projections only(no label) 1 1.2 %10.0 %
SK – Maurice confirmed perception of increased stabilized vacancy selection since last survey(no label) 1 1.2 %10.0 %
SK – Maurice confirmed perception of increased stabilized vacancy selection since last survey
SK – Maurice confirmed no change in perceived stabilized vacancy since last survey
(no label) 1 1.2 %10.0 %
The government has put all these initiatives out - not all of them work. Direct help makes it difficult. Majority of bad debt are tenants not honoring their rents. Some tenants are not showing their sale (no label) 1 1.2 %10.0 %
TOTALS  86 n = 86n = 10
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Selection condition: WHERE (QFIN = Finish)
Q1_5
What tenant retention ratio/probability of renewal (%) are you forecasting for the 2021 fiscal year?
Please select from the list of options provided for every question. For property types that do not apply to you in terms of location or quality, simply answer N/A.
CodeLabelCount% with missing% without missing
(No data)(no label) 86 100.0 % 
TOTALS  86 n = 86n = 0
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_5A
Top quality
Downtown Office
CodeLabelCount% with missing% without missing
1Less than 50% 1 1.2 %1.5 %
250% to 69% 5 5.8 %7.7 %
370% to 79% 32 37.2 %49.2 %
480% to 90% 16 18.6 %24.6 %
5Over 90% 4 4.7 %6.2 %
99Don't know/Uncertain 0 0 %0 %
97N/A 7 8.1 %10.8 %
(No data)(no label) 21 24.4 % 
TOTALS  86 n = 86n = 65
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_5B
Top quality
Suburban Office
CodeLabelCount% with missing% without missing
1Less than 50% 1 1.2 %1.6 %
250% to 69% 8 9.3 %12.9 %
370% to 79% 26 30.2 %41.9 %
480% to 90% 13 15.1 %21.0 %
5Over 90% 5 5.8 %8.1 %
99Don't know/Uncertain 0 0 %0 %
97N/A 9 10.5 %14.5 %
(No data)(no label) 24 27.9 % 
TOTALS  86 n = 86n = 62
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_5C
Top quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
1Less than 50% 2 2.3 %5.9 %
250% to 69% 4 4.7 %11.8 %
370% to 79% 15 17.4 %44.1 %
480% to 90% 6 7.0 %17.6 %
5Over 90% 0 0 %0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 7 8.1 %20.6 %
(No data)(no label) 52 60.5 % 
TOTALS  86 n = 86n = 34
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_5D
Top quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
1Less than 50% 3 3.5 %9.1 %
250% to 69% 4 4.7 %12.1 %
370% to 79% 16 18.6 %48.5 %
480% to 90% 4 4.7 %12.1 %
5Over 90% 0 0 %0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 6 7.0 %18.2 %
(No data)(no label) 53 61.6 % 
TOTALS  86 n = 86n = 33
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_5G
Lower quality
Downtown Office
CodeLabelCount% with missing% without missing
1Less than 50% 2 2.3 %3.4 %
250% to 69% 14 16.3 %23.7 %
370% to 79% 24 27.9 %40.7 %
480% to 90% 12 14.0 %20.3 %
5Over 90% 1 1.2 %1.7 %
99Don't know/Uncertain 0 0 %0 %
97N/A 6 7.0 %10.2 %
(No data)(no label) 27 31.4 % 
TOTALS  86 n = 86n = 59
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_5H
Lower quality
Suburban Office
CodeLabelCount% with missing% without missing
1Less than 50% 2 2.3 %3.5 %
250% to 69% 14 16.3 %24.6 %
370% to 79% 20 23.3 %35.1 %
480% to 90% 10 11.6 %17.5 %
5Over 90% 5 5.8 %8.8 %
99Don't know/Uncertain 0 0 %0 %
97N/A 6 7.0 %10.5 %
(No data)(no label) 29 33.7 % 
TOTALS  86 n = 86n = 57
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Selection condition: WHERE (QFIN = Finish)
Q1_5I
Lower quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
1Less than 50% 3 3.5 %9.4 %
250% to 69% 9 10.5 %28.1 %
370% to 79% 13 15.1 %40.6 %
480% to 90% 2 2.3 %6.2 %
5Over 90% 0 0 %0 %
99Don't know/Uncertain 1 1.2 %3.1 %
97N/A 4 4.7 %12.5 %
(No data)(no label) 54 62.8 % 
TOTALS  86 n = 86n = 32
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Selection condition: WHERE (QFIN = Finish)
Q1_5J
Lower quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
1Less than 50% 3 3.5 %9.4 %
250% to 69% 9 10.5 %28.1 %
370% to 79% 13 15.1 %40.6 %
480% to 90% 3 3.5 %9.4 %
5Over 90% 0 0 %0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 4 4.7 %12.5 %
(No data)(no label) 54 62.8 % 
TOTALS  86 n = 86n = 32
Top List

Selection condition: WHERE (QFIN = Finish)
Q1_5K
All Retail Strips & Power Centers
Grocery/Parmacy Anchored Strip
CodeLabelCount% with missing% without missing
1Less than 50% 0 0 %0 %
250% to 69% 0 0 %0 %
370% to 79% 17 19.8 %34.0 %
480% to 90% 20 23.3 %40.0 %
5Over 90% 11 12.8 %22.0 %
99Don't know/Uncertain 0 0 %0 %
97N/A 2 2.3 %4.0 %
(No data)(no label) 36 41.9 % 
TOTALS  86 n = 86n = 50
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Selection condition: WHERE (QFIN = Finish)
Q1_5L
All Retail Strips & Power Centers
Power Center
CodeLabelCount% with missing% without missing
1Less than 50% 0 0 %0 %
250% to 69% 5 5.8 %10.6 %
370% to 79% 24 27.9 %51.1 %
480% to 90% 4 4.7 %8.5 %
5Over 90% 6 7.0 %12.8 %
99Don't know/Uncertain 0 0 %0 %
97N/A 8 9.3 %17.0 %
(No data)(no label) 39 45.3 % 
TOTALS  86 n = 86n = 47
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Selection condition: WHERE (QFIN = Finish)
Q1_5M
COMMENTS:
CodeLabelCount% with missing% without missing
98(no label) 8 9.3 %100.0 %
(No data)(no label) 78 90.7 % 
TOTALS  86 n = 86n = 8
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Selection condition: WHERE (QFIN = Finish)
AQ1_5M
COMMENTS:
CodeLabelCount% with missing% without missing
(No data)(no label) 78 90.7 % 
Excludes bankruptcies(no label) 1 1.2 %12.5 %
Good quality tenants expect to stay; smaller tenants may have lower retention. (no label) 1 1.2 %12.5 %
In general, we have observed that appraisers are still quite sticky with the standard 75/25% renewal/vacate probability applied in nearly all cash flow modelling. Instead, they choose to reflect changing leasing dynamics elsewhere in the rent/growth/space demand projections.(no label) 1 1.2 %12.5 %
It will be expensive to keep tenants but more expensive to lose them.(no label) 1 1.2 %12.5 %
Le pourcentage de renouvellement ne diminuera pas beaucoup, mais les locataires risque de diminuer leur espaces loues lors des renouvellement.(no label) 1 1.2 %12.5 %
Office: SK - Maurice indicated top quality has long-term leases in place to national tenants, wont be a covid impact(no label) 1 1.2 %12.5 %
Recession proof and covid proof tenant - we underwrite at 100% renewal rates(no label) 1 1.2 %12.5 %
SK - Maurice indicated retailers are struggling, negotiating percentage rent for remainder of term, willing to enter into those terms to retain tenants(no label) 1 1.2 %12.5 %
TOTALS  86 n = 86n = 8
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Selection condition: WHERE (QFIN = Finish)
Q1_6
What are you forecasting in terms of a change in sales productivity per sf (%) for the 2021 fiscal year (compared to 2020 fiscal year)?
Please select from the list of options provided for every question. For property types that do not apply to you in terms of location or quality, simply answer N/A.
CodeLabelCount% with missing% without missing
(No data)(no label) 86 100.0 % 
TOTALS  86 n = 86n = 0
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Selection condition: WHERE (QFIN = Finish)
Q1_6C
Top quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
1Decrease >30% 4 4.7 %11.8 %
2Decrease 20% to 30% 1 1.2 %2.9 %
3Decrease 10% to 20% 4 4.7 %11.8 %
4Decrease <10% 2 2.3 %5.9 %
5No change 1 1.2 %2.9 %
6Increase <10% 1 1.2 %2.9 %
7Increase 10% to 20% 4 4.7 %11.8 %
8Increase 20% to 30% 0 0 %0 %
9Increase >30% 3 3.5 %8.8 %
99Don't know/Uncertain 2 2.3 %5.9 %
97N/A 12 14.0 %35.3 %
(No data)(no label) 52 60.5 % 
TOTALS  86 n = 86n = 34
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Selection condition: WHERE (QFIN = Finish)
Q1_6D
Top quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
1Decrease >30% 4 4.7 %11.4 %
2Decrease 20% to 30% 2 2.3 %5.7 %
3Decrease 10% to 20% 5 5.8 %14.3 %
4Decrease <10% 2 2.3 %5.7 %
5No change 1 1.2 %2.9 %
6Increase <10% 1 1.2 %2.9 %
7Increase 10% to 20% 4 4.7 %11.4 %
8Increase 20% to 30% 2 2.3 %5.7 %
9Increase >30% 2 2.3 %5.7 %
99Don't know/Uncertain 2 2.3 %5.7 %
97N/A 10 11.6 %28.6 %
(No data)(no label) 51 59.3 % 
TOTALS  86 n = 86n = 35
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Selection condition: WHERE (QFIN = Finish)
Q1_6I
Lower quality
Downtown - Enclosed Malls
CodeLabelCount% with missing% without missing
1Decrease >30% 5 5.8 %15.6 %
2Decrease 20% to 30% 3 3.5 %9.4 %
3Decrease 10% to 20% 3 3.5 %9.4 %
4Decrease <10% 5 5.8 %15.6 %
5No change 0 0 %0 %
6Increase <10% 1 1.2 %3.1 %
7Increase 10% to 20% 3 3.5 %9.4 %
8Increase 20% to 30% 0 0 %0 %
9Increase >30% 1 1.2 %3.1 %
99Don't know/Uncertain 2 2.3 %6.2 %
97N/A 9 10.5 %28.1 %
(No data)(no label) 54 62.8 % 
TOTALS  86 n = 86n = 32
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Selection condition: WHERE (QFIN = Finish)
Q1_6J
Lower quality
Suburban - Enclosed Malls
CodeLabelCount% with missing% without missing
1Decrease >30% 6 7.0 %18.2 %
2Decrease 20% to 30% 4 4.7 %12.1 %
3Decrease 10% to 20% 2 2.3 %6.1 %
4Decrease <10% 6 7.0 %18.2 %
5No change 0 0 %0 %
6Increase <10% 0 0 %0 %
7Increase 10% to 20% 4 4.7 %12.1 %
8Increase 20% to 30% 0 0 %0 %
9Increase >30% 1 1.2 %3.0 %
99Don't know/Uncertain 2 2.3 %6.1 %
97N/A 8 9.3 %24.2 %
(No data)(no label) 53 61.6 % 
TOTALS  86 n = 86n = 33
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Selection condition: WHERE (QFIN = Finish)
Q1_6M
You can enter additional comments or more details?
CodeLabelCount% with missing% without missing
98COMMENTS: 5 5.8 %100.0 %
(No data)(no label) 81 94.2 % 
TOTALS  86 n = 86n = 5
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Selection condition: WHERE (QFIN = Finish)
AQ1_6M
You can enter additional comments or more details?
CodeLabelCount% with missing% without missing
(No data)(no label) 81 94.2 % 
2020 = -50% of 2019. 2021 = -25% of 2019(no label) 1 1.2 %20.0 %
Assuming 2020 is afected by the lockdown.(no label) 1 1.2 %20.0 %
most of portfolio is food. CRU dont report. Expect CRU is UP a lot from 2020 but cant quantify.(no label) 1 1.2 %20.0 %
really depends on vaccine(no label) 1 1.2 %20.0 %
SK – Maurice elaborated he anticipates sales will increase post Covid but may take time to return to pre-Covid levels(no label) 1 1.2 %20.0 %
TOTALS  86 n = 86n = 5
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Selection condition: WHERE (QFIN = Finish)
Q1_7A
What percentage of your portfolio's Gross Leasable Area will roll-over/expire in the 2021 fiscal year?
Office portfolio
CodeLabelCount% with missing% without missing
1Less than 5% 14 16.3 %21.9 %
25% to 10% 26 30.2 %40.6 %
310% to 20% 10 11.6 %15.6 %
4More than 20% 2 2.3 %3.1 %
97N/A 12 14.0 %18.8 %
(No data)(no label) 22 25.6 % 
TOTALS  86 n = 86n = 64
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Selection condition: WHERE (QFIN = Finish)
Q1_7B
What percentage of your portfolio's Gross Leasable Area will roll-over/expire in the 2021 fiscal year?
Retail portfolio
CodeLabelCount% with missing% without missing
1Less than 5% 5 5.8 %8.9 %
25% to 10% 18 20.9 %32.1 %
310% to 20% 16 18.6 %28.6 %
4More than 20% 2 2.3 %3.6 %
97N/A 15 17.4 %26.8 %
(No data)(no label) 30 34.9 % 
TOTALS  86 n = 86n = 56
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Selection condition: WHERE (QFIN = Finish)
Q1_7C
COMMENTS:
CodeLabelCount% with missing% without missing
98(no label) 4 4.7 %100.0 %
(No data)(no label) 82 95.3 % 
TOTALS  86 n = 86n = 4
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Selection condition: WHERE (QFIN = Finish)
AQ1_7C
COMMENTS:
CodeLabelCount% with missing% without missing
(No data)(no label) 82 95.3 % 
Dont have(no label) 1 1.2 %25.0 %
includes existing vacant floors(no label) 1 1.2 %25.0 %
Number not readily available.(no label) 1 1.2 %25.0 %
We have minimal roll over in Calgary and a lot in Edmonton but mostly at the very end of the year, so the percentage above is misleading. We have a 2022 issue.(no label) 1 1.2 %25.0 %
TOTALS  86 n = 86n = 4
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Selection condition: WHERE (QFIN = Finish)
Q1_8
Do you expect tenants to downsize their space requirements in the future, as a result of the increase in Work-from-Home (WFH) brought on by this pandemic?
CodeLabelCount% with missing% without missing
1Yes 38 44.2 %56.7 %
2No 15 17.4 %22.4 %
99Don't know 14 16.3 %20.9 %
(No data)(no label) 19 22.1 % 
TOTALS  86 n = 86n = 67
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Selection condition: WHERE (QFIN = Finish)
Q1_8A
By how much do you estimate on average, by tenant?
Downtown Office
CodeLabelCount% with missing% without missing
1Less than 10% 10 11.6 %27.0 %
210% to 20% 11 12.8 %29.7 %
320% to 30% 6 7.0 %16.2 %
4More than 30% 2 2.3 %5.4 %
99Too soon to say 6 7.0 %16.2 %
97N/A 2 2.3 %5.4 %
(No data)(no label) 49 57.0 % 
TOTALS  86 n = 86n = 37
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Selection condition: WHERE (QFIN = Finish)
Q1_8B
By how much do you estimate on average, by tenant?
Suburban Office
CodeLabelCount% with missing% without missing
1Less than 10% 9 10.5 %26.5 %
210% to 20% 11 12.8 %32.4 %
320% to 30% 4 4.7 %11.8 %
4More than 30% 1 1.2 %2.9 %
99Too soon to say 7 8.1 %20.6 %
97N/A 2 2.3 %5.9 %
(No data)(no label) 52 60.5 % 
TOTALS  86 n = 86n = 34
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Selection condition: WHERE (QFIN = Finish)
Q1_8C
COMMENTS:
CodeLabelCount% with missing% without missing
98(no label) 2 2.3 %100.0 %
(No data)(no label) 84 97.7 % 
TOTALS  86 n = 86n = 2
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Selection condition: WHERE (QFIN = Finish)
AQ1_8C
COMMENTS:
CodeLabelCount% with missing% without missing
(No data)(no label) 84 97.7 % 
Not sure but noting the following amongst tenants; some tenants consolidate into smaller space. A few tenants left Calgary. One left Canada. Some just retired. Some terminate options early. (no label) 1 1.2 %50.0 %
Tout le monde ne réduit pas mais ceux qui le font, le font à 30% (2 cas sur 72 renouvellements)(no label) 1 1.2 %50.0 %
TOTALS  86 n = 86n = 2
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Selection condition: WHERE (QFIN = Finish)
Q2_1A
What do you expect in terms of Cap Rate Trends for Office Assests in 2021 in 2021?
Top quality assets in core urban market
CodeLabelCount% with missing% without missing
1Increase 26 30.2 %39.4 %
2Decrease 3 3.5 %4.5 %
3Stable 34 39.5 %51.5 %
99Don't know/ Uncertain 3 3.5 %4.5 %
(No data)(no label) 20 23.3 % 
TOTALS  86 n = 86n = 66
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Selection condition: WHERE (QFIN = Finish)
Q2_1B
What do you expect in terms of Cap Rate Trends for Office Assests in 2021 in 2021?
Lower quality asset in suburban market
CodeLabelCount% with missing% without missing
1Increase 40 46.5 %62.5 %
2Decrease 2 2.3 %3.1 %
3Stable 20 23.3 %31.2 %
99Don't know/ Uncertain 2 2.3 %3.1 %
(No data)(no label) 22 25.6 % 
TOTALS  86 n = 86n = 64
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Selection condition: WHERE (QFIN = Finish)
Q2_1C
COMMENTS:
CodeLabelCount% with missing% without missing
98(no label) 8 9.3 %100.0 %
(No data)(no label) 78 90.7 % 
TOTALS  86 n = 86n = 8
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Selection condition: WHERE (QFIN = Finish)
AQ2_1C
COMMENTS:
CodeLabelCount% with missing% without missing
(No data)(no label) 78 90.7 % 
À cause de la baisse des taux d'intérêts(no label) 1 1.2 %12.5 %
flight to quality once investor confidence returns(no label) 1 1.2 %12.5 %
Funds are shifting to real estate investments and pulling out of bonds. Would go for office with good, long terms in place. Industrial is in real high demand now. (no label) 1 1.2 %12.5 %
Hard to say. Assets are priced more on a price per square foot or target IRR. There are some bargain hunters in the market.(no label) 1 1.2 %12.5 %
No large scale true "COVID-era" transactions to point to in core office although we are watching a newly launched class A offering in a major Cdn market in the $400m range. Current guidance may not be achieved but if final pricing is in that ballpark, it will re-affirm current and pre-pandemic investment metrics applied to assets of this nature. There is a major pending class A suburban office transaction also in the suburbs of a major Cdn market that is under contract in the $140m range (largest deal of its kind since the pandemic began). Current expectations are that pricing will support current assumptions for this asset class. In general, we contend that the current spread between treasury rates and cap rates (largest in history) is a strong argument for downward pressure on yields, notwithstanding potential softening in the projection income forecast. In our view, well-leased class A product in major Canadian markets will remain desirable investment opportunities for buyers, both domestic and abroad, over the foreseeable future.(no label) 1 1.2 %12.5 %
On a pas de transactions pour justifier des variations de rendement.(no label) 1 1.2 %12.5 %
Suburb office with direct transit connectivity to remain stable(no label) 1 1.2 %12.5 %
We have yet to see actual transactiopn activity to justify variations in cap rates(no label) 1 1.2 %12.5 %
TOTALS  86 n = 86n = 8
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Selection condition: WHERE (QFIN = Finish)
Q2_2A
You have answered INCREASE for Office assest(s) below, please select estimated variation:
Top quality assets in core urban market
CodeLabelCount% with missing% without missing
1+25 bps 15 17.4 %60.0 %
2+50 bps 8 9.3 %32.0 %
3+75 bps 1 1.2 %4.0 %
4+100 bps 1 1.2 %4.0 %
5Over +100 bps 0 0 %0 %
(No data)(no label) 61 70.9 % 
TOTALS  86 n = 86n = 25
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Selection condition: WHERE (QFIN = Finish)
Q2_2B
You have answered INCREASE for Office assest(s) below, please select estimated variation:
Lower quality asset in suburban market
CodeLabelCount% with missing% without missing
1+25 bps 12 14.0 %30.8 %
2+50 bps 20 23.3 %51.3 %
3+75 bps 5 5.8 %12.8 %
4+100 bps 1 1.2 %2.6 %
5Over +100 bps 1 1.2 %2.6 %
(No data)(no label) 47 54.7 % 
TOTALS  86 n = 86n = 39
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Selection condition: WHERE (QFIN = Finish)
Q2_3A
You have answered DECREASE for Office assest(s) below, please select estimated variation:
Top quality assets in core urban market
CodeLabelCount% with missing% without missing
1-25 bps 1 1.2 %33.3 %
2-50 bps 1 1.2 %33.3 %
3-75 bps 1 1.2 %33.3 %
4_100 bps 0 0 %0 %
5Over -100 bps 0 0 %0 %
(No data)(no label) 83 96.5 % 
TOTALS  86 n = 86n = 3
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Selection condition: WHERE (QFIN = Finish)
Q2_3B
You have answered DECREASE for Office assest(s) below, please select estimated variation:
Lower quality asset in suburban market
CodeLabelCount% with missing% without missing
1-25 bps 0 0 %0 %
2-50 bps 1 1.2 %50.0 %
3-75 bps 1 1.2 %50.0 %
4_100 bps 0 0 %0 %
5Over -100 bps 0 0 %0 %
(No data)(no label) 84 97.7 % 
TOTALS  86 n = 86n = 2
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Selection condition: WHERE (QFIN = Finish)
Q2_4A
What do you expect in terms of Cap Rate Trends for Retail Assests in 2021 in 2021?
Top quality assets in core urban market
CodeLabelCount% with missing% without missing
1Increase 31 36.0 %51.7 %
2Decrease 4 4.7 %6.7 %
3Stable 22 25.6 %36.7 %
99Don't know/ Incertain 3 3.5 %5.0 %
(No data)(no label) 26 30.2 % 
TOTALS  86 n = 86n = 60
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Selection condition: WHERE (QFIN = Finish)
Q2_4B
What do you expect in terms of Cap Rate Trends for Retail Assests in 2021 in 2021?
Lower quality asset in suburban market
CodeLabelCount% with missing% without missing
1Increase 44 51.2 %74.6 %
2Decrease 2 2.3 %3.4 %
3Stable 11 12.8 %18.6 %
99Don't know/ Incertain 2 2.3 %3.4 %
(No data)(no label) 27 31.4 % 
TOTALS  86 n = 86n = 59
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Selection condition: WHERE (QFIN = Finish)
Q2_4C
COMMENTS:
CodeLabelCount% with missing% without missing
98(no label) 2 2.3 %100.0 %
(No data)(no label) 84 97.7 % 
TOTALS  86 n = 86n = 2
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Selection condition: WHERE (QFIN = Finish)
AQ2_4C
COMMENTS:
CodeLabelCount% with missing% without missing
(No data)(no label) 84 97.7 % 
Decrease only for enclosed. Open strip centres stable. (no label) 1 1.2 %50.0 %
Still appetite, well capitalized institutions have money to spend, low cost of debt, there are buyers in the market.(no label) 1 1.2 %50.0 %
TOTALS  86 n = 86n = 2
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Selection condition: WHERE (QFIN = Finish)
Q2_5A
You have answered INCREASE for Retail assest(s) below, please select estimated variation:
Top quality assets in core urban market
CodeLabelCount% with missing% without missing
1+25 bps 14 16.3 %46.7 %
2+50 bps 11 12.8 %36.7 %
3+75 bps 3 3.5 %10.0 %
4+100 bps 2 2.3 %6.7 %
5Over +100 bps 0 0 %0 %
(No data)(no label) 56 65.1 % 
TOTALS  86 n = 86n = 30
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Selection condition: WHERE (QFIN = Finish)
Q2_5B
You have answered INCREASE for Retail assest(s) below, please select estimated variation:
Lower quality asset in suburban market
CodeLabelCount% with missing% without missing
1+25 bps 10 11.6 %23.3 %
2+50 bps 14 16.3 %32.6 %
3+75 bps 11 12.8 %25.6 %
4+100 bps 7 8.1 %16.3 %
5Over +100 bps 1 1.2 %2.3 %
(No data)(no label) 43 50.0 % 
TOTALS  86 n = 86n = 43
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Selection condition: WHERE (QFIN = Finish)
Q2_6A
You have answered DECREASE for Retail assest(s) below, please select estimated variation:
Top quality assets in core urban market
CodeLabelCount% with missing% without missing
1-25 bps 1 1.2 %25.0 %
2-50 bps 2 2.3 %50.0 %
3-75 bps 1 1.2 %25.0 %
4_100 bps 0 0 %0 %
5Over -100 bps 0 0 %0 %
(No data)(no label) 82 95.3 % 
TOTALS  86 n = 86n = 4
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Selection condition: WHERE (QFIN = Finish)
Q2_6B
You have answered DECREASE for Retail assest(s) below, please select estimated variation:
Lower quality asset in suburban market
CodeLabelCount% with missing% without missing
1-25 bps 0 0 %0 %
2-50 bps 1 1.2 %50.0 %
3-75 bps 1 1.2 %50.0 %
4_100 bps 0 0 %0 %
5Over -100 bps 0 0 %0 %
(No data)(no label) 84 97.7 % 
TOTALS  86 n = 86n = 2
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Selection condition: WHERE (QFIN = Finish)
Q2_7
Finally, would you like to share comments, suggestions or questions about this survey or market conditions in general?
CodeLabelCount% with missing% without missing
98(no label) 20 23.3 %100.0 %
(No data)(no label) 66 76.7 % 
TOTALS  86 n = 86n = 20
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Selection condition: WHERE (QFIN = Finish)
AQ2_7
Finally, would you like to share comments, suggestions or questions about this survey or market conditions in general?
CodeLabelCount% with missing% without missing
(No data)(no label) 66 76.7 % 
“The questions on cap rate a bit confusing. As it’s asking to compare top quality core asset vs. low quality suburban asset. But what we are seeing is a lot of core tenants looking for good quality suburban assets, but with how the question is asked, it’s not getting what’s happening now.”(no label) 1 1.2 %5.0 %
all these answers assume there will be no further lockdown taken place in 2021. if any lockdown unfortunately happens, things will be entirely different.(no label) 1 1.2 %5.0 %
Asset that were bad assets will get much worse. Strong retail mix will be fine
Cap rates will go down for top quality (grocery anchored) given low interest rates
Institutional capital is scared. Private investors are entering, driving investment activity. But pension funds have to allocate their capital. When investors investors come back, they will drive price up or they team up with good private partners. Complementary private/institutional partnerships.
(no label) 1 1.2 %5.0 %
Ce serait intéressant d'avoir des vrais statistiques sur les taux de retention. Info sur les 'nouveaux pieds carrés' vs les déplacements des mêmes locataires (chaise musicale)(no label) 1 1.2 %5.0 %
David a répondu 2x (un formulaire bureaux pour la province de Québec et un autre pour Ontario) Mêmes constats pour les deux mais ne pouvait se prononcer sur les autres marchés (Ouest) donc ne pouvait être 'National Perspective' MFB(no label) 1 1.2 %5.0 %
During COVID, we've been selling small strips with predominantly essential service tenants. All sales have been at similar or lower cap rates than 2019. We believe that lower mortgage rates are the main reason. The other reason, we think, is the long-term optimistic view of most purchasers, especially for neighborhood essential services... (no label) 1 1.2 %5.0 %
each market will perform differently
(no label) 1 1.2 %5.0 %
Good survey. Would also be interested to understand peers opinions on market rent growth forecasts, preferred tenant covenants and ranking, market rent % discounts applicable to major tenants with lease rollover within the next 3 years, TI's and LC's. (no label) 1 1.2 %5.0 %
I just want to reiterate that I am speaking from a perspective where COVID-19 has had a minimal impact on the office market (New Brunswick). The retail market has been harder hit, particularly power centres whose national tenancies are struggling coast to coast. I remain a believer in assets with a foundation in non-discretionary spending/tenancy (ie food and pharmacy anchored retail strip, good quality multi-res, office with national covenant strength) as safe havens for the 18-24 months.(no label) 1 1.2 %5.0 %
It'll be a struggle in Edmonton this year but hopefully with some green shoots later in 2021 when government begins re-occupying their spaces.(no label) 1 1.2 %5.0 %
it's a difficult time to be accurately forecasting, particularly for downtown office in Edmonton which has been soft for 2+ years. (no label) 1 1.2 %5.0 %
Majority of leasing will be lease renewals for 12-24 months or new tenants for as is space. However, markets will recover in 2022. There will be limited trading activity with some decrease in pricing (high cap rates). (no label) 1 1.2 %5.0 %
N/A(no label) 1 1.2 %5.0 %
no really(no label) 1 1.2 %5.0 %
Post pandemic, we expect the investment market to become as active, if not more active than before. With long term interest rates being low, and staying low for the foreseeable future, cap rates are sure to come down.
Of greater concern is the impact of the recession that is most surely to follow, and its impact on leaseup velocity.
So while values may increase, in the short term, cash flow may be impaired for those who have a lot of lease turnover.
(no label) 1 1.2 %5.0 %
Retail is getting overly negative outlook. all retail is painted with the same brush. We are doing leases and getting leases. We are getting offers on properties higher than IFRS. Take each asset and understand what's going on at it. In good times we use broad assumptions, but in these times we need to look asset by asset and look at tenants, look at performance, assess what can we do if we get a space back. (no label) 1 1.2 %5.0 %
retail - need to breakout by class. cant lump all together. do food, open strip, enclosed. dont lump food with pharmacy.(no label) 1 1.2 %5.0 %
The decrease in yields applies only to enclosed retail. (no label) 1 1.2 %5.0 %
Uncertainty until successful roll out of COVID vaccine(no label) 1 1.2 %5.0 %
We all need to think about how to create a market advantage that is different than previous strategies. But I'm not saying more than that!(no label) 1 1.2 %5.0 %
TOTALS  86 n = 86n = 20
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Selection condition: WHERE (QFIN = Finish)
QFIN
CodeLabelCount% with missing% without missing
1Finish 86 100.0 %100.0 %
TOTALS  86 n = 86n = 86
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