• At the end of Q4 2019, 35% of activity under construction was BTS, while the rest corresponds to speculative warehouse space (1.6 million Sq. ft.).

• Pre-leased space represented 52% of completions recorded in the quarter.

• The vacancy rate reached 5.1% versus 4.4% in Q4 2018, driven by the addition of completions that entered as vacant in 2019.