Thank you for the question.
The performance indicators we use tell us where we stand vis-à-vis the market and the situation in the private sector. They are based on previous year trends, as well as on the leases that we sign, including those signed in the past few years.
We also work with companies, allowing us to prepare forecasts of the real property portfolios of various companies. That enables us to determine pricing. As for the target of $323 per square metre, after looking at last year's results, we realized that we were actually at $332. In other words, we ran slightly over the target.
What factors contribute to such an increase? The markets, first of all. As Mr. Trottier mentioned, markets are up in some regions and down in others. In Toronto, Vancouver and Calgary, prices tend to rise more quickly. Our year look-ahead projections are not always an accurate reflection of the reality a year or a year and a half down the line, come budget time. So lease prices can be much more expensive in certain cities, and fit-up costs can be higher than anticipated, depending on the market. So that is how we can end up with such figures.
I should point out, however, that the $8 or $9 difference per square metre is not huge. It means that we came reasonably close to our target. What we will keep trying to do in the coming years is improve results through our negotiating. Bear in mind that our goal is full occupancy of our buildings. The vacancy rate hovers between 2.5% and 3% every year. So we perform very well when it comes to occupancy, but in some big cities, our performance is tied to the market. That is the reason that we ran slightly over our target. Be that as it may, we are already considering strategies to bring down our actual results. But I would just like to reiterate that $8 is not a huge difference.