Q1 2021 Office Market Report
The COVID-19 pandemic continues to take a toll on the office market with a negative absorption of 2M square feet in Q1 and vacancy rates increasing to 7.1%. The majority of the market’s negative absorption came from the Toronto West market, recording nearly 1M square feet, resulting in a drop in average net asking rate of $1.40 per square foot to $16.19 per square foot in this market.
More than one quarter of available space across the GTA is comprised of sublease space, with Toronto’s tech-focused Downtown West market accounting for 49.6% of sublease availability.
Looking towards the summer month, occupiers will continue to watch Ontario’s vaccine roll-out to determine their return to work strategies.
Read the Q1 Office Market Report for more details.