Q3 2020 Market Report
During the third quarter, vacancy rates continued to climb across the Greater Toronto Area (GTA) despite numerous newly built office buildings reaching completion and welcoming their new tenants.
While COVID-19 has slowed down the office market, the rare tenants across the GTA that are looking for space have been taking to the sublease market, which now makes up roughly 37% of all available space across Downtown sub-markets. Offering a variety of term structures, build-outs and furniture options, the sublease market is now the first place to look when searching for new space.
While October will be a determining month as Ontario leadership looks to prevent further infections and restrictions, if the current situation does persist, we can expect further instability heading into the new year.