Q3 2021 Office Market Report

The Greater Toronto Area (GTA) continued to experience rising levels of vacancy across all office markets as overall vacancy increased 90 basis points (bps) to 8.7% for the quarter.

Despite this growth, Toronto’s downtown core showed some signs of recovery, posting its second consecutive positive net absorption figure at 290,083 SF for the quarter. Compared to the previous three quarters totaling 1,676,470 SF negative net absorption, it does seem that downtown markets have turned a corner. Suburban markets also saw increased levels of absorption by posting a 208,840 SF negative net absorption figure; however, it is clear that the market’s recovery will come from Toronto’s downtown and midtown markets.

Read our Market Report for more details.