Q4 2020 Office Market Report

Trends of increased vacancy continued across all major office markets this quarter, as the Greater Toronto Area (GTA) reached 6.3% at the year’s end. With Ontarians once again heading into lockdown, the numerous uncertainties regarding vaccine roll-out, and impending further restrictions, office-occupiers maintain their “wait-and-see” mentalities heading into 2021.

Many have questioned why asking rates have remained relatively unaffected during the pandemic despite such an increase in supply across downtown and suburban office markets. The belief across the commercial real estate industry is that the landlord community is looking to preserve their face-rates by offering creative incentives such as flexible terms and upfront construction capital instead.

Red our full market report for more information.