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The Toronto and Greater Toronto Area (GTA) office markets continued to experience increasing vacancy rates as the market now sits at 9.3%, up from 8.7% in Q3 2021. The downtown core saw an increase in vacancy from 7.0% in Q3 to 7.3% in Q4 2021. Over Q2 and Q3 of 2021 there were positive signs pointing towards an office recovery with two straight quarters of positive absorption in the downtown core, however, Q4 2021 saw negative absorption of 344,000 square feet, and negative 1.5 million square feet in the overall market.
Greater Toronto Area (GTA) industrial properties continue to outperform all other asset types and remain one of the hottest real estate markets in North America. Net rents continue to rise at unprecedented rates, increasing by another $1.16 per square foot (PSF) quarter-over-quarter to $12.14 PSF. Rents are changing significantly even on a month-by-month basis. They continue to increase with clear height and the 100-199k square foot properties are driving demand.
Gaming and media companies continued to be the main contributors to office leasing activity during Q4, 2021. The Los Angeles office market experienced minor positive net absorption for the first time since the start of the pandemic.
The Denver office market continues to feel the effects of the coronavirus pandemic. While 2021 ushered in widespread vaccinations and a return-to-office initiative for many businesses, headwinds from the delta variant, followed soon after by the omicron variant, have dampened momentum.
We are pleased to announce the new Co-Chairs and members of Cresa’s Industrial Leadership Council, who will take responsibility for leading the platform initiatives of Cresa’s Industrial practice in 2022.
The Metro Area office availability rate dropped 40 basis points during the quarter to 7.7%, compared to 8.1% in Q3, and 7.6% a year ago. Warehouse markets also saw lower availabilities, falling 70 basis points, finishing the quarter at 1.7%.
As part of Cresa’s Diversity, Inclusion and Belonging efforts, Cresa CEO Tod Lickerman has recently signed the CREW Network CRE Pledge for Action and the CEO Action for Diversity & Inclusion™.