The market saw the addition of 1.2 million square feet this quarter, with more than 900,000 square feet added Downtown due to the completion of 1 York Street. Even with this and other buildings expected to hit the market, the overall level of new and upcoming supply is sub-optimal, as demand for new space in the GTA is continuously exceeding it.
- The GTA experienced positive absorption, with 330,837 square feet of space absorbed
- New buildings in the Downtown market saw continued success this quarter, with CIBC’s announcement of a signed lease for up to 1.75 million square feet at Bay Park Centre
- Vacancy rates remain low in the fringe downtown markets, especially within Downtown West, decreasing to 3.1%
- The market saw $737 million of office property transactions in Q1 2017 compared to $374 million in Q4 2016
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