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Research

Toronto Office Market Report Q1 2017

Toronto Office Market Report Q1 2017

Toronto Office Market Report Q1 2017

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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