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Toronto Office Market Report Q4 2017

Toronto Office Market Report Q4 2017

Toronto Office Market Report Q4 2017

  • The overall GTA vacancy rate decreased by -10 bps QoQ to 4.6% in the fourth quarter. Both Central and Suburban markets contributed to the decline, which was driven primarily by AAA-class buildings in Downtown, and A-class buildings in the GTA East and North markets.
  • Availability rates dropped to 7.0%, a 17-year low, as demand for Class A and B product in the Downtown Core continues to grow.
  • Across the GTA, YoY net rental rates grew the fastest in B-class (+6.5%) buildings when compared to AAA-class (+1.9%). The downtown markets were responsible for this increase as large tenants transition into AAA-class buildings and their spaces are quickly backfilled, creating a shortage of availabilities for medium to large tenants with upcoming lease expiries.
  • The GTA has 40M SF of new office developments that are either planned or currently under construction. 28.5M SF (71%) of which is in Downtown Toronto, representing nearly 40% of its existing inventory. A total of 3.1M SF is currently under construction in Downtown.
  • Absorption continues to slow in the Downtown West large in part caused by a lack of available product for current and prospective tenants.

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