Key themes this quarter include slower than expected new supply deliveries and landlords showing interest in expanding their footprint in tertiary municipalities.
- Construction delays continue in the GTA, and as a result, new supply in Q3 was 1.7 million SF short of expectations.
- Vacancy is either 0% or close to 0% in many submarkets and Q3 year-over-year asking net rent growth was in excess of 30%.
- Availability of developable land is decreasing leading developers to move into tertiary markets in the Greater Golden Horseshoe for new development opportunities.
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