Greater Toronto Area Office Market Report Q2 2020

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research article

GTA absorption plunged to -1.4M SF in Q2 2020, down from -39K SF the previous quarter, due to the COVID-19 pandemic.

  • Tenants with expected Q2 move-in dates saw their occupancy dates pushed further out while others chose to sublease their office space as employees work from home.
  • The vacancy rate increased 30 bps to 4.4% from the previous quarter.
  • The average asking net rental rate increased 4.3% YoY to $20.51.
  • Absorption in the Downtown market was recorded at -573K SF, with rental rates decreasing 3% from the previous quarter to $36.77.
  • Due to the halt on non-essential construction projects, there was no new supply this quarter. 

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Greater Toronto Area Office Market Report Q2 2020

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For More Information, Please Contact:

Daniel Holmes

Executive Managing Director | Greater Toronto Area

Toronto Downtown

Daniel has been the Senior Managing Director, Office Practice Group for the Toronto Region since 2016, previously serving as the Senior Managing Director of Colliers Toronto North. In these progressive leadership roles, he has led sales advisor teams, and overseen operations, recruitment, the Eastern Acceleration Advisor Development Program and strategic business development. Daniel’s track record of deeply understanding advisors and clients’ unique challenges and employing diverse strategies to solve them, combined with his experience building successful advisor teams, will be key in growing our office practice group and client base, and reinforcing Colliers’ preeminence in the GTA office sector. 

Daniel began his real estate career with Colliers in 2002 as an office leasing broker and completed more than 500 transactions on behalf of national and international clients. Daniel consistently demonstrated a unique understanding of how to approach each client to exceed their unique needs through a use of diverse strategies. This experience has served as the foundation of his understanding of the industry, as well as the needs of his team, and their clients.

 

 

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