Canada's Multi-City Sublease Report

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research article

Overview of sublease availability in Canada's largest employment centres since the acceleration of COVID-19.

  • Across Toronto, Vancouver and Montreal, 863K SF of new sublease space came online between March and May 2020, of which 482K SF is considered immediately available.

  • Within the past three months, sublease availability in Toronto and Vancouver’s downtown markets has doubled whereas in Montreal the proportion of new listings was only 14%.

  • Montreal represented the least amount of new sublease space listed, totaling 97K SF compared to 551K SF in Toronto and 214K SF in Vancouver.

  • Most of the new sublease space listed in the Toronto and Montreal markets was Class A space. In Vancouver, the majority of new sublease space listed was Class B.

  • Nine of 12 notable subleases are being listed with tech companies as the sub-landlord.

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Canada's Multi-City Sublease Report

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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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Madeleine Nicholls

Managing Director, Brokerage | Greater Toronto Area

Toronto Downtown

Madeleine is Managing Director of the GTA and joined Colliers in March 2020. Prior to that she worked at Dream and lead the National Retail Division, and prior to that worked  with several major Landlords across Canada, as well as in brokerage. Madeleine is a global citizen having traveled and lived abroad most of her life.  Madeleine looks to the best in class worldwide examples of commercial real estate to bring the best in the world to our practice. 

Madeleine has extensive experience working on some of the pre-eminent developments in Canada.  She has successfully leased up of a variety of mixed use and retail projects ranging in size from urban retail to 73 acre retail/office/residential mixed use developments.  She has exceptional tenant relationship management and expertise in redevelopment of properties to maximize value.

Madeleine has expertise at all levels of new business development from strategic planning and acquisitions to prospecting, pitching, negotiating offers and leases, and build out of space.  Innovative business developer, team leader and mentor with proven ability to inspire and achieve results by creating a collaborative and streamlined environment focused on delivering superb results.  Madeleine has deep connections in the real estate industry and a passion to deliver results that exceed expectations.

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Colin Worrell

Managing Director, Brokerage

Montreal

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