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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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Daniel Holmes

President, Brokerage Services Canada

Toronto Downtown

Daniel Holmes is the President, Brokerage Services Canada, overseeing the national brokerage business and operations support for Office, Industrial, Retail, Investment Sales, Debt and Hotels. Dan is a champion for clients, his people and the industry, accelerating success through advocacy, investing in relationships, and support. 
 
As a leader at one of the most trusted global brands in commercial real estate, Dan implements strategies to advance and mentor Colliers’ employees. He tracks the insights, factual data, market trends and projections that drive real value in commercial real estate. Dan empowers advisors and clients to make informed decisions based on Colliers’ integrated services. He excels at building teams and culture, balancing healthy competition, action orientation, personal accountability, enterprising spirit, and camaraderie. 

Dan began his career in real estate at Colliers as a Research Assistant, quickly transitioning to sales where he built his industry experiences and network over 11 years before moving on to a leadership role externally. After returning to Colliers, he held progressive leadership roles including Senior Managing Director, Office Practice Group, and Executive Managing Director, Greater Toronto Area where he led leaders and sales advisor teams, oversaw operations, recruitment, the Eastern Acceleration Advisor Development Program, and strategic business development. 

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Madeleine Nicholls

Senior Managing Director, Brokerage | Vancouver

Vancouver

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 lived on 3 continents and  traveled to over 30 countries, and with this Madeleine looks to bring the best in class worldwide examples 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

Senior Managing Director, Brokerage | Montreal

Montreal

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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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