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Greater Toronto Area Office Market Report Q1 2020

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research article

The GTA market saw a slowdown in absorption, recorded at -39K SF as compared to 697K SF the previous quarter.

  • The pandemic of COVID-19 carried significant weight in this slowdown, as tenants with expected move-in dates this quarter saw their occupancy dates pushed farther out. Leasing activity in the month of March came to a near halt as well. 
  • The vacancy rate held steady at 4.0% and the average asking net rental rate increased 6.1% YoY to $20.22.
  • Absorption in the Downtown market was recorded at 12K SF, with incoming tenants in the Financial Core offset by those leaving the Downtown West.
  • Demand is expected to lessen, with rental rates likely to either adjust downward or level off. In the upcoming months, many new supply projects that were nearing construction will see their completion dates pushed out due to the halt on non-essential projects. 

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Greater Toronto Area Office Market Report Q1 2020

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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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