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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. 


Greater Toronto Area Office Market Report Q1 2020

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For More Information, Please Contact:

Daniel Holmes

Executive Managing Director | Greater Toronto Area

Toronto Downtown

Daniel Holmes is the Executive Managing Director for the Greater Toronto Region, previously serving as the Senior Managing Director of the Office Practice Group. 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 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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