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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

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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