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Greater Toronto Area Office Market Report Q3 2020

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research article

Absorption in Q3 2020 softened to -792K SF, up from -1.4M SF the previous quarter.

  • There was 1.3M SF of new supply introduced, which eased the impact of increased sublet space on the market by adding some positive absorption.
  • The GTA vacancy rate increased 80 bps from the previous quarter to 5.2%.
  • Downward pressure on rental rates has yet to surface despite the jump in vacancy and increase in availability, climbing 5% since Q2 to $21.54 psf.
  • Sustained asking rates are masking other financial incentives being offered to tenants, such as increased tenant inducements and shorter lease terms.

 


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Greater Toronto Area Office Market Report Q3 2020

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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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Madeleine Nicholls

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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Jamieson Jackson

Managing Director, Office Practice Group | GTA

Toronto Downtown

Jamie Jackson serves as the Managing Director for the GTA Office Practice Group.  He has been helping to grow the business since September 2020.  

Prior to joining Colliers, he was the Director of the Financial Services practice at Iron Mountain, where he had increasingly senior sales and sales management roles in the financial services and technology sectors.

He also took a 10 year detour into running an international marketing agency, ending up as the CEO until the entire business was sold and he returned to his selling roots in financial services.

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