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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

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 Nicholls is the Senior Managing Director, Vancouver Brokerage and National Retail Brokerage Lead for Canada. She joined the organization in March 2020, starting her Colliers Leadership career in Toronto before relocating to Vancouver.

With over 20 years of experience in commercial real estate, Madeleine has established herself in the industry as an expert and leader. Prior to Colliers, she worked with major landlords across Canada to realize their business goals and properties’ value. She has worked for owners and developers on acquisitions and dispositions, has successfully leased up a variety of mixed-use, retail  and office projects. She also has experience on the brokerage side of the business having represented national tenant expansions across Canada, and has also worked on urban and suburban retail. 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.  She has exceptional tenant relationship management and knowledge in the redevelopment of properties to maximize value.

Madeleine is a champion and ally of Colliers’ Diversity & Inclusion program, volunteering her time as the Co-Chair for The Colliers’ Women's Network. Her allyship extends further than Colliers, as she actively volunteers her time to speak to student groups, industry events and the media.

Madeleine has dual Canadian-British citizenship, has lived on 3 continents and travelled to 33 countries.

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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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