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Greater Toronto Area Office Market Report Q4 2019

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research article

The GTA market saw a surge in absorption recorded at 696,942 SF as compared to 290,012 SF the previous quarter.

  • The vacancy rate decreased 10 bps to 4.0% and the average asking net rental rate increased 5.4% YoY to $20.51.
  • Moreover, the vacancy rate in the Downtown market decreased 10 bps, reaching 1.1% in Q4 2019.
  • There were seven development projects completed this quarter, bringing to market 312,592 SF of new supply.
  • Five of the projects were located in the suburban markets, with the majority of space coming online fully leased. There remains 8.7M SF of office space remaining in the development pipeline.


Greater Toronto Area Office Market Report Q4 2019

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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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