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Greater Toronto Area Office Market Report Q4 2020

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research article

The Greater Toronto Area saw -1.4 million SF of negative absorption in the fourth quarter of 2020, bringing 12-month absorption to a total of -3.7 million SF.

  • Vacancy across the city increased this quarter to 6.2%. The downtown market had the highest YoY vacancy rate growth by climbing 330 bps to 4.3% in Q4 2020.
  • Downward pressure on rents surfaced this quarter, with lower averages recorded across major submarkets relative to Q3. 
  • The proportion of sublease availability compared to total availability across the GTA continued to climb this quarter, resting at 22.7% as of Q4.
  • Looking forward to 2021, an adjustment in price expectations between landlords and tenants will be imperative to propelling transaction activity.

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Greater Toronto Area Office Market Report Q4 2020

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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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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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