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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.


Greater Toronto Area Office Market Report Q4 2020

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Madeleine Nicholls

Senior Managing Director, Brokerage | 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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