GTA Office Sublease Update

Six months into the COVID-19 pandemic, tenants are considering downsizing, relocating or adopting permanent work-from-home solutions, contributing to the increasing supply of sublet space in the market.

• Of the 1.8 million square feet of new sublet space listed since March 2020, 64% is driven by Downtown listings.
• The Downtown West represents the largest submarket in terms of newly listed sublet space, totaling 457K SF – nearly twice the amount listed in the Financial Core.
• Few transactions are taking place to pick up new availability, which is likely to apply downward pressure on rental rates over the next several quarters.
• Technology tenants continue to dominate the volume of sublet space listed as they are able to quickly adapt to a remote working environment.

GTA Office Sublease Update

Download Report

For More Information, Please Contact:

Daniel Holmes

President, Brokerage Services Canada

Toronto Downtown

+1 416 791 7239

647-567-7940

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.

View Expert

Leo Lee

Director, National Research Operations | Canada

Toronto Downtown

+1 416 620 2839

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 15 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.

View Expert