As the province gears up for an extended lockdown, the demand for office continues to fall despite the promise of a vaccine to curb the spread of COVID-19.
- Demand is in decline for a third consecutive quarter following a 110-bps increase in availability, particularly among Class B assets.
- Sublease activity is among the most noticeable trends as companies in technology, media and advertising, consulting and financial services shed unused space in favor of remote working.
- While average net rental rates are decreasing across most asset classes, most landlords continue to preserve face rates while working with existing tenants to renew on more flexible terms.
