GTA continues to set a record low availability rate, with year-over-year increases for both absorption and rental rates in the third quarter of 2021.
- Availability rates dropped another 30 basis points, currently standing at 0.71%. Across the entire GTA, only approximately 2.5 million square feet are available.
- Demand for large bay space remains high but options are very limited. Tenants of that size range will have to be active early and react quickly.
- The number of sale transactions was up 30% quarter-over-quarter which has driven up the average sale price in the GTA to $270 per square foot.
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