Toronto Office Market Report Q1 2021

In the first quarter of 2021, a renewed sense of optimism driven by the vaccine rollout has spurred tour activity across the Greater Toronto Area, and some sublet listings are being taken off market in anticipation of re-opening. However, the effects of the pandemic on office activity continue to influence market fundamentals.

GTA absorption dropped to its steepest level since the COVID-19 pandemic began, recorded at -2.0M SF in Q1 2021.
Since the previous quarter, vacancy increased by 90 basis points to 7.2% and availability by 120 basis points to 8.9%.
Three new supply projects were introduced in the GTA West, totaling 266K SF between the Burlington and Oakville submarkets.

Toronto Office Market Report Q1 2021

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For More Information, Please Contact:

Jamieson Jackson

Managing Director, Office Practice Group | GTA

Toronto Downtown

Call now +1 416 791 7234

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

Call now +1 604 694 7267

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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