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Toronto Office Market Report Q1 2021

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research article
By Rachel Levy, Makoza Chirwa and Ellen Soberman

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.  
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Toronto Office Market Report Q1 2021

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For More Information, Please Contact:
Madeleine Nicholls | Colliers | Vancouver

Madeleine Nicholls

Senior Managing Director, Brokerage | Vancouver

Vancouver

+1 604 694 7267
Email

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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