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Toronto Office Market Report Q2 2021

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research article

With lockdown restrictions still in place for the majority of the second quarter of 2021, the GTA office market continues to see upticks in availability and vacancy across its major submarkets.

  • The delivery of seven new development projects across the GTA brought about a total of 1.8 million square feet of new office supply to the market, most notably CIBC Square’s 1.5 million square feet of AAA Class inventory.
  • As opposed to listing activity trends over the past year, the volume of new sublease listings has slowed this quarter, with the proportion of sublease availability falling from 28.4% last quarter to 25.7%.
  • Average asking net rental rates for the GTA increased by 6.7% to $23.31 per square foot since last quarter, due to a greater proportion of high-quality space with higher rents coming available.

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Toronto Office Market Report Q2 2021

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