While anticipated returns to office for January 2022 were delayed due to the Omicron outbreak, COVID-19 cases fell steadily throughout Q1 2022, and office attendance bounced back from the post-Omicron lows of early January, motivating institutional and government employers to set firm return to office dates for upcoming months in a variety of hybrid capacities.
- Despite construction and move-in interruptions over the past two years, new supply reached a 10-year high in Q1 2022 with the addition of 1.8 million square feet of A-class inventory to the Downtown market.
- Downtown rents marginally increased by 0.7% year-over-year to $36.75 per square foot (psf). Suburban average rents increased 3.3% year-over-year, to $17.13 psf. For the GTA as a whole average asking net rental rates climbed to $25.04 psf, a 13% increase year-over-year, reflective of a greater proportion of available space located in the Downtown market.