The GTA market saw a surge in absorption recorded at 696,942 SF as compared to 290,012 SF the previous quarter.
- The vacancy rate decreased 10 bps to 4.0% and the average asking net rental rate increased 5.4% YoY to $20.51.
- Moreover, the vacancy rate in the Downtown market decreased 10 bps, reaching 1.1% in Q4 2019.
- There were seven development projects completed this quarter, bringing to market 312,592 SF of new supply.
- Five of the projects were located in the suburban markets, with the majority of space coming online fully leased. There remains 8.7M SF of office space remaining in the development pipeline.