Greater Toronto Area Office Market Report Q1 2019

  • Q1 2019 marks the largest amount of office developments that is either planned or under construction in the history of the GTA.

 

  • With a considerable amount of preleasing activity occurring this quarter, the GTA is well-positioned to absorb the new supply with strong occupancy rates, as new supply comes online in the coming quarters.

 

  • Of the many new developments announced this quarter, is 320 Bay Street. Recently purchased by Menkes Developments, this property’s revitalization will offer 270,000 SF to prospective tenants looking to situate themselves in the heart of the core during a time where there will be few projected availabilities in the marketplace.

 

  • The office demand is continuing to be strong within the second largest market in the GTA, the GTA West. Currently, there is a total of just under 1.5M SF of active tenants in the market. The demand is diverse across all industries with the three leading ones being pharmaceuticals, health care services and financial services accounting for 17%, 15% and 11%, respectively, of the overall demand.
 

Greater Toronto Area Office Market Report Q1 2019