Overview of sublease availability in Canada's largest employment centres since the acceleration of COVID-19.
- Across Toronto, Vancouver and Montreal, 863K SF of new sublease space came online between March and May 2020, of which 482K SF is considered immediately available.
- Within the past three months, sublease availability in Toronto and Vancouver’s downtown markets has doubled whereas in Montreal the proportion of new listings was only 14%.
- Montreal represented the least amount of new sublease space listed, totaling 97K SF compared to 551K SF in Toronto and 214K SF in Vancouver.
- Most of the new sublease space listed in the Toronto and Montreal markets was Class A space. In Vancouver, the majority of new sublease space listed was Class B.
- Nine of 12 notable subleases are being listed with tech companies as the sub-landlord.