GTA absorption plunged to -1.4M SF in Q2 2020, down from -39K SF the previous quarter, due to the COVID-19 pandemic.
- Tenants with expected Q2 move-in dates saw their occupancy dates pushed further out while others chose to sublease their office space as employees work from home.
- The vacancy rate increased 30 bps to 4.4% from the previous quarter.
- The average asking net rental rate increased 4.3% YoY to $20.51.
- Absorption in the Downtown market was recorded at -573K SF, with rental rates decreasing 3% from the previous quarter to $36.77.
- Due to the halt on non-essential construction projects, there was no new supply this quarter.