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Greater Toronto Area Office Market Report Q4 2020

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research article

The Greater Toronto Area saw -1.4 million SF of negative absorption in the fourth quarter of 2020, bringing 12-month absorption to a total of -3.7 million SF.

  • Vacancy across the city increased this quarter to 6.2%. The downtown market had the highest YoY vacancy rate growth by climbing 330 bps to 4.3% in Q4 2020.
  • Downward pressure on rents surfaced this quarter, with lower averages recorded across major submarkets relative to Q3. 
  • The proportion of sublease availability compared to total availability across the GTA continued to climb this quarter, resting at 22.7% as of Q4.
  • Looking forward to 2021, an adjustment in price expectations between landlords and tenants will be imperative to propelling transaction activity.

Greater Toronto Area Office Market Report Q4 2020

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