In the first quarter of 2021, a renewed sense of optimism driven by the vaccine rollout has spurred tour activity across the Greater Toronto Area, and some sublet listings are being taken off market in anticipation of re-opening. However, market fundamentals continue to exhibit the effects of the pandemic on office activity.
- GTA absorption dropped to its steepest level since the COVID-19 pandemic began, recorded at -2.0M SF in Q1 2021.
- Since the previous quarter, vacancy increased by 90 basis points to 7.2% and availability by 120 basis points to 8.9%.
- Three new supply projects were introduced in the GTA West, totaling 266K SF between the Burlington and Oakville submarkets.