The loosening of Ontario’s lockdown restrictions in the third quarter of 2021 drove increased tour activity and optimism regarding the future of the return to office. However, while September was expected to mark the official commencement of return to office for many companies, many have pushed this out to January 2022 as concern about the Delta variant builds.
- Score Media and Gaming Inc. pre-leased 80,000 square feet at Menkes’ Waterfront Innovation Centre to accommodate its growing workforce and accelerating business operations, making this development 91% pre-leased with completion set for Q4 2021.
- Negative absorption of 615,052 square feet was recorded this quarter, pushing the vacancy rate for the GTA to 8.5%, the highest in over a decade.
- The volume of new sublease space being listed has continued to slow down this quarter with some tenants choosing to withdraw their listings from the market. Total direct vacancy in the GTA grew 6.7% quarter-over-quarter, while sublease vacancy fell by 1.8%.