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Toronto Office Market Report Q3 2022

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research article

In Q3 2022, positive indicators such as flattening vacancy and increasing Downtown office occupancy are clouded by broader economic uncertainty and the potential threat of a recession.

  • As of September, office occupancy in the Downtown core has climbed to upwards of 30%, a trend that is anticipated to further improve in coming quarters and is likely to be accompanied by increased office leasing activity.
  • Brookfield’s Bay Adelaide North Tower at 40 Temperance was completed this quarter, adding 820,000 square feet of AAA inventory to the market, of which 94% is pre-leased.
  • Discounts for quality space can still be found on the sublease market, most notably in AAA-class space Downtown, where the average discount was found to be 21.0% in comparison to headlease rates on average.

Toronto Office Market Report Q3 2022

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Pour plus d’informations, veuillez contacter:

Jamieson Jackson

Managing Director, Office Practice Group | GTA

Toronto Downtown

Jamie Jackson serves as the Managing Director for the GTA Office Practice Group.  He has been helping to grow the business since September 2020.  

Prior to joining Colliers, he was the Director of the Financial Services practice at Iron Mountain, where he had increasingly senior sales and sales management roles in the financial services and technology sectors.

He also took a 10 year detour into running an internaitonal marketing agency, ending up as the CEO until the entire business was sold and he returned to his selling roots in financial services.

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Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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