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Toronto Office Market Report Q1 2023

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research article

As resilient as the Canadian economy has been in the face of inflation, office leasing in the Greater Toronto Area has not seen much of the momentum it initially had between the latter half 2021 and early 2022.

  • Downtown markets reported nearly 1 million square feet of negative net absorption as tenants remained cautious in their space needs. Vacancy grew 60 basis points (bps) quarter-over-quarter, suggesting that not only are tenants downsizing and consolidating, but still shifting towards state-of-the-art facilities.
  • Some landlords looking to preserve face rates are struggling to realize deals with reasonable NER’s particularly due to the flexibility needed to meet tenants’ demands in an environment where vacancy is rising, and construction costs are still high.
  • Suburban office vacancy reached 10.4%, declining by more than 100 bps from 11.6%. Notable activity occurred in the GTA West where more than 40,000 square feet of positive net absorption was reported.
  • Fixturing at 19 Duncan Street, Thomson Reuter’s new headquarters, is virtually complete while major projects like TD’s 160 Front West are set to be delivered sometime this year. Over 5 million square feet of net office supply is expected to grace the Toronto skyline within the next four years.

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Toronto Office Market Report Q1 2023

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John Arnoldi

Executive Managing Director, Eastern Canada

Toronto Downtown

John began his career in commercial real estate in 1986 as a commercial office leasing agent when he joined The Arnoldi Group. He continually produced results for his team and began leading the department early on. He joined Colliers in 1992 as a Downtown office leasing sales representative and was a consistent top producer for the firm.

Since 1999 John has been part of the Senior Leadership team at Colliers International, previously serving as Executive Managing Director for the Greater Toronto Area and prior to that as Managing Director of the South-Western Ontario branch in Kitchener

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Adam Jacobs

Head of 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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