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Toronto Office Market Report Q2 2023

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research article

Transactional activity during the second quarter persisted at a slower pace due to fluctuating demand and lingering uncertainty surrounding the future of work.

  • Despite ongoing economic headwinds, Greater Toronto’s CBD saw quarter-over-quarter vacancy remain stable at 11.7% as a result of growing interest in AAA properties among more traditional occupiers active in legal and finance-related services. 
  • The GTA's market share of sublet space accounted for 24% of total availability this past quarter following the emergence of some notable spaces. Midtown more than doubled their stock following the emergence of two key sublet spaces.
  • Pockets of the Suburban East contributed to declining suburban vacancies, primarily among Class A facilities. However, the wider market experienced an underwhelming quarter, marked by more than 320,000-square-feet of negative absorption and a 30-basis point increase in market availability.
  • Business and support services showed a decline of approximately 4.4% in employment activity, demonstrating early signs of a weakening economy. Despite the labour market’s slightly regressive nature, the Bank of Canada, again, tightened monetary policy by raising interest rates to a record-breaking 5%.

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Toronto Office Market Report Q2 2023

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Pour plus d’informations, veuillez contacter:

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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