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Toronto Office Market Report Q4 2023

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research article

In Q4 2023, the market observed a decline in the number of transactions and leasing volume. However, this downturn was mitigated by occupiers who continued to sign significant deals in the central downtown nodes. Most deals over 20,000 SF were A or AAA-Class assets in the Central Business District.

  • Landlords continued offering turnkey solutions in the form of model suites while offering enhanced amenities in communal spaces. Despite their caution regarding shorter-term leases, there is a burgeoning demand from tenants for flexible lease solutions.
  • Business sector employment has seen an upward trend since the onset of the global pandemic. However, projections indicate a potential decline in 2024, coinciding with the Bank of Canada maintaining policy rates at 5.0%.
  • Office occupancy data in the Greater Toronto Area indicated a deceleration in the momentum that has consistently propelled the return-to-office throughout 2023. No significant shifts are anticipated in the new year as peak office days are currently nearing 70% occupancy, while slow days floor out at around 30%.

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Toronto Office Market Report Q4 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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