GTA Office Market Report Toronto Q4 2020

–  Vacancy across the city increased this quarter to 6.2%. The downtown market had the highest YoY vacancy rate growth by climbing 320 bps to 4.3% in Q4 2020.

–  Downward pressure on rents began to surface this quarter, with lower averages recorded across submarkets relative to Q3.

–  The proportion of sublease availability compared to total availability across the GTA continued to climb this quarter, resting at 22.7% as of Q4 2020.

–  Looking forward to 2021, an adjustment in price expectations between landlords and tenants will be imperative to propelling transaction activity.