•Building off an impressive end to 2019, London’s overall office vacancy rate compressed a further 240 bps this quarter to 14.9%. Both core and suburban assets experienced vacancy decreases, tightening by 220 bps and 350 bps respectively.

•Drawn by free parking, high-class amenities and newly renovated office buildings, London’s suburban market recorded 55,099 sq. ft. of positive absorption this quarter, which is well above the market’s five-year quarterly average of 10,674 sq. ft.

•Concentrated in Class B and C product, the core office market recorded 76,814 sq. ft. of positive absorption in Q1 2020, the highest downtown quarterly absorption figure since Q4 2017. Despite this activity, a relatively quiet quarter for higher-quality office product caused the Class A average net rental rate to decrease slightly to $13.92 per sq. ft.

•Following the sale of their owner-occupied property at 680 Waterloo Street in 2019, Siskinds LLP has decided to stay in London’s core market at 275 Dundas Street. Relocating in early 2021, the law firm will increase their occupied footprint to 65,000 sq. ft.