•Downtown continues to be a tight and competitive market with spaces typically receiving multiple offers to lease.

 

•Overall GTA vacancy increased by 10 basis points (bps) to 8.6%, driven mostly by the Suburban markets as they experienced 321,983 sq. ft. of negative net absorption.

 

•Downtown is officially beginning a new development cycle as several major projects have been announced throughout 2017. Given the time until delivery, market conditions are expected to remain tight until this new supply is delivered in 2020.

 

•The Toronto West market experienced a negative net absorption of 262,177 sq. ft. this quarter, though growth on the year was still very strong with the West seeing its largest year of positive absorption since 2008.

 

•The Toronto North and East markets experienced slightly negative absorption figures for the year, mostly driven from the Scarborough and North Yonge Corridor submarkets.