•Downtown Toronto vacancy has plummeted to its lowest level on record sitting at 2.9%.

 

•The strength of the downtown market and a strong quarter from the Toronto West market helped bring overall GTA office vacancy down by 70 basis points (bps) to 7.9%.

 

•The technology industry has made a strong impact in the downtown market and continues to grow; combined with coworking, these two occupiers have contributed to the rapidly declining vacancy rate.

 

•The Toronto West market experienced a strong quarter with 294,596 sq. ft. of positive net absorption, bringing vacancy down to 16.4%.

 

•The Downtown South and Vaughan submarkets are experiencing the highest level of construction activity in the downtown and suburban markets with 3,453,739 sq. ft. and 493,000 sq. ft. respectively.

 

•Midtown is strongly correlated with Downtown, with a nearly identical vacancy rate of 3.0%.