Vacancy and availability rates continued to rise across the Greater Toronto Area (GTA), with vacancy increasing 90 basis points (bps) to 8.0% and availability increasing 70 bps to 10.4% compared to Q1 2021.
Average net asking rents fell only $0.16 to $22.38 PSF for the quarter as downtown and midtown Toronto markets showed sharp increases to $32.47 PSF and $25.63 PSF, respectively. As many landlords project the return to office movement to occur later this year, or in early 2022, they are looking to preserve their face rates by offering catered inducement packages to help tenants return effectively.
Read our Market Report for more details.