During the third quarter, vacancy rates continued to climb across the Greater Toronto Area (GTA) despite numerous newly built office buildings reaching completion and welcoming their new tenants.
While COVID-19 has slowed down the office market, the rare tenants across the GTA that are looking for space have been taking to the sublease market, which now makes up roughly 37% of all available space across Downtown sub-markets. Offering a variety of term structures, build-outs and furniture options, the sublease market is now the first place to look when searching for new space.
While October will be a determining month as Ontario leadership looks to prevent further infections and restrictions, if the current situation does persist, we can expect further instability heading into the new year.