Colliers 2012 – Q3 Commercial Real Estate Data
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• The Greater Toronto Area Office market recorded vacancy at a record low, posting a 6.3 per cent vacancy rate this quarter.
• There has been very little new supply added to the inventory in the past few years, especially without major pre-lease commitments, leading to existing space being filled. In the last two years, the GTA market has added a total of 1.6 million square feet of office space to the inventory, an insignificant addition to the existing 185 million square feet of space in the market.
• Downtown continued its downward trend, currently at 5.1 per cent. The increase in demand for residential condominium space continues in the Downtown Core, leading to increased office development southbound, as evidenced by 120 Bremner Street and RBC Waterpark at 85 Harbour Street, both with significant pre-lease commitments.