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Greater Toronto Area Office Market Report Q3 2020

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research article

Absorption in Q3 2020 softened to -792K SF, up from -1.4M SF the previous quarter.

  • There was 1.3M SF of new supply introduced, which eased the impact of increased sublet space on the market by adding some positive absorption.
  • The GTA vacancy rate increased 80 bps from the previous quarter to 5.2%.
  • Downward pressure on rental rates has yet to surface despite the jump in vacancy and increase in availability, climbing 5% since Q2 to $21.54 psf.
  • Sustained asking rates are masking other financial incentives being offered to tenants, such as increased tenant inducements and shorter lease terms.

 


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Greater Toronto Area Office Market Report Q3 2020

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Daniel Holmes

President, Brokerage, Valuations & Advisory Services | Canada

Toronto Downtown

Daniel Holmes is the President, Brokerage Services Canada, overseeing the national brokerage business and operations support for Office, Industrial, Retail, Investment Sales, Debt and Hotels. Dan is a champion for clients, his people and the industry, accelerating success through advocacy, investing in relationships, and support. 
 
As a leader at one of the most trusted global brands in commercial real estate, Dan implements strategies to advance and mentor Colliers’ employees. He tracks the insights, factual data, market trends and projections that drive real value in commercial real estate. Dan empowers advisors and clients to make informed decisions based on Colliers’ integrated services. He excels at building teams and culture, balancing healthy competition, action orientation, personal accountability, enterprising spirit, and camaraderie. 

Dan began his career in real estate at Colliers as a Research Assistant, quickly transitioning to sales where he built his industry experiences and network over 11 years before moving on to a leadership role externally. After returning to Colliers, he held progressive leadership roles including Senior Managing Director, Office Practice Group, and Executive Managing Director, Greater Toronto Area where he led leaders and sales advisor teams, oversaw operations, recruitment, the Eastern Acceleration Advisor Development Program, and strategic business development. 

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Leo Lee

Director, Research Operations | Canada

Toronto Downtown

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 15 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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