GTA Office Sublease Update

Six months into the COVID-19 pandemic, tenants are considering downsizing, relocating or adopting permanent work-from-home solutions, contributing to the increasing supply of sublet space in the market.

• Of the 1.8 million square feet of new sublet space listed since March 2020, 64% is driven by Downtown listings.
• The Downtown West represents the largest submarket in terms of newly listed sublet space, totaling 457K SF – nearly twice the amount listed in the Financial Core.
• Few transactions are taking place to pick up new availability, which is likely to apply downward pressure on rental rates over the next several quarters.
• Technology tenants continue to dominate the volume of sublet space listed as they are able to quickly adapt to a remote working environment.

GTA Office Sublease Update

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Pour plus d’informations, veuillez contacter:

Daniel Holmes

Senior Managing Director | Broker

Toronto Downtown

+1 416 791 7239

647-567-7940

Courriel

Daniel Holmes is now Senior Managing Director, Office Practice Group, Toronto Region. In his previous role as Senior Managing Director of Colliers Toronto North, he led the sales advisor team, as well as oversaw operations, recruitment, the Eastern Acceleration Advisor Development Program and strategic business development. Daniel’s track record of deeply understanding advisors and clients’ unique challenges and employing diverse strategies to solve them, combined with his experience building successful advisor teams, will be key in growing our office practice group and client base, and reinforcing our dominance in the GTA office sector.

Daniel began his real estate career with Colliers in 2002 as an office leasing broker and completed more than 500 transactions on behalf of national and international clients. Daniel consistently demonstrated a unique understanding of how to approach each client to exceed their unique needs through a use of diverse strategies.

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