TORONTO DOWNTOWN
OFFICE

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Last Updated: March 2020

Key Market Statistics

Downtown Toronto - All Office Classes

Major Developments

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Announcements:

  • Google announces 400,000 SF at 65 King Street East, occupying the entire building
  • Equitable Bank will become the lead tenant in a new 24-storey tower at 25 Ontario Street (The Shift), which will be named as the EQ Bank Tower
  • B + H is the first tenant to sign at 320 Bay Street for 23,000 SF

Major Transactions:

  • TD Bank announces 848,800 SF at 160 Front Street West
  • Amazon renews 132,000 SF at 18 York Street (PwC Tower)
  • Toronto Region Board of Trade announces 92,000 SF at 100 Queens Quay East (LCBO Tower)

Asking Average Gross Rent & Vacancy (all office classes)

Market Statistic (all office classes)

Source: CoStar

Market Commentary:
“The news is good or not so good depending on whether you are a landlord or a tenant. The good news for landlords is Toronto continues to enjoy solid market fundamentals, market rents and asset values are appreciating, and tenant demand is very strong. The not so good news for tenants is that although 9,000,000 SF is under construction in downtown Toronto, it is still not keeping pace with the demand and rental rates, and leasehold construction costs are increasing. In addition, options at most size ranges are limited. The result is that landlords will continue to enjoy solid market fundamentals for the foreseeable future and tenants will need to plan carefully in advance to avoid substantially higher occupancy costs.”

Allan Schaffer

President, Broker of Record

Contact

Allan Schaffer
President, Broker of Record
aschaffer@devencore.com


416.366.1904

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