Toronto Suburban Office Figures Q4 2023

January 29, 2024 5 Minute Read

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-       The Suburban Toronto market recorded its first quarter of net positive absorption since Q3 2022, with Toronto West and North recording declines in vacancy while the East continued to struggle.

-       The construction pipeline in the suburban market remains sparce, with only one new speculative development completed in 2023 and no new major projects breaking ground.

-       The suburban sublease market is expected see 1.2 million sq. ft. of leased space expiring by year-end 2025, representing 33.9% of all current sublet availability.

-       Younger assets are faring considerably better than buildings built prior to 2010 as the flight-to-quality trend persists.