Toronto is an office construction hotbed, with 5M SF under development across the GTA, much of it AAA space. Here—via fresh figures from the folks at Colliers—are four submarkets that are bustling right now.
1. Financial Core
Development: Nearly 2M SF under construction, all of it AAA space, like Oxford’s EY Tower. The core is TO's most active submarket by far on the development front.
Vacancy: A mere 2.6% last quarter, up from 2.2% in Q1.
What’s available: Availability rate is 9.4%, and there’s 3.4M SF of available space. Net absorption in Q2 was 9.5k SF.
2. Downtown South
Development: 800k SF under construction, including Menkes Developments' One York Street (Downtown East isn't far behind, with 749k SF being built).
Vacancy: Nearly nonexistent, at 1.7%, down from 6.7% in Q1, likely due to the 288k SF absorbed last quarter.
What’s available: Availability rate is 3%, and there's 170k SF of available space. Net absorption in Q2 was 284k SF.
3. Meadowvale
Development: 300k SF under construction, the lion's share of it Carttera Private Equities' Gateway Meadowvale, which broke ground last month.
Vacancy: 7.8%, down a hair from 8.1% in Q1.
What’s available: Availability rate is 12.7%, with 1M SF of available space. Q2 net absorption was 22k SF.
4. Vaughan
Development: 136k SF of office space under construction, including KPMG Tower. Vaughan is the only GTA North submarket active on the building front at the moment.
Vacancy: 10.7%, up from 8.3% in Q1.
What’s available: Availability rate is 12.6%, with 352k SF of available space. Net absorption in Q2 was -6k SF.
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