The GTA’s top office submarkets continue to see low vacancy rates, even as millions of feet of new supply become available across the region. Here, via Q2 figures from Colliers, are four of the most active nodes.
1. Downtown
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Q2 vacancy rate: 2.8%, up from 2.4% in Q1, with 5M SF available.
Net new supply: 1.3M SF
Absorption (year over year): +24k SF
Under construction: 2.2M SF, including King-Portland Centre, rendered above.
2. GTA North
Q2 vacancy rate: 2.4%, up from 2.3% in Q1, with 945k SF available.
Net new supply: 0 SF
Absorption (year over year): +12k SF
Under construction: 486k SF, including KPMG Tower (above) at SmartREIT's Vaughan Metropolitan Centre project.
3. Financial Core
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Q2 vacancy rate: 3.7%, up from 2.3% in Q1, with 3.5M SF available.
Net new supply: 1.02M SF
Absorption (year over year): -256k SF
Under construction: 906k SF, including Oxford Properties Group’s EY Tower, pictured earlier this year.
4. GTA West
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Q2 vacancy rate: 11.8%, up from 9.6% in Q1, with 5.8M SF available.
Net new supply: 336k SF
Absorption (year over year): -612k SF
Under construction: 220k SF, including RSA Insurance's new home at Mississauga’s Gateway Centre, rendered above.
