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Coming off Best Quarter, Dream Has Work Ahead

Toronto Office

Q4 was Dream Office REIT’s best in 2014 for leasing volume, completing close to 900k SF. Deal velocity remained “particularly strong” in Toronto, Dream said this week, with 176k SF of leasing completed downtown and 183k SF in the burbs. And the firm has a “good head start” for 2015, with 45% (or 1.2M SF) in completed leases commencing in 2015. Looking ahead, CEO Jane Gavan notes 10.7M SF of its tenancies will expire between 2017 and 2020, with 1.2M SF not being renewed. Most of the space is in “excellent buildings,” she says, such as Scotia Plaza (pictured), 438 University Ave and Telus House. She expects Dream to deal with 40% of this expiring space in 2015.