GTA office availability still rising, but might be nearing peak

Office space availability in the Greater Toronto Area rose to 20.8%, with overall vacancy increasing to 14.4%. The suburban markets outperformed downtown, with availability at 20.1% and vacancy at 12.9%. Sublease space decreased, while total available area reached 39.3 million square feet. Asking rental rates remained stable, and medium-to-large tenant activity is at a high since the pandemic. Several major employers are increasing in-office days, which may boost demand for office space. New developments like Carttera's Portland Commons are expected to attract tenants.