GTA Office Market Report Toronto Q4 2020

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Market MetroOverview01Rental Rates by Building Class02Weighted Average Asking Net Rates ($PSF)Rental Rate Growth*By Market | Q4 2019 – Q4 2020$50$40$30$20$10$0AAAAAAABACB CAAABB CBCCDowntown Midtown GTA N/E GTA W GTA TotalDowntown -6%Midtown7%GTA N/E3%GTA W2%GTA Total9%*Weighted Average Asking Net Rent03Leasing Activity by IndustryBy Square Feet LeasedFIRE and TAMIrepresents 44%of all leases inQ4FIRE | Financial Services,Insurance and Real EstateTAMI | Technology, Advertising,Media and InformationHEG | Healthcare, Education andGovernmentACE | Accountants, Consultants,EngineersLegalOther04320 bpsDowntown1.1% Q4’19GTA W8.0% Q4’19Vacancy Rate by MarketQ4 2019 – Q4 2020170 bps 190 bpsMidtown1.6% Q4’19160 bps 220 bpsGTA Total4.0% Q4’19GTA N/E4.9% Q4’19Net Absorption / New Supply (SF)051,500,0001,000,000500,0000-500,000-1,000,000Historical OverviewVacancy vs. Net Absorption and New SupplyVacancy Rate Net Absorption New Supply6.2%8.0%6.0%4.0%2.0%0.0%-2.0%-4.0%-6.0%Vacancy-1,500,000Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20-8.0%Colliers Canada | GTA Office Market Report | Q4 2020collierscanada.com/research P.2
Greater Toronto AreaMarket StatisticsMarketClass# of BuildingsTotal Inventory(SF)Vacancy RateAvailability RateProp. ofSublease Avail.Net Absorption(SF)Weighted Avg.Asking NetRents ($PSF)Weighted Avg.Asking GrossRent ($PSF)New Supply(SF)UnderConstruction(SF)Financial Core All 104 37,503,429 3.8% 6.9% 24.1% -318,051 $38.53 $68.11 0 3,581,717Downtown East All 69 6,534,496 3.6% 4.7% 42.6% -63,630 $28.38 $50.39 0 2,413,186Downtown North All 135 21,901,749 1.8% 2.4% 45.4% -49,359 $31.48 $53.10 0 250,995Downtown South All 23 7,997,369 9.7% 5.3% 50.8% -19,637 $42.29 $69.34 0 0Downtown West All 152 18,260,513 6.1% 8.3% 55.0% 3,908 $32.73 $51.37 130,000 1,949,005Downtown All 483 92,197,556 4.3% 5.8% 38.1% -446,769 $36.44 $62.52 130,000 8,194,903Yonge - Bloor All 74 10,868,092 2.5% 6.3% 19.4% -76,698 $30.51 $53.61 0 0Yonge - St. Clair All 30 3,299,852 2.7% 6.2% 50.1% -61,265 $27.02 $50.36 0 0Yonge - Eglinton All 69 6,871,539 3.9% 5.9% 36.5% -75,574 $19.77 $39.33 0 0Toronto West All 49 2,841,089 5.6% 5.1% 14.2% -20,233 $27.04 $40.34 0 63,000Midtown All 222 23,880,572 3.3% 6.0% 28.1% -233,770 $27.08 $48.15 0 63,000Don Mills - Eglinton All 67 6,363,915 4.5% 7.2% 33.6% 694 $13.00 $29.61 0 0Duncan Mill All 43 2,929,028 9.8% 9.8% 22.7% -28,926 $15.31 $31.42 0 0Consumers Road All 47 6,063,203 8.2% 8.6% 3.7% -75,245 $14.38 $31.65 0 0Woodbine/Steeles All 70 6,692,553 8.1% 8.8% 11.3% -20,454 $15.41 $30.12 0 0Toronto East All 22 1,641,465 3.8% 4.0% 2.2% 0 $30.50 $40.78 0 0Central East All 249 23,690,164 7.1% 8.1% 15.9% -123,931 $15.22 $31.10 0 0Yorkdale All 30 2,694,369 3.6% 3.0% 23.4% 4,968 $13.30 $32.61 0 0Dufferin - Finch All 33 2,492,048 7.0% 5.9% 17.5% -1,243 $16.62 $31.85 0 0North Yonge Corridor All 58 10,303,603 7.0% 9.6% 7.6% -144,334 $22.45 $43.35 0 115,357Central North All 121 15,490,020 6.4% 7.9% 9.9% -140,609 $21.29 $41.48 0 115,357Vaughan All 82 5,245,746 7.1% 7.0% 16.2% 8,065 $19.18 $30.24 0 0Richmond Hill All 12 844,067 2.2% 2.2% 6.5% -8,406 $16.26 $29.79 0 0Hwy 404 - Hwy 407 All 134 11,175,815 4.9% 6.1% 16.3% -88,972 $16.31 $30.32 0 0Markham Town Centre All 38 3,257,837 16.2% 15.6% 45.7% -181,136 $15.65 $30.10 0 0GTA North All 266 20,523,465 7.1% 7.7% 25.6% -270,449 $16.91 $30.24 0 0Scarborough Town Centre All 84 8,261,398 8.3% 9.1% 33.8% 6,476 $13.18 $29.61 0 0Pickering - Oshawa All 61 190,612 3.2% 3.4% 5.6% 9,500 $13.89 $25.61 0 0GTA East All 145 14,161,828 6.2% 6.7% 28.0% 15,976 $13.37 $28.52 0 0Featured Transactions | Q2 2019GTA North / East All 781 73,865,477 6.8% 7.7% 19.3% -519,013 $16.84 $32.99 0 115,357Airport Corporate Centre All 79 6,441,210 10.2% 15.2% 22.6% 6,631 $17.09 $32.41 0 245,040Airport East All 70 4,983,832 19.8% 21.0% 8.9% -59,061 $14.09 $30.31 0 0Airport West All 64 5,497,042 4.3% 4.5% 11.7% -32,452 $15.86 $30.10 0 0Brampton All 57 4,311,487 2.5% 3.3% 6.1% -17,332 $17.05 $31.08 0 0Burlington All 79 5,135,511 8.1% 13.1% 4.9% -9,258 $16.63 $29.07 0 131,204Cooksville All 33 1,880,213 10.4% 10.2% 3.2% -4,237 $14.12 $28.45 0 0Hwy 401 - Hurontario All 62 5,339,515 9.9% 8.7% 12.9% -51,276 $15.47 $29.27 0 0Hwy 427 - Bloor - Islington All 65 5,139,630 10.6% 12.4% 14.6% -23,102 $17.35 $32.78 0 33,170Meadowvale All 88 7,596,389 9.9% 10.3% 3.8% -19,617 $18.30 $32.72 0 0Mississauga City Centre All 33 4,361,826 9.3% 12.0% 15.6% -14,811 $18.16 $36.40 0 0Oakville All 78 4,588,718 8.8% 9.5% 19.4% 64,700 $18.78 $30.76 47,000 232,641Sheridan - Winston All 57 3,866,639 12.2% 11.8% 9.1% -32,591 $18.72 $31.97 0 19,892GTA West All 765 59,142,012 9.6% 11.1% 11.9% -192,406 $16.77 $31.48 47,000 661,947GTA Total All 2,251 249,085,617 6.2% 7.7% 22.7% -1,391,958 $21.95 $40.12 177,000 9,035,207Colliers Canada | GTA Office Market Report | Q4 2020collierscanada.com/research P.3
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GTA Office Market Report Toronto Q4 2020

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