Leasing Activity Steady in Toronto West but Vacancy Rate Still High - Toronto West Remains a Tenant’s Market
The office market in Toronto West has been relatively quiet over the first months of 2018. At the end of last year, the vacancy rate for all office classes was 14.7%; in the intervening months it has declined slightly to 14.5%. At present, the inventory of built office space in Toronto West totals 44.5 million square feet.
Even though vacancy rates have only dropped minimally and space availability remains high, average gross rents for all office classes have risen slightly, from $28.50/sf a year ago to $29.38/sf today. Class A average gross rents in the Toronto West region as a whole are now at $32.32/sf, up from $31.92/sf at the end of 2017.
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