The vacancy rate in the Greater Toronto Area (GTA) increased to 9.2% in Q4 2013 from 8.8% at the end of Q3 2013. Sublet space in Class A buildings continues to rise.
28 office buildings, representing 7.0 million square feet of new inventory were under construction. The majority of new construction is concentrated in the Downtown and GTA West markets.
Bayer Inc. and WorleyParsons Canada penned significant deals over the quarter. Bayer Inc. will occupy 134,558 square feet at 2920 Matheson Boulevard East in the Airport Corporate Centre. WorleyParsons Canada will occupy 95,868 square feet at 7100 West Credit Avenue in Meadowvale.
Five buildings reached completion over Q4 2013 totalling over 961,000 square feet. 83 buildings are in the pre-leasing stage with the opportunity to add 14.9 million square feet to the inventory.
The GTA West possessed the greatest amount of vacant space for lease (5.6 million sq ft) while GTA North had the least amount of vacant options (1.0 million sq ft).
Source : DTZ (Groupe UGL)