The Vacancy rate in the Greater Toronto Area (GTA) increased to 9.4% in Q1 2014 from 9.2% at the end of 2013. Sublet space dropped this quarter, however it is still high compared to the levels in the past four years. Many tenants have traded up from their existing space by opting our more cost effective Class A sublet space, including our DTZ Canada head office in Toronto.
26 office buildings, representing 7.3 million square feet of new inventory were under construction. The majority of new construction was concentrated Downtown (17 building, 5 million, sq ft) and GTA West (14 buildings, 1.5 million sq ft) market.
Source : DTZ (Groupe UGL)