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Smaller Leases Dominate Downtown
While Colliers’ latest office report offers up no real surprises, the unexpected may still be coming down the road when new inventory in the pipeline takes root in the market, executive managing director John Arnoldi tells us. The study showed that Toronto’s office market continued to thrive during Q1 '14, particularly the downtown core. The average vacancy rate across the GTA dropped by two basis points to 5.8%, while average asking rent inched up from $18.48/SF at the end of 2013 to $18.60/SF. A big trend: taking smaller office space in premium locations, John says. Activity in the downtown core was fueled by financial, insurance, and tech tenants.
