•Between the end of August and September of 2019, Toronto’s unemployment rate decreased 10 basis points (bps) to 5.8%. This represents an addition of 27,500 jobs.

 

•The overall vacancy in Downtown Toronto decreased 30 bps from 2.4% to 2.1%, a record-low.

 

•This quarter saw strong pre-leasing activity in Toronto, with 46,000 sq. ft. pre-leased at 8 Spadina Avenue by Quadrangle Architects, and 60,000 pre-leased at 99 Atlantic Avenue by Achievers.

 

•The Suburban market experienced positive net absorption of 603,437 sq. ft. This led to the overall vacancy rate decreasing 80 bps quarter-over-quarter to 11.9%. This was primarily due to the Oakville, North Yonge, and Don Mills North submarkets experiencing 91,237 sq. ft., 153,164 sq. ft. and 86,699 sq. ft. of positive net absorption respectively.

 

•Hopewell Development’s construction at 2095 Matheson Boulevard East officially broke ground this quarter. Upon completion, this project will introduce approximately 60,580 sq. ft. of new inventory to the Airport Corporate Center submarket.