Office Market Dashboard | Downtown
Fourth Quarter 2013 Market Snapshot Q3 2013
Q4 2013
Trend
Office Inventory
69,551,319
70,291,319
Net Absorption
82,585
550,248
Vacancy Rate
3.9%
4.1%
Availability Rate
6.9%
8.3%
Average Asking Net Rent
$23.88
$26.30
Average Additional Rent
$22.58
$23.05
Average Asking Gross Rent
$46.46
$49.34
MAP
Absorption
Vacancy Rate
1,200 Absorption (Thousands SF)
1,000
Average Net Rent 30 $26.30 25
800
20
600
15
400
10 4.1%
200
0
0 -200 -400
5
2012 Q1
2012 Q2
2012 Q3
2012 Q4
2013 Q1
-600
2013 Q2
2013 Q3
2013 Q4
-5 -10 -15
Asking Net Rent ($) / Vacancy Rate (%)
24 Month Trend Inventory & Availability by Market Inventory (SF) Downtown East 4,123,136 6%
Financial Core 34,725,556 49%
Downtown West 13,018,864 19%
New Developments Update
Downtown North 14,744,415 21%
Completed - MaRS Centre Phase 2, Q4 2013, 740,000 SF (Mars Discovery District)
Downtown South 3,679,348 5%
Under Construction - 47% Leased - E&Y Tower, Q2 2017, 900,000 SF (Oxford) Under Construction, 82% Leased - RBC Waterpark, Q4 2014, 933,020 SF (Oxford) Under Construction, 67% Leased - Bremner Tower, Q3 2014, 732,000 SF (GWL/bcIMC)
Availability (SF)
Under Construction, 70% Leased - Bay-Adelaide II, Q1 2016, 900,000 SF (Brookfield) Under Construction - 27% Leased - 1 York Street, Q3 2016, 941,000 SF (Menkes/HOOPP) Under Construction - 31% Leased - 351 King Street East, Q2 2016, 500,000 SF (First Gulf)
Market Profile
Financial Core 2,944,297 51%
TTC access via subway, LRT and bus routes. Market amenities include underground PATH network connecting the Financial Core submarket, brick & beam historic conversions and a number of major developments planned for Toronto's waterfront.
Downtown East 264,068 Downtown 5% North 1,033,858 18%
Downtown West 1,416,152 24%
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Downtown South 146,668 2%