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Q4 2009 GTA Office Market Statistics reveal: Office Vacancy continues to climb, although not as dramatic as expected.
Key findings of our most recent GTA Office Market Statistics are:
• Vacancy in GTA office space currently amounts to 11.3 M sf or 6.1 percent of the current inventory, up 1.9 M sf or 20 percent compared to the end of 2008.
• As GTA Availability also includes office space in existing buildings available for occupancy in the future, this number is always higher as vacancy and currently adds up to 19.2 M sf, 10.4 % of the current inventory. Throughout 2009 about 3.6 M sf of available space have been added to the market place, representing an increase of 23 percent. Notably, direct available sublet space grew at a much faster pace throughout 2009 than sublet available space, 26 percent versus 12 percent respectively. On a square foot basis, about eight times more direct available office space than sublease space was added to the market place, 3.2 M sf versus approx. 400,000 sf.
• The Net Asking Rent for office space in the GTA averages out to $16.20 psf, which is down nine percent from the value observed at the end of 2008.
• Occupied space sums up to 166.4 M sf or 90.2 percent of the current inventory, down 636,000 sf compared to Q4 2008.
Contact Duerten Lindenbeck at 416.643.3764 for more information.
  Colliers Q4 2009 GTA Office Statistics.pdf
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