Downtown Toronto's sublease availability jumped 13.5% from Q4 of 2022 to over 4.36 million square feet in the first three months of 2023, according to JLL
Subleased space in Toronto’s downtown core surged in the first quarter as firms continue to right-size their work spaces following the pandemic work-from-home boom, with even the highest quality office buildings starting to feel the effects.
“With no completions this quarter and several completions set for this year, it is likely that Downtown Toronto will see increases in vacancy as buildings are delivered, although, construction completions are expected to slow into 2024,” the report said, noting that leasing activity is expected to remain consistent as firms bring workers back to the office.
The tech company initially planned to take up 254,000 square feet of the space with an option to expand into another 433,752 square feet, but opted to develop its current location at the King Portland Centre instead.
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