Toronto sublet inventory hits record level as companies look to shed space. Find out more.
Avison Young said there is still a great deal of uncertainty among tenants regarding their office space needs, and that as a result many are deferring their decisions to sign leases whenever possible and hedging their bets with shorter terms, to preserve flexibility.
“It’s very difficult to terminate a lease because it requires both the landlord and the tenant to agree on terms that they would find amenable to each other,” Almeida said in an interview. “You can’t break a lease the way people think about it in a residential lease.”Article content The most prominent example has been the e-commerce company Shopify, which signed on to become the anchor tenant of The Well, a major mixed-use development in Downtown Toronto built by real estate investment trusts RioCan and Allied Properties, but announced in mid-December that it would no longer occupy the office.
According to Almeida, Shopify has not publicized the amount of rent they are asking for, a practice he said “is common in these situations.”
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