The suburban office market outperformed the downtown and midtown markets in the Greater Toronto Area (GTA) in the last quarter, with 15 out of 23 new buildings now rising in the Toronto West node.
According to Bill Argeropoulos, principal and practice leader of research (Canada) for Avison Young, Toronto West experienced its best quarterly absorption result since 2012 with help from incoming tenants, such as TJX.
As outlined in the Q2 2015 Greater Toronto Area Office Market Report, Toronto West brought in 874,000 square feet of new supply in the Q2—the most since Q1 2009—making it the only node to realize new suburban stock for this year. Another 1.2 million square feet is underway.
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