{"id":12781,"date":"2023-02-07T04:53:55","date_gmt":"2023-02-07T12:53:55","guid":{"rendered":"https:\/\/essential.construction\/news\/toronto-office-vacancies-rise-in-q4-industrial-sector-shines\/"},"modified":"2023-02-07T04:53:56","modified_gmt":"2023-02-07T12:53:56","slug":"toronto-office-vacancies-rise-in-q4-industrial-sector-shines","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/toronto-office-vacancies-rise-in-q4-industrial-sector-shines\/","title":{"rendered":"Toronto office vacancies rise in Q4, industrial sector shines"},"content":{"rendered":"<p> <a href=\"https:\/\/essential.construction\/files\/membership-default-internal\/\" class=\"memberhide\"><img decoding=\"async\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2023\/01\/20220718_175041000_iOS.jpg\" alt=\"-\"><\/a><br\/><br \/>\n<\/p>\n<div>\n<p>TORONTO \u2014 A new fourth-quarter 2022 Office Insight report for Toronto from JLL found the total vacancy rate in downtown Toronto rose 100 basis points quarter-over-quarter, reaching 12.6 per cent in Q4.<\/p>\n<p>The negative results were largely due to anchor tenants vacating some of their offices, such as CIBC at 22 Front St. and IA Financial Group at 522 University Ave., stated a release. As a result of the recent vacancies and limited supply being added to the market, net negative absorption of minus 706,244 square feet was recorded in downtown Toronto in Q4.<\/p>\n<p>JLL reported office sublease availability reached an all-time high as users continue to adjust to economic uncertainty. The downtown Toronto office market experienced another notable uptick in sublease availability in Q4, increasing by 20.8 per cent quarter-over-quarter, setting a new all-time high for the second consecutive quarter.<\/p>\n<p>The results were notably better in JLL\u2019s Industrial Insights Q4 report for Toronto.\u00a0<\/p>\n<p>The fourth quarter saw meaningful recuperation after the transactional and construction pauses experienced in Q3, JLL reported.<\/p>\n<p>Over 3.4 million square feet of long-pending deals managed to close by the Christmas season. Such deals included Home Depot leasing 605,000 square feet from Crestpoint at 3150 Derry Rd. and Chrysler signing a deal with Orlando for their 513,507-square-foot site at 100 Edgeware Rd.<\/p>\n<p>The largest deal of the quarter involved Lululemon signing a deal with Prologis for their upcoming 975,000-square-foot site at Highway 50 and Countryside Drive, a project designed for LEED certification.<\/p>\n<p>Over 4.6 million square feet of new big-box industrial product managed to deliver during the quarter, an increase of 144.3 per cent over the 1.9 million seen in Q3.<\/p>\n<p>Completions included Broccolini\u2019s 750,055-square-foot site at 7095 Fifth Line and Crestpoint\u2019s 605,299-square-foot site at 3150 Derry Rd.<\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5143531171910809\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- News - Bottom -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5143531171910809\"\r\n     data-ad-slot=\"8320848692\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/canada.constructconnect.com\/dcn\/news\/economic\/2023\/02\/toronto-office-vacancies-rise-in-q4-industrial-sector-shines\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO \u2014 A new fourth-quarter 2022 Office Insight report for Toronto from JLL found the total vacancy rate in downtown &#8230; <a title=\"Toronto office vacancies rise in Q4, industrial sector shines\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/toronto-office-vacancies-rise-in-q4-industrial-sector-shines\/\" aria-label=\"Read more about Toronto office vacancies rise in Q4, industrial sector shines\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1037],"tags":[357,295],"class_list":["post-12781","post","type-post","status-publish","format-standard","hentry","category-daily-commercial-news","tag-blog","tag-technology","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/12781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=12781"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/12781\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=12781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=12781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=12781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}