Market challenges persist as 2020 comes to a close amidst second wave of COVID-19
Throughout the fourth quarter, the Greater Toronto Area (GTA) office market exhibited similar market trends to that of the previous two quarters, although now tempered with optimism by the December release of the Covid-19 vaccines, providing a light at the end of the tunnel. As was predicted in the fall, COVID-19 cases rose throughout the fourth quarter, forcing Ontario to re-enter a strict lockdown period as of December 26th. As of the writing of this report, the lockdown is expected to extend to February 10th in most areas of Ontario. Landlords and tenants will continue to keenly monitor government action and forecasts, while treating timelines for re-entering the workplace as a moving target.