As 2021 progresses, optimism spreads through office market

With the second quarter, the Greater Toronto Area (GTA) office market showed new "signs of life" leading to optimism amongst market participants. Tour activity and lease negotiations have picked up from 2020 and a number of notable deals were in place by the end of the quarter. Ontario’s vaccine rollout continues to advance, with over 75% of those 12 years of age and older receiving at least one dose. As of July 16th, Ontario entered into Phase 3 of the Government of Ontario’s phased approach to re-opening the province. However, U.S. firms looking to focus on their Canadian real estate remain constrained by tight cross-border travel restrictions for U.S. residents, which in many cases has prevented leasing transactions from progressing. As of the writing of this report these restrictions are expected to remain in place until at least July 21st.

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