Toronto 2021 Q3 Market Report

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Tempered enthusiasm remains, back-to-office efforts progress slowly

The Greater Toronto Area (GTA) office market continued to display optimistic trends for market participants in the third quarter 2021 with tour activity remaining at elevated levels from 2020. As of late September, Ontarians have been required to provide proof of vaccination for access to certain public settings, such as indoor dining. In tow, capacity limits within many establishments were increased, and as of the writing of this report almost 82% of those 12+ years of age have been fully vaccinated. Notably, full capacity is now allowed at sporting and concert venues, while limits remain in place for businesses, creating ire amongst many business owners. Collectively, these data points are positive for the office market, however occupancy levels are expected to adjust slowly, with many companies cautiously planning re-entry to the office over the next few months, and in certain cases, delaying until 2022.

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