Back-to-office plans continue to evolve as the year closes and Omicron cases rise
The office market in the Greater Toronto Area (GTA) closed the year under a cloud of uncertainty. Despite continued positive trends for market participants early in the quarter, rising Omicron case counts across North America left tenants to re-assess back-to-office timelines as the year came to an end. As of the writing of this report, the Government of Ontario has renewed many Covid-19 restrictions that will be in place until at least late-January. Although uncertain, it is expected that occupancy levels will remain low in early Q1 2022 and then slowly increasing as companies cautiously re-enter the office over the first half of 2022.