Cautious optimism resurfaces in the Greater Toronto Area (GTA) office market
Q1 2022 closed with optimism for both tenants and landlords alike. The cloud of uncertainty under which 2021 closed remained an obstacle to start 2022, but began to subside as the quarter progressed. Signs of momentum acknowledged in Q3 and early Q4 2021 resurfaced through February and March 2022, with increased tour activity and active deals under negotiation. With the relaxation of Covid-19 Government regulations in March, tenants are expected to progress with cautious optimism as they plan the return-to-office in the second half of 2022. It is expected that occupancy levels will slowly rise as 2022 progresses and tenants gain confidence in the timing of the return to office and the functionality of the space that awaits.