Vacancy, while still limited, begins to loosen amidst slowed absorption

Toronto vacancy, while still sub-3.0%, has shown signs of relief and has now climbed 90 basis points (bps) year over year. One of the factors moving vacancy northward has been slowed absorption, coming in just short of 1.0 million square feet (msf) in the second quarter. Notable and large blocks of space have come available through the first half of the year, such as the former Closeout King at 2562 Stanfield Road and CNH at 190 Summerlea Road, both in the Peel submarket. Propping up the continued positive quarterly net absorption figures was the 770,000 square feet (sf) Bombardier Global Manufacturing Centre at 1890 Alstep Drive that reportedly opened its doors in April.

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