As companies strive for future flexibility, the amount of available sublease space in Toronto has swelled to a record high. realestate realestatenews Toronto sublease
With the Great Return stalling, businesses across the Greater Toronto Area are reassessing their office requirements. As companies strive for future flexibility, the amount of available sublease space has swelled.from Avison Young, 566K sq. ft of sublease space hit the market in Q4 2022, bringing the total amount of available sublease space to 7.7M sq. ft. The figure is not only an annual increase of 1.6M sq. ft, but surpasses the previous peak of 7.4M sq.
“Many occupiers are still assessing their office space needs in light of hybrid workplace strategies and the ongoing return-to-office process, deferring decisions when they can and hedging their bets with shorter lease terms to allow future flexibility,” Avison Young said. Although absorption was positive in Q4, increasing by 108K sq. ft for a yearly total of 2.4M sq. ft, Avison Young noted this was a “lagging indicator” that could reverse course into negative territory in 2023 as newlyvcompleted inventory comes online.
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