•Amidst the global shutdown, Toronto’s unemployment rate rose 190 basis points (bps) from 6.0% in March of 2020 to 7.9% in April of 2020.

•In the first quarter of 2020, scarcity of space in the Downtown core remained prevalent, leading to a record-low overall vacancy rate of 2.0%.

•Pre-leasing activity showed no signs of slowing down as Google signed on for 400,000 sq. ft. at 65 King Street East. The Carttera development, slated for a 2021 completion, is now 100% pre-leased.

•Occupiers continued to fuel the robust demand in the Financial Core as overall rental rates increased 9.3% quarter-over-quarter to $40.88 per sq. ft., posting a record-high for this submarket.

•The Suburban market saw two notable completions this quarter. The PwC Tower at 200 Apple Mill Road brought 220,000 sq. ft. of Class A space to the Vaughan submarket, and Spectrum Square Phase II at 5050 Satellite Drive brought 130,880 sq. ft. of Class A space in the Airport Corporate Centre submarket.