•Toronto’s unemployment rate decreased by 110 basis points (bps) from 13.9% in August of 2020 to 12.8% in September of 2020 as Toronto continues its path towards recovery.

•16 York Street by Cadillac Fairview, 99 Atlantic Avenue by Kevric and 500 Lake Shore Boulevard West by Choice REIT completed construction this quarter, bringing 1.2 million sq. ft. to the Downtown Market in total. Both 99 Atlantic Avenue and 500 Lake Shore Boulevard East are 100.0% pre-leased while 16 York Street is 86.0% pre-leased.

•The Suburban market saw a 120 bps increase in vacancy from 11.5% in Q2 2020 to 12.7% in Q3 2020 stemming from 653,819 sq. ft. of negative net absorption quarter-over-quarter. Adding to the resilience of the Suburban market, overall rental rates remained relatively stable, coming in at $16.33 per sq. ft. in Q3 2020, a slight increase of $0.14 from the $16.19 per sq. ft. encountered in Q2 2020.