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The Greater Toronto Area (GTA) suburban market experienced another quarter of increasing vacancy rates, with a quarterly increase of 20 basis points to 12.0 percent. JLL predicts that suburban GTA vacancy will continue to rise slowly until it reaches its peak of approximately 13.5 percent in late 2015 or early 2016. This vacancy increase is primarily due to corporate occupiers striving to use their space more efficiently by reducing unnecessary space and decreasing the square footage per person. As leases expire, companies are reevaluating their real estate needs, with excess space being returned to the market. Another factor driving up vacancy rates is the steady stream of new supply that is being constructed, which is primarily located in the GTA West. Many of these new buildings are attracting tenants away from their current second-tier buildings, leaving landlords with large vacancies on their hands.
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