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Leasing activity accelerated in the third quarter with 2.6 million square feet of net absorption, up from 0.2 million square feet in the second quarter. Vacancy further decreased by 30 basis points to 3.6 percent, the lowest level in the Greater Toronto Area since Q1 2008. Currently at $5.84 per square foot, average asking net rent has been increasing for eight straight quarters. As new supply is delivered to the market, vacancy is expected to remain steady at current levels and occupancy cost will moderately increase.
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