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Vacancy in the Suburban GTA dropped slightly, decreasing 10 basis points to 12.6 percent in the third quarter. Sublease velocity remains positive with available space decreasing 14 percent to approx. 1.8 million square feet (s.f.). Leasing activity continued being weighted more towards renewals than relocations, motivated by tenants’ considerations for premises consolidation, space reductions and cost cutting. Furthermore, the GTA West and other transit-accessible submarkets will continue to see the highest level of leasing activity and new construction. Aging buildings will become a low-cost option for tenants, while second generation Class A buildings will face the most significant challenges as tenants begin to explore new Class A options.
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