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Leasing activity in the Greater Toronto Area (GTA) accelerated in the third quarter with 4.2 million square feet of net absorption, bringing the year to date total net absorption close to 10 million square feet. There were 17 lease transactions greater than 100,000 square feet in the third quarter, almost double the number in the second quarter. Although the Milton / Halton Hills region in the GTA West has 4.3 million square feet of available recently completed or currently under construction, demand has yet to catch up with supply with only two significant lease transactions recorded in the quarter. The rapid pace of speculative development in this region has inflated vacancy and availability rates and should not be taken as a true indicator of this node’s viability.
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