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Leasing activity in the Greater Toronto Area (GTA) continued to strengthen in the fourth quarter with 897,414 square feet of net absorption, bringing total net absorption to 10.5 million square feet for 2016. The fourth quarter saw a total of 32 lease transactions greater than 50,000 square feet, seven greater than 100,000 and 25 between 50,000-100,000 square feet, almost half of the number in the third quarter. In Milton/Halton Hills there are 2.1 million square feet under construction. Milton/Halton Hills also has the highest vacancy rate in the GTA at 11.2 percent. 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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