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Peeking into the tenant mix of tomorrow – technology continues to carve a larger slice of the office pie

• Toronto is currently one of the hottest markets in North America. Office supply is incredibly tight with downtown vacancy at its lowest levels in over a decade. The next significant block of new supply is only expected to hit the market in 2020 at its earliest. So who will be the drivers of office demand for the new generation of office space?

• With the large transactions by banking and financial services firms in 2017, we expect demand from this industry to cool in the coming years. This rings true as we track tenants in the market. Banking continues to lead demand but by increasingly smaller margins.

• In its place, technology and media/marketing firms rise to consume a larger share of office space. Comparatively, both of these industries made up less than 10.0 percent of leasing activity in 2017 but are currently in the market for much greater proportions. So keep an eye out for a changing tenant profile in your neighborhood!

Source: JLL Research

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