•Toronto’s unemployment rate increased 240 basis points (bps) from 11.2% in May of 2020 to 13.6% in June of 2020 due to the global pandemic posed by COVID-19.

•The Downtown Toronto market saw vacancy rates increase 60 bps from 2.0% in Q1 2020 to 2.6% in Q2 2020.

•After six consecutive quarters of positive net absorption, Downtown Toronto experienced 398,148 sq. ft. of negative net absorption in the second quarter of 2020 amidst a nation-wide lockdown.

•2095 Matheson Boulevard East, by Hopewell Development, completed construction this quarter bringing 60,580 sq. ft. to the Airport Corporate Centre submarket. This submarket posted an overall vacancy rate of 10.6%, a ten-year low.

•The suburban market experienced a 60 bps increase in vacancy from 11.0% to 11.6% stemming from 368,059 sq. ft. of negative net absorption quarter-over-quarter. Despite this, overall rental rates remained relatively stable increasing a modest 0.8% quarter-over-quarter from 16.07 per sq. ft. in Q1 2020 to $16.19 per sq. ft. in Q2 2020.