Net absorption of office space in Toronto 2016-2021 with a forecast for 2022
Between 2020 and 2021, the net absorption of office space in Toronto increased, but remained negative at -1.76 million square feet. Although the increase is a sign that the market is recovering from the coronavirus (COVID-19) pandemic, the negative rate shows that leasing activity is still behind. Net absorption is the total amount of space which tenants moved into minus the total amount of space which tenants moved out of during a specific period. According to the national forecast, office absorption is expected to further increase in 2022.
