Office utilization continues to steadily gain momentum: JLL

JLL recently released its Q2 2024 office reports, which revealed that downtown vacancy rate exceeded suburban for the first time in Toronto and noted that the overall use of offices continues to gain momentum.

In Q2, downtown Toronto experienced an 100-basis-point increase in the total vacancy rate. The Downtown North node experienced the most significant quarterly rise, with a 290-basis-point surge.

In terms of sublease availability, it increased by 320 basis points after two consecutive quarters of decline.