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Asking rents continue to rise across the Greater Toronto Area (GTA)
Gross asking rents in the Central Business District continued on an upward trend during the fourth quarter, now at $64.05 per square foot (psf) – a 10.4% increase year over year. Availability in the Central Business District remains low at 3.8%, compared to 5.0% one year prior, and unchanged relative to the previous quarter. Competition for available office space among prospective tenants remains heightened, with financial services and technology, advertising, media, and information (TAMI) tenants accounting for a significant portion of the demand. It is expected that a continued increase in rents and limited availability will persist until more new construction and redeveloped buildings are delivered over the next 36 months.