Toronto Key Highlights:

Key Highlights:

• Although Q4 2020 has brought good news on the vaccine front and removing some of the overall economic uncertainty, we are not in the clear yet and some asset types will take longer to rebound than others.

• The office market continues to experience rising vacancy, predominantly due to rising downtown sublet space. This corresponds with office attendance levels, which are trending below 15% in downtowns, compared to around 30% in the suburbs.

• After a brief pause in activity earlier in the pandemic, the industrial market continued to tighten in Q4 2020.  Despite some weakness in bricks and mortar and restaurant distribution as well as in experiential users, strong demand from e-commerce and grocery users drove vacancy down and rents stable.

• The first half of 2021 will remain difficult for many. However, like in 2020, as summer 2021 approaches the economy is expected to thaw. This economic rebound will pick up steam as the vaccine rollout reaches completion.