Local Market Knowledge,
Global Expertise

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The onset of the COVID-19 pandemic in mid-March and the accompanying physical distancing measures sent droves of Canadian office workers home.

The COVID-19 lockdown paused the GTA economy for most of the second quarter, but activity has slowly begun to resume. The full impact will be revealed in the coming quarters, but pent-up demand is expected to sustain positive momentum for the industrial market.

The COVID-19 pandemic has put the GTA commercial real estate investment market on pause. Capital is still plentiful; however, investors are waiting for greater clarity on cash flows and the pace of recovery.

To say that the Greater Toronto Area office market has been impacted by COVID-19 is an understatement. However, the market entered the pandemic coming off a decade of transformative change and growth and, importantly, its success had been restricted by a supply shortage, despite active downtown development.

As we enter June and the summer months, Ontario's re-opening appears to be making progress. The hope is that workers will be able to return to their businesses and some “new normal” routines can be established.

As this unprecedented situation continues to rapidly evolve, Avison Young’s briefing notes are intended to provide an up-to-date assessment of the impact on the commercial real estate market.