As the office market continues to struggle, savvy office tenants may have noticed fewer asking rental rates are publicly posted, while the phrase "speak to the agent" has become the norm. Along with added incentives, tenants are looking for more favourable lease clauses as the industry standards are being challenged. Generous rental incentive packages aimed at maintaining posted net rents are no longer enough. The pressure to lease is causing net rent declines in all classes.
Total availability rate
3.5% increase from Q3 2022
Total available lease area
Went up 0.3M sf since Q2 2023
Average gross rent
Additional rent averaging to $16.84 per square feet (psf)
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