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  • Demitry Omrin

2nd Class Space Pays a Price

Toronto office leasing market has shifted with significant drop in large transaction deals since the onset of COVID-19. During the course of our work in our office we have noticed more recent lease transactions are undisclosed. Traditionally, this signals concessions being made by landlords, which they understandably do not want revealed to the market. When markets shift, lower tier assets at times are more at risk than top tier product. For example, if an office tenant is in B class office space and rental rates drop enough, they may be able to upgrade to A class space since the B rate they were paying now buys into A space. Certainly there is more risk at this time due to many unknown variables. The degree to which this manifests is however still uncertain. #recg #valuations #commercialrealestate #commercialvaluations #torontoofficeleasing

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