•This is the first quarter since Q1 2015 that the GTA has experienced negative absorption.

•The average net asking lease rate saw the largest quarterly increase in the GTA to a record high $9.56 per sq. ft.

•Construction delays will be expected due to the current COVID-19 crisis with mandatory closure of non-essential services which now includes industrial construction.

•With halted progress on construction sites, downstream requirements for occupancy dates, holdover provisions and short space requirements may be needed to mitigate overlapping lease or sale obligations.