Contrary to almost all headlines, the Office is Back! Mississauga's office leasing market is experiencing a much different story than most of the Greater Toronto Area (GTA) , and Crown Realty Partners is at the forefront of this dynamic shift. While many regions are still experiencing slow conditions, Crown’s 2 million square foot Mississauga portfolio is booming.
Impressive Leasing Growth
Case in point, at the start of 2024, Crown's portfolio was 81% leased. Fast forward to today, and that figure has jumped to an impressive 91% with more leasing on the way. This significant increase highlights the strong demand for office space in Mississauga and Crown's ability to attract and retain tenants to outperform the market. Crown’s portfolio of rejuvenated, amentized office buildings are hitting the mark with tenants.
Leasing Trends in Mississauga
Mississauga's office market demonstrates remarkable resilience and growth compared to broader GTA trends. Here are some key statistics:
Demographics: Mississauga continues to benefit from strong population growth and a significant millennial migration to the suburbs over the past five years. With an easier commute than downtown, generally free parking, excellent amenities, and proximity to Pearson Airport, the city remains an attractive choice for businesses and employees alike.
Vacancy Rates: While the downtown Toronto office vacancy rate has dramatically risen from 1% to 17.2% in the past four years, Mississauga's vacancy rates have remained relatively stable, increasing by only 10 basis points this year to a 15.6% vacancy rate, marking a four-year low for the GTA West submarket. This stability reflects strong local demand, no overbuilding, and a market that has shown earlier signs of recovery compared to downtown (1) (3) (4).
Absorption Rates: The GTA recorded 787,000 square feet of positive absorption year-to-date in 2024, with much of this driven by suburban markets. In the GTA West, including Mississauga, year-to-date net absorption reached 141,300 square feet, highlighting steady demand and a healthier leasing environment compared to downtown Toronto, which continues to face challenges with vacated spaces (3)(4).
Highlighting Key Availabilities
Crown's west end portfolio offers several outstanding office spaces that are currently available for lease. Here are a few notable properties, all with executive underground parking and free surface parking:
Conclusion
Mississauga's office leasing market is thriving, and Crown Realty Partners is leading the charge with impressive leasing growth. With a portfolio that has been rejuvenated to attract high-quality tenants in Class A properties with amenities and move in ready suites, Crown is well-positioned to capitalize on the ongoing demand for office space in this vibrant market. If you're looking for prime office space in Mississauga or if you have a property that isn’t experiencing the same amazing results, call Crown!
1: Avison Young Q3 2024 Report
3: Cushman & Wakefield: MarketBeat
4: Cushman & Wakefield: Q3 2024 Market Summary
For more information, please contact:
Scott Watson
Managing Partner, Acquisitions & Leasing
swatson@crp-cpmi.com
647.729.2617