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Availability increases despite strong Q1 leasing activity
Office-using employment growth in Ontario slowed in Q1 2025, primarily due to a decline in the number of people employed in the professional, scientific and technical services sectors. Meanwhile, newly imposed U.S. tariffs pose a direct threat to employment in the manufacturing and natural resource sector. In particular, the automotive, agriculture and mining industries have a high dependency on exporting to the U.S. While job losses in these industries may not directly affect office space demand, the resulting business downturn could indirectly impact support industries that do occupy office space.