The Globe and Mail reports in its Friday, April 5, edition that Scotia Capital analyst Mario Saric elevated his Dream Office REIT unit target to $20 from $10, while maintaining a "sector perform" rating. The Globe's David Leeder writes that analysts on average target the units at $17. Mr. Saric says in a note: "Dream Office REIT Q1/24 office update shows no major changes from Q4/23. Similar to Q4/23, in terms of positives, downtown sublet space fell again; asking rents are holding (we suspect NERs are still falling though), and new supply (as a percentage of inventory) is the lowest since 2011, with 1.7 Msf delivered in Q1/24 leaving only 5.8 Msf to go (2.2 per cent of inventory). Negatives: Toronto negative absorption continues, driving a more modest 60bp and 10bp quarter-over-quarter jump in Toronto DT and national Class A vacancy to 18 per cent and 19.5 per cent, although Canada's second-largest market (Montreal) vacancy fell 30bp q/q. In the short term, we think the results support 2H-weighted occupancy gains from Allied, as opposed to Q1 results in late April (we think it falls 30bp, before moving higher), which we think are needed for investor confidence in distribution sustainability to improve."