Toronto Flooded With Office Space Spurs Fears of New Bust
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The last time Toronto office developers were this exuberant, Carl Blanchaer remembers it ending badly, he said. Construction on the 57-story skyscraper his firm designed for the financial district halted after just six floors and stood abandoned for 15 years.
The Bay Adelaide Centre tower was scrapped in the 1990s, when a recession that swept through North America crimped demand for space in Canada’s largest city. Today, Toronto developers may be overbuilding again and Blanchaer, a principal at WZMH Architects, is seeing the signs.