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Toronto Office Vacancies Rise to a Record on Recession Fears

A security guard sits at Brookfield Place in the financial district of Toronto, Ontario, Canada.

A security guard sits at Brookfield Place in the financial district of Toronto, Ontario, Canada.

Photographer: Cole Burston/Bloomberg

Downtown Toronto’s office-vacancy rate hit a record in the second quarter as fears of a slowing economy and the persistent popularity of remote work curtailed appetites for new space. 

The rate rose to 11.9% as nearly half a million square feet of space that became available downtown in Canada’s financial capital failed to find a tenant, according to a report Wednesday by commercial brokerage CBRE.