Toronto’s Downtown Office Vacancy Hits Record With More Supply
- Vacancy rate in city’s core rose to 17.4% in fourth quarter
- More construction in Toronto has been pressuring the market
The poor performance of the Toronto market helped push Canada’s national downtown vacancy rate to its own record last quarter, hitting 19.4%, the data show.
Photographer: Galit Rodan/BloombergThis article is for subscribers only.
The vacancy rate for downtown Toronto office buildings reached a record high at the end of last year as a flood of largely empty space from newly completed projects hit the market.
The downtown office vacancy rate in Canada’s financial capital rose to 17.4% as nearly 625,000 square feet (58,100 square meters) of new space came to market during the fourth quarter, according to data released Tuesday by brokerage CBRE Group Inc.