WE HATE TO BOAST, BUT DOWNTOWN TORONTO HAS NORTH AMERICA’S LOWEST OFFICE VACANCY RATE

BUSINESS4BUSINESS2

The prize for North America’s lowest office vacancy rate goes to downtown TORONTO. Lower than MIDTOWN MANHATTAN, lower than SAN FRANCISCO, the Financial District’s rate has dropped to 4.9% in the second quarter of 2016 from 5.3% in the first quarter.

A report from CBRE, a commercial real-estate firm, says this three year decline in vacancies is outperforming the two ‘most solid markets’ in the United States.

ADELAIDE8A building boom in the last three years has added 4.4-million square feet of office space to the city’s core. Millennials are leaving the suburbs for the city centre, leaving vacant space behind. Some established downtown companies are moving into new buildings, leaving more downtown office space in older towers.

BUSINESS3

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s