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Photo credit: Bisnow
Toronto office vacancy dropped to 4.9% in Q2, the lowest rate in North America (and down from 5.3% in Q1), according to CBRE. The nation’s largest city “continues to demonstrate remarkable strength and is becoming a stand-out market not only in Canada, but globally,” executive managing director Paul Morassutti says, noting downtown vacancy rates have been on a downward trend since 2013 despite delivery of 4.4M SF of new supply in that time (like RBC WaterPark Place, above). About 4M SF of older space has been given back to landlords, but Paul says 45% of it's been leased “ahead of our projected timeline.”
