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Enticing Tenants Into Older Buildings

Toronto Office
Enticing Tenants Into Older Buildings

Look for landlords to offer incentives to lure tenants to move into mature office towers after an exodus of tenants for newer spaces. (They should try using guilt. It's the main reason most people visit their grandparents.) A new report from JLL Canada notes Vancouver will see 16% more Class-A inventory come to market by 2017, with planned buildings 60% pre-leased. In Toronto, seven developments will inject 5M SF of new space into the downtown market by 2017, and Toronto tenants pre-leased in the new developments will give back over 300k SF. JLL president Brett Miller says landlords are "reevaluating rental rates and offering increased tenant inducements to secure early, long-term renewals with quality tenants."

Related Topics: JLL, Brett Miller