Low Vacancy Rates in Downtown Shouldn’t Come as a Surprise

According to a new report by CBRE, less than 5% of commercial space in downtown Toronto is vacant – a rate that is tied with booming San Francisco as the lowest in North America. Incredibly, this has occurred at the same time that Toronto has added an additional 4,400,000 ft2 (408,800 m2) of new office space over the past three years, enough room to accommodate 20,000+ employees. The City Planning Division’s 2015 Toronto Employment Survey counted half a million downtown workers, by far the highest level in Toronto’s history.

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