Overall Office Vacancy Rates Across Canada Rise to 8.3%
Economic challenges in Europe and Asia, coupled with the collapse of oil prices and the ongoing decline in the value of the Canadian dollar versus its U.S. counterpart, continue to exert a considerable impact on Canada's economy.
• Downtown Combined Vacancy Rate at 5%
• Development Boom Continues
• Employee Attraction and Retention Increasingly Important Consideration
Greater Toronto Area (GTA) Office Inventory Continues to Expand
The inventory of office space in the GTA continues to grow. At the present time, there is approximately 5 million square feet under construction and there are no signs of the construction boom easing significantly over the short term. Tenants in the financial services, high tech and media entertainment industries are generating much of the demand.
NKF Devencore - Real Estate National Office Market Report, Toronto - Winter 2016