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Office Vacancy Rates Increase but Tenant Demand Remains Strong
Over the past decade, over 9 million square feet of new office space has been built in downtown Toronto. More than 2.2 million square feet of new office space is coming to the downtown market in 2017; in 2016 almost 1 million square feet was delivered. This development boom shows no signs of slowing and is effectively expanding the downtown core to both the west and east. At present, downtown Toronto has an inventory of approximately 74.3 million square feet, making it the largest office market in Canada by a substantial margin.
- Vacancy rate for all office classes in Downtown Toronto at 6.4% at end of 2016, up from 5.6% in 4Q15
- Over 2.2 million square feet of office space coming to market in 2017
- Top-tier sublease space attracting multiple tenant offers
NKF Devencore - Toronto Downtown Winter 2016/17 Office Market