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November 8, 2012
Office vacancy rates show that Toronto is attracting business
  
The City of Toronto's Economic Development Committee received the latest Economic Dashboard report at today's committee meeting. Utilizing data from commercial real estate firm Cushman & Wakefield, the report shows that the overall office vacancy rate in the city has been trending downward for the last two years and now stands at 5.4 per cent (Q3 2012).

Despite the recent completion of several large downtown office buildings, the third quarter downtown vacancy rate stands at 4.3 per cent, which is well below its level a year ago (5.0 per cent).

"The increased demand for Toronto's office space shows that all types of businesses are attracted to the city and the benefits of being located downtown," said Mayor Rob Ford.

That observation is supported by the commercial real estate firm Colliers International, whose fall 2012 Toronto office market report states, "The 'flight to the suburbs' trend has been overly exaggerated. In fact, reverse migration has been prevalent. There are many companies outside the core that are now considering relocating downtown due to the close proximity to Union Station. In addition, location can be a key factor in drawing new talent that reside in the core and increase employee retention."

Data from Cushman & Wakefield also shows over the last two-and-a-half years (Q1 2010 to Q3 2010) that downtown Toronto has realized a total positive change in its office inventory which is greater than the total positive change for all of the "905" municipalities.

Colliers International's fall report estimates that from 2013 to 2018, new supply could add a potential 1.25 million square metres (13.5 million square feet) to the downtown core office inventory with 14 projects in the planned/proposed phase in addition to eight developments currently under construction.

The Economic Dashboard reports on Toronto's economy from international, national and local perspectives, based on statistics compiled from multiple sources.

The dashboard and additional economic indicator information for the City of Toronto is available at http://www.toronto.ca/business_publications/indicators.htm

Toronto is Canada's largest city and sixth largest government, and home to a diverse population of about 2.7 million people. Toronto's government is dedicated to delivering customer service excellence, creating a transparent and accountable government, reducing the size and cost of government and building a transportation city. For information on non-emergency City services and programs, Toronto residents, businesses and visitors can dial 311, 24 hours a day, 7 days a week.



Media Contact
Shane Gerard
Senior Communications Coordinator
416-397-5711
sgerard@toronto.ca

 

 

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