The vitality of downtown Toronto faces a serious threat as the city's office market continues to struggle.
The Financial District proper now sits 12.8 per cent vacant, while the hardest-hit area of the city centre is the downtown west submarket, where vacancies now soar to 14.5 per cent. Spiking vacancies in the downtown area are only part of a broader trend across the Greater Toronto Area, where office vacancy has climbed 110 basis points since Q1 2023 and now totals an eyebrow-raising figure nearing 30 million square feet of vacancy across the market.
Source: News Formal (newsformal.com)
Vacancy Rate Toronto
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