Toronto Second Lowest In Downtown Vacancy
You don't have to worry about all of that new office construction CBRE's stats released yesterday show strong preleasing numbers, meaning demand is keeping up.However, the lower vacancy rate in downtown Toronto--4.7%, second to Vancouver at 4.1%--was a complete reversal compared to the same period in 2012, says CBRE Canadian director of research Ross Moore. We are expecting a fairly flat year, not much space to lease. Until new towers start coming on in 2014 and 2015, we wont see outstanding absorption numbers."
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Source: CBRE[/caption]
The suburban vacancy rate for Toronto came in at 12%. Widespread demand for industrial space had Toronto positioned in fourth compared to other major cities in the country, with an overall availability rate of 4.8%, behind Calgary, Edmonton, and Winnipeg. Those numbers speak to a more robust US economyand demand for manufactured goods, according to CBRE.
