According to Avison Young, the prospect of new development once again circulating in Downtown Toronto. Activity in the midtown and downtown markets is robust with demand from a wide spectrum of user groups seeking varying space requirements. This has led to the anticipation of new office development once again in DowntownToronto:
Compared to the suburbs, the downtown and midtown markets are in much better shape, displaying strong, consistent tenant interest, with availability and vacancy rates firmly in single-digit territory. Midtown closed out the first quarter of 2011 with availability and vacancy rates of 8.5% and 7.4%, respectively. Downtown saw its overall availability rate drop to a two-year low, presently at 8.9%. Vacancy sits even lower at 6.6% – down 200 bps from one year ago.
Avison Young has published their First Quarter 2011 GTA Office Market Report here (pdf).
