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Toronto's downtown office vacancies are rising, while their suburban counterparts remain stable. The downtown office sector had a vacancy rate of 9.4% in the third quarter of 2022, which rose to 10.3% in the first quarter of 2023, while the suburbs stayed at 8.9%. Industry experts cite the cyclical impact of a looming recession and the pandemic as two factors contributing to this trend. The confusion in the office market, a decrease in large occupier demand, and an influx of new supply are other factors affecting the downtown office market. While some commercial real estate brokers see potential in the suburban market, others remain confident that the downtown office market will stabilize soon.
Read the full article on: REAL ESTATE MAGAZINE
