taal
Senior Member
In that article they mention the "West End". Do they mean Mississauga? Etobicoke? Both?
I think Mississauga actually ... Peel to be exact (that's generally considered the WEST GTA office market) ... Etobicoke's office space is a write off anyway
In the sense that the vacany rates there are many basis points about the offices just across the 427 (well ... a bit farther east to the south ... those cool blue buildings (nortel) are in Toronto! ... most people don't know that )
Anyway there's some merit in the fact that that area may be sligtly slower to recover, but personally, I'm not sure I by the logic behind downtown Toronto. We'll have to wait and see but I think it'll be worse then they're predicting (the article) but possibly better then the worse case scenarios put out there.
If you stop and think about it - what was the vacancy rate before? 7-9% ... all those figures you here for Calgary and Toronto that are sub 4/5% don't include sublease space, so it's not really that good . Anyway, 5% more offices => 5% more vacancy forecasting no extra growth, or shrinkage. That would put is around 13-15% - lower for the vacancy rates, not bad at all still, actually good compared to a lot of other major North American markets. The key is if we'll see growth longer term ... match those tax rates to the 905!