In the Financial Core, the vacancy rate decreased 1.3% from 7.5% at the end of 4Q'10 to 6.2% at the end of 1Q'11. This is still a long way off of the low of 3.0% in early 2008, but bear in mind that 3.3M square feet of new supply has been built since 2009, with another 650,000 SF currently under construction at 18 York Street (for PWC), and perhaps a soon to be announced 600,000+ SF tower just south of the Air Canada Centre.
We expect rents to continue their upward trend. The largest vacancies are in 199 Bay Street, TD Centre and First Canadian Place.
John Wallace | Associate Vice President
CB Richard Ellis | Brokerage Services
This article was originally published in forum thread: CB Richard Ellis: Please find attached our 1Q'11 Toronto Office Market Report.
|Related Companies:||B+H Architects, Brookfield Property Partners, EllisDon, Moed de Armas & Shannon, WSP|