Steve McLean | Commercial | Property Biz Canada | 2017-06-22
New office space in downtown Toronto will continue to be hard to come by until the results of the latest major development cycle come to fruition in 2020 at the earliest, according to a new report from Newmark Knight Frank Devencore (NKFD).
“It’s a vibrant market downtown and I don’t see anything happening to change that on the horizon, but there could be one world event where everything could be turned upside down,” said Allan Schaffer, the president/broker of record of NKFD’s downtown Toronto office.
“A lot of companies are trying to attract young workers who don’t want to be out in the suburbs. They want to be downtown and be able to ride their bikes to work and be in the heart of the action.”
Nearly 10 million square feet of office space has been delivered to downtown Toronto over the past decade, bringing the inventory to almost 75 million square feet. An additional 3.5 million square feet is under construction.