"Toronto's commercial real estate market is in a state of sustained growth for the first time since the pandemic, according to two new reports. Data collected by commercial real estate services firm Avison Young shows more office space was leased than vacated last year. It's the first time that's happened since 2019. That's in line with what Ben Haythornthwaite, director of market analytics at CoStar Real Estate, has observed. CoStar is an international information database for commercial real estate with an office in Toronto."
"Avison Young's report also shows there's less office space sitting empty compared to the year before, with availability declining from 21.2 per cent to 19.2 per cent. At the same time, a new study from CBRE, another commercial real estate services firm, predicts commercial real estate investment could hit $56 billion dollars this year up from $47 billion last year."
More office space was leased than vacated in Toronto last year, the first occurrence since 2019. Office availability declined from 21.2% to 19.2%. Approximately $250 million of transactions occurred since mid last year. Commercial real estate investment could reach $56 billion this year, up from $47 billion last year. The acceleration of return-to-office activity is a major driver. The provincial public sector returned to full-time office hours last fall. Most large banks called employees back four days a week. Major banks returning prompted increased downtown office sales and tenant demand for tower space.
Read at www.cbc.ca
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