14 Apr 2011

Fewer office spaces available in Toronto

Expect to see a decline in available storage units in Toronto in the coming months. After all, with so many businesses moving to the Greater Toronto area recently, where else are they going to file their documents?

According to a semi-annual report released by Colliers International, a global real estate services company, the vacancy rate for office space in the GTA has dropped 6.4 percent over the past six months and the availability rate in the downtown area of Toronto has dipped to 9 percent after peaking in 2009 at over 10 percent.

“These are signs of solid recovery and the resiliency of the Toronto office market,” John Arnoldi, Colliers International’s managing director in Toronto told the Globe and Mail. “There was a concern that with the global meltdown, many downtown financial services would move back their offices into the suburbs, but if anything, we’re seeing them re-entrenching in the downtown core.”

Evidence of this is the report that Paul, Weiss, Rifkind, Wharton & Garrison – a well-established law firm in the U.S. that has more than 600 lawyers on its payroll – will soon be opening an office Toronto, as many of its clients are Canadian companies.

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