16 Feb 2011

Office space vacancy rate gradually declines in Toronto

Judging by the rate at which office space is being snapped up in the Greater Toronto area, business appears to be picking up in the Toronto local commercial real estate market.

According to Avison Young’s office market report, the Greater Toronto area West market saw a steady decline in office vacancies in the fourth quarter as more and more businesses took advantage of office vacancies.

“Induced by attractive rental rates and new product opportunities, tenants in the GTA West office market are definitely creating increased velocity,” said Martin Dockrill, principal and managing director for Avison Young’s Mississauga office.

While the vacancy rates are higher this year compared to last year, officials at Avison Young say the downward trend of vacancy rates bodes well for Toronto’s commercial real estate market. It’s helped by the fact that rental rates have held steady at $14.24 per square foot, leaving renters with enough money to take advantage of storage units instead of cluttering their offices with excess files.

According to a report from CB Richard Ellis, the commercial real estate market was up throughout Canada in 2010, but Toronto took the most significant strides forward, as transactions rose 93 percent compared to 2009.

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Hammad Assan joined Jiffy Self-Storage in June 2012. He has over 20 years of experience in various Customer service, Sales and Management roles and is a Certified Self-Storage Operator through the Canadian Self Storage Association. His passion for sales and customer service has maintained Jiffy Self-Storage’s position as one of the GTA’s most successful Storage Facilities, as recognized by winning the Consumer Choice Award 22 years in a row, a perfect A+ rating with the BBB with zero complaints and a 4.5/5 Star Review rating on Google. Our tenants greatly appreciate his dedication to exceptional customer service and as a result Jiffy Self-Storage has been recognized and awarded for that. Please contact Hammad about any of your storage, parking, workspace or retail unit needs.

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