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.

Be Sociable, Share!

Related Articles [3]

2 Tips For Choosing The Right Packing Supplies

February 12th, 2016
Having a pre-prepared list of all of the packing supplies you will need to move your belongings into a storage unit or a new home will make the move much less stressful. For...

How Renting A Storage Space Helps Your Business’ Revenue

January 15th, 2016
It might not seem immediately obvious, but how you utilize your office space can have a direct and observable impact on your business’ revenue. Make sure that you are...

How To Set Up A Small Office Space

January 11th, 2016
Most of us haven’t attained the cushy corner office yet, complete with sitting area, bar and L-shaped executive desk so we have to make do with less space. This means that...

Leave a Comment

Recent Posts

Blog Categories


Subscribe to RSS Feeds
Essential SSL