Even though square footage for office space isn't being purchased in Toronto at a prodigious rate, a new report is indicating why businesses still flock to the GTA.
According to a just-released report from consultancy firm PricewaterhouseCoopers, only New York beats Toronto as the world's capital of finance.
The firm based its analysis of the best cities for business opportunities on several factors that measured economic vibrancy and overall quality of life, such as intellectual capital, innovation, health, safety and security. New York edged out Toronto for first place. San Francisco, Stockholm, and Sydney rounded out the top five financial cities of the 26 considered.
"These findings confirm our view that Toronto's real strength lies in its quality of life which serves as a powerful magnet for the talented people we must rely on if we are to continue to be a leading financial services centre," said Janet Ecker, president of Toronto Financial Services Alliance.
Fewer people may be renting storage units for their places of business in the coming years due to a recent report that Toronto's economy is projected to shrink. The firm's findings suggest otherwise.