19 Jul 2011

Toronto office space in short supply, according to report

A recent survey conducted by a commercial real estate company indicates it's gotten harder for entrepreneurs to find an office space in the Greater Toronto area.

The report, issued by Avison Young, says leasing and tenant activity has only increased since the first quarter, making it more difficult to find a space April through June.

However, Bill Argeropoulos, vice president and director of research for Avison Young, said this has been the trend for the past year.

"Over the last 12 months, the GTA office leasing market has performed exceptionally well, supported by a continued steady flow of lease transactions, eroding the supply of available space options along the way and altering the landlord-tenant relationship," said Argeropoulos.

The report indicates in the city overall, the office vacancy rate is 10.2 percent, but in downtown Toronto, space is even more difficult to come by at just 5 percent.

Jonathan Pearce, principal of the commercial real estate service, said office space seekers may need to compromise on what they're looking for in order to find a place.

But that doesn't have to be the case. Jiffy Storage offers a variety of workspaces that are ideal for independent contractors of all kinds. 

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