While residential property purchases are increasing in the GTA, demand for office space is also on the rise, a new report indicates.
According to commercial real estate services firm Cushman and Wakefield, vacancy rates fell from 10.5 percent in the second quarter to 10 percent in the third quarter in Toronto.
Paul Morse, senior managing director of office leasing for the commercial real estate organization, said office space in downtown Toronto is particularly hard to come by.
"The overall strength and vitality of the downtown core remains solid and we expect this trend to continue as financial institutions' demand for office space moves toward a more normal market and head office activities from other sectors choose to consolidate and expand in the core driven by proximity to labor, transportation and rising costs of commuting," said Morse.
But it isn't just Toronto that's seeing a surge in office space demand – the trend is occurring throughout the country. National vacancy rates fell from 10.4 percent from April through June, to 9.9 percent for July through September.
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