Toronto continues to lead the top 10 North American Central Business Districts with the lowest vacancy rate (1.6%); New York is the second lowest with a vacancy rate of 6.6%.
Robust demand for flexible, sustainable and high quality space remains a common denominator across the GTA, spurring new office developments in attempts to satisfy demand.
Cadillac Fairview announced the construction of 160 Front St W a 46-storey office tower featuring 1.2 M SF in the heart of the Financial Core that is scheduled to open in Q3 2022.
Rental rates in regions located near major transportation systems coupled with new retail completions or improvements continue to climb faster YoY than their counterparts in less-accessible areas. Downtown asking net rents grew by 6.1% YoY, while the GTA West and Midtown continued to see modest growth (3.5% and 1.3%).