The office vacancy rate in downtown Toronto has reached a 28-year high as remote work persists across the country. According to a report by CBRE Ltd, the vacancy rate in the city core, which is home to Canada’s biggest banks, law firms, and technology jobs, was 15.3% in the first quarter of this year. Meanwhile, the national office vacancy rate also jumped to a record high of 17.7%.
Remote work has become the favoured option for many white collar employees. Companies have adopted hybrid models that allow workers to spend less time in the office in an attempt to reduce their expenses during a time of high interest rates and inflation. This, coupled with layoffs in the tech industry and other sectors, have been contributing to the rise in the vacancies in Toronto.
CBRE is a global real estate services and investment firm. The company advises and provides services on shopping centers, warehouses, land, offices, buildings, and hotels. They also provide specialized services in Property Management, Valuation & Advisory, Project Management & Development Services, and Capital Markets.
Tom Storey is an Executive Vice President at CBRE. He is responsible for the Occupier Representation business segment in the GTA and across Canada. He brings experience in tenant representation and has negotiated workplace outsourcing, fit-out construction, and portfolio planning for a wide range of blue-chip clients. He has a proven track record of leading strategies and deals that lead to successful results and business growth.
