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Ontario  + Office  | 
Canada's office market faces more distressed asset sales according to CBRE's chairman.

Increased GO Train Ridership Not Reducing Toronto Office Vacancy

Increased GO Transit ridership has not spelled a reduction on downtown Toronto office vacancy, says a new Avison Young report.

Monthly GO trips have recovered 60% since pre-pandemic times, but downtown office vacancy has increased to 13% from 2%.

Like other office markets across the globe, the downtown Toronto sector has grappled with the effects of the COVID-19 pandemic, changing work patterns, tenant space consolidations and other factors. Avison Young anticipates that trophy-class downtown office spaces will see a vacancy decline before their B and C class counterparts.

Trophy-class office assets have generally maintained lower vacancy rates, says Avison Young. GO Transit trips totalled about three million in 2023 compared to five million in 2019, adds the company.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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