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.