Prior to the world-wide recession, the rate for office vacancy has gone down to levels in downtown Toronto. The reports given by CBRE notes that the rate for the third quarter of this year was at 4.4 per cent, which decreased from its previous 4.9 per cent in the second quarter. In the industrial sector, the percentage was at a low level of 3.4 per cent.
One of CBRE’s very own, Daniel O’Donnell said; “This quarter demonstrates that low vacancy rates are not a flash in the pan, but reflective of the solid underlying fundamentals of Toronto as a commercial real estate market.”
Apart from Toronto’s principal monetary core that has been hit by the growth in demand, other areas like the submarkets are also experiencing the increase in demand, which at the moment provides lesser costs while providing decent facilities and alternative transportation.