CBRE reports that the rate in the third quarter of 2016 was 4.4 per cent, down from 4.9 per cent in the second quarter. The industrial sector is also at record lows of 3.4 per cent.
“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,” commented CBRE’s Daniel O’Donnell.
The growth in demand has spread beyond the city’s financial core to submarkets which currently offer lower costs while providing good amenities and transit options.
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The office vacancy rate in downtown Toronto has fallen to levels last seen before the Global Recession.