Posted Jan 23, 2012, 11:09 PM
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Join Date: Jul 2010
Location: Ville de Québec City
Posts: 2,877
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Quote:
New towers leave empty space in iconic buildings
The soaring towers of Toronto’s financial district have long been symbols of big business in the city. But while the area’s newest buildings are in hot demand and commanding high rents, some of the most iconic buildings are falling short.
While Toronto’s overall downtown office vacancy is just around 5 per cent, availability in older Class AAA towers such as Commerce Court West, First Canadian Place and Toronto Dominion Centre is averaging close to 21 per cent, according to commercial real estate company Avison Young.
“We’ve never seen it that high in those towers,” said Robert Armstrong, managing director of leasing services for Avison Young in Toronto.
Some industry watchers wonder what it will take to fill Toronto’s most historic towers and how it will affect the city’s real estate market as a whole.
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http://www.theglobeandmail.com/repor...rticle2312114/
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