C
christiesplits
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I doubt it, commercial vacancy in the core, in class A space is still quite respectable ~9.5%; that's better than most major cities in North America pre-Covid.
It's also transitory. I expect to see that number decline rapidly in 2022.
Older buildings, that don't have the configuration/floor plate that most easily supports the growing sectors; particularly tech/creative and finance are those where repurposing makes sense.
There are a smattering of such buildings; but even then, there is commercial demand for some of these if restored.
I think you may see one or two more, but I'd be surprised if it went much beyond that in Toronto.
Great, thank you for the 101 on commercial real estate. What about office parks in the inner-suburbs, like Don Mills, Lesmill or Consumers Road? Are these office buildings more ripe for conversions?
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