I've wondered that my self quite a bit. I think there are some very small incentives for the building new offices buildings. Clearly the role they play is very minor.
I agree something along these lines would be great. Not sure how easy it is to actually execute in reality.
I was dreaming up an idea that makes building offices more attractive for both property developers and landlords, but does little to renters. Otherwise, what happens to all the old stock of buildings ? If you're just talking about cutting the rate period (in any area) then you need to make up the income, a likely political career ending move.
Anyway I don't have much hope, I think we'll continue to see *some* development in the core, and none anywhere else in the 416. Even the development in the core will be muted compared to what it good be.
I mean Toronto even predicts this much. Supposedly in the future (~2030) there will be 1.6 million workers in the 416, from 1.3/4 today. The 905 will go from the high 700,000+ to over 2 million, way eclipsing Toronto overall.