Toronto is home to one of the hottest office markets in the world, with vacancy rates as low as 1.9%. Due to such low vacancy rates, landlords can effectively dictate rental rates. Some think Toronto’s office market may have hit its peak, but developers disagree, with projects such as 80 Atlantic Ave, 620 King Street West, and 500 Lakeshore Boulevard West set to come online in 2019.
The Coworking industry has taken advantage of the the tech boom. WeWork alone has five different locations and other Coworking companies have stepped on the gas in acquiring additional locations. Toronto’s office boom has no end in sight, with more tenants and money flooding in by the day. Millenials will continue to change the workplace and commercial real estate leaders will make sure to be listening.