New downtown office towers in Toronto have been more successful in attracting lease deals, but most of them were inked before 2020, when office vacancy was very low. Today, office vacancy in the downtown core has spiked to record highs and is currently at 11%.
With the Downtown Office Pipeline Contributing to an Oversupply, Developers Shift Gears
New Projects Cater to Growing Demand for Lab Space
![The Catalyst at <bsp-property-link href="https://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=1&redirUrl=redir%2FDefault.aspx%3FProductMode%3DProperty%26eid%3D11030412" target="_blank" link-data="{"cms.site.owner":{"_ref":"00000164-904e-dfe5-a176-be5e1a140000","_type":"ae3387cc-b875-31b7-b82d-63fd8d758c20"},"cms.content.publishDate":1686679428992,"cms.content.publishUser":{"_ref":"00000176-681b-db16-a576-7b7b023b0000","_type":"6aa69ae1-35be-30dc-87e9-410da9e1cdcc"},"cms.content.updateDate":1686679428992,"cms.content.updateUser":{"_ref":"00000176-681b-db16-a576-7b7b023b0000","_type":"6aa69ae1-35be-30dc-87e9-410da9e1cdcc"},"link":{"attributes":[],"target":"NEW","url":"https://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=1&redirUrl=redir%2FDefault.aspx%3FProductMode%3DProperty%26eid%3D11030412","_id":"00000188-b5ed-de0c-ad89-ffefa1690000","_type":"ff658216-e70f-39d0-b660-bdfe57a5599a"},"linkText":"77 Wade","deepLinkId":"11030412","disableRelation":false,"_id":"00000188-b5ed-d7b0-a78a-bfff88d20000","_type":"a02711fd-84cb-3e05-af9a-9cc94da9728a"}" data-deep-link-type="property" data-deep-link-id="11030412" data-disable-relation="false">77 Wade</bsp-property-link> in Toronto. (Rendering)](https://costar.brightspotcdn.com/dims4/default/90e37fa/2147483647/strip/true/crop/3400x2200+0+0/resize/2100x1359!/quality/100/?url=http%3A%2F%2Fcostar-brightspot.s3.us-east-1.amazonaws.com%2Fe0%2Fe2%2F044b581d4557b2d9bfe047a02e3a%2Fprimaryphoto-2.jpg "The Catalyst at 77 Wade in Toronto. (Rendering)")
This news story is available exclusively to CoStar subscribers.
Watch the video to learn how you can access industry leading CRE news and the data analytics you need to drive success.
This news story is available exclusively to CoStar subscribers.
Ready to Learn More?
Sign Up For a Personalized Demo.
Sign Up For a Demo To Learn More.
Already A Subscriber? Sign In