Toronto's vacant office space problem has become unignorable enough for the City to really start considering options for how the glut of square foo...
Toronto 's vacant office space problem has become unignorable enough for the City to really start considering options for how the glut of square footage essentially collecting dust can be better used — like, as
Downtown towers have been having some serious trouble leasing out floors since the COVID era, with a number of big firms cutting their footprints in the city and Now, with a whopping 171.8 million square feet sitting empty and you need owners willing to go residential long term, which most are currently on the fence about.While offering office conversions as one potential option among many different solutions, the City notes that this costly move presents a"permanent outcome that cannot be reversed later if market conditions change," which could be problematic to Toronto's status as a national hub for all sorts of brands and industries.
So, a comprehensive analysis will need to take place, currently in second phase, with a community consultation meeting on the issue planned for May 15.Between now and the summer, City staff will work on forecasting future office space needs under different types of economic conditions, on looking further into what would be required in converting office space for both alternative residential and non-residential uses, and create potential policies and plans for adaptive reuse.
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