Push for quality sees vacancies soar in older buildings
The granite and glass-clad tower at 121 King St. W. – situated in the heart of Toronto’s bustling Financial District – is surrounded by the headquarters of Canada’s largest banks and insurers, boasting one of the city’s most prestigious locations.
Since then, a sweeping renovation has transformed the building’s lobby, brought in high-tech elevators and turned a floor into a multipurpose lounge that’s available for use by all building tenants. “If you have tenants leaving, you have less cash flow and less to invest in upgrades, and that will make it even harder to attract tenants,” Mr. Figler adds. “That’s the future for many of these older buildings.”
Topstories Commercial Real Estate Property Report Appwebview Advpropertyreport Toronto Offices 121 King Street West Toronto Financial District Financial District Office Toronto Class A Building Toronto Class B Building Toronto Class C Building Crestpoint Real Estate Investments Altus Group
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