About 20 percent of office space in Toronto's major centers is vacant

According to new figures from a commercial real estate firm, 18 per cent of office space in downtown Toronto was vacant in the first quarter of the year, compared to 2 per cent in pre-pandemic years. But in the past few years and after the pandemic, due to the decrease in demand, the number of empty offices has increased. Office leases are usually 10 to 15 years old, and every year about 10% of existing leases expire, and now, The number of empty offices has accumulated and increased. It is said that people prefer to go to remote work or hybrid work.

Also, some people have decided to move outside of Toronto to areas with larger offices. Although quality and stylish offices in downtown Toronto are likely to lease more quickly than older buildings, there are buildings in Vaughan or Mississauga that are of better quality than downtown Toronto offices.

Another reason given is that Toronto has terrible traffic problems and people spend many hours of their day commuting. This has made people think of remote work or combined work.

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