Office vacancy rates in downtown Toronto have reached their highest levels in 28 years, with 17.4% of spaces empty in 2023. The shift to remote work continues, contributing to the high vacancy rates. Toronto's net absorption rate was the worst among major Canadian cities, and the city is urged to consider converting office space to residences to address the housing crisis. Other Ontario cities, such as London and the Waterloo Region, are also struggling with rising vacancies.