Over a third of Toronto office buildings could sit empty until 2041

The pandemic has caused an increase in remote and hybrid work, resulting in an oversupply of office buildings in the Greater Toronto Area. A report by the National Association for Industrial and Office Parks (NAIOP) and Altus Group predicts that vacancy rates could reach as high as 45.7%. To counteract this issue, many are calling for the office buildings to be converted into residential space. Avison Young found that 900 office buildings in Toronto have potential for conversion, though there are several hurdles that need to be overcome, including municipal policy and blueprint size and shape.

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