Quote:
Originally Posted by Wigs
Toronto has 8.8 million sq. ft (SF) of office space under construction.
Vacancy rate:
Downtown: 6.3%
Midtown: 5.3%
GTA total 8%
From what I posted in the GDP thread:
Greater Toronto Area
- 252,000,000 SF total office space
- ~94 Million SF of which is Downtown
- 8.8 Million SF u/c
826,000,000 SF total industrial space
total vacant: 3.1M SF or 0.4%
Both office and industrial markets have ~100,000,000 SF more than Greater Philadelphia, for example.
source: Colliers (Q2 2021)
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I'll add my standard caveat that these numbers might not be apples-to-apples.
Colliers says my city has 80,000,000 sf of office, while CoStar says it has 215,000,000 sf -- amost a 1:3 ratio.
They have different standards and levels of effort in different cities, even within one firm.