Toronto Flooded With Office Space Spurs Fears Of New Bust - Bloomberg

Toronto Flooded With Office Space Spurs Fears Of New Bust - Bloomberg City officials last month approved rezoning applications for three office buildings, including a 54-story, 126,570-square-meter property proposed by Cadillac Fairview Corp., the real... More

Toronto Flooded With Office Space Spurs Fears Of New Bust - Bloomberg City officials last month approved rezoning applications for three office buildings, including a 54-story, 126,570-square-meter property proposed by Cadillac Fairview Corp., the real estate unit of Ontario Teachers Pension Plan , and a 48-floor tower by Allied Properties REIT. Ivanhoe Cambridge, the real estate unit of Caisse de Depot et Placement du Quebec , Canadas second-largest pension manager, is using land it purchased at 45 Bay St., just south of the financial district, to build office towers above the busiest subway station in the city. A broker has been hired to begin preleasing before construction starts. The flood of new space will challenge the market, said Benjamin Tal, deputy chief economist at Canadian Imperial Bank of Commerce. Older bank towers in the financial core and suburban buildings will be hurt the most as tenants are drawn to more up-to-date properties, he said. Its a risk, of course, with so Less