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

Toronto Flooded With Office Space Spurs Fears Of New Bust - Bloomberg The likely losers will be the companies financing the building spree and the owners of older properties that stand to lose tenants, facing lower returns and more empty offices. Vacancy... More

Toronto Flooded With Office Space Spurs Fears Of New Bust - Bloomberg The likely losers will be the companies financing the building spree and the owners of older properties that stand to lose tenants, facing lower returns and more empty offices. Vacancy Outlook Vacancies in downtown Toronto, at about 6 percent this year, probably will rise to 10.5 percent in 2017, the highest since 2003, data compiled by Avison Young Canada Inc. show. That estimate doesnt include the 10 million square feet of proposed offices being marketed for pre-leasing even before shovels hit the ground, which is the most since 2000, according to the real estate services firm. The seven properties set to open by 2017 have 5.1 million square feet of space and are about 55 percent leased, according to brokerage Cushman & Wakefield Inc. Committed tenants include Apple Inc. (AAPL) in the 30-story Bremner Tower , set to open this year. Sun Life Financial Inc. (SLF) , the countrys third-largest life insurer, will have a Less