A few years ago, I read that Toronto’s office space market was in a stable, tenant-favouring situation (according to one office realtor’s GTA office-space report). They claimed that the average vacancy rate had continued to hover at approximately 6.5 per cent while average asking net rent was declining. They even went on to say that the Toronto office space market absorbs the new supply of office towers, and with no major new supply anticipated in the near future, the company forecasted a reverse trend towards a landlords’ market by 2011 or 2012.
It was interesting that they did not mention anything about office business centres in Toronto; they only talked about office space for lease in Toronto. With the last downturn in the economy, it seems that smaller businesses were starting up and growing faster than bigger businesses. Many smaller businesses that are looking at Toronto office space are beginning to shy away from traditional office space and instead are looking at renting serviced office space at office business centres that take the risk out of leasing office space.
Then I read an article today that says Toronto’s downtown office space market appears poised to explode again with construction, as the commercial office space real estate industry is waiting for that one spark to kick-start the office leasing sector.
This recent article puts its credibility behind rumours of continued speculation that a major office space developer will begin a new round of aggressive building in the country’s largest office-for-rent market. The speculation was that that it will go ahead with the second tower for another project that provided much of the stimulation for a round of construction when its first tower was announced back in the mid-2000’s. Another development in the downtown core may not attract the higher-end tenants who are looking at lower-priced space outside the core.
It is not surprising, with office rents in the core of the Toronto financial district remaining high, that many office space for lease seekers are now looking outside the core for a better deal in a newer office building development – or in a lower-priced office space that already exists downtown.
1. Jennifer Smith
General Manager
The Omni King Edward Hotel
37 King Street East
Toronto, ON
M5C 1E9
Tel: 416-863-9700
Website: www.omnihotels.com/hotels/toronto-king-edward
2. Mark Perry
General Manager
Executive Hotels and Resorts (Boutique)
8 Colborne Street
Toronto, ON
M5E 1E1
Tel: 416-350-2419
Website: www.spazen.ca or www.cosmotoronto.com
3. Emeline Boul
General Manager
Hotel Victoria (Boutique)
56 Yonge Street
Toronto, ON
M5E 1G5
Tel: 416-363-1666
Mobile: 647-574-5832
Website: www.hotelvictoriatoronto.com
4. Omkar Sawant
Reservations Manager
One King West Hotel
1 King Street West
Toronto, ON
M5H 1A1
Main: 416-548-8100
Reservations: 1-866-470-5464
Website: www.onekingwest.com
5. Van Nguyen
General Manager
Cambridge Suites Toronto
15 Richmond Street East
Toronto, ON
M5C 1N2
Direct: 416-601-3757
Hotel: 416-368-1990
Website: www.cambridgesuitestoronto.com
1. Michael Pagliaro
Carisma (Italian)
15 Toronto Street
Toronto, ON
M5C 2E3
Tel: 416-864-7373
Website: www.carismarestaurant.com
2. Patti Shaw
Terroni (Italian)
57 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-203-3093
Website: www.terroni.com
3. Declan
Restaurant 20 Victoria – Michelin guide approved
20 Victoria Street
Toronto, ON
M5C 2A1
Tel: 416-804-6066
Instagram for reservations: https://www.instagram.com/twentyvictoria/
4. Mana
Nami (Japanese)
55 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-362-7373
Website: www.namirestaurant.ca
5. Restaurant Lucie
100 Yonge Street
Toronto, ON
M5C 2W1
Tel: 416-788-9054
Website: www.restaurantlucie.com
6. Niam H
Cantina Mercatto
20 Wellington Street East
Toronto, ON
M5E 1C5
Tel: 416-304-0781
Website: www.cantinamercatto.ca
7. Siva Sathasivam
Uncle Tony’s
38 Wellington St E
Toronto, ON
M5E 1C7
Tel: 416-455-6650
Website: https://uncletonys.ca/
8. Pizzaiolo
104 Yonge Street
Toronto, ON
M5C 2Y6
Tel: 416-860-0700
Website: www.pizzaiolo.ca
9. Robin Singh
Woods Restaurant and Bar
45 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-214-9918
Website: www.woodsrestaurant.ca
1. Thom Tullo
Morpheus8 by Inmode
47 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-863-6564
Website: www.amanspa.ca
2. Altitude Athletic Training
56 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-366-3838
Website: www.altitudeathletictraining.com
3. Physioheath Studios
33 Victoria Street, #130
Toronto, ON
M5C 2A1
Tel: 416-368-2525
Website: www.physiohealth.com
We are by far the most experienced and best coworking team in the market – established in 1980
18 King Street East, Suite 1400
Toronto, Ontario M5C 1C4 Canada
Please check out our 70 second video on our home page or click here:
Take a look at our facilities www.telsec.net
Telsec will Customize Your Client’s Office(s) Layout to Meet Their Requirements.
You are welcome to drop-in any-time, a quick call would be appreciated to ensure our availability Vanessa 416-574-1112 or Josie 416-606-4349 or e-mail josie@telsec.net.