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Oodles of condos create a thirst for downtown office space

(Image: Seekdes)

The unstoppable condo boom that has marked out nearly every neighbourhood for construction has also resulted in a demographic shift and a boom in office real estate in Toronto’s core. According to a report from Colliers International, the buyers snapping up downtown condos are mostly young people who want to walk to work. Companies, in turn, are moving into the core to stay close to their downtown-dwelling employees. That translates into declining office vacancy rates and higher rents, especially along King Street East (where Coca-Cola has new digs) and the south financial core near the waterfront. To keep up with that healthy demand, new office developments are also in the works in the area, mainly south of Union Station on the Railway Lands. Finally, some condo news that doesn’t involve bursting bubbles or falling glass. [Toronto Star]