Toronto’s downtown in trouble as owners desperately try and sell office towers

Toronto companies continue to use hybrid work models, leading to high office vacancy rates. Some office tower owners are considering selling or converting to residential buildings due to the lack of demand. Real Estate Investment Trusts (REITs), which own 15% of Canada's office space, struggle with falling market valuations. Downtown Toronto recorded a 18% office vacancy in early 2024. Projections indicate a surplus of vacant office space in the city until the 2040s.