Toronto tops the list by a margin that has widened over the past year. Canada’s most populous city now has more than twice as many tall towers under construction as New York City, which takes the No. 2 spot, according to a study that will be released this week by German data-provider Emporis.
A small but notable portion of Canada’s strong showing comes from a new wave of office construction. A soon-to-be-released study by real estate firm Jones Lang LaSalle says the new office projects that have been announced or are under construction in Toronto, Montreal and Vancouver represent the most significant uptick in new construction in a decade or more. Toronto, which had 69.7-million square feet of office space and a vacancy rate of 5.1 per cent at the end of the third quarter, is expected to add nine more buildings totalling 5.6-million square feet. Colliers International released a study Monday showing that the average asking rental rate for office space in the Greater Toronto Area jumped 13 per cent from last year, to $17.83 per square foot, bringing rents back to the levels they were at prior to the recession.