Toronto Flooded With Office Space Spurs Fears Of New Bust - Bloomberg
City officials last month approved rezoning applications for
three office buildings, including a 54-story, 126,570-square-meter property proposed by Cadillac
Fairview Corp., the real...
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Toronto Flooded With Office Space Spurs Fears Of New Bust - Bloomberg
City officials last month approved rezoning applications for
three office buildings, including a 54-story, 126,570-square-meter property proposed by Cadillac
Fairview Corp., the real estate unit of Ontario Teachers Pension Plan , and a 48-floor tower by
Allied Properties REIT. Ivanhoe Cambridge, the real estate unit of Caisse de Depot et Placement
du Quebec , Canadas second-largest pension manager, is using land it purchased at 45 Bay St.,
just south of the financial district, to build office towers above the busiest subway station in the
city. A broker has been hired to begin preleasing before construction starts. The flood of new
space will challenge the market, said Benjamin Tal, deputy chief economist at Canadian Imperial
Bank of Commerce. Older bank towers in the financial core and suburban buildings will be hurt the
most as tenants are drawn to more up-to-date properties, he said. Its a risk, of course, with so
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