/
1x
Advertisement
Proudly Canadian, obsessively Toronto. Subscribe to Toronto Life!
Real Estate News

Crafty Americans are trying to woo corporate headquarters away from Toronto

By Frances McInnis
Copy link

Office space in Toronto is in high demand—and is therefore expensive—which means some companies may succumb to the pull of cheaper digs in the U.S., according to a study by a New Jersey–based consulting firm. Boyd Company says U.S. governors are spending more time in Toronto, trying to woo Canadian companies to move their headquarters to the hard-hit U.S. office market, where the prices of office space are at historic lows. (It may be working: Hot Brands moved to Florida in March, and Direct Energy relocated to Houston last January.) Still, local real estate watchers say they’re not worried about an exodus. “Costs are high but we’re actually seeing a shift more back to the downtown as the residential condos are built and people want to work near where they live,” Scott Addison of Colliers International told the Toronto Star. Plus, a boom in office construction in the core should help ease the vacancy rate, which is down around 4.5 per cent (compared to eight per cent nationwide). [Toronto Star]

THIS CITY

Obsessive coverage of Toronto, straight to your inbox

By signing up, you agree to our terms of use and privacy policy. You may unsubscribe at any time.

Advertisement
Advertisement

Big Stories

Inside the rise and fall of the Vaulter Bandit, the 21st century’s most notorious bank robber
Deep Dives

Inside the rise and fall of the Vaulter Bandit, the 21st century’s most notorious bank robber

Inside the Latest Issue

The June issue of Toronto Life features our annual ranking of the best new restaurants. Plus, our obsessive coverage of everything that matters now in the city.