TORONTO-Office vacancy is still increasing in the greater Toronto area, climbing to 11.2% in the second quarter, according to a new report by Avison Young. However, there’s about three million square feet of demand in the area, said the company, and the new buildings are getting full.

Even Downtown Toronto saw an increase in office vacancy, hitting 10.3% in Q2, a level not seen in five years, says Bill Argeropoulos, SVP and director of research for the company. What hasn’t helped the occupancy rate is the five new office towers, including the Bay-Adelaide Centre West, Telus Tower, RBC Centre, Maple Leave Square and 18 York St. All have been successful at pulling tenants away from existing buildings, and are almost 80% leased.

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