Toronto’s Downtown Office Vacancy Rate Inched up in the Second Quarter: Avison Young

Bank towers are shown from Bay Street in Toronto's financial district, on June 16, 2010. The Canadian Press/Adrien Veczan

Avison Young says Toronto’s downtown office vacancy rate hit 12 percent in the second quarter, up from 11.6 percent in the first quarter to continue an upward trend.

It says the rate is far higher than the 2.1 percent the market was at in the first quarter of 2020, before the COVID-19 pandemic led to a surge in vacancies.