Toronto Widens Skyscraper Construction Lead Over New York

Toronto Has Twice as Many Skyscapers Under Construction as New York

Torotno Skyline with New Ten York Development

Toronto as we all know, is a skyscraper construction machine. It has now managed to widen it's lead over New York City to the tune of 75 Towers. Toronto in the midst of what some have called "The Great Condo Bubble" is building more towers than almost any other city on earth. The construction is being driven by youth and the public at large that years for a care free downtown lifestyle. With all the benefits that entails, including that of the shorter downtown commute time to your office on Bay Street.

The Storey from the Globe and Mail and released today has put it like this:

Six Canadian cities are among the top 10 in North America for the number of high-rises and skyscrapers being built, a finding that illustrates just how far the construction markets in Canada and the United States have diverged.

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.

Toronto Skyscraper Construction is so powerful, we have almost 10 times as many skyscrapers under construction as numbers 4 and 5 on the list. That would be Montreal and Chicago, trying to make due with 17 towers under construction between the lot of them. Vancouver makes it on the list with 21 and takes number 3.

There is no accounting for the magnitude of The Construction that is occuring in Toronto at the moment. It is one of those rare anonomly that has taken root, and we have yet to see an end to it's rise. The study also released information pointing to a coming office skyscraper construction boom in Toronto as the city needs to make room for an additional 13 million square feet of office space to cope with the demand of all the youth that have moved into the care, whom the top employers want to bring onboard. They know these intelligent young people will never venture into the suburbs looking for work. ....

.... They want it all.

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.
And “the extremely low vacancy rate in downtown Calgary has recently prompted a new wave of development in the market,” Jones Lang LaSalle said
 

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