The Office Space Needs Study has been initiated to analyze current office market conditions, understand the benefits and risks of converting office space to alternative uses and explore policy options that balance office needs in the short and long-term and ensure the City’s economic role remains competitive and resilient.
The study will include public and stakeholder engagement and is expected to conclude with recommendations and report to the Planning and Housing Committee in Q2 2024.
Increasing office vacancies is a trend impacting large cities across North America as companies adjust to hybrid work following the COVID-19 Pandemic. These challenges have prompted several municipalities to introduce interventions, including financial support for businesses, cultural events, promotion and marketing, infrastructure investments, and enabling office-to-housing conversions.
Concurrently, Toronto is experiencing a prolonged housing crisis that has elevated pressures for residential intensification. In part, this increased pressure has led to development applications that propose to add residential uses above existing office buildings, convert office to residential uses, or demolish office buildings entirely. The loss of office space is typically a permanent outcome that cannot be reversed later if market conditions change.
Considering Toronto’s important economic role as Canada’s largest concentration of office employment and corporate headquarters, any resulting policy decision should be informed by comprehensive analysis.
The Office Space Needs Study will:
The City tracks key social and economic indicators including office vacancies reported via Toronto’s Dashboard.
Reports will be posted here when available.
Meeting information, registration details and other engagement opportunities will be posted here when available.
The Office Space Needs Study will include consultation in a variety of forms over the course of the study. Please contact Rory McNeil with any questions or comments.