Developers in the Greater Toronto Area are being driven to build in areas near rapid transit as an increasing number of consumers opt to ditch the car for their commute. Colliers International Canada says that it’s not just residential properties with good transit links that are gaining ground; the commercial sector is also thriving.
John Arnoldi of Colliers in Toronto says that the message to developers is clear: "The GTA office markets with more than 60 per cent of their total office space within 400 metres or walking distance of rapid transit have a higher average rental rate and lower average vacancy rates than the rest of the GTA. Employees have spoken: they want to work within walking distance of where they can take transit to – they no longer wish to drive.”
John Arnoldi of Colliers in Toronto says that the message to developers is clear: "The GTA office markets with more than 60 per cent of their total office space within 400 metres or walking distance of rapid transit have a higher average rental rate and lower average vacancy rates than the rest of the GTA. Employees have spoken: they want to work within walking distance of where they can take transit to – they no longer wish to drive.”
