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Toronto’s financial sector continues to be concentrated in the high-cost Financial Core. However, nearly all Canadian chartered banks are actively looking to reduce their footprints there, migrating administration and back-office functions to inexpensive space in peripheral downtown markets. As new developments lease up, the backfill space left behind in Class A product has provided increased leverage for small to medium sized financial institutions—mainly tenants up to 100,000 square feet.See what’s going on in the Toronto Banking and Financial Services industry, top trends in the market, and what we expect to see in the coming year.
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