Commercial properties are adding new bars and restaurants to encourage the return to offices
New, upscale eateries like Daphne on Richmond Street West are popping up all over downtown Toronto in a post-COVID restaurant resurgence.As workers slowly trickle back into the offices left empty during the COVID-19 pandemic, Toronto’s commercial landlords are spicing things up with a culinary renaissance.
While major employers such as Amazon and the federal government have been mandating a return to the office, a recentby Colliers Canada found that office vacancies across the Greater Toronto Area are still on the rise as of the second quarter of this year. The overall office vacancy rate across the GTA climbed to 12.6 per cent during this year’s second quarter, the highest since the beginning of the pandemic in 2020.
“We have nine properties along Bay Street built between the 1920s and 1950s. They’re beautiful, but they needed some love,” says Brad Keast, vice-president of innovation and development at Dream Unlimited, which has overhauled and updated the classic mid-century properties. “We think working with the hospitality sector will help do this.”
The arrival of ever-fancier restaurants is part of a bigger trend in Toronto, says Phil Wylie, vice-president of people and operations at Oliver & Bonacini. “We’re attracting great chefs from around the world with all kinds of different offerings, and people have come to expect more,” Mr. Wylie says.
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