in the years since the pandemic emptied out commercial buildings across the globe, and while some cities have rebounded, a sustained lack of demand for new office space in Canada's financial heart threatens to keep several high-profile megaprojects on the back burner for years to come.
With double-digit percentages of existing offices still sitting empty as 2024 draws to a close, the future of several proposed office towers that promised to radically shake up the Toronto skyline now hangs in the balance.Oxford Properties made a splash back in 2018 with a proposed 60-storey, 1.4-million-square-foot commercial tower intended to rise from the large parking lot at 30 Bay Street.
Further planning approvals were granted for the project in 2022, but movement on the new tower has been otherwise idle for the past two years.QuadReal Property Group first filed plans for a 64-storey office tower near King and Bay back in 2017. Aside from its standout height and landmark spire rising from its roofline, the project also filed updated plans in 2021 that introduced ablogTO reached out to QuadReal for the developer's take on this project's viability in the years to come, and a representative explained that "We are not pursuing redevelopment of 191 Bay at this time.