The office vacancy crisis: Can older buildings compete?

The granite and glass-clad tower at 121 King St. W. – situated in the heart of Toronto’s bustling Financial District – is surrounded by the headquarters of Canada’s largest banks and insurers, boasting one of the city’s most prestigious locations.

But despite its prime area, close proximity to transit and nearby amenities, the 26-storey tower – built in the 1980s – has seen some tenants move to newer buildings downtown, while others have contemplated downsizing their space as employees continue to work remotely.